ANNUAL REPORT 2024
remunerC
The Dutch-language Annual Report is the official report. The English-language version is provided as a courtesy
to the shareholders. The JENSEN-GROUP has verified, and assumes full responsibility for, the matching of both
language versions.
In this report, the terms 'JENSEN-GROUP' and 'Group' refer to the JENSEN-GROUP NV and its consolidated
companies in general, whereas the terms 'JENSEN-GROUP NV' and 'the Company' refer to the holding
company, registered in Belgium. Business activities are conducted by operating subsidiaries throughout the
world. The terms 'we', 'our', and 'us' are used to describe the Group.
ANNUAL REPORT 2024
Table of contents
STRATEGIC REPORT ................................................................................................................................................ 4
Message to our Shareholders ............................................................................................................................. 6
Consolidated key figures ..................................................................................................................................... 8
Strategy of the JENSEN-GROUP ........................................................................................................................ 11
SUSTAINABILITY REPORT ...................................................................................................................................... 15
Sustainable business framework ...................................................................................................................... 16
Sustainability statement ................................................................................................................................... 19
1. Double materiality outcome ................................................................................................................. 20
2. CLIMATE CHANGE ESRS E1 ................................................................................................................. 23
3. POLLUTION ESRS E2 ........................................................................................................................... 40
4. WATER ESRS E3 .................................................................................................................................. 48
5. RESOURCE USE AND CIRCULAR ECONOMY ESRS E5 .......................................................................... 52
6. OWN WORKFORCE ESRS S1 ............................................................................................................... 58
7. CONSUMERS AND END-USERS ESRS S4 .............................................................................................. 70
8. BUSINESS CONDUCT ESRS G1............................................................................................................. 74
REPORT BOARD OF DIRECTORS .......................................................................................................................... 125
State of the business in 2024 .......................................................................................................................... 126
Outlook 2025 .................................................................................................................................................. 127
Appropriation of the result ............................................................................................................................. 128
Corporate Governance Statement .................................................................................................................. 129
Risk management ........................................................................................................................................... 159
Other information ........................................................................................................................................... 167
INFORMATION FOR SHAREHOLDERS AND INVESTORS ....................................................................................... 174
Information for shareholders and investors ................................................................................................... 175
FINANCIAL STATEMENTS .................................................................................................................................... 180
Consolidated statement of profit and loss ...................................................................................................... 181
Consolidated statement of comprehensive income ........................................................................................ 182
Consolidated statement of financial position assets ................................................................................... 183
Consolidated statement of financial position liabilities ............................................................................... 184
Consolidated statement of changes in equity ................................................................................................. 185
Consolidated cash flow statement .................................................................................................................. 186
Notes to the consolidated financial statements ............................................................................................. 187
SUMMARY STATUTORY FINANCIAL STATEMENTS JENSEN-GROUP NV .......................................................... 260
STRATEGIC REPORT
Creating the future in laundry automation
MISSION STATEMENT
The mission of the JENSEN-GROUP is to offer the best solutions to customers worldwide in the heavy-duty
laundry industry.
The JENSEN-GROUP works for and with our customers to supply innovative and sustainable products and
services, ranging from single machines, systems, turnkey solutions and laundry process automation.
Laundries supplied by the JENSEN-GROUP aim to reach the highest level of labor and energy efficiency in the
industry.
The JENSEN-GROUP continuously develops its people and invests in new talents.
By combining its global capabilities and local presence to customers, the JENSEN-GROUP is able to create
profitable growth and responsible industry leadership.
STRATEGIC REPORT
ANNUAL REPORT 2024
Message to our Shareholders
JENSEN-GROUP continued its momentum of growth and profitability in 2024. After starting the year with a
substantial order book and benefitting from top- notch execution amidst favorable market conditions, the
number of orders over the course of the year went on to reach a record high. Driven by a robust demand
across all sectors and powered by a compelling product and service offer, JENSEN-GROUP achieved its highest
revenues, operating profits, and earnings per share in its history for the second consecutive year.
Our record of growth once again confirmed the benefit of being rooted in a business model that sets us apart
from the competition. With production sites across three continents and by providing in-person points of sales
and service centers in key markets worldwide, JENSEN-GROUP is uniquely positioned to respond to the specific
needs of local markets and customers. Strengthened by the ongoing digitalization and optimization of its core
business processes, the company’s operating model strikes a distinctive balance between global consistency
and local relevance, thereby leading to effective resource utilization and productivity gains.
JENSEN-GROUP’s innovation power was clearly noticeable at the 2024 Texcare Exhibition in Frankfurt, where
our newest product lines and the introduction of the Blizz automatic towel feeding system and Inwatec Thor
soil sorting system stole the show.
Since appointing a corporate sustainability leader in 2022, JENSEN-GROUP has systematically stepped up its
sustainability efforts. In 2024, the company further accelerated its ESG program by broadening and deepening
the gathering of critical data, thereby establishing a robust foundation for target setting and performance
tracking on an ongoing basis.
For the first time, we are in a position to fully disclose our carbon footprint and have committed to the Science
Based Targets initiative (SBTi), setting emission reduction targets in line with the Paris Climate Agreement’s
climate change objectives. Additionally, we are adhering to the Corporate Sustainability Reporting Directive
and have released a substantially refined sustainability report in accordance with the European Sustainability
Reporting Standards. These milestones mark the next chapter in our longstanding commitment to delivering
sustainable and innovative solutions that enable our customers to achieve economic success with minimal
environmental and social impact.
By leveraging cutting-edge technologies such as IoT, AI, and robotics, our integrated Cleantech approach
dramatically lowers the ecological footprint of laundry operations. This not only ensures that energy, water,
and chemicals, consumption are reduced, but it also extends the longevity of textiles, while enhancing
productivity, quality, and employee safety and hygiene. Our ESG roadmap spans all facets of the business,
encompasses initiatives to reduce greenhouse gas emissions, energy usage, and waste in manufacturing, and
includes measures to enhance health and safety standards and reinforce our supplier code of conduct and
ethical business practices.
STRATEGIC REPORT
ANNUAL REPORT 2024
In the line with our plan to increase our production capacity and further reinforce our manufacturing footprint,
JENSEN-GROUP acquired an additional manufacturing facility in China, and invested in higher production
capacities in Sweden and Denmark.
In pursuit of its objective of solidifying its global market position, JENSEN-GROUP acquired 85% of the share
capital of MAXI-PRESS Holding GmbH in Germany and its subsidiaries. MAXI-PRESS is recognized as the market
leader in press cushions and offers a unique range of consumables. This acquisition fits perfectly within
JENSEN-GROUP’s long-term value-creation strategy as it opens up new sources of recurring revenue and
enables the delivery of a more comprehensive suite of service offerings to laundries worldwide.
We would like to express our sincere gratitude to our customers and suppliers for their unwavering trust and
loyalty and to our shareholders for their continued confidence and support in our quest for business
excellence and industry leadership.
We also would like to thank every JENSEN-GROUP employee for their competence, creativity, and
collaboration in putting the customer first. The passion, persistence, and pride of our people exemplify the
JENSEN spirit that is lived every day and lies at the core of our company’s long history of progress and success.
Rudy Provoost Jesper Munch Jensen
Chairman of the Board of Directors Chief Executive Officer
Consolidated key figures
Financial year ended
December 31
December 31
Variance
(in thousands of euro)
2024
2023
%
Revenue
453,166
400,121
13%
Operating profit (EBIT)
50,737
40,743
25%
EBITDA
63,046
48,376
30%
Net interest charges (+) / income (-)
-771
-341
126%
Share in result of associates and companies
consolidated under equity method
3,938
2,141
84%
Profit before taxes
52,498
41,926
25%
Profit for the period from continuing operations
39,433
31,432
25%
Result from assets held for sale
-108
-124
-13%
Result attributable to non-controlling interest
-1,737
277
-727%
Consolidated result attributable to equity holders
41,170
31,031
33%
Added value
195,348
166,862
17%
Net cash flow
53,479
38,664
38%
Equity
282,560
262,142
8%
Net financial debt (+) / net cash (-)
-3,093
-35,873
-91%
Working capital
180,636
151,962
19%
Non-current assets (NCA)
105,683
69,877
51%
Capital employed (CE)
286,320
221,842
29%
Market capitalization (high)
436,080
322,092
35%
Market capitalization (low)
307,260
244,314
26%
Market capitalization (average)
375,964
289,425
30%
Market capitalization (December 31)
409,735
319,261
28%
Enterprise value (December 31) (EV)
406,642
283,388
43%
RATIOS
EBIT / Revenue
11.20%
10.18%
10%
EBITDA / Revenue
13.91%
12.09%
15%
ROCE (EBIT / CE)
19.97%
19.81%
1%
ROE (Net profit / equity)
15.12%
14.34%
5%
Gearing (Net debt (+) net cash (-)/ equity)
EBITDA interest coverage
-81.77
-141.87
-42%
Net financial debt (+) or net cash (-)/ EBITDA
-0.31
-0.49
-37%
Working capital / revenue
36.70%
34.97%
5%
EV/EBITDA (December 31)
5.47
4.94
11%
STRATEGIC REPORT
ANNUAL REPORT 2024
Key figures per share
Financial year ended
December 31
Variance
(in euro)
2023
%
EBITDA
5.29
25.0%
Consolidated result attributable to equity holders
(= earnings per share)
3.39
27.1%
Net cash flow
4.23
32%
Equity (= book value)
27.26
9%
Gross dividend*
0.50
50%
Number of shares outstanding (average)
9,150,330
4%
Number of shares outstanding (year-end)
9,616,286
-1%
Share price (high)
45.70
35.20
30%
Share price (low)
32.20
26.70
21%
Share price (average)
39.40
31.63
25%
Share price (December 31)
43.20
33.20
30%
Price/earnings (high)
10.40
2%
Price/earnings (low)
7.90
-5%
Price/earnings (average)
9.30
-2%
Price/earnings (December 31)
9.80
2%
(*) Dividend distribution within the fiscal year, based on the result allocation of the previous year.
Definitions
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) = operating profit (EBIT) +
depreciation and amortization expenses + impairment, write-downs and provisions
Net interest charges = interest charges interest income
Added value = EBIT + remuneration, social security costs and pensions + depreciation and amortization
expenses + impairment, write-downs and provisions
Net cash flow = consolidated result attributable to the equity holders + depreciation and amortization
expenses + impairment, write-downs and provisions
Net financial debt (+)/net cash (-) = borrowings (non-current and current) + government grant
financial assets at amortized cost - financial assets at fair value through OCI - cash and cash equivalents
Working capital = inventory + advance payments + current trade receivables + contract assets trade
payables contract liabilities
Non-current assets = intangible assets + goodwill + property plant and equipment
Capital employed = working capital + non-current assets (see definitions above)
Market capitalization = share price x number of shares outstanding
Enterprise value = market capitalization (December 31) + net financial debt (+)/net cash (-) (see
definitions above)
EBITDA interest coverage = EBITDA/net interest charges (see definitions above)
For ratios comparing figures from the consolidated statement of comprehensive income with figures from the
consolidated statement of financial position, the average figure from the consolidated statement of financial
position is used. The average is the opening balance + closing balance divided by two.
ROCE (return on capital employed) = EBIT/average capital employed
ROE (return on equity) = consolidated result attributable to equity holders / average equity
Average net financial debt (+) or net cash (-)/EBITDA.
STRATEGIC REPORT
ANNUAL REPORT 2024
Strategy of the JENSEN-GROUP
Making a difference
Through specialized industry knowledge, technical excellence and significant investments in product
development the JENSEN-GROUP can develop, plan, manufacture, install and service anything from single
machines and processing lines to complete turnkey solutions, and process automation. Partners include textile
rental suppliers, industrial laundries, and central laundries as well as on-premises laundries in hospitals, hotels,
and cruise ships. The Group believes that its customers know their laundry business better than anyone and
that with the help of the JENSEN-GROUP’s comprehensive laundry competence and experience, the right
solution for their specific requirements can be found.
Business Model
The Group is in constant dialogue with its customers through local presence in order to create the future in
laundry automation and to provide the best solutions. These solutions consider the total cost of ownership
and are aimed at continuously raising productivity while reducing the ecological impact of equipment and
processes. In recent years, the JENSEN-GROUP has particularly invested in further upgrading and expanding its
product range in laundry robotics, AI, automation, new software applications for industry and environmentally
friendlier products. The Group is committed, engaged, dedicated and responsible every time it interacts with
its customers.
Product development and automation are at the heart of sustainable laundry solutions, as they help mitigate
the scarcity of natural and human resources by putting a greater focus on ecology and adequate working
conditions. Also, eco-social costs and benefits of having clean linen available are important; therefore Jensen-
Group has developed its sustainable Cleantech concept, based on machines and solutions that positively
impact the environmental, social, and economic success of laundries and empower customers to reach their
ESG goals.
Healthcare laundries: a typical healthcare institution delivers a range of items to its laundry, including
surgical gowns and textiles, patient drapes, patient clothing, gowns for doctors and nurses, bed linen,
towels, and more. Healthcare linen demands exceptionally high standards and flexibility in the choice
of washing programs to ensure textiles are clean and uncontaminated.
Hospitality laundries: clean and perfectly folded linen is part of the overall experience of any visit to a
restaurant or a hotel. Hospitality laundries process a wide variety of textiles including bedsheets,
fitted sheets, duvet and pillow covers, mattress covers, tablecloths, napkins, placemats, aprons, and
fluffy items such as bathrobes and towels.
Industrial laundries: both large corporations and small enterprises rely on textile care services for
their workwear. Professional workwear includes shirts, uniform jackets and trousers of every kind,
overalls, military uniforms, reflective striping jackets and trousers, safety vests, police and firefighter
uniforms, as well as flame-resistant jackets or trousers. Professional garments ensure that their
wearers are recognized, respected and protected.
Mat laundries: dirt control mats are a calling card for every business and guarantee an excellent first
impression. Shop owners and managers rely on them in all weather conditions, without which
buildings would require constant cleaning.
Large on-premises laundries: such as in the case of cruise ships, where thousands of passengers and
crew members live in a limited space for days or weeks. Sustainability and the health and well-being
of all people abord the ship are major concerns for cruise companies. As such the standards for
hygiene, energy efficiency, reliability and emissions are unique in the cruise ship industry.
The JENSEN-GROUP's solutions cover all stages of sorting, washing, drying and finishing of linen, garments and
mats. The JENSEN-GROUP's equipment combines automation and high quality, while ensuring low energy,
water and chemicals consumption, guaranteeing higher output with less input.
The business model is highly scalable and serves as a platform to expand geographically. The Group aims to
have a physical presence throughout the world so as to keep communication lines with its end-customers as
short as possible, in order to guarantee high-quality customer service and reduce the company's carbon
footprint. The Group’s local presence is a key competitive advantage and critical success factor. With 18 Sales
and Service Companies (SSC's) and 7 Production and Engineering Centers (PEC's) spread across 5 continents,
the JENSEN-GROUP thinks globally and acts locally.
Organization
The Executive Management Team (EMT) of the JENSEN-GROUP is composed of a Chief Executive Officer, a
Chief Financial Officer, a Chief Operating Officer, a Chief Digital Officer and a Chief Innovation Officer (since
January 2024).
The JENSEN-GROUP's PEC's develop, produce, and deliver a full and competitive range of products to
customers through a worldwide network of SSC's and authorized local distributors. This worldwide distribution
network together with its laundry design capabilities, project management expertise and after-sales service
capability, put the JENSEN-GROUP in a unique position to act locally while meeting customer expectations fast
and reliably, whether the requirement is a single machine or a complete turnkey solution anywhere in the
world.
STRATEGIC REPORT
ANNUAL REPORT 2024
Product development
The JENSEN-GROUP’s key technologies encompass the entire laundry process, from sorting to the washroom
itself, the logistics of moving linen and textiles inside the laundry, finishing with feeders, ironers, and folders,
as well as software technology to control the overall process. In short, a large number of different technologies
are used in the process of turning soiled linen and textiles into clean linen with a perfect finish.
Given the wide range of technologies needed to cater for the needs of its customer base, the JENSEN-GROUP
does not focus on fundamental research and development. It seeks to make use of existing technologies and
incorporate them into its industry’s processes with a focus on energy and labor efficiency.
In recent years, the JENSEN-GROUP has invested particularly in further upgrading and expanding its product
range in laundry robotics, AI, automation, new software applications for its industry, and environmentally
friendly products. Many developments that target natural resources and energy savings for its customers are
grouped under the CleanTech concept.
The integration of technology and software allows customers to monitor and track production in real time and
to use the acquired information to improve productivity based on relevant data. The investments in Inwatec
ApS for automation and AI, bring the industry up to a new level and prepare the JENSEN-GROUP for Industry
4.0 and the Internet of Things. Process control and production monitoring software have become crucial in
offering the customer an all-in laundry operating solution.
The Group has numerous patents and patent applications on particular features of its machinery, primarily
used to prove prior art. The Group protects its patents on a case-by-case basis, primarily in larger markets.
Product development teams in the various JENSEN-GROUP competence centers continuously examine the
possibility of protecting its innovative developments.
Generally, the JENSEN-GROUP annually invests around 1.5 -2% of its turnover in product development.
Manufacturing
The JENSEN-GROUP's manufacturing platform is composed of 7 factories (PECs) in 5 countries on 3 continents:
- Denmark: JENSEN Denmark in Rønne and in Hasle, and Inwatec ApS in Odense
- Sweden: JENSEN Sweden in Bos
- Germany: JENSEN GmbH in Harsum
- USA: JENSEN USA in Panama City, FL
- China: JENSEN China in Xuzhou.
Distribution
The JENSEN-GROUP sells its products and services under the JENSEN and Inwatec names through wholly
owned Sales and Service Centers (SSCs) and through independent authorized distributors worldwide. In recent
years, the relative share of sales through the group's own SSCs has increased. These SSCs operate in the most
important heavy-duty markets: Australia, Austria, the Benelux, Brazil, China, Denmark, France, Germany, Italy,
the Middle East, New Zealand, North America, Norway, Singapore, Spain, Sweden, Switzerland, and the United
Kingdom. Sales and Service Centers play a critical role in coordinating the increasing number of complex
installation projects involving several production companies simultaneously. Local presence enables the Group
to deliver after-sales services on demand to its customers. Furthermore, an experienced distributor network
base exists in more than 50 countries. As from October 2023, the Japanese market is served through Inax ltd,
the JENSEN-GROUP's Joint Venture partner in Japan and one distributor.
The JENSEN-GROUP in the world
Plus, a worldwide network of distributors.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
SUSTAINABILITY REPORT
1. Double materiality outcome
2. Climate Change
3. Pollution
4. Water
5. Resource use and circular economy
6. Own workforce
7. Consumers and end-users
8. Business conduct
Appendices
Appendix A: General and governance disclosures
Appendix B: Full list of JENSEN-GROUP IROs
Appendix C: GHG Accounting policy scope
Appendix D: Taxonomy
Appendix E: Limited assurance rapport of the statutory auditor on the consolidated sustainability
statement
Sustainable business framework
The JENSEN-GROUP aims to offer the best solutions to customers worldwide and meet their expectations.
What is more, the goal of creating sustainable and innovative solutions is deeply embedded in the Group’s
DNA. Textile care services form the oldest circular economy in the world and its roots going back to the late
19
th
century. Extending the life of textiles is key but extending the lifetime of laundry equipment is equally
important.
Our aim is to honor and foster this legacy by developing a sustainability approach around the three aspects
that together are known as ESG:
Our products and services are designed to address both current and future challenges, such as climate change,
water scarcity, rising energy costs, labor shortages, and increasingly rigorous sustainability regulations. We
achieved this by placing an emphasis on energy and water efficiency, automation, and the development of
ergonomic products, thereby creating safer and more attractive working conditions and therefore contributing
towards sustainability and the wellbeing of our customers' employees. Furthermore, the advances we are
making in robotics and artificial intelligence, along with our high-quality aftermarket solutions, are extending
the lifespan of equipment and textiles.
This underlines our commitment to addressing not only the interests and needs of society but also the
environmental challenges that exist in a complex world with a growing and aging population.
Saving energy and making responsible use of natural resources while mitigating climate risk and reducing
negative environmental effects are embedded in our way of doing business. At JENSEN-GROUP, we regard
developing innovative technologies and working with our customers and partners to make the industry more
sustainable as an opportunity. With our holistic CleanTech approach, we help our customers achieve their
environmental targets, as well as their social and economic goals. Automation and innovation play a crucial
role in that regard and serve as key ingredients for enhanced productivity, safety, and employee well-being.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Sustainability is one of the key strategic cornerstones of JENSEN-GROUP and is considered as a critical success
factor for long-term value creation. The company’s ESG roadmap and reporting framework substantiate the
common aim of the Board of Directors and Executive Management Team (EMT) to drive and measure progress
in a systematic way. While ESG has become a permanent item on the agenda of the monthly EMT meetings,
the global Head of Corporate Sustainability has been developing and implementing processes, procedures and
systems to ensure full compliance with the Corporate Sustainability Reporting Directive (CSRD) and the
European Sustainability Reporting Standards (ESRS).
For more information on how sustainability is integrated in our business model, please see the profile of the
JENSEN-GROUP described in the present report, as well as the section about material impacts, risks and
opportunities and how they interact with our strategy and our business model.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Sustainability statement
Readers guide
This sustainability statement has been prepared in accordance with the requirements of the European
Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG).
The report is structured as follows:
The first chapter “Double Materiality Outcome” gives an overview of material impacts, risks and
opportunities for JENSEN-GROUP.
After that, we have reported on material disclosure requirements for each material ESRS standard: E1
climate change, E2 pollution, E3 water, E5 resource use and circular economy, S1 own workforce, S4
consumers and end-users, and G1 business conduct.
Each chapter and section include a title in italic that refers to the official name of the disclosure
requirement under the ESRS standards (e.g., SBM-3, ESRS2 IRO-1, etc.).
Each of the material standards follows the same structure:
First of all, we explain why the standard matters to our business by explaining the material Impacts, Risks,
and Opportunities (IROs).
After that, we report on the policies, actions, and targets of the JENSEN-GROUP to manage those IROs.
Finally, we report material metrics and other standard-specific disclosure requirements.
A series of appendices complete the report:
General disclosure requirements (ESRS 2) are reported in Appendix A.
Appendix B contains the full list of material IROs.
The accounting policy for the reported Greenhouse Gas Emissions (Scope 1,2,3) is explained in Appendix C.
Taxonomy disclosures can be found in Appendix D.
The main abbreviations used throughout the report are:
DMA Double Materiality Assessment
ESG Environmental, Social, and Governance
ESRS European Sustainability Reporting Standards
GHG Greenhouse Gas
IROs Impacts, Risks, and Opportunities
SBTi Science Based Targets initiative
tCO
2e
tons of carbon dioxide (CO
2
) equivalent
UoM Unit of Measurement
1. Double materiality outcome
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model(s)
Context
The illustration below shows how the activities of the JENSEN-GROUP interact within its value chain. It
provides contextual information that is needed in order to understand the material impacts and risks.
As a key element of the work we have been doing in order to get our company ready for ESRS reporting, we
conducted a double materiality assessment based on the two dimensions of double materiality, namely impact
materiality and financial materiality, in accordance with the Commission Delegated Regulation (EU)
2023/2772 and the ESRS requirements. While impact materiality considers the positive or negative impact of a
company on people and the environment, financial materiality looks at how sustainability matters generate
risks and opportunities for the development, financing, and financial performance of the company.
The starting point of this double materiality assessment was a single impact materiality analysis carried out in
summer 2022. This was the result of an internal assessment by the Executive Management Team (inside-out
perspective) and of an extensive stakeholder survey of customers, employees, and suppliers (outside-in
perspective). The material topics to be evaluated in the three ESG pillars (Environmental, Social, Governance)
were selected from internationally recognized frameworks and peer reviews and were based on the Group’s
business activities.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Following the implementation and publication of the ESRS at the start of 2024, this single impact materiality
analysis had to be made ESRS-compliant, which meant expanding the reporting threshold from single to double
materiality and including the sustainability matters that were missing from the 2022 assessment but are
covered in the topical ESRS.
The following pages provide detailed information on the results of our double materiality assessment and on
the process we applied.
Outcome
We have identified our impacts on planet and people (impact materiality assessment), as well as the
sustainability-related risks and opportunities that we are exposed to (financial materiality assessment). The
outcome is aggregated for each chapter and all subtopics of ESRS in the matrix below. The topics are listed in
no particular order.
Our strategic efforts to promote a more sustainable laundry industry are closely intertwined with the
environmental impacts, risks, and opportunities outlined in chapters E1, E2, E3, and E5 of the present
sustainability statement. Laundries are dependent on equipment made of carbon-intensive materials such as
steel and requiring significant amounts of natural resources such as water and energy to operate, which, in
turn, has indirect negative impacts on the climate and the environment. By developing environmentally
friendly and durable solutions we can mitigate these ecological impacts.
Our activities also affect people, which is reflected in the impacts, risks, and opportunities that can be found in
chapters S1 and S4 of the sustainability statement. Our people and our customers form an essential part of our
achievements, which is why we are committed to providing them with safe and attractive working conditions
that will lead to their satisfaction and success.
As a listed company, we act in compliance with local laws and regulations. We are dedicated to responsible
leadership and consider integrity, honest business practices, and lawful conduct among our highest priorities.
The impacts and risks associated with these values are reflected in chapter G1 of the sustainability statement.
The full list of IROs per ESRS standard can be found in Appendix B. The relevant IROs are also always explained
at the beginning of each standard. The full process explaining how IROs were identified is included in Appendix
A entitled “Double Materiality Process.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
2. CLIMATE CHANGE ESRS E1
Our approach to curbing greenhouse gas emissions
Why climate change matters to our business
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business
model
JENSEN-GROUP acknowledges that using our equipment is energy-intensive and contributes toward climate
change highlighting the necessity for comprehensive carbon footprint disclosure in order to meet legal and
customer expectations. Potential risks include increased raw material costs due to new carbon taxes, higher
transportation expenses linked to climate transition, and stricter energy regulations affecting our energy-
dependent machinery in key markets, whereas our CleanTech strategy provides us with an opportunity to offer
energy-efficient products that reduce emissions and energy costs for our customers.
The vast majority of emissions are released when our machines are in operation at our customers’ sites. This
has been confirmed this year, when our total greenhouse gas emissions amounted to 4,066,892 tCO
2e
, of which
3,642,834 tCO2e are released in the use-phase of the equipment. While we did not assess our business’s
resilience with regard to those climate risks in the detailed way required by the ESRS, we still formulated a
response to climate-related transitional risks and opportunities in a climate scenario that is consistent with
limiting global warming to 1.5 °C.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and
opportunities
The materiality of climate-related impacts, risks, and opportunities was assessed according to the process
described in Appendix A “Double Materiality Process”.
While climate transition was evaluated as a material topic, climate adaptation and related physical risks were
deemed immaterial, although our business resilience with regard to those climate risks was not assessed as
detailed a way as required by the ESRS. We nonetheless conducted a high-level analysis and identified some
climate-related hazards in a high-intensity climate scenario in line with a temperature rise close to 4 °C.
According to the WWF risk management tool, two factories would indeed become increasingly affected by
extreme weather events caused by climate change, such as extreme heat and flooding. However, a look at the
response we can offer to mitigate physical risks explains why we assessed the topic as immaterial:
Multi-plant operability enables us to mitigate the financial impact of regional weather events, while
maintaining operational continuity.
Increased insurance premiums following flooding will remain non-material as only two sites are
involved.
Compliance with specific building codes is strictly adhered to. Water stations throughout the plants,
breaks, and adequate air conditioning with low financial impact (only two sites involved) ensures
decent working conditions during heat waves.
How JENSEN-GROUP shapes its climate transition plan
CleanTech our approach toward sustainable solutions
The CleanTech approach was developed back in 2008 and lies at the core of our product development. Guided
by the principle of maximizing output while minimizing input in laundry operations, our approach culminates
in:
The application of innovative technologies
Reduced consumption of natural resources and energy
Enhanced performance and productivity across operations
The prolonged durability of equipment and textiles
The creation of a safer and more attractive workplace
This concept is brought to life by creating and enhancing smart product designs that incorporate advanced
features such as automation, robotics, and artificial intelligence. Our aim is to elevate the environmental,
social, and economic performance of our customers and to help them achieve their ESG objectives. By focusing
on optimizing energy consumption and extending the lifespan of CO
2
-intensive assets like machinery and
textiles, we are making a proactive contribution to the climate change mitigation initiatives within our value
chain.
Transition Plan including main reduction leverages, actions, and targets
E1-1 Transition plan for climate change mitigation
At the JENSEN-GROUP, sustainability is a core aspect of our culture, values, and business strategy, whichh
underscores our commitment to CleanTech and Environmental, Social, and Governance (ESG) initiatives. Our
comprehensive climate change mitigation approach allows us to align our core business activities with our
sustainability ambitions. By undertaking targeted actions and setting clear targets, we are committed to
reducing our environmental impact and leading the laundry industry by example.
Our transition plan forms an integral part of our business strategy and financial planning, thereby ensuring that
sustainability efforts drive operational excellence and innovation. This includes developing more efficient
products by applying our CleanTech approach and collaborating within the value chain to decarbonize our
operations and those of our customers.
The Executive Management Team and Board of Directors are actively involved in and approved the climate
change transition plan in August 2024, which underlines the dedication to sustainability that is present within
our company's senior management.
While JENSEN is not included in the EU Paris-aligned Benchmarks, our transition plan is supported by our
1.5 °C-aligned climate mitigation targets, as outlined in section E1-4. The JENSEN-GROUP has committed to
near-term targets in 2024, pending validation from the Science Based Targets Initiative (SBTi). Near-term
targets, set for a ten-year period, include an interim milestone for 2030, which is recognized by the scientific
community as a critical point when it comes to limiting global warming to 1.5°C above pre-industrial levels.
Specifically, we aim to reduce:
Scope 1 and 2 emissions by 42% by 2030 and 58.8% by 2034, and
Scope 3 emissions (use of sold products) by 25% by 2030 and 35% by 2034.
To achieve our SBTi targets, we have identified the following key leverages across our Scope 1, 2, and 3
emissions.
Electrification of our fleet (Scope 1 reduction leverage)
Allocated resources: JENSEN-GROUP investments in purchase and leasing of electric and hybrid
cars, not yet reported as aligned CAPEX due to taxonomy criteria (for more details see section E1-
3 below).
Renewable electricity (Scope 2 reduction leverage)
Allocated resources: Current and future operational costs of green energy from the grid and
future investments in infrastructure for renewable energy will form part of our long-term plan.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Optimization of laundry operations (Scope 3 reduction leverage)
About 90% of our emissions are caused during the use-phase of JENSEN-GROUP products. We acknowledge
the potential long-term greenhouse gas impact associated with the emissions locked in during the lifecycle of
our products. These risks are linked to the energy dependency of our products (gas and steam) and, at the
same time, are dependent on the choices made by our customers and by governments with regard to energy
sources (specific contracts or general grid sources used) and infrastructure availability. To address these risks,
we are committed to reducing the carbon intensity of our product portfolio in alignment with the goals of the
Paris Climate Agreement. We do not foresee any further locked-in emissions that would likely prevent the
JENSEN-GROUP from achieving its targets.
Among other things, our strategy to reduce greenhouse gas emissions related to the use-phase of our products
includes:
Product innovation and aftermarket solutions: Innovation- and service-driven energy efficiency
will continue to support this reduction. Optimizing our customers laundry operations to
minimize water and energy consumption will continue to be our main focus. Additionally, we are
looking into developing our in-house expertise with regard to new technologies by hiring an
expert in thermodynamics by 2025.
Customer collaboration: Given that a significant portion of our emissions are included within
Scope 3 (use of sold products), we actively engage with our customers to optimize energy usage
and reduce the environmental impact of their operations, while collecting carbon data and
refining our Scope 3 calculation model.
Long-term thinking about renewable energy solutions: We are investigating the possibility of
transitioning our products toward the use of renewable energy sources, including the integration
of solar, wind, and other low-carbon energy technologies in order to reduce dependency on fossil
fuels and address the long-term risks associated with locked-in emissions.
Allocated Resources: Time, labor, and indirect costs.
E1-2 Policies
In alignment with our overarching transition plan targeting Scope 1 and Scope 2 emissions, we are committed
to the electrification of our vehicle fleet. Our car policy underscores this commitment by promoting the
purchase of electric vehicles and by financing EV charging stations at our sites.
We do not have any other climate-related policies at Group level.
E1-3 Actions and resources
To achieve our climate mitigation targets, we are putting the following actions in place in our own operations
across the Group as a whole (Scopes 1 and 2) and in our downstream value chain (Scope 3), more specifically at
customer level in the use-phase of the equipment:
Electrification of our fleet (Scope 1)
This transformation has already started with an increase in the number of hybrid and electric vehicles in our
fleet.
December 31,
December 31,
December 31,
Active fleet
2024
2023
2022
Electric/hybrid cars on total fleet
18%
15%
12%
By replacing all current internal combustion engine (ICE) vehicles and hybrid vehicles with fully electric cars, we
could save up to 906 tons of CO
2e
within the next ten years and reduce our Scope 1 by 46%. Considering that
for certain business activities such as customer service, vehicles must always be ready for use and employees
are dependent on the availability of charging stations, a more realistic and conservative saving would be 589
tons of CO
2e,
because it excludes service vans. This would represent a 30% reduction on our Scope 1 and means
that about 70% of our fleet would be electric by 2034. This calculation is based on 2024 data and we are
expecting the target to improve, based on advancements in infrastructure and technology that would enable us
to include the entire fleet. Our commitment is highlighted by our revised company car policy promoting the
purchase of such vehicles. While no further key actions were taken during the reporting period, we will
continue to encourage the purchase of electric cars and challenge the need for ICE vehicles. This can be done
quite effectively since every investment proposal for new vehicles needs approval from the CEO and CFO.
Allocated resources: Current investments and leasing for electric cars and EV charging stations form part of our
CAPEX disclosed on page 206 of the annual report. These expenses are not reported as aligned CAPEX in the
taxonomy section, because they do not fulfill all the objectives and criteria of the taxonomy. A detailed
investment plan for the vehicle fleet for the next ten years will be drawn up with the Executive Management
Team and presented to the Board of Directors in 2025.
December 31, 2024
2030
2034
109 KEUR
Not yet defined
Not yet defined
Renewable electricity (Scope 2)
We plan to bring about a greening of our electricity supply by switching to zero-emission or renewably sourced
electricity wherever possible. Our Chinese factory and our latest joint-venture, MAXI-PRESS, which was
acquired during the reporting period, are already equipped with solar panels, covering 13% of the Group’s total
energy consumption. Several other entities are already benefiting from green energy from the grid. We plan to
install solar panels at other sites and, in situations where solar panels are not an option, we are planning to
switch to zero-emission electricity or to purchase renewably sourced electricity from the grid within the next
ten years. In countries where electricity options are limited by the market or by the fact that we are tenants,
achieving this may not be feasible. The transition toward net-zero and the achievement of our targets therefore
also depends on external factors beyond our control.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Based on the current market situation and the 2024 energy consumption figures, we could save 2060 tons of
CO2e using this approach, which represents 58% savings of our Scope 2 emissions. We are expecting to exceed
this target as the availability of renewable energy infrastructures is expected to increase and the energy mix in
grid supplies to become greener over the years. While no key action was taken during the reporting period, the
first switchovers to green energy tariffs will take place in some entities in 2025. No material increase in
operational costs is expected for these changes. No comparable data is available from previous reporting
periods.
Allocated resources: Current operational expenses for green energy are not significant and form part of our
OPEX, which is disclosed on page 224 of the annual report. A detailed, ten-year investment plan for solar
panels will be drawn up with the Executive Management Team and presented to the Board of Directors in
2025.
Reduction of operational fuel- and energy consumption (Scopes 1+2)
In view of the fact that we cannot eliminate gross Scope 1 and 2 emissions completely, it is also important that
we continuously work to reduce our operational fuel- and energy consumption. Based on lean management
principles, factories apply concentrated production planning with annual shutdowns to ensure that output is
kept at a constant, high level. All transportation routes within the factory are kept as short as possible and
fossil-fueled forklifts have been replaced by electric ones. Where possible, gas welding has been replaced by
laser welding, which improves operational efficiency and reduces the consumption of fossil fuels. Some of our
production sites have switched to LED lighting and have reduced room temperatures. An upgrade of the
surface treatment of our painting line in China contributed to a 28% reduction in natural gas consumption at
Group level between 2023 and 2024. A key action during the reporting period was the installation of a new
paint booth in our factory in Denmark, which allows the recovery and reuse of heat. We will be able to disclose
figures of the potential savings achieved in the next reporting period. There are no defined key actions and
targets for the future and no comparable data is available from previous reporting periods.
Allocated resources: 1,794 KEUR invested in new paint booths in China and Denmark. Expenses related to the
installation of energy efficiency measures, such as LED lights, are not significant. The details can be found in the
Taxonomy section (Appendix D) of the present report. These investments form part of our CAPEX disclosed on
page 206 of the annual report.
Reduction of emissions caused by use of the equipment (Scope 3)
About 90% of our emissions in this category take place downstream while our products are in use. To
effectively reduce these emissions, several reduction leverages were identified.
Customer collaboration on climate targets: While the use of our equipment by customers is included
within our Scope 3 (use of sold products), it falls under Scopes 1 and 2 for our customers, as operating
the equipment is under their direct control.
It is therefore essential to work together with customers in order to identify solutions that will help
them reduce their Scope 1 and 2 emissions.
This will have a positive impact on the Group’s major source of Scope 3 emissions. We are already in
continuous dialog with our customers on a bilateral basis or by means of our engagement in national
and international industry associations. Our everyday business also relies on providing support and
CleanTech solutions that optimize laundry operations and reduce their energy consumption. We will
continue to foster these relationships and collaborations within the context of our respective carbon
reduction plans.
Allocated resources: indirect costs of time and labor.
Energy efficiency measures: 1.5 - 2% of our turnover is invested in product development guided by
our CleanTech approach. We have always been dedicated to creating the most energy-efficient
solutions possible, in order to maximize results and minimize costs and energy consumption for our
customers. Energy efficiency measures also include a strategic focus on aftermarket solutions that
provide customers with regular maintenance checks and training in the most efficient use of the
equipment. We will continue to develop and push innovation and develop our service offerings in
order to reach our Scope 3 climate targets.
Allocated resources: 1.5 - 2% of our turnover invested in product development (PD), indirect costs of
time and labor, over 60 additional service technicians were hired during the reporting period to help
optimize the operational efficiency of laundries and support with the installation of new equipment.
Renewable heating solutions: For our customer, a major emission source lies in the heating process.
In the majority of cases, the heat itself is generated using fossil fuels. In order to reduce emissions
effectively, it is essential that we develop renewable heating solutions. Gas heated equipment is
playing an essential role in this transition toward zero-carbon technologies, as it is less CO
2
-intensive
than coal or oil. The laundry process utilizes steam as a heating medium, which leads to energy losses
due to indirect heating. Natural gas allows for direct heating, thereby minimizing such losses.
The JENSEN-GROUP is aware of the environmental impact of fossil fuels. Hence, the Group is working
on renewable solutions. It is important, however, to underline the fact that heavy-duty laundry
equipment is very different and more complex in terms of energy requirements than household or
commercial laundry machines. This is largely due to the greater volume of textiles processed.
Consequently, the solutions that can be used to power these industrial laundry sites cannot be
compared to those used in the household or commercial market sector.
Allocated resources: 1.5 - 2% of our turnover invested in PD
Improve the quality of Scope 3 data: Improving the quality of our Scope 3 emissions data is a
nuanced challenge that underscores the complex nature of calculating and understanding our broader
environmental impact. Given the intricate web of activities across our value chain, we often face the
need to make assumptions due to a lack of specific data.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Recognizing this, our commitment extends beyond mere compliance; it is about evolving our data
collection processes to minimize assumptions and enhance the reliability of our figures over time.
By striving to achieve more accurate and verifiable data, we aim to refine our sustainability strategies
with greater precision, fostering a culture of continuous improvement and transparency. This journey
toward better data underscores our dedication to making informed decisions that genuinely
contribute to our sustainability goals.
As an initial step, we have developed a calculation model for our use-phase that avoids relying on
spend-based emission calculations (for more details, see the "Greenhouse Gas Emission" section
below). Additionally, we have started collecting information on production cycles (e.g., the number of
shifts, hours/days of production, etc.) for each customer, which will allow us to move away from
making assumptions in this area. Furthermore, we have shared our Scope 3 calculation model with
both customers and internal and external specialists to obtain an objective review of the assumptions
and emission factors used, and to refine the model accordingly.
Allocated resources: indirect costs of time and labor.
At this stage, quantifying the contributions made by our products toward the achievement of the set reduction
targets during their use-phase is challenging, due to the diverse range of products sold and the varied ways in
which they are used by customers. Although our industrial laundry machines are designed and built using top-
specification components and adhere to strict manufacturing standards, the energy efficiency of the
equipment depends on how the end-user operates the machine. This includes the choice of process (often
determined by chemical suppliers), which significantly influences energy and utility efficiency. Additionally, the
type of textiles being laundered (such as linen, garments, dust mats, etc.) also affects overall efficiency, as does
the supporting infrastructure (such as the building and the energy supply). Energy consumption can therefore
vary greatly from one laundry facility to another, depending on the mix of textiles processed, the specific
operating procedures followed, and the infrastructural setup. Moreover, since a customer may process
different types of textiles from one week to the next, energy consumption can fluctuate, even though the same
machine is being used. This variability, in addition to a different mix of products sold every year on the basis of
which we calculate the Scope 3 use-phase emissions, makes it difficult to track and provide product-specific
energy consumption data from which we could deduce a quantifiable GHG emission savings figure.
E1-4 Targets related to climate change mitigation
We committed ourselves to the internationally accepted near-term Science Based Targets Initiative (SBTi) in
2024 and our company is setting itself strict and scientifically based CO
2e
reduction targets for the next ten
years. Through these objectives, we are dedicated to reducing our corporate carbon footprint in alignment
with the global warming targets of the Paris Climate Agreement. Our near-term climate targets have been
developed using the SBTi target setting tool and simulate a climate scenario based upon global warming of well
under 2 degrees. They were defined based on the emission categories set by the Greenhouse Gas Protocol
(Scopes 1, 2, and 3) and will undergo the SBTi validation process in 2025.
The base year is 2024, with total emissions amounting to 4,066,892 tCO
2e
, including a market-based approach
for Scope 2.
TARGET
TARGET
December 31,
GHG emissions reduction trajectory
2034
2030
2024
Scope 1+2 in tons of CO2e (market-based
approach)
2,264
3,187
5,494
Reduction Scope 1+2
58.8%
42%
-
Scope 3 “use of sold products” in tons of CO2e
Absolute
reduction not
quantifiable
Absolute
reduction not
quantifiable
3,642,834
Reduction Scope 3 “use of sold products”
35%
25%
-
Monitoring performance in relation to Scopes 1 and 2 will be carried out by reporting activity data related to
energy consumption and the energy mix on a quarterly basis. The Head of Corporate Sustainability provides
performance updates to the Executive Management Team during the monthly ESG driver update meeting. This
process facilitates efficient and prompt decision-making, should any corrective actions be necessary. The
manual method for collecting and calculating Scope 3 data renders regular monitoring unfeasible.
Instead, it will be calculated and reviewed annually with the Executive Management Team, alongside internal
experts and a select group of customers, focusing specifically on reduction strategies during the use-phase of
the equipment.
How JENSEN-GROUP addresses energy use by customers
Energy savings are of undeniable importance to our customers, which explains the high degree of materiality
of this topic. To increase the efficient use of primary energy and ensure that it is consumed more economically
is one of the main objectives of our CleanTech approach.
This also involves integrating water and energy recovery systems into machines. Optimizing the energy use of
our equipment and laundry processes lies at the core of our business model and forms part of our climate
transition plan, as the amount of energy used by customers directly impacts the quantity of greenhouse gas
emissions released into the atmosphere. Consequently, the leverages, actions, and resources to bring about a
reduction that were identified for Scope 3 above also apply to this topic.
We recognize the importance of setting targets aligned with customers' priority to reduce their operational
energy consumption. However, the energy performance in a laundry depends on various factors beyond the
design of each individual machine.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
This makes it challenging to quantify how JENSEN-GROUP is contributing toward better performance over time,
because the progress and evolution are significantly influenced by external factors not within its control.
Consequently, we are not yet prepared to set specific targets or measure progress until we can establish a
calculation method that primarily looks at the contributions made by JENSEN, independent of other factors on
which we have no influence.
We intend to actively collaborate with our customers to develop energy reduction targets through our
participation in various working groups of national and international industry associations. This includes the
Sustainability Working Group of the European Textile Services Association (ETSA), co-chaired by JENSEN and
comprising numerous laundries. Engaging with customers is a critical component of our action plan to reduce
energy usage and will help us refine our KPI calculation model and set a target by next year.
In the past reporting periods, we disclosed energy consumption for the most energy-intensive types of
machines, instead of considering the energy use for laundry operations as a whole. As we are re-evaluating this
data point and how to measure it, a comparison is not possible.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
JENSEN-GROUP greenhouse gas emissions
E1-5 Energy consumption and mix (Scope 1+2)
UoM
December 31,
2024
Fuel consumption from coal and coal products
MWh
0
Fuel consumption from crude oil and petroleum products*
MWh
4,159
Fuel consumption from natural gas
MWh
3,329
Fuel consumption from other fossil sources
MWh
1,690
Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources
MWh
6,179
Total fossil energy consumption
MWh
15,357
Percentage of fossil sources in total energy consumption
%
75%
Total energy consumption from nuclear sources
MWh
843
Percentage of energy consumption from nuclear sources in total energy consumption
%
4%
Fuel consumption from renewable sources
MWh
0
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable
sources
MWh
3,003
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable
sources on-site
MWh
1,173
Consumption of self-generated non-fuel renewable energy
MWh
0
Total renewable energy consumption
MWh
4,176
Share of renewable sources in total energy consumption
%
21%
Total energy consumption
MWh
20,376
Energy intensity from activities in high climate impact sectors (total energy consumption
per net revenue**)
MWh/1
KEUR
0.045
Accounting policy
* Fuel consumption includes an estimate of fuel used by company cars based on an average consumption in
L/100km when driving 25,000 km per year. For company cars acquired or sold during the reporting period, the
distance traveled is estimated at a lower value if the car was acquired or sold in the first or last quarter of the
reporting period, respectively.
**The entire revenue of the Group is derived from the distribution of heavy-duty laundry equipment, which is
considered a high climate impact sector.
The activity data related to energy consumption (excluding fuel consumption for company cars) has been taken
from invoices and may, depending on the invoicing cycle of the supplier, be based on assumptions with regard
to the previous years consumption figures. The split between fossil fuel, renewable, and nuclear energy
sources, including purchased electricity and steam, mainly relies on information from suppliers. If no supplier
information was available, we used national or regional energy mixes publicly disclosed by local authorities, or
the ones available on the website of the International - U.S. Energy Information Administration (EIA).
With regard to our energy intensity datapoint calculation the revenue is disclosed in the financial statements,
on page 181 of the annual report.
In previous reporting periods, we only disclosed the electricity consumption of our main factories and the
number of kilowatt hours per euro of revenue, which means that the data is not comparable with this years
data.
E1-6 Gross Scopes 1, 2, 3 and total greenhouse gas emissions
As a manufacturer of industrial laundry equipment, our greenhouse gas emissions are categorized and
reported in alignment with the Greenhouse Gas Protocol across Scope 1, Scope 2, and Scope 3 emissions.
Considerable growth and higher data quality, between the end of last year and during the reporting period
have contributed to an increase in our greenhouse gas emissions compared with last year. This reporting
period will serve as the baseline year to track our progress against our targets.
Scope 1: Direct Emissions
Scope 1 emissions include all direct emissions from sources that are owned or controlled by our company.
Most of these emissions are related to our manufacturing operations, and result from the combustion of
natural and propane gas used in the production process, as well as from the fuel consumed by our fleet.
Scope 2: Indirect Emissions from Energy Consumption
Scope 2 emissions are the indirect greenhouse gas emissions resulting from the consumption of purchased
energy and district heating. Our Scope 2 emissions primarily arise from the electricity we purchase to power
our manufacturing facilities, offices, and sales and service centers. 3% of the energy consumed was covered by
contractual instruments, of which 3% are bundled, meaning the actual grid energy is exclusively derived from
renewable sources. None of the energy is unbundled, meaning no Guarantees of Origin or Renewable Energy
Certificates were purchased to claim environmental benefits or offset emissions from non-renewable grid
electricity. These instruments form an integral part of our transition plan and ensure that an increasing portion
of our electricity derived from renewable sources is accounted for in our market-based Scope 2 calculations.
Scope 3: Indirect Emissions Across the Value Chain
Scope 3 emissions represent the largest portion of our carbon footprint, as they encompass indirect emissions
throughout our value chain, both upstream and downstream. Our largest emissions occur in:
Purchased Goods and Services (10%): Emissions from the production of raw materials and
components we purchase from suppliers to manufacture our equipment.
Use of Sold Products (90%): The most significant part of our Scope 3 emissions comes from the use of
our equipment by customers, The energy-intensive processes and the long product lifetime explain
this figure.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
In tons of CO2e
Share of emissions in
2024 in %
Emissions in 2024 in
tons of CO2e
Emissions in 2023 in
tons of CO2e
Direct emissions from stationary combustion sources
0
1,000
Direct emissions from mobile sources with combustion
engine
0
957
Direct emissions from processes
0
0
Direct fugitive emissions
0
0
Total Scope 1 emissions
0
1,957
Indirect emissions from electricity consumption (location-
based)
0
3,597
Indirect emissions from electricity consumption (market-
based)
0
3,425
Indirect emissions from steam, heat or cooling consumption
(location-based)
0
111
Indirect emissions from steam, heat or cooling consumption
(market-based*
0
111
Total Scope 2 emissions (location-based)
0
3,708
Total Scope 2 emissions (market-based)
0
3,536
Total Scope 1 & 2 emissions (location-based)
0
5,665
Total Scope 1 & 2 emissions (market-based)
0
5,494
Purchased goods or services
10
379,326
Capital goods
0
2,650
Emissions related to fuels and energy (not included in Scope
1 and Scope 2)
0
364
Upstream freight and distribution
0
6,169
Waste generated
0
55
Business travels
0
5,534
Employees commuting
0
3,375
Upstream leased assets
0
0
Other indirect emissions upstream
0
0
Scope 3 emissions Upstream
10
397,472
Downstream freight and distribution
0
0
Processing of sold products
0
0
Use of sold products
90
3,642,834
End-of-life of sold products
0
4,342
Downstream leased assets
0
0
Franchises
0
0
Investments
0
16,750
Other indirect emissions downstream
0
0
Scope 3 emissions Downstream
90
3,663,926
Total Scope 3 emissions
100
4,061,398
TOTAL EMISSIONS SCOPES 1, 2 and 3 (location-based)
4,067,063
TOTAL EMISSIONS SCOPES 1, 2 and 3 (market-based)
4,066,892
Greenhouse gas intensity per net revenue in tons of
CO2e/KEUR* (location-based)
8.97
-
Greenhouse gas intensity per net revenue in tons of
CO2e/KEUR* (market-based)
8.97
-
*Please see the net revenue disclosed in the financial statement on page 181.
Accounting policy
All entities within the JENSEN-GROUP, which means our factories as well as our consolidated and
unconsolidated subsidiaries and joint ventures, are included in the carbon footprint calculation according to
the equity share approach. Due to the Group’s limited influence and margin of action, Scope 1, 2, and 3
emissions of the non-consolidated joint ventures Tolon, Inax, and Primafolder will be considered under Scope 3
as emissions related to investments. This also includes Ole Almeborg A/S, as the financial participation went
from 100% to 50% with effect from August 31, 2024.
Our Scope 1 and 2 emissions disclosed in 2023 have not been reviewed, as the calculation method applied has
remained the same and is based on the Greenhouse Gas Protocol.
The full accounting policy for scope 1, 2 and 3 emissions can be found in Appendix C.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Other climate-related disclosures
E1.GOV-3 Integration of sustainability-related performance in incentive schemes
Sustainability-related performance is not integrated in the incentive schemes of the JENSEN-GROUP
management or Board of Directors.
E1-7 Greenhouse gas removals and greenhouse gas mitigation projects financed through carbon credit
We currently do not have any greenhouse gas removals and greenhouse gas mitigation projects financed
through carbon credit.
E1-8 Internal carbon pricing
We currently do not have an internal carbon pricing system in place.
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities
We did not identify any financial effects caused by material risks and refer to the section above “Why climate
change matters to our business”.
3. POLLUTION ESRS E2
Our approach to managing pollution
Why pollution matters to our business
IRO-1 Description of processes to identify and assess material pollution-related impacts, risks and
opportunities
For the general assessment process, please see Appendix A “Double Materiality Process”. To fully assess the
materiality of air pollution and substances of concern, the input of internal specialists such as production and
purchasing managers was particularly important. The discussions underlined how the preventive measures that
have been put in place are essential, in order to minimize significant health impacts related to air pollution. A
further outcome of the discussions was the realization that we need to improve our understanding of the
overall impact of substances of concern within products and manufacturing processes.
Air pollution tests were performed in our factories by accredited third parties, so as to meet the disclosure
requirements. They provide us with a more effective insight into the severity of the impacts and equip us to
address potential incidents and meet stakeholder expectations effectively. We have been given
recommendations on improvements to the workplace and will put these into practice in case our targets in
relation to air pollution are not met in the future due to an increase in production and welding activities. Such
developments would also trigger a review of the double materiality assessment and a re-evaluation of the
negative impacts and materiality of this topic.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
How JENSEN-GROUP shapes and tracks its approach to pollution
We first present air pollution, followed by substances of concern, and then microplastics.
Air pollution
E2-1 Policies
While there is no policy at Group level for air pollution, the legally required health and safety processes are in
place in our factories to protect employees from air pollution.
E2-2 Actions and resources
While no new measures have been taken during the reporting period, the actions already in place have been
found to be successful, as we are below the reporting threshold. Those actions are critical for the purpose of
preserving air quality and safeguarding our employees’ health and the environment. Current key actions
include:
Pollution control measures: Our production sites are equipped with air filtration systems that
undergo regular maintenance to ensure they are operating efficiently. Such systems capture and
remove pollutants from emissions before they can be released into the environment. In our factory
that accommodates the most intensive welding activity, an alarm system is in place to alert employees
if the ventilation system fails.
Upgrade of industrial processes: Transitioning to less polluting technologies, such as shifting from gas
welding to laser welding stations in manufacturing, is significantly reducing the quantity of harmful
emissions. This not only helps to ensure cleaner air but also enhances operational efficiency. Laser
welding stations are installed in our factories in Denmark and Germany.
Testing and monitoring: Some of our factories conduct monthly air pollution checks or commission
spot checks by local authorities to make sure that emission levels are within the legal standard. This
information helps the company assess the effectiveness of current pollution control measures and
make informed decisions regarding further improvements.
Protecting health in the workplace: We provide protective workwear and masks for our welders that
minimize their exposure to pollutants, thereby ensuring a safer work environment.
Correct disposal of pollutants: Proper pollutant disposal is ensured by carrying out filter maintenance
and having filters disposed of professionally by third-party services.
Financial Planning and Management: We cover the costs associated with these mitigation efforts,
from the installation of cleaner technologies to insurance premiums that reflect environmental risks.
This is an integral part of managing air pollution.
Allocated resources: Current operational expenses encompass the disposal/treatment of polluted
environment, air pollution tests, maintenance of inside air pollution filters, protective workwear and masks for
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
employees, and insurance premiums. They are not significant and form part of our OPEX, which is disclosed on
page 224 of the annual report.
In each plant, there is also a dedicated person in charge of Health, Safety, and Environment.
E2-3 Targets
The JENSEN-GROUP operates strictly within the regulatory framework set by national and local authorities.
Emissions are managed according to the permitted loads per air pollutant established for each plant, thereby
ensuring compliance with all applicable environmental regulations.
Air pollution tests were conducted by accredited third parties in accordance with their methodologies. The
releases were measured against locally permissible thresholds. Our goal is to stay below the threshold for
releases stipulated in Annex II of the E-PRTR Regulation and to maintain compliance with local regulations and
authorities. Should our operations expand and our welding activities increase, we will undertake additional
testing. However, independent of operational changes, tests will be conducted every three years as a
minimum. We are confident that this approach is adequate, given that our two factories with the highest
intensity of welding activities have robust systems in place: one undergoes monthly testing, while the other
benefits from consistent maintenance and an alert system. The JENSEN-GROUP has no voluntary targets
beyond compliance with local regulations and will continue to comply with the following annual air emission
thresholds.
China
Annual threshold set
& unit
Related legislation
Sulfur Dioxide (SO2)
200 mg/Nm³
Integrated emission
standard of air pollutants
大气染物合排放
DB32/4041-2021
Nitrogen Oxides (NOX)
100 mg/Nm³
Fine particulate matter
(PM)
20 mg/Nm³
Non-methane volatile
organic compounds
(NMVOC)
50 mg/Nm³
Emission Standards for Air
Pollutants from Industrial
Coating Processes
涂装工序大气
物排放
DB32/4439-2022
Ammonia (NH3)
Not applicable to JENSEN China
Heavy Metal (HM):
Aluminum (Al), Iron (Fe),
Dust particles
Denmark
Annual threshold set &
unit
Related legislation
Sulfur Dioxide (SO2)
Not applicable
compliance is regulated
by means of a
mandatory filtering
system imposed by
Danish legislation that
removes 99% of
pollutants
“Guidance of Air
Pollution” and “List of B-
values” from the Danish
Environmental Agency
Nitrogen Oxides (NOX)
Non-methane volatile
organic compounds
(NMVOC)
Fine particulate matter
(PM)
Ammonia (NH3)
Heavy Metal (HM)
Al: 2.5 mg/second
Fe: 20 mg/second
Dust particles: 20
mg/second
Germany
Annual threshold set
& unit
Related legislation
Sulfur Dioxide (SO2)
1.3 mg/m³
TRGS 900
Nitrogen Oxides (NOX)
0.95 mg/m³
TRGS 900
Non-methane volatile
organic compounds
(NMVOC)
Consists of individual
chemical substances;
we have not found a
limit value.
Fine particulate matter
(PM) emissions to air
A-dust fraction
E-dust fraction
1.25 mg/m³
10 mg/m³
TRGS 900
Ammonia (NH3)
14 mg/m³
TRGS 900
Heavy Metal (HM)
Consists of individual
chemical substances;
we have not found a
limit value.
USA
Primary/
Secondary*
Average
Time
Level
Form
Related
Legislation
Sulfur Dioxide (SO2)
Primary
1 hour
75 parts
per billion
(ppb)
99th percentile
of 1-hour daily
maximum
concentrations,
averaged over 3
year
Clean Air
Act
Secondary
1 year
10 ppb
Annual mean,
averaged over 3
years
Nitrogen Dioxide (NO2)
Primary
1 hour
100 ppb
98th percentile
of 1-hour daily
maximum
concentrations,
averaged over 3
years
Secondary
1 year
53 ppb
Annual Mean
Fine
particulate
matter (PM)
PM2.5
Primary
1 year
9.0
micrograms
per cubic
meter of air
Annual mean,
averaged over 3
years
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(μg/m3)
Secondary
1 year
15.0 μg/m3
Primary
and
Secondary
24 hours
35 μg/m3
98th percentile,
averaged over 3
years
PM10
Primary
and
Secondary
24 hours
150 μg/m3
Not to be
exceeded more
than once per
year on average
over 3 years
Ammonia (NH3)
Not listed as one of the air pollutants under the Clean Air Act
Non-methane volatile organic
compounds (NMVOC)
Heavy Metal (HM)
* The Clean Air Act identifies two types of national ambient air quality standards. Primary standards provide
public health protection, including protecting the health of "sensitive" populations such as asthmatics,
children, and the elderly. Secondary standards provide public welfare protection, including protection against
decreased visibility and damage to animals, crops, vegetation, and buildings.
E2-4 Air pollution general
Calculations revealed that the emissions of air pollutants from the applicable JENSEN-GROUP sites with
welding activities do not exceed the threshold value per air pollutant specified in Annex II to Regulation (EC)
No 166/2006. No emissions therefore need to be disclosed.
The results were obtained through third-party testing of pollutants and their thresholds as defined in the
European Pollutant Release and Transfer Register (E-PRTR). Only the sites with significant welding activities (the
origin of the air pollutants) have been measured (JECN, JEDE, JEDK, JEUS). This is the first time we have
disclosed information on this topic, so there is no comparative data from previous reporting periods.
Substances of Concern
E2-1 Policies
The JENSEN-GROUP has no policies in place for this topic, but we are planning to update our purchasing
guidelines by 2026, which will include guidance on the purchase of articles containing harmful substances. The
revised guidelines will prioritize minimizing the procurement of substances of concern wherever feasible and
actively seeking alternatives that maintain product quality and safety.
E2-2 Actions and resources
We distinguish between:
1) Substances of Concern or Very High Concern used in the manufacturing process
2) Substances of Concern or Very High Concern contained in purchased items
During this reporting period, we started to gather data on this topic for the first time and focused our efforts to
the hazardous substances in our manufacturing processes. During the coming year, we need to gain a better
understanding of how these substances are handled and start to investigate the substances contained in
purchased items. During the reporting year, there were no specific dedicated actions regarding Substances of
Concern. No financial resources were therefore allocated.
E2-3 Targets
Our target over the next two years is to put in place a data collection system that will give us the opportunity to
report the substances of concern in purchased items.
E2-5 Pollution from substances of concern general
Substances of concern used in manufacturing processes were identified and categorized based on the product
indication, classification and concentration available on the products safety data sheet. This data was provided
by our main factory in Denmark. Assuming that the articles and their applications in our manufacturing
processes are similar across all JENSEN production sites, we extrapolated the data from Denmark to estimate
the substances of concern for the other sites. These substances would be contained in products such as
detergents, spray grease, coatings, glue or lubricants, and leave the facilities as part of products.
Substances of Very High Concern used in manufacturing process in kg
December 31,
2024
Carcinogenicity categories 1 and 2
5,436
Germ cell mutagenicity categories 1 and 2
0
Reproductive toxicity categories 1 and 2
29
Persistent, Bioaccumulative, Toxic (PBT) / very Persistent, very
Bioaccumulative (vPvB)
0
Endocrine disruption for human health
0
Endocrine disruption for the environment
0
Substances of Concern used in manufacturing process in kg
December 31,
2024
Persistent, Mobile, Toxic (PMT) / very Persistent, very Mobile (vPvM)
0
Respiratory sensitization category 1
20
Skin sensitization category 1
100
Chronic hazard to aquatic environment cat 1-4
671
Hazardous to the ozone layer
0
Specific target organ toxicity single exposure categories 1 and 2
162
Specific target organ toxicity repeated exposure categories 1 and 2
502
This is the first time we have disclosed information on this topic, so no comparative data is available from
previous reporting periods. We are aware that some of the products and components that we purchase
contain substances of concern however currently we do not have a clear overview of where and in what
quantities these are present. We are currently working on a method to gather this information from our
suppliers and intend to disclose more details in our next annual report.
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Microplastics
E2-1 Policies
Microplastic pollution, which is increasingly gaining recognition as a significant environmental issue, is a
challenge that the JENSEN-GROUP is following closely, particularly as microplastics can shed from textiles
during washing. Although the microplastics involved originate from the linen laundered by customers rather
than from our manufacturing processes, the JENSEN-GROUP acknowledges the downstream environmental
impact. In collaboration with industry associations and key players in the laundry industry, efforts are underway
to explore solutions that will help to minimize the release of microplastics.
While no formal policies or targets have been established on this topic, the JENSEN-GROUP is committed to
investigating how its machinery can contribute toward reducing the quantity of microplastics in wastewater,
such as by means of advanced filtration technologies and innovative machine design, and ongoing monitoring
of relevant the legislation in this area. By collaborating with the various actors within the sector, the JENSEN-
GROUP is working toward responsible practices that support industry-wide efforts to mitigate microplastic
pollution.
E2-2 Actions and resources
As an equipment supplier with a strong interest in new technologies that facilitate the life of our customers, we
are taking part in a European-based R&D project to develop a microplastics filter that is suitable for industrial
laundry operations. For many years, we have also been actively participating in environmental and
standardization working groups of the European Industry Association ETSA (European Textile Service
Association), as such contributing to the development of meaningful and robust standards and regulations
around this topic. Considering that microplastics are released from so many different sources, the cleaned and
filtered laundry water will become polluted again when mixed with the effluents from other sources in the
wastewater plant. The only way to efficiently clear and filter microplastics is at the end-of-line receiver, which is
the company treating the effluent water. We therefore believe that the best solution will be achieved through
the involvement of non-market partners such as the wastewater treatment plants.
During the reporting year, no specific actions dedicated to microplastics were undertaken. No financial
resources were therefore allocated.
E2-3 Targets
While this is a material issue for our customers, our contribution has a minimal impact, as the real issue lies in
the textiles that release the microplastics. For that reason, we have set no targets, but we want to contribute to
a solution by means of the different involvements and actions described above.
E2-4 Microplastic pollution general
We do not generate microplastics during our operations nor do microplastics intentionally form part of the
products leaving our facilities, therefore this datapoint is not relevant in the case of the JENSEN-GROUP.
E2-6 Anticipated financial effects from material pollution-related risks and opportunities
Anticipated financial effects from material risks and opportunities related to the water-efficiency of products
are not available and will be added at a later stage.
4. WATER ESRS E3
Our approach to managing water
Why water matters to our business
IRO-1 Description of the process to identify and assess material water efficiency-related impacts, risks, and
opportunities
For the general assessment process, please see Appendix A “Double Materiality Process”. While water
consumption upstream and in our own operations is immaterial, the water consumption of customers and
their laundry activities is a salient topic, as confirmed by the high scores given by customers to the water
efficiency topic during the double materiality evaluation process. Our CleanTech approach is based on a long-
standing tradition of and expertise in building sustainable laundry solutions that prioritize water conservation
and efficiency. Through innovative technologies and processes, we aim to minimize water consumption in
industrial laundry operations, thereby contributing to sustainable water management. As water is becoming
increasingly scarcer and more expensive, finding new solutions to recover it or limit its use even further
remains one of our main priorities. With our sophisticated water recovery concept and intelligent product
features, the JENSEN tunnel washer can achieve impressive water savings, though these will vary, depending
on factors such as the individual production context and the washing process applied by customers.
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How JENSEN-GROUP shapes and tracks its approach regarding the water efficiency of its products
E3-1 Policies
The JENSEN-GROUP currently does not have a formal group policy to address the water efficiency of its
products as water consumption within our own operations is immaterial. However, guided by our CleanTech
approach, which is central to our business strategy and values, we design our solutions with a strong focus on
maximizing water savings for our customers. This includes integrating water recovery systems into our
machines.
E3-2 Actions and resources
We have not taken any specific action in the reporting period to minimize water consumption, as it is an
ongoing objective embedded in our business model. Our goal is to continuously optimize the efficiency of our
customers’ laundry operations with minimum input and maximum output. Our sales, service, and innovation
departments focus day in, day out on reducing expenses and on reducing the wastage of resources for the
benefit of our customers. The water efficiency of our products forms an integral part of this approach with
integrated water recovery and recycling features available in our equipment.
In terms of allocated resources, we invest about 1.5 2% of our total turnover in product development
annually and indirect costs are also incurred with regard to time and labor.
E3-3 Targets
The importance of water savings to our customers is undeniable, which explains the high materiality of this
topic. Increasing the efficient use of water and ensuring that it is consumed more economically is one of the
main objectives of our CleanTech approach. Optimizing the water use of our equipment and laundry processes
lies at the core of our business model.
We recognize the importance of setting targets aligned with customers' priority to reduce their operational
water consumption. However, water efficiency in a laundry depends on various factors that extend beyond the
design of each individual machine. The explanations in chapter 2 on p.32. ("How JENSEN-GROUP addresses the
energy use by customers") about the challenges involved in setting a target and measuring performance
attributable to JENSEN-GROUP also apply to the topic of water efficiency.
Engaging with customers through our active involvement in the working groups of industry associations is a
critical component of our action plan to reduce water usage and will help us refine our KPI calculation model
and set a target by next year.
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ANNUAL REPORT 2024
In previous reporting periods, we disclosed an average water consumption of under three liters per kg of linen
processed. This information is based on snapshots received from individual customers and does not consider
the heterogeneity of the textile mix processed by most laundries nor the fact that this requires more water.
Indeed, the nature of the fabric (cotton, polyester, etc.), textile type (flat linen, garments), and sector of activity
(hospitality, healthcare) have a major influence on consumption figures. As explained above, we need to re-
evaluate this data point and how to measure it.
E3-5 Anticipated financial effects from material water and marine resources-related risks and opportunities
Anticipated financial effects from material risks and opportunities related to the water-efficiency of products
are not available and will be added at a later stage.
5. RESOURCE USE AND CIRCULAR ECONOMY ESRS E5
Our approach to circularity
Why circular economy matters to our business
IRO-1 Description of processes to identify and assess material resource use and circular economy-related
impacts, risks and opportunities
For details of the overall assessment process, please see Appendix A “Double Materiality Process”. Product
lifecycle management emerges as a material topic for the JENSEN-GROUP, primarily due to the durable design
and construction of our machines. Our extensive experience in the field and our ongoing dialog with customers
have consistently shown that our machines possess remarkable longevity. The relevance of this topic was
confirmed by customers during our double materiality assessment. Customers expect a prolonged lifespan
from our equipment, viewing it as a substantial investment and source of upstream greenhouse gas emissions.
The superior quality of our equipment, coupled with our focus on automation, plays a crucial role in minimizing
human errors and subsequent damage, thereby ensuring longevity. This is further supported by our
comprehensive service offerings, which are specifically designed to extend the operational life of the
equipment. Additionally, the use of long-lasting materials when constructing our equipment reinforces our
commitment to durability, thereby aligning with our customers’ expectations and investment considerations.
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How JENSEN-GROUP shapes and tracks its approach to circular economy
E5-1 Policies
The JENSEN-GROUP does not currently have a formal group policy addressing the circular economy. However,
circular principles are integrated into our resource inflow and outflow practices.
Our machines are primarily manufactured using EU steel, which contains an average of 85% recycled content
(source: European Steel Association, Eurofer). While resource inflow is not deemed a material topic, sourcing
steel from within the EU supports compliance with sustainability standards and helps the JENSEN-GROUP
avoid additional costs related to carbon taxes and mechanisms such as the Carbon Border Adjustment
Mechanism (CBAM).
For resource outflow, we strive to maximize the value of our equipment for both our customers and the
planet, by extending the life cycle of our equipment which, by industry standards, is estimated at 15 years
by providing comprehensive repair, refurbishment, and reuse services for its key components. These practices
aim to minimize our use of resources by extending the operational life of our machines while reducing waste
caused by machines that are out of order. We investigate opportunities and offer extensive services for the
repair, refurbishment, and reuse of key components to prolong their lifetime.
JENSEN aftermarket solutions provide customers with genuine, factory-approved aftermarket plans, services,
and solutions for optimal performance in order to increase the service life and enhance the resale value of the
laundry machines. Through our dedicated customer service, we are contributing to a circular economy by
keeping products on the market as long as possible, so as to minimize waste and the extraction of virgin
materials for the manufacturing of new equipment. Current solutions promoting circularity are:
Spare parts: For old and new machines, JENSEN spare parts maintain the value of the equipment and
its life cycle.
Service agreements: consisting of preventive maintenance and regular service checks to maximize the
lifetime of the equipment by making adjustments, carrying out upgrades, or replacing components
when needed.
Training: through our JENSEN Academy we also make sure that laundry managers and service
technicians are trained to make the best use of the equipment and extend its lifetime.
Acquisition: our most recent acquisition, MAXI-PRESS, is also a sign of our commitment to circularity.
The German company is a global market-leader in the supplying of specific spare parts for industrial
laundries such as press cushions and has a unique and vast array of consumables that are compatible
with machines from the main laundry equipment manufacturers.
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E5-2 Actions and resources
Our product development approach aims to standardize and design simple machines with modular
components that are easy to replace or upgrade, thereby extending the overall product lifespan. We have also
hired 61 new service technicians within the reporting period and by doing so, have expanded our network of
skilled technicians from 203 to 264 employees. They will be able to contribute toward a higher level of
maintenance and repairs, which will increase the number of machines that remain operational beyond their
designated lifespan.
Allocated resources: Indirect labor costs
Together with the industry association ETSA, we engage in discussions and respond to consultations on topics
such as the Waste Framework Directive, Eco-design for Sustainable Products Regulation (ESPR), and Extended
Producer Responsibility (EPR), with the aim of supporting the development of industry standards that promote
the circular economy.
Allocated resources: Dedicate time and staff to represent the company in industry working groups, contribute
insights and help shape policies related to the circular economy.
E5-3 Targets
For the JENSEN-GROUP, extending the product life cycle is a material topic and reflects our commitment to
reducing resource outflow through durable design and sustainable practices. By increasing our service offerings
and keeping our machines operational over an extended life cycle, we are playing our part in the circular
economy and increasing the repairability of our equipment. General knowledge and longstanding business
experience demonstrate that regular product maintenance extends a product’s lifespan, while keeping energy
consumption at an ideal level, thereby reducing energy losses and the need to extract and process primary raw
materials. Research also highlights the fact that products which are properly maintained are less likely to be
disposed of prematurely. This reduces overall waste generation and helps to bring about the more efficient
use of resources in the context of a circular economy.
This is why we aim to establish a strategic and voluntary target for the number of recurring service contracts,
because it will have a positive impact on the environment, on equipment longevity and on resource outflow.
However, at present, we lack a method to measure and track this data point effectively, which makes it
impossible to set an absolute target. We plan on laying the necessary groundwork for an accurate calculation
method during the next reporting period, allowing us to set a precise target thereafter.
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E5-5 Resource outflows
Our commitment to circularity includes plans to track the rate of service agreements in order to obtain a better understanding of product durability and inform other
material topics such as energy use by customers and Greenhouse gas emissions in the downstream value chain. The expected durability estimates indicated below assume
an intensity of use of one shift of 8 hours, 5 days/week.
Product categories
Short description
Expected durability estimates (in relation to industry
averages)
Reparability & rating system used (if applicable)
JENSEN Washer Extractors (JWE)
Simple and robust design for ease of repair and
maintenance coupled with high-quality material for
longevity
20 years
To be defined in relation to our service target.
JENSEN Barrier Washers (JBW)
JENSEN Tumble Dryers (JTD)
High-quality materials for longevity and lightweight
construction for disassembly and recyclability of
components
15 years
Material Handling
Built for extended durability with repairable or
replaceable core components
20 years
Tunnel washers
Optimized for water recirculation and component
upgradability.
18 years
Extraction
Modern design for high maintainability and premium-
quality components for extended longevity
12 years
Batch Drier
Easy access for servicing and the replacement of parts.
15 years
Preparation
Premium quality of materials for high recyclability
12 years
Feeders Large Piece
Designed for component recycling and quick repairs
12 years
Ironers
Built for extended durability with repairable or
replaceable core components
15 years
Folders Large Piece & towels
High accessibility and simple and robust design for ease
of repair and maintenance
12 years
Feed & Fold Small Piece
Compact design for component recovery and repair
12 years
Tunnel finisher
High-quality materials for longevity and accessibility for
easy maintenance
15 years
Garment folding
Easy access for servicing and the replacement of
components
12 years
6. OWN WORKFORCE ESRS S1
Our approach to our employees
Why our employees matter to our business
S1-SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
The JENSEN-GROUP identifies health and safety as a critical, material topic due to its direct impact on
employee well-being and the potential financial and reputational risks it entails. Ensuring a safe working
environment not only reduces incidents and associated costs but also safeguards productivity and supports our
reputation as a responsible employer. Additionally, training and skill development are material topics and are
viewed as positive impacts that help retain knowledgeable workers and mitigate the risk of expertise being
lost. We recognize an opportunity to attract younger workers by offering robust training programs that build
relevant skills for our industry. However, experienced employees retiring without an adequate prior transfer of
knowledge constitutes a strategic risk. To address this, we are implementing structured knowledge-sharing
initiatives to ensure that critical expertise is passed on effectively, thereby securing operational continuity and
enhancing resilience within our workforce.
By fostering a healthy and safe working environment, a sound company culture and opportunities for individual
growth, the JENSEN-GROUP can mitigate the negative impacts and risks. Furthermore, our climate-related
transition plan, especially our approach to reduce emissions from machines in use, offers a great opportunity
to create jobs in areas such as innovation, energy management, and service.
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ANNUAL REPORT 2024
.
How JENSEN-GROUP shapes and tracks its approach to employees
Health, safety, and well-being
S1-1 Policies
As our people are the reason for our success, their well-being is essential to us. The JENSEN-GROUP wants its
people around the globe to work in safe and ergonomically sound environments. All employees are
encouraged to help build safe working environments by applying safety measures in their day-to-day activities.
Health and safety are a priority at each JENSEN-GROUP location. Our operations are managed in compliance
with local health and safety requirements, including appropriate safety and accident prevention training where
required. This process and application of local laws stands in lieu of a policy.
Every JENSEN-GROUP factory has a Health & Safety Manager, who is responsible for implementing Health &
Safety measures in their respective factory, based upon local regulations and requirements. At JENSEN China
for example, an equipment operation safety management system analyzes the key safety points in the
production process. Quarterly work environment committees, consisting of local management and employee
representatives, are organized at different factories to discuss health & safety procedures and to review
accidents in the workplace. Several of our Sales and Service Centers also have health and safety management
systems in place. In fact, 75.9% of our entire workforce is covered by such a system. This is the first time we
have disclosed information on this topic, so no comparative data is available from previous reporting periods.
Compliance with local health and safety laws and regulations is also part of the annual risk mapping exercise by
the Executive Management Team.
S1-4 Approach and actions
The JENSEN-GROUP has implemented comprehensive health and safety measures centered on employee well-
being and workplace integrity. A structured onboarding process introduces new hires to essential health and
safety protocols, supported by regular check-ins with employees to address ongoing needs and concerns. The
company prioritizes workplace hygiene standards, as a means of ensuring a safe and comfortable environment.
Regular meetings between Onboarding Managers from all entities facilitate the sharing of best practices and
align our health and safety strategies across locations. Flexible working conditions, including hybrid work
options where possible, are offered in order to enhance employee work-life balance. For on-site roles,
mandatory safety training is provided, alongside the use of personal protective equipment (PPE) as needed.
Workplace safety is continually reinforced by carrying out regular risk assessments and by applying the STOP
principle (Substitution, Technical solutions, Organizational measures, and Personnel measures), and preventive
actions form an integral part of our daily operations.
Leadership training programs emphasize a culture of safety and respect, supported by prevention mechanisms
such as a Whistleblowing Hotline and the “grandfather principle” for impartial decision-making. Office facilities
have been upgraded to meet the very latest safety standards, and all efforts are underpinned by the JENSEN
core values promoting a collaborative, respectful, and success-oriented work culture.
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ANNUAL REPORT 2024
By embedding these principles into our health and safety framework, we maintain a healthy, supportive, and
compliant workplace that is dedicated to our employees and customers.
Transitioning to a climate-neutral economy, while crucial for mitigating climate change, may also be
accompanied by certain potential negative health and safety impacts. In JENSEN’s case, the potential negative
impacts could cause poor indoor air quality as a result of enhanced insulation and energy efficiency measures
in our factories. Although these measures are effective in reducing energy consumption, they can, if not
managed correctly, compromise the quality of indoor air, potentially impacting upon respiratory health.
However, it is important to emphasize that by means of appropriate management and preventive strategies,
such as ensuring adequate ventilation, these negative impacts can be effectively mitigated and avoided.
Allocated resources: Current operational expenses encompass safety trainings, maintenance of inside air
pollution filters, protective workwear and masks for employees, and insurance premiums. They are not
significant and form part of our OPEX, which is disclosed on page 224 of the annual report.
S1-5 Targets
By means of quarterly health and safety reporting, we can monitor progress and identify any issues, enabling
us to take necessary actions promptly. The Head of Corporate Sustainability reports any significant impacts or
risks identified in the data back to the Executive Management Team during their monthly meetings.
Our target is to minimize accidents and occupational illnesses, ensuring that our injury and work-related illness
rate remains below 12 incidents per one million working hours. The injury rate is determined by dividing the
total number of accidents by the cumulative regular working hours for all employees, then multiplying the
result by one million hours worked. For more details on the calculation method, please see section S1-14
below. It goes without saying that our target for work-related fatalities is 0.
We care for the overall well-being of our employees as outlined by means of two additional strategic health
and well-being indicators that we have chosen to monitor and report about:
Thanks to the churn rate, we can track the rate of employees resigning, which gives us an idea of the
employee satisfaction level. The intention is to ensure that the JENSEN-GROUP continues to be an
attractive employer for new talented recruits and current employees. The churn rate is tracked
quarterly and calculated based on the number of permanent employee resignations over the
reporting period divided by the total number of employees at the beginning of the reporting period.
Our target is an annual churn rate of maximum 5%.
The number of sick days per employee is another way of measuring the well-being of our people and
obtaining a more accurate picture of the overall working climate. Our target is fewer than 5 sick days
per employee per year.
This data point is reported quarterly and calculated by taking the total cumulative number of sick days
for all employees divided by the total number of employees at the end of the reporting period.
Regularly reporting of this data across all entities enables us to take proactive measures when figures
start to rise significantly.
We can engage promptly with the General Manager of the local entity or the union representatives to
discuss and implement corrective actions aimed at reducing these numbers.
S1-14 Health and safety metrics
TARGET
2025
December 31,
2024
December 31,
2023
December 31,
2022
Number of fatalities in own workforce as result of
work-related injuries and work-related ill health
0
0
-
-
Number of fatalities as result of work-related
injuries and work-related ill health of other
workers working on undertaking’s sites
0
0
-
-
Number of recordable work-related accidents and
ill health for own workforce
-
47
38*
45*
Rate of recordable work-related accidents and ill
health for own workforce*
12
12.5
-
-
Number of workdays lost to work-related injuries
and fatalities from work-related accidents, work-
related ill health and fatalities from ill health
related to employee
-
596
-
-
Percentage of people within own workforce who
are covered by a health and safety management
system based on legal requirements and (or)
recognized standards or guideline
-
75.9%
-
-
Sick days/employee**
< 5
7
5
5
Percentage of permanent employees who
resigned churn rate***
5%
5.5%
9%
5%
Accounting policy
* To calculate the rate of work-related accidents and ill health, the total hours worked by people in our
workforce is needed. We estimated the number of hours to be 1,760 (220 days at 8 hours a day). The work-
related accident and ill health data from the previous reporting period was limited to the number of accidents
not reported as work-related accidents and to the rate of ill health. To calculate this rate, we would require the
total number of employees from the previous reporting periods, which we do not know. Our headcount
calculation from previous reporting periods is based on the number of FTEs and not actual headcounts. For
these reasons, a comparison of the injury rate with previous reporting periods is not possible. For the
definition of work-related ill health, please see the guidance offered under ESRS S1.
** In contrast to cases involving work-related ill health, sick days can be work-related or non-work related. We
include employees that may have left during the reporting period, but exclude holidays, weekends, long-term
absences of over two months, and paternity/maternity leave.
*** The difference with employee turnover is that we consider the churn rate to be an indicator of employee
well-being. It only looks at permanent employees that resigned, and it excludes all other reasons for leaving,
such as dismissals or retirements. This number is then divided by the total number of employees.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Training and skills development
S1-1 Policies
For the JENSEN-GROUP, the continuous development of our people and attracting new and talented recruits
are mission-critical. Our people and their skills are essential in order to achieve our utmost priority: customer
satisfaction. To fulfill the Group’s mission and to sustain the JENSEN Spirit, great effort is made to attract and
retain talented people, while developing the skills of current and future leaders. The JENSEN-GROUP leadership
team promotes colleagues based on the right attitude, achievements, talent, and ambitions, regardless of
identifying characteristics, such as age or gender. Our objective is that all employees who need training get
one.
Although the JENSEN-GROUP does not currently have a formalized training and skill development policy, we
prioritize the continuous growth and development of our employees across all functions. This approach aligns
with our corporate culture defined by the universal JENSEN spirit and is tailored according to role-specific
requirements and individual needs. Technical teams receive advanced skills training related to equipment
maintenance and safety, while administrative and managerial staff take part in training on industry regulations,
digital tools, and leadership, among other topics. We embrace a flexible and supportive approach toward
employees who express an interest in pursuing further education to improve their skills. This includes offering
part-time work arrangements and, in some cases, providing financial assistance for their training.
Each year, employees are required to complete a set of core training sessions to keep up to date with regard to
best practices and compliance standards. Additionally, employees and managers can request further training as
needed, based on evolving job requirements or career development goals. For example, employees are
required to undergo frequent cybersecurity training sessions. The ultimate accountability for the execution of
these training programs rests with the Executive Management Team, which also oversees an escalation
procedure for instances where employees fail to complete the training. Furthermore, we maintain a structured
approach to recruiting apprentices at our factories in Europe, offering them the opportunity to secure
permanent positions upon the completion of their educational programs.
S1-4 Approach and actions
The JENSEN-GROUP has adopted a comprehensive approach with regard to training and skill development,
fostering a balanced mix of practical experience and structured learning. In line with our belief that skill
enhancement is best achieved by making use of diverse methods, we emphasize learning by doing and
knowledge sharing, complemented by structured theoretical training. In recent years, the JENSEN-GROUP has
made significant investments in corporate, local, and individual training initiatives through the JENSEN
Academy, which provides training at all levels of the organization.
Our training programs include webinars, onboarding sessions, and specialized modules for new employees,
managers, and project managers, covering technical skills, function-specific knowledge, and leadership
development.
To further support skill growth, experienced employees act as knowledge leaders, passing on valuable
expertise to junior staff by means of both structured training and on-the-job mentorship. This, in turn, ensures
an effective transfer of knowledge across generations and entities globally. Given the group’s international
presence, we have offered digital training for office roles (such as sales, marketing, management, and back-
office) since 2010, and our hybrid training approach blends physical and virtual formats, enhancing comfort,
reducing travel expenses, and lowering greenhouse gas emissions.
Additionally, the JENSEN-GROUP serves as a training center for younger talents by providing apprenticeships in
our factories across multiple professions, preparing the next generation of skilled workers. Through this well-
rounded, global training structure, we equip employees to thrive within a dynamic business environment, by
supporting professional growth, collaboration, and continuity across the organization.
Allocated resources: Indirect costs of time and labor. Current operational expenses encompass the financial
participation of the JENSEN-GROUP in employee training which is not significant and form part of our OPEX,
which is disclosed on page 224 of the annual report.
S1-5 Targets
By means of training and skills development metrics, we can monitor progress and identify any issues, enabling
us to take necessary actions promptly. The Head of Corporate Sustainability reports any significant impacts or
risks identified in the data back to the Executive Management Team during their monthly meetings. By 2026,
we aim to ensure that there is at least one annual review/employee in all entities by implementing a
streamlined review process. This new approach is designed to make the evaluation process more efficient and
engaging. To achieve this, we plan to introduce a template that allows employees to voice their feedback
regarding their overall job satisfaction and articulate their professional development goals. This method aims
to foster a more interactive and fulfilling review experience.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
S1-13 Training and skills development metrics
Training hours
December
31, 2024
December
31, 2023
December
31, 2022
Average training hours/employee
21
32
21
Accounting policy
This datapoint is calculated as the total number of training hours completed by employees divided by the total
number of employees. Unless an entry on a timesheet indicates otherwise, a one-day training session equals 8
hours of training. Training courses include:
Internal courses organized by JENSEN entities (e-learnings and on-site training).
o An important training course is the one undergone by new service technicians on a
customers site, so that they can acquire as much practical experience as possible and
improve their technical skills in real-time situations under the supervision of an experienced
colleague. Until now, we have had no overview of the number of hours invested in service
technician training at a customers site. We have made some important digital improvements
in this regard, so that we can report these hours accurately as from now on.
External courses taken by employees (further education delivered by third parties, such as
universities, language schools, and so on) and those to which the company contributed by allocating
free time and/or financial resources.
Number and rate of yearly performance reviews
TARGET
2026
December 31, 2024
Number of performance reviews
810
Rate in proportion of total workforce
100%
38%
Accounting policy
The rate of performance reviews is calculated based on the number of employees who had at least one review
during the reporting period divided by the total number of employees. This is the first time we have tracked
and disclosed this information, which is why no data available is from previous reporting periods.
As a responsible leader, investing in new talent and nurturing the future generation forms an integral part of
our mission statement and social contribution. We therefore prioritize offering apprenticeships in our
European factories, where young people split their time between learning practical skills on the job and gaining
theoretical knowledge in school. These apprentices are fully integrated into our workforce and deliver quality
work that contributes to our success.
Apprenticeship
December
31, 2024
December
31, 2023
December
31, 2022
Number of apprentice school hours
30,365
Number of apprentices
86
78
60
Accounting policy
School hours are calculated using time-log systems that record when apprentices are absent from work for
educational purposes.
How JENSEN-GROUP engages with its employees
S1-2 Processes for engaging with own workers and workers’ representatives about impacts
We are committed to a culture where everyone feels safe to voice important matters and has the freedom to
take the initiative and act decisively in the best interests of the company. The JENSEN-GROUP has created an
environment in which personal initiatives are highly appreciated, as it is strongly convinced that its employees
are best placed to identify local needs in which the JENSEN-GROUP can make a difference. Our belief is that the
JENSEN-GROUP’s people are living up to its value statement “We think globally and act locally, and that this
has resulted in many different initiatives and activities on a company-wide basis and on a local level. By giving
people responsibility for their actions and trusting them to do the right thing, we believe it will boost their self-
confidence, well-being, and performance.
Our flat organization and lean company structure encourages the raising of opinions and concerns by fostering
an open and inclusive environment in which all employees feel valued and empowered to share their ideas and
feedback without fear of retribution. If issues and concerns cannot be brought forward to an employee's
immediate superior, they are then addressed with the superiors superior. This is known as the grandfather
principle. This works very well within our organization. Additionally, we offer a Whistleblowing Hotline
operated by an independent third-party where employees and stakeholders can raise their concerns
anonymously in their local language. At our European production sites, we furthermore maintain active
communication and collaboration with the labor unions representing the interests of our employees.
Our hands-on approach starts at the top with the strategic and operational engagement of the Executive
Management Team. Each quarter the team discusses current challenges and opportunities for improvement
with each business region represented by the Business Region Director.
The JENSEN-GROUP aims to further strengthen its open culture and to embed it throughout the Group. For
this, a variety of communication channels and platforms to inform employees about corporate targets,
strategies and current developments is used. Jennet, the intranet of the JENSEN-GROUP, offers information on
a wide range of subjects, including product information, information related to Human Resources (HR), and the
Group's Principles and Guidelines. While Jennet is a valuable tool for disseminating information within the
Group, the use of internal social media, such as an app on employees’ smartphones, is also encouraged as a
modern way of sharing news and interacting.
The various departments then determine their own priorities using these general communication tools and
implement action plans to achieve them. These collaborative tools support the exchange of new ideas and
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
insights and ultimately provide benefits for the workforce and for the companys development as an
organization.
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
Access to remedy helps ensure fairness, justice, and protection for individuals and communities. It allows
people to seek recourse and find a solution when they believe that their rights have been violated and it
promotes a more equitable and fairer workplace. If employees feel they have experienced an instance of
bullying, discrimination, or harassment, they are encouraged to seek support. They should raise any
wrongdoing in first instance with their superior and according to the grandfather principle. However, if the
employee is concerned about the response or lack of response or if they feel unable to talk to their manager,
they can use the Whistleblowing procedure. All new employees are informed about these options at the
beginning of their employment through our committed onboarding process. We plan to increase awareness
even further by providing training on the subject of our Code of Conduct and Whistleblowing Hotline in 2025.
As an organization, JENSEN has a responsibility to take all reported cases seriously and once investigated, to
provide fair outcomes that take the needs of all parties into consideration. We also maintain secure and
confidential records of reports and outcomes. Claims are sent directly to the Chairman of the Audit and Risk
Committee, rather than to individuals involved in daily operations.
The JENSEN-GROUP has established a clear and responsive process for addressing negative impacts raised by
any employee. Employees are encouraged to report any workplace concerns, including health and safety
issues, working conditions, and management practices to their superior, their superiors superior, or the local
Onboarding Manager. The person receiving the complaint conducts an initial review and forwards the matter to
relevant team leaders or members of management for further investigation, depending on the nature and
severity of the issue. Throughout this process, confidentiality is maintained to protect the employee’s identity
and prevent any form of retaliation.
To ensure comprehensive support, the company actively engages with employee representatives and workers
councils to discuss significant concerns raised and to explore solutions collaboratively. Regular meetings with
labor union representatives also enable transparent communication and alignment on workplace
improvements, creating a structured forum for addressing employee issues collectively.
The Executive Management Team is informed in the quarterly business reports about key concerns, and also
receives input from employee representatives, which enables it to identify patterns and implement the
necessary adjustments. By integrating direct employee feedback with input from unions and councils, the
company offers a structured and proactive approach toward resolving negative impacts promptly, thereby
fostering a safe and supportive workplace.
Characteristics of JENSEN-GROUP employees
S1-6 Characteristics of JENSEN employees
Countries with more than 50 employees
(headcount)
December 31,
2024
Denmark
766
Germany
383
China
368
USA
190
Sweden
123
Other countries
298
Total per 31 December 2024
2,128
Number of employees (headcount)
December 31,
2024
Male
1,843
Female
285
Undeclared
0
Total per 31 December 2024
2,128
Total number of employees by contract type
(headcount)
December 31,
2024
December 31,
2023
Permanent
1,895
-
Temporary
231
-
Non-guaranteed hours
2
-
Total per 31 December 2024
2,128
Total number of FTEs
2,059
1,830
Number of employees by contract type and region
(headcount)
December 31,
2024
Permanent
Temporary
Non-
guaranteed
hours
Europe
1,501
1,387
113
1
Asia and Oceania
431
312
118
1
Americas (North America, Central America, South
America, Caribbean)
196
196
0
0
Total per 31 December 2024
2,128
1,895
231
2
Number and rate of employee turnover
(headcount)
December 31,
2024
Number of employees leaving
184
Turnover rate
8.6 %
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Accounting policy
Temporary employees include apprentices and interns, because they have a limited-term contract.
The turnover rate is calculated by dividing the number of people who leave the company for various reasons
(dismissal, retirement, resignations, death in service) by the total number of employees (headcount) at the end
of the reporting period.
FTEs are calculated based on the employment rate (e.g., 40% = 0.4 FTE) and reported based on the total
number of FTEs at the end of the reporting period.
In the absence of similar disclosures in the previous reporting periods, comparability with past figures is not
possible, except for the total number of FTEs.
The total number of employees is included in the financial statement (Note 13) without any breakdown by
employee category or gender split.
7. CONSUMERS AND END-USERS ESRS S4
Our approach to product quality and safety
Why product quality and safety matters to our business
ESRS2-SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
For the details regarding the overall interaction of impacts, risks, and opportunities with our strategy and business model, please see chapter 1 “Double Materiality
Outcome”. For the type of customers impacted, please refer to the profile of the JENSEN-GROUP or to Appendix A “Strategy”.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
How JENSEN-GROUP ensures product quality and safety
S4-1 Policies
The safety of customers’ operators and of anyone using the equipment is deemed to be as important as that of
JENSEN’s own employees. While we do not have a customer health and safety policy, all equipment complies,
to the best of the Group’s knowledge, with all European safety regulations (European Standards, ENs) and
other applicable local requirements. Driven by the JENSEN Spirit and our customer-centered values, we actually
go beyond regulations and policies. This commitment to our customers’ success is the key to our own success.
Safety manuals and thorough training are provided when the equipment is installed at the customer site. Even
during the product development phase, the JENSEN-GROUP focuses on the ergonomics and overall safety of
equipment. The development teams also consider the noise emissions of equipment, given the stress that
noise pollution causes to operators’ general health and well-being.
Ergonomic solutions have been integrated in all sorting, handling, and finishing processes. With this mindset,
our main priority is to reduce the number of accidents in the workplace at our customers’ sites to an absolute
minimum; each occupational accident is considered one too many. Product safety is, and will therefore remain,
a cornerstone of the JENSEN-GROUP strategy.
The JENSEN-GROUP is committed to providing safe and healthy work conditions in laundries by deploying its
intelligent solutions, and by making the industry more attractive in a context that is characterized by significant
labor shortages. Intelligent automated systems create decent employment conditions, in which people work
smarter instead of harder. With the solutions from JENSEN and its partner Inwatec, an item of clothing only
passes through three pairs of hands: firstly, in the sorting area when the bags of laundry end up on the
conveyor belt, secondly at the MetriQ loading station, and thirdly at the pack-out station. This is possible
because all the interfaces are automated. With a fully automated soil sorting system, we can increase
workplace safety and attractiveness even more, because no-one needs to handle soiled laundry manually, and
people can work in more appealing areas of the laundry. When humans and machines work hand-in-hand,
employees benefit from reduced health risks, improved safety, and more fulfilling work.
S4-4 Approach and actions
Our approach toward product development is centered on creating machines that prioritize safety and ease of
use and, at the same time, incorporate advanced automation and ergonomic design. This focus is intended to
enhance the working conditions of laundry operators by minimizing risks and improving safety. Essentially, our
solutions serve as tools that safeguard the well-being of our customers and their employees, thereby having a
positive impact on their overall health and safety. This approach is part of our continuous commitment to offer
the best and safest solutions to our customers.
Here are a few examples of how automated systems make working in a laundry safer and more attractive:
Safe sorting: The THOR sorting robot quite literally enables laundries to leave the handling of dirty
linen to machines, which protect staff from hazards caused by contamination or dangerous objects.
Ergonomic separation of clothing: The Viking separator separates individual pieces from the larger
batch in a super-fast and automated process. It can handle even the heaviest batches without
employees needing to strain themselves.
Flexible loading: The MetriQ loading station features various innovations to offer the ideal
combination of ergonomics and efficiency. Different functions such as the flexible feeding height and
the “buttons to the front” function ease the burden of day-to-day work. The quiet design is also easier
on the ears and the in-built lighting reduces the strain on the eyes.
Decentralized feed concept: The decentralized feeding concept of the Jenrail 2000 Automatic makes
large-piece ironer lines safer. The relevant employees work from a distance, which prevents accidents
and makes for a more pleasant working environment.
Lower ambient temperature: New technologies and improved insulation reduce radiant heat waste.
This not only improves the energy footprint, but it also lowers the operating temperature by several
degrees, thereby improving the working environment.
Fully automated towel handling: The BLIZZ towel feeding robot enables hands-free sorting, feeding,
folding, and stacking of towels. This automation minimizes the need for human intervention and
reduces physical strain caused by repetitive tasks, significantly enhancing the health and safety of
laundry operators.
Our product offer includes robotics from Inwatec, which expands on this approach. If soiled linen is sorted
automatically by a robot, operators do not risk getting hurt or even infected by forgotten objects in the textiles
(tweezers, scalpels, scissors, pens, and even larger objects). Inwatec’s automated soil-sorting system, consisting
of an X-ray machine and a machine learning system, minimizes the need for human interaction for quality
control and surveillance purposes. Robots pick up the items of laundry from conveyor belts and transport them
to the X-ray scanner, which detects unwanted objects. At the same time, an RFID chip reader registers the
garment and determines further sorting in the system. All these tasks can now be performed by a few
operators who are only required to empty the pockets of the refused garments. The ambition is to make robots
intelligent and efficient enough to relieve human workers of the need to perform strenuous tasks.
No other key actions were taken during the reporting year.
Allocated resources: 1.5 - 2% of our turnover is invested in product development, with a focus on automated
solutions, as well as safe and user-friendly product features; indirect labor costs.
S4-5 Targets
The biggest risks can be found on the soil side of the laundry due to unhygienic working conditions and
potential accidents caused by foreign objects left in garments that have been sent off for washing. Our
automated soil sorting systems offer the perfect solution to minimize this risk and proactively address potential
future regulations that could restrict working in these areas of the laundry for safety reasons.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Our strategic business target is that by 2030, 10% of customers located in countries with a GDP per capita
equal or above 30,000 USD according to the World Bank Indicators of 2023 will have an automated soil
sorting system. The current rate lies at 1% of customers with 97 automated soil systems present in these
markets in the reporting period. This calculation is based on the number of installed soil sort systems in said
countries divided by the total number of customers located in these markets. We will monitor progress
annually.
How JENSEN-GROUP engages with its customers
S4-2 Processes for engaging with consumers and end-users about impacts
As outlined in various sections of the present statement, we are in constant dialog with customers, the JENSEN-
GROUP’s CEO being the most senior person in charge of customer engagement. When it comes to product
quality and safety, our local presence means that we can intervene quickly in case of interruptions or potential
safety risks. This also includes remote support through our helpdesk hotline. Furthermore, we offer our
customers a preventive service check package consisting of regular maintenance checks throughout the year,
during which each JENSEN machine is checked by an experienced technician, and any potential risks can be
quickly identified.
S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
We foster strong customer relationships built on open and honest communication, in which customers are
encouraged to contact their local sales and service contact directly if any issue arises. Contact information for
each country is readily accessible on our website, and every customer is assigned a primary contact person at
the start of each project. We face the facts head on and strive to find the best solutions to remediate negative
impacts. These are core values that are deeply embedded in our DNA. In the event of operational accidents
resulting in incapacity for work or fatalities, the incidents concerned are promptly reported to the Executive
Management Team by the Business Region Director. This information is gathered from local entities under the
Directors supervision and debriefed thoroughly in the quarterly business reports. The causes are analyzed
extensively and measures are implemented to prevent future incidents. This happens in dialog with the
customers and legal advisors. Thanks to a sound insurance system, financial remediation is available where
applicable. The Whistleblowing Hotline is another remediation tool available to our customers that protects
them from any form of retaliation, as explained in our Ethical Business Policy Statement disclosed on our
website. These processes ensure a smooth flow of information and foster an environment in which all
customers are well-supported by a trustworthy business partner.
8. BUSINESS CONDUCT ESRS G1
Our approach to governance
Why governance matters to our business
IRO-1 Description of processes to identify and assess material impacts, risks and opportunities
For the general assessment process, please see Appendix A “Double Materiality Process”.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Business conduct and corporate culture
Business ethics
G1-1 Business ethics policies
The JENSEN-GROUP includes integrity, honest business practices and lawful conduct among its highest
priorities. No business requirement can justify an illegal, unethical, or unprofessional act. In addition, the
JENSEN-GROUP has developed several control mechanisms to prevent unethical behavior at all levels, namely:
o an Ethical Business Policy Statement to be signed by all employees (the Group Code of Conduct for
staff) and a Suppliers Code of Conduct to adhere to, in which suppliers declare that disciplinary actions
will be taken in cases of unethical behavior, such as corruption or bribery that undermines fair trade
(available on the Company website);
o a Corporate Governance Charter defining the role and responsibilities of the Board of Directors
(available on the Company website);
o a Policy to Prevent Insider Trading signed by all employees with access to sensitive information
(internal document);
o a Whistleblowing Hotline open to all employees and other stakeholders of the JENSEN-GROUP for
reporting purposes that poses no risks of retaliation and is operated by an independent trusted third
party (accessible through the Company website);
o an additional anti-corruption and bribery policy in China encouraged by the Chinese government in an
effort to fight corruption.
These rules and procedures enable all employees and anyone acting on behalf of the JENSEN-GROUP to report
any suspected or actual violation of rightful business practices.
JENSEN-GROUP Whistleblowing Hotline
Our secure Whistleblowing Hotline will acknowledge receipt within seven days of receiving a report of
unethical conduct. The Whistleblowing Hotline will inform the Chair of the Audit and Risk Committee of the
JENSEN-GROUP. All reports made using the Whistleblowing Procedure will be discussed during the next Audit
and Risk Committee meeting. The Audit and Risk Committee will decide on the next steps, based on the result
of the investigation, and may decide either to conduct further investigations or to make recommendations to
the Board of Directors for process improvements or corrective actions. The reporting person who disclosed the
information will receive feedback about how the disclosure has been dealt with, whether any corrective action
or process improvement has been recommended and if any further steps will be taken. No details related to
specific individuals will be raised and the feedback may be of a general nature, taking into account the interest
of the JENSEN-GROUP to keep this information confidential and the rights of any third parties unaffected and
untouched. The report will be disclosed only to the employees who have a “need to know” for the purpose of
the investigation.
All employees involved in the Whistleblowing Procedure are required to maintain strict secrecy about the
content of any report made in accordance with this procedure. Any disclosure of reports or results of
investigations will be authorized either by the Chair of the Audit and Risk Committee or by the Board of
Directors. No reports of unethical behavior were made via our Whistleblowing Hotline in 2024.
The information about the number of Whistleblowing Reports is communicated to the Head of Corporate
Sustainability once a year by the Chair of the Audit and Risk Committee.
JENSEN-GROUP Code of Conduct
The JENSEN-GROUP has built and continues to build its success and growth on key values best summarized as
the JENSEN Spirit: respect for others, exemplary behavior, integrity, and responsibility. Those key values are
part of a larger framework that is also recognized and applied by the JENSEN-GROUP, and which consists of the
United Nations (UN) Universal Declaration on Human Rights, the UN Convention on the Rights of the Child, the
European Convention on Human Rights, and the Fundamental Conventions of the International Labor
Organization (ILO). In view of the above, the JENSEN-GROUP is committed to being an ethical and responsible
company, to limit environmental impacts, and to promote the highest standards of integrity. This approach is
fully reflected in the JENSEN-GROUP Ethical Business Policy Statement which is the Group’s Code of Conduct
for staff. Among other things, it condemns any form of child labor or discrimination and promotes adequate
working conditions and freedom of association. Any violation of the Ethical Business Policy Statement has the
potential to cause operational disruption, damage to reputation, and financial losses. Appropriate disciplinary
actions will be imposed against any JENSEN stakeholder that fails to respect the Ethical Business Policy
Statement. In 2022, the JENSEN-GROUP made a commitment to require all its current and future employees to
sign the Ethical Business Policy Statement. No specific financial resources have been allocated to the
achievement of this objective. The figures below were calculated based on the quarterly internal reporting of
the number of employees who signed the Ethical Business Policy Statement divided by the total number of
employees.
In 2025, we plan to extend the signature requirement to include non-consolidated joint ventures, because they
are key business partners, and we want to ensure our commitment to responsible behavior is uniformly
shared.
TARGET 2025
December 31, 2024
December 31, 2023
Percentage of JENSEN employees incl. employees of
consolidated joint-ventures who signed the policy
100%
94%
95%
Percentage of employees from non-consolidated joint
ventures who signed the policy
100%
-
We have not reached 100% signatures because the numerator, "number of employees who signed the policy,"
is based on data at the end of November, while the denominator, "total number of employees," is updated at
year-end.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Since the denominator is updated without a corresponding update to the numerator and considering that the
latest hires might not have signed the document at year end, this explains why we do not achieve 100%. More
explanations about the data reporting process can be found in Appendix A (“Basis for preparation”).
Since 2022, we also have a Suppliers’ Code of Conduct, which outlines the standards regarding business
integrity and ethics, labor and social standards, environment, general principles of business and related
management systems that the Group expects its suppliers to comply with. To increase social and
environmental responsibility, the Suppliers’ Code of Conduct may require suppliers to go beyond compliance
with locally applicable laws and regulations.
The JENSEN-GROUP is committed to only working with strategic PEC suppliers with a Code of Conduct. These
suppliers represent approximately 80% of the JENSEN-GROUPs turnover. 98% of our most integrated suppliers
(“A-Suppliers”) fulfill the Code of Conduct criterion. We plan to reach our target interacting with our suppliers
on a regular basis and by investigating alternative suppliers in case they refuse to sign our Code of Conduct and
do not have one of their own. We also want to include our distributors in the next couple of years. No specific
financial resources have been allocated to the achievement of these objectives.
The Purchasing Managers of our productions sites update the list of A-suppliers pulled from their ERP system at
the beginning of each year and make sure that during the course of the year each A-supplier fulfills the criteria
in the Code of Conduct. The rate below was calculated based on the quarterly internal reporting of the number
of A-suppliers with a Code of Conduct in proportion to the total number of active A-suppliers.
TARGET 2025
December 31,
2024
December 31,
2023
December 31,
2022
A-Suppliers
100%
98%
98%
78%
TARGET 2027
December 31,
2024
December 31,
2023
December 31,
2022
JENSEN Distributors
100%
-
-
-
Any significant concerns or breaches of compliance by a strategic supplier (e.g., a legal claim due to child labor)
are reported to the Executive Management Team, at the latest in the quarterly business reports. The Code of
Conduct states that a supplier in breach of this Code of Conduct will be liable to the JENSEN-GROUP for any
consequential damage to the JENSEN-GROUP’s reputation, image or interests, as well as for any regulatory or
criminal consequences related to such non-compliance. Whatever the quality and competitiveness of the
goods and/or services of a supplier, the JENSEN-GROUP may, in cases of such non-compliance, terminate its
business relationship with them with immediate effect and/or exclude the business partner from further
business engagements.
Corporate culture
Our corporate culture and our clearly defined set of values are integral to our daily business interactions and
have been emphasized throughout the various sections of this sustainability statement. With a limited number
of policies, our core values form the foundation of our engagement with our stakeholders.
Those values, which have been part of the JENSEN-GROUP since its inception, are built on past and present
experiences as well as future prospects.
The “JENSEN Spirit, embodied by our core values, shapes our company's culture and ensures consistency in
behavior across our diverse, global community. These values unite us as a team and reaffirm the things that the
JENSEN-GROUP stands for worldwide. They draw upon our heritage and inspire our future aspirations.
By applying these core values in our daily business interactions, we are living the JENSEN Spirit and are
ensuring that we naturally do the right things in all our endeavors.
Corruption and bribery
G1-3 Prevention and detection of corruption and bribery
The JENSEN-GROUP strives to maintain an open culture throughout the organization and is driven by its
JENSEN core values. This approach is formalized in the sense that the Group’s Code of Conduct outlines the
responsibilities of both individuals and the organization for upholding correct practices. These contribute
toward the welfare of and respect for all stakeholders. With the ‘we think globally, and act locally’ approach,
considerable authority is passed on to local management. This makes it necessary to ensure that several rules
are respected. At the JENSEN-GROUP, these are summarized in the ‘Principles and Guidelines’, which can be
found on the JENSEN intranet.
To mitigate the risks of bribery and corruption, all employees are required to sign our Group Code of Conduct,
which outlines the necessary provisions and policies for proper conduct.
In our organization, certain functions are at an increased risk of experiencing corruption and bribery due to
their involvement in critical financial transactions, their interactions with external stakeholders, and their
sensitivity to regulatory and ethical compliance. These high-risk functions include Sales Managers, Purchasing,
Engineering and Product Development, and employees in a management position at local or Group level. At
the present time, no generalized training courses are offered for this topic, which is why, during the course of
next year, we are planning to introduce training on our Ethical Business Policy Statement. This will include a
dedicated session for employees in a function that is at risk of experiencing corruption and bribery.
Additionally, we will update our internal guidelines to include provisions on this topic. No specific financial
resources have been allocated to the achievement of this objective.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
The rate below was calculated based on the quarterly internal reporting of the total number of employees in a
function-at-risk covered by training divided by the total number of employees in a function-at-risk.
Rate of functions-at-risk covered by anti-
corruption and bribery training
TARGET 2025
December 31,
2024
Number of employees in a function-at-risk
-
318
Percentage of employees in a function-at-risk
covered by training
100%
3%
This is the first time we have disclosed information on this topic, so no comparative data is available from
previous reporting periods.
G1-4 Incidents of corruption and bribery
Please see section G1-3 above.
There are no convictions or fines for violation of anti-corruption and anti-bribery laws for this reporting period.
Other governance-related disclosures
GOV-1 Role of administrative, supervisory and management bodies
Please see Appendix A “Governance”.
Appendix A: general and governance disclosures (ESRS2)
Basis for Preparation (BP)
BP-1: General basis for preparation of the sustainability statement
This sustainability statement has been prepared in accordance with the requirements of the European
Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG).
The scope of consolidation in this statement is consistent with that used when preparing our financial
statements and encompasses the same entities. It therefore includes the consolidated joint ventures, Gotli
Labs, Inwatec, Ole Almeborg A/S (up to August 30, 2024), and MAXI-PRESS (as of August 1, 2024). Except for
the calculation of greenhouse gas emissions, the non-consolidated joint ventures TOLON, Inax, Primafolder,
and Ole Almeborg A/S (as of September 1, 2024) have not been considered own operations in this statement.
The accounting policies have been applied consistently in the financial year and when providing comparative
figures. The emission factors used for the calculation of GHG emissions are listed in appendix C.
As a manufacturer of heavy-duty laundry equipment, the JENSEN-GROUP relies on collaborations across the
value chain, from suppliers providing steel and components to customers using the machines for their laundry
business activities. The sustainability statement covers both upstream and downstream activities in our value
chain, thereby ensuring that all significant environmental, social, and governance (ESG) impacts throughout our
operations and our supply chain are addressed. The disclosure of information on upstream and downstream
activities is therefore required in order to understand the environmental and social impacts, risks, and
opportunities associated with the Group’s business. More information about how impacts, risks, and
opportunities interact with our own operations and value chain can be found in chapter 1 “Double Materiality
Outcome”.
BP-2 Disclosures in relation to specific circumstances
Medium-term or long-term time horizons other than the ones defined in ESRS 1
For the purpose of this sustainability statement, we aligned our reporting with the time horizon defined by the
ESRS: short-term refers to less than 2 years, medium-term equates to 2 to 5 years and long-term to over 5
years.
We deviate from this definition when assessing climate risks, as the repercussions with regard to climate
change, and its most severe impacts, typically become noticeable over longer periods of time. In this context,
short-term means up to 2030, medium-term means between 2030 and 2050, and long-term means beyond
2050. These definitions are in line with the time horizons defined by the European Union for the
implementation of its Green Deal agenda.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Value chain estimation and assumptions
We use assessments and estimates for the reporting of some data points, for which direct data was
unavailable, such as the Scope 3 emissions. The preparation of these metrics was based on the Greenhouse
Gas Protocol and the most widely used databases from EcoInvent and the UK Department of Environment,
Food, and Rural Affairs (DEFRA), and steps were taken to ensure that these metrics reflect the most accurate
picture of our carbon performance. More information on the assessments made and calculation method
applied for each Scope 3 category can be found in Appendix C. We regularly reassess our use of estimates and
judgements, based on experience, the development of ESG reporting, and the improvement of data quality.
Changes in estimates are applied to the period in which the estimate in question is revised. Additionally, when
calculating quantitative data, we exercise judgment, which involves applying critical thinking to assess the
quality of the data and interpreting it. If the calculation method has changed in comparison to the previous
reporting periods, we will explain how those changes affect comparative data. For further information about
the key estimates, judgements, and assumptions applied, please refer to the pages containing quantitative ESG
data tables.
When making adjustments to figures, we follow the financial statements. In the case of adjustments to ESG
data, we assess whether restating the numbers is necessary and we clearly indicate where we have restated
data.
For organizational reasons, the annual reporting is closed at the end of November, meaning the metrics in this
report are based on activity data collected from January through November, with extrapolated figures for
December, to ensure a comprehensive dataset for the entire year. Only the following disclosures take into
account activity data from the full year:
Fuel consumption of company cars (based on an estimate of the number of driven kilometers
annually)
Revenue-linked datapoints (e.g., GHG emissions per net revenue, Taxonomy)
Calculation of Scope 3 GHG emissions
Characteristics of JENSEN-GROUP employees (chapter 6)
The sustainability statement was subject to limited assurance by an independent third-party audit company.
Please see the auditors limited assurance report on page 120.
Changes in the way that sustainability information is prepared or presented
The present sustainability statement differs markedly from the non-financial statements in our past annual
reports, as this is the first time our reporting has been carried out in accordance with the ESRS. This has
therefore resulted in a significant change with regard to the extent and nature of the information disclosed.
Some metrics previously disclosed will not be included, as they were judged immaterial in the double
materiality assessment. Others have been retained due to their strategic relevance or were incorporated within
the disclosure requirements under ESRS.
Governance (GOV)
GOV-1 Role of the administrative, management and supervisory bodies
Please refer to the other sections of this annual report referenced in the ESRS-2 table under this Appendix
(“Disclosure requirements and incorporation by reference”).
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative,
management and supervisory bodies
Please refer to the other sections of this annual report referenced in the ESRS-2 table under this Appendix
(“Disclosure requirements and incorporation by reference”).
GOV-3 Integration of sustainability-related performance in incentive schemes
Currently, the JENSEN-GROUP does not have any sustainability-related performance incentive schemes in place
for members of the Board of Directors or management. This disclosure is therefore not applicable for this
reporting period.
GOV-4 Statement on due diligence
The table below lists the locations within our sustainability statement where we provide information about our
due diligence process, including about how we apply the main aspects and steps of our due diligence process.
CORE ELEMENTS OF DUE
DILIGENCE
Sections
of the Sustainability statement
Page
Embedding due diligence in
governance, strategy and business
model
Governance
Chapter 8 - Business conduct
and corporate culture, p75
Engaging with affected
stakeholders in all key steps of
due diligence
General
Appendix A Strategy, p83
Identifying and assessing adverse
impacts
Not available
Not available
Taking actions to address those
adverse impacts
Governance
Chapter 8 - Business conduct
and corporate culture, p75
Tracking the effectiveness of
these efforts and communicating
Governance
Chapter 8 - Business conduct
and corporate culture, p75
GOV-5 Risk management and internal controls over sustainability reporting
Please refer to the other sections of this annual report referenced in the tables under this appendix
(“Disclosure requirements covered by the sustainability statement”).
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Strategy (SBM)
SBM-1 Strategy, business model and value chain
Please refer to the other sections of this annual report referenced in the tables under this Appendix
(“Disclosure requirements and incorporation by reference”).
SBM-2 Interests and views of stakeholders
The JENSEN-GROUP adopts a stakeholder-centric approach that is dedicated to fostering strong, mutually
beneficial relationships with all its stakeholders and to ensuring that every interaction and decision is aligned
with the overarching goal of customer satisfaction and success.
We have developed a deep understanding of the views and interests of our key stakeholders and how these
align with our strategy and business model. Stakeholder concerns related to climate change, energy and water
efficiency, the safety and repairability of products, and business ethics are regularly reviewed, and drive and
support our strategic decisions, as these issues are covered by our strategic drivers and quarterly business
reports. The Executive Management Team and Board of Directors receive monthly or quarterly updates
respectively on strategic drivers and regional business activities and decide on the next steps to be taken. Any
stakeholder concerns would be raised in these meetings by the individual Heads of Strategic Drivers and
Regional Business Directors, who closely collaborate with the relevant teams and units to identify and solve
these concerns. Our engagement process ensures that stakeholder views are not only heard but also actively
integrated into how we operate and innovate to drive sustainable growth.
The outcomes of stakeholder engagement form an integral part of our strategy and decision-making processes.
Specifically, the feedback received during engagement with stakeholders is used to refine our sustainability
priorities and drive corporate transparency and reporting. This ensures that stakeholder insights directly
influence how we manage our impacts, risks, and opportunities.
Customers
Customers are at the forefront of the JENSEN-GROUP’s business strategy. The companys operations and values
are designed around delivering exceptional results and support to customers, based on an understanding that
their success is inherently linked to the companys own success. This customer-centric focus is reflected in the
personalized solutions and services that the company offers, which are specifically designed to meet the
unique requirements of every customer. By creating strong partnerships with customers who understand the
laundry business better than anyone else, the Group fosters long-term relationships by means of constant
dialog and local presence. The purpose of our engagement is to develop a deep understanding of our
customers’ needs, build trust, provide sustainable solutions, and enable customers to achieve their targets.
On a practical level, JENSEN-GROUP has the following tools and practices:
Quarterly business reports
Local presence
Involvement in Materiality Assessment
Customer surveys
Cross-functional meetings with sustainability, operations, R&D, finance, purchase, service
Customer training, support, and guidance
Collaborations and dialog via industry associations
Employees
Employees play an integral role in delivering the high standards of service that the JENSEN-GROUP promises.
By investing in the professional growth and well-being of its workforce, the Group ensures that its employees
are motivated, skilled, and aligned with the companys mission. Regular training programs, open
communication channels, and a supportive work environment are key elements of this approach, which
involves fostering a culture in which employees are dedicated to the success of the customers they serve. With
local teams all around the world, a shared set of values and a Code of Conduct help guide our behavior in a
consistent way across an increasingly diverse array of people, cultures and organizations.
On a practical level, JENSEN-GROUP has the following tools and practices:
JENSEN-GROUP Code of Conduct
An engaging onboarding process
An Employee Handbook
A Whistleblowing procedure
Employee communication through internal social media channel and regular Teams meetings
Involvement in materiality assessment and ESG reporting
Training and the sharing of knowledge
JENSEN spirit employee evaluation
Good deeds by JENSEN local actions for a good cause
Partners
The JENSEN-GROUPs relationships with suppliers and business partners are based on collaboration and shared
values. 98% of our most strategic suppliers are bound by a Code of Conduct. We also have a network of strong
partners that share our passion for innovative solutions and our vision to increase performance in heavy-duty
laundries. Some of these business partners are joint ventures, in which a substantial proportion of shares is
held by the JENSEN-GROUP and are actively involved in various operational and reporting aspects of the
business. We believe that by working together, we can achieve even more, while enabling our customers to
achieve greater success.
On a practical level, JENSEN-GROUP has the following tools and practices:
JENSEN-GROUP Code of Conduct
A Whistleblowing procedure
Involvement in materiality assessment and ESG reporting
Training and the sharing of knowledge
Industry collaborations
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Industry associations
National and international industry associations are essential platforms on which to share knowledge and
insights with customers, recognize their needs, and keep updated with regard to regulations that may impact
our industry. Our commitment to sustainability is demonstrated by our active involvement in numerous
sustainability-focused working groups of national and international industry associations and by our
participation in public consultations via those channels. We also encourage the efforts of these associations to
engage with policymakers, advocating for regulations and policies that will underpin improvements for the
industry as a whole. By contributing to the development of industry standards on sustainability, we endeavor
to establish clearly defined guidelines that will drive consistent and impactful practices across the sector.
On a practical level, JENSEN-GROUP has the following tools and practices:
Participation in working groups of industry associations
Meetings and presentations
Joint initiatives and programs
Inputs for strategic approach
Investors and financial institutions
Engaging with investors and banks is crucial as a means of building trust, ensuring transparency, and reflecting
on business strategies based on their expectations. Through regular communication, we can gain a better
understanding of their priorities, especially with regard to sustainability and other ESG issues. This engagement
attracts responsible investors and fosters stable and long-term relationships with financial institutions. It also
enhances corporate credibility and supports sustainable growth.
On a practical level, JENSEN-GROUP has the following tools and practices:
Replies to investor calls, emails, and questionnaires
Periodic investor updates and press releases
Presentations at the annual shareholders' meeting
Local communities and authorities
Engaging with local communities and authorities is essential as a means of fostering strong relationships,
building trust, and ensuring that business activities align with local needs and expectations. Our commitment
to maintaining a worldwide distribution network means that the JENSEN-GROUP is uniquely positioned to
ensure compliance with local regulations, address community concerns, and to contribute to social and
economic development. Additionally, our involvement with this engagement helps mitigate risks and identify
stakeholder concerns, while at the same time creating shared value and helping to generate long-term success
in the regions where we operate.
On a practical level, JENSEN-GROUP has the following tools and practices:
Worldwide distribution network
Local presence and ownership
Presence and active participation in national and international industry associations
Double materiality process (IRO-1)
IRO-1 Description of process to identify and assess material impacts, risks and, opportunities
We defined process steps for conducting the double materiality assessment of impact materiality and financial
materiality, respectively. The impacts are applicable to JENSEN-GROUP as a whole. This process was conducted
in line with the criteria outlined in ESRS 1, section 3.2 on Material Matters and Materiality of Information. We
followed the key steps below.
Methodologies and assumptions
Scoping
a) Definition of ESG topics
We developed an ESG topic list based on the ESRS sub-topics (and sub-sub-topics) and correlated each
subtopic with the activities of the JENSEN-GROUP. To establish this list, we reviewed internal documents
(e.g., the previous single materiality assessment, and the JENSEN principles and guidelines), official
publications (e.g., the JENSEN-GROUP annual report, peer reports), and standards (e.g., SASB). After an
internal review, the ESG topics that bore no relation to the activities of the JENSEN-GROUP were excluded
from this full list, resulting in a list of 22 subtopics.
b) Integration of single materiality assessment results
We wanted to consider the valuable results of the extensive single impact materiality assessment carried
out in 2022 in the double materiality assessment. To do so, the topics based on the Global Reporting
Initiative (GRI) principles assessed at the time had to be aligned with the ESRS topics and the reporting
threshold had to be widened from single (impact) to double (impact and financial) materiality.
c) Predefinition of impacts, risks, and opportunities
In our impact assessment, we considered both positive and negative impacts as well as actual and
potential impacts related to sustainability matters over the short, medium and long term. In our financial
assessment, we assessed potential sustainability-related risks and opportunities that could trigger a
negative or positive financial impact on our business over the course of the same time horizons. The actual
and potential impacts, risks, and opportunities were predefined and developed, based on internal data,
benchmark reviews, and sector-specific tools and literature. We used tools such as the WWF Risk Filter
Tool, the findings of our company carbon footprint calculation, the feedback from stakeholder
questionnaires, and publications from the European Textile Service Association, and conducted internal
interviews.
Materiality assessment of impacts, risks, and opportunities
Any impacts, risks, and opportunities assessed as significant, that is, which scored 3 or above on a scale from 1
to 5, are material. For impacts, a score of 4 and 5 means “significant and irreversible impact on a global scale”.
For risks or opportunities, the scoring is linked to the yearly recurring EBIT effect.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
A score of 3 or above, in other words, a yearly recurring EBIT effect of EUR 5 million or above, means that the
topic is material. A sustainability matter is “material” when it meets the criteria defined for impact materiality
or financial materiality or both.
a) Impacts
We conducted a double materiality assessment workshop with the Executive Management Team, during
which the participants provided scores for (negative and positive) impacts within our own operations and the
value chain according to the developed scoring methodology. For the topics already assessed in the single
materiality assessment and made compliant with the ESRS subtopics, the Executive Management Team
reviewed the scores assigned in 2022. In the case of the topics not assessed in 2022, the participants gave
entirely new scores. As per the ESRS guidance, actual impacts were assessed based on severity. Three
parameters were used to guide the evaluation of severity: scale, scope, and remediation. When scoring
severity, we assessed how grave, widespread, and remediable the impact was on people or on the
environment. To assess the severity of potential impacts, an additional parameter of ‘likelihood’ was taken into
consideration.
b) Risks and opportunities
During the internal workshop, the risks and opportunities (short, medium, and long-term) were exposed and
discussed for each ESRS shortlisted subtopic, taking into consideration their magnitude and likelihood of
occurrence. After each risk and opportunity had been discussed individually, each member of the Executive
Management Team assigned a score in accordance with the developed scoring methodology. When scoring
risks and opportunities, we assessed the potential magnitude of financial effects based on a yearly recurring
EBIT effect. The magnitude scale was modelled on the risk map that we use for assessing business risks.
Calibration of material impacts, risks, and opportunities
All workshop input was transferred to a tool in order to aggregate scores and calculate the “degree of
materiality” using materiality ranges defined for scoring the identified impacts (impact scale) and risks or
opportunities (financial scale).
Workshop participants were consulted again for the purpose of validating the preliminary results. Further
calibration and adjustments across topics took place and were documented after consulting various
stakeholders. This led to our initial double materiality assessment.
Stakeholder engagement
For our double materiality assessment, we engaged internal subject-matter experts from both the business
entities and Group functions, as well as a selection of external stakeholders. The ESRS principles on double
materiality and assessment requirements are extensive. Considering, however, the broad stakeholder survey
performed on the 2022 single materiality assessment, we decided to limit the number and groups of
stakeholders involved in the double materiality assessment.
The internal stakeholders consisted of the Executive Management Team and a few subject-matter experts. As
far as external stakeholders were concerned, a number of customers and financial stakeholders were selected.
In addition, our continuous engagement in international and national industry associations has formed a firm
foundation helping us in assessing the impacts and risks that are most material to us.
a) Impacts
Considering the extensive stakeholder involvement in the single materiality assessment, only a selection of
internal and external stakeholders were consulted on the impact of JENSEN’s activities and products on
people and the environment. Internal experts evaluated the topics in which they had most technical
expertise and some of our main customers assessed our impact on their activities by completing a
questionnaire.
b) Risks and opportunities
By asking them to complete a questionnaire, a selection of customers were asked about their expectations
of the JENSEN-GROUP with regard to ESG topics and about which procurement criteria they took into
consideration when selecting a supplier. This provided us with information regarding the potential financial
materiality of certain sustainability matters. External financial stakeholders were also consulted by means
of a questionnaire, in which we asked them to provide feedback on our initial double materiality
assessment results with regard to material, ESG-related risks, and the opportunities we had identified.
Final results
The final double materiality assessment was presented to and approved by the Executive Management Team
and Board of Directors. Within our double materiality assessment process, we actively incorporated feedback
from external stakeholders, in order to ensure a comprehensive understanding of our material topics.
Whenever external stakeholder feedback contradicted the material topics (IROs) we had initially identified, a
discussion was held within the Executive Management Team. During those discussions, relevant IROs were
reassessed or complemented in order to take the stakeholders’ perspectives into account. The feedbacks
received were carefully considered, and in cases where the initial score was not reassessed, justification was
provided to explain the decision. This process ensures that our materiality assessment is both transparent and
reflective of stakeholder concerns and remains aligned with our strategic priorities. The materiality threshold
determined yielded a final list of 13 material topics that were assessed as ‘significant’ or above in terms of
financial, impact, or double materiality.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Disclosure requirements covered by the sustainability statement (IRO-2)
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement
Disclosure requirements and incorporation by reference
The following tables list all of the ESRS disclosure requirements in ESRS 2 and the seven topical standards that
are material to the JENSEN-GROUP, and which have guided the preparation of our sustainability statements.
We have omitted all the disclosure requirements in the topical standards E4, S2, and S3, as these are situated
below our materiality thresholds. The tables can be used as a means of finding our way to information related
to a specific disclosure requirement in the sustainability statements. The tables also show where we have
placed information related to a specific disclosure requirement that lies outside of the sustainability statement
and has been incorporated by reference to other sections of this annual report. In cases where we do not yet
have any information concerning a disclosure requirement, no reference is made.
The following abbreviations are used to define the sections of the annual report referred to:
SUS
Sustainability Statement
SR
Strategic Report
RBoD
Report Board of Directors
FS
Financial Statements
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Disclosure requirement
Section AR
Page
Additional information
ESRS-2
General disclosures
BP-1
General basis for preparation of the sustainability statement
SUS
80
Appendix A - Basis for preparation
BP-2
Disclosures in relation to specific circumstances
SUS
80
Appendix A - Basis for preparation
GOV-1
Role of the administrative, management and supervisory bodies
RBoD
129-157
132,
139,
143,
148
Corporate Governance Statement:
- Risk management and internal control
- Composition of the Board
- Committees established by the Board of Directors
- Sustainability related topics addressed by supervisory
bodies and management
GOV-2
Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
RBoD
129-157
132,
148
Corporate Governance Statement:
- Risk management and internal controls
- Sustainability related topics addressed by supervisory
bodies and management
GOV-3
Integration of sustainability-related performance in incentive schemes
SUS
82
Appendix A - Governance
GOV-4
Statement on due diligence
SUS
82
Appendix A - Governance
GOV-5
Risk management and internal controls over sustainability reporting
RBoD
129-157
132,
148
Corporate Governance Statement:
- Risk management and internal controls
- Sustainability related topics addressed by supervisory
bodies and management
SBM-1
Strategy, business model and value chain (products, markets, customers)
SUS
SR
RBoD
16,
6,
11,
129-157
Sustainable business framework
Message to our Shareholders
Strategy of the JENSEN-GROUP
Corporate Governance Statement
Strategy, business model and value chain (headcount by countries)
SUS
68
Own workforce - ESRS S1: Characteristics of JENSEN-GROUP
employees
Strategy, business model and value chain (breakdown of revenue)
SR
FS
8
181
Consolidated key figures
Consolidated statement of profit and loss
SBM-2
Interests and views of stakeholders general
SUS
83
Appendix A - Strategy
SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
SUS
20
100
Double Materiality Outcome
Appendix B
IRO-1
Description of the process to identify and assess material impacts, risks and
opportunities
SUS
86
Appendix A - Double materiality process
IRO-2
Disclosure requirements in ESRS covered by the undertaking’s sustainability
statement
SUS
90-96
Disclosure requirement
Section/report
Page
Additional information
ESRS E1
Climate Change
ESRS-2,
GOV-3
Integration of sustainability-related performance in incentive schemes
SUS
39, 82
Other climate-related disclosures
Appendix A Governance
ESRS-2,
SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
SUS
23
Why climate change matters to our business
ESRS-2,
IRO-1
Description of the process to identify and assess material climate change-
related impacts, risks, and opportunities
and opportunities
SUS
23
Why climate change matters to our business
Appendix A - Double materiality process,
E1-1
Transition plan for climate change mitigation
SUS
25, 32
How JENSEN-GROUP shapes its climate transition plan
How JENSEN-GROUP addresses the energy use by
customers
E1-2
Policies related to climate change mitigation
SUS
25
How JENSEN-GROUP shapes its climate transition plan
E1-3
Actions and resources in relation to climate change policies
SUS
25, 32
How JENSEN-GROUP shapes its climate transition plan
How JENSEN-GROUP addresses the energy use by
customers
E1-4
Targets related to climate change mitigation
SUS
25, 32
How JENSEN-GROUP shapes its climate transition plan
How JENSEN-GROUP addresses the energy use by
customers
E1-5
Energy consumption and mix
SUS
35
JENSEN-GROUP greenhouse gas emissions
E1-6
Gross Scopes 1, 2, 3 and total greenhouse gas emissions
SUS
35
JENSEN-GROUP greenhouse gas emissions
E1-7
Greenhouse gas removals and greenhouse gas mitigation projects financed
through carbon
credit
SUS
39
Other climate-related disclosures
E1-8
Internal carbon pricing
SUS
39
Other climate-related disclosures
E1-9
Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities
SUS
39
Other climate-related disclosures
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Disclosure requirement
Section/report
Page
Additional information
ESRS E2
Pollution
ESRS-2,
IRO-1
Description of the process to identify and assess material pollution-related
impacts, risks, and opportunities
and opportunities
SUS
40
86
Why pollution matters to our business
Appendix A - Double materiality process
E2-1
Policies related to pollution
-
42
How JENSEN-GROUP shapes and tracks its approach to
pollution
E2-2
Actions and resources related to pollution
SUS
42
How JENSEN-GROUP shapes and tracks its approach to
pollution
E2-3
Targets related to pollution
SUS
42
How JENSEN-GROUP shapes and tracks its approach to
pollution
E2-4
Pollution of air, water and soil general
SUS
42
How JENSEN-GROUP shapes and tracks its approach to
pollution
E2-5
Substances of concern and substances of very high concern
SUS
42
How JENSEN-GROUP shapes and tracks its approach to
pollution
E2-6
Anticipated financial effects from material pollution-related risks and
opportunities
SUS
42
How JENSEN-GROUP shapes and tracks its approach to
pollution
Disclosure requirement
Section/report
Page
Additional information
ESRS E3
Water
ESRS-2,
IRO-1
Description of the process to identify and assess material water and marine
resources-related impacts, risks, and opportunities
and opportunities
SUS
48
86
Why water matters to our business
Appendix A - Double materiality process
E3-1
Policies related to water and marine resources
SUS
50
How JENSEN-GROUP shapes and tracks its approach to
product water efficiency
E3-2
Actions and resources related to water and marine resources
SUS
50
How JENSEN-GROUP shapes and tracks its approach to
product water efficiency
E3-3
Targets related to water and marine resources
SUS
50
How JENSEN-GROUP shapes and tracks its approach to
product water efficiency
E3-4
Water consumption
-
-
Not material
E3-5
Anticipated financial effects from material water and marine resources-
related risks and opportunities
SUS
50
How JENSEN-GROUP shapes and tracks its approach to
product water efficiency
Disclosure requirement
Section/report
Page
Additional information
ESRS E5
Resource use and circular economy
ESRS-2,
IRO-1
Description of the process to identify and assess material resource use and
circular economy-related impacts, risks, and opportunities
and opportunities
SUS
52
86
Why circular economy matters to our business
Appendix A - Double materiality process
E5-1
Policies related to resource use and circular economy
SUS
54
How JENSEN-GROUP shapes and tracks its approach
to circular economy
E5-2
Actions and resources related to resource use and circular economy
SUS
54
How JENSEN-GROUP shapes and tracks its approach
to circular economy
E5-3
Targets related to resource use and circular economy
SUS
54
How JENSEN-GROUP shapes and tracks its approach
to circular economy
E5-4
Resource inflows
-
-
Not material
E5-5
Resource outflows
SUS
54
How JENSEN-GROUP shapes and tracks its approach
to circular economy
E5-6
Anticipated financial effects from material resource use and circular economy-
related risks and opportunities
SUS
54
How JENSEN-GROUP shapes and tracks its approach
to circular economy
Disclosure requirement
Section/report
Page
Additional information
ESRS S1
Own workforce
ESRS-2,
SBM-2
Interests and views of stakeholders
SUS
83
Appendix A - Strategy
ESRS-2,
SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
SUS
58
Why our employees matter to our business
S1-1
Policies related to own workforce
SUS
60
How JENSEN-GROUP shapes and tracks its approach
to employees
S1-2
Processes for engaging with own workers and workers’ representatives about
impacts
SUS
66
How JENSEN-GROUP engages with its employees
Appendix A: Strategy
S1-3
Processes to remediate negative impacts and channels for own workers to raise
concerns
SUS
66
75
How JENSEN-GROUP engages with Its employees
Business conduct - ESRS G1: Business conduct and
corporate culture
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
S1-4
Taking action on material impacts on own workforce, and approaches to
mitigating material risks and pursuing material opportunities related to
own workforce, and effectiveness of those actions
SUS
60
How JENSEN-GROUP shapes and tracks its approach
to employees
S1-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
SUS
60
How JENSEN-GROUP shapes and tracks its approach
to employees
S1-6
Characteristics of the undertaking’s employees
SUS
68
Characteristics of JENSEN-GROUP employees
S1-7
Characteristics of non-employee workers in the undertaking’s own workforce
-
-
Not material
S1-8
Collective bargaining coverage and social dialogue
-
-
Not material
S1-9
Diversity metrics
-
-
Not material
S1-10
Adequate wages
-
-
Not material
S1-11
Social protection
-
-
Not material
S1-12
Persons with disabilities
-
-
Not material
S1-13
Training and skills development metrics
SUS
60
How JENSEN-GROUP shapes and tracks its approach
to employees
S1-14
Health and safety metrics
SUS
60
How JENSEN-GROUP shapes and tracks its approach
to employees
S1-15
Work-life balance metrics
-
-
Not material
S1-16
Compensation metrics (pay gap and total compensation)
-
-
Not material
S1-17
Incidents, complaints and severe human rights impacts
-
-
Not material
Disclosure requirement
Section/report
Page
Additional information
ESRS S4
Consumers and end-users
ESRS-2,
SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
SUS
20
70
83
Double materiality outcome
Why product quality and safety matters to our
business
Appendix A - Strategy
S4-1
Policies related to consumers and end-users
SUS
71
How JENSEN-GROUP ensures product quality and
safety
S4-2
Processes for engaging with consumers and end-users about impacts
FR, SUS
73
83
How JENSEN-GROUP engages with its customers
Appendix A: Strategy
S4-3
Processes to remediate negative impacts and channels for consumers and end-
users to raise concerns
SUS
73
75
How JENSEN-GROUP engages with its customers
Business conduct - ESRS G1: Business conduct
and corporate culture
S4-4
Taking action on material impacts on consumers and end-users, and approaches
to mitigating material risks and pursuing material opportunities related to
consumers and end-users, and effectiveness of those actions
SUS
71
How JENSEN-GROUP ensures product quality and
safety
S4-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities (consumers
and end-users)
SUS
71
How JENSEN-GROUP ensures product quality and
safety
Disclosure requirement
Section/report
Page
Additional information
ESRS G1
Business conduct
ESRS-2,
GOV-1
The role of the administrative, supervisory and management bodies
RBoD
SUS
129-157
132,
139,
143,
148,
82
Corporate Governance Statement:
- Risk management and internal control
- Composition of the Board
- Committees established by the Board of
Directors
- Sustainability related topics addressed by
supervisory bodies and management
Appendix A - Governance
ESRS-2,
IRO-1
Description of the process to identify and assess material business conduct
related impacts, risks, and opportunities
and opportunities
SUS
86
Appendix A - Double materiality process
G1-1
Business conduct policies and corporate culture
SUS
75
Business conduct and corporate culture
G1-2
Management of relationships with suppliers
-
-
Not material
G1-3
Prevention and detection of corruption and bribery
SUS
75
Business conduct and corporate culture
G1-4
Incidents of corruption or bribery
SUS
62, 75
Business conduct and corporate culture
G1-5
Political influence and lobbying activities
-
-
Not material
G1-6
Payment practices
-
-
Not material
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Datapoints derived from other EU legislation
In preparing this sustainability statement, we have ensured compliance with relevant EU legislation. A list of data points derived from other EU legislation, along with their
location in this sustainability statement, can be found in the table below. The linked EU legislation can be found in Appendix B of the ESRS2 standard. These data points
provide essential context with regard to the disclosures presented here. In preparing this sustainability statement, we followed a structured process to identify and disclose
material information regarding the impacts, risks, and opportunities relevant to our business, as explained in the section “Double materiality process of Appendix A above.
Applicable standard
Disclosure requirement and related datapoint
Reference to annual report section
ESRS 2
ESRS 2 GOV 1: Board gender diversity - paragraph 21 (d)
“Composition of the Board”, p.139
ESRS 2 GOV-1: Percentage of board members who are independent - paragraph 21 (e)
“Composition of the Board”, p.139
ESRS 2 GOV-4: Statement on due diligence - paragraph 30
SUS, p.82
ESRS 2 SBM-1: Involvement in activities related to fossil fuel - paragraph 40 (d) i
Not applicable
ESRS 2 SBM-1: Involvement in activities related to chemical
production - paragraph 40 (d) ii
Not applicable
ESRS 2 SBM-1: Involvement in activities related to controversial weapons - paragraph 40 (d) iii
Not applicable
ESRS 2 SBM-1: Involvement in activities related to cultivation and production of tobacco - paragraph 40 (d) iv
Not applicable
E1 Climate Change
ESRS E1-1: Transition plan to reach climate neutrality by 2050 - paragraph 14
Not applicable
ESRS E1-1: Undertakings excluded from Paris-aligned Benchmarks - paragraph 16 (g)
Not applicable
ESRS E1-4: Greenhouse gas emission reduction targets - paragraph 34
SUS, p.31
ESRS E1-5: Energy consumption from fossil sources disaggregated
by sources (only high climate impact sectors) - paragraph 38
SUS, p.35
ESRS E1-5: Energy consumption and mix - paragraph 37
SUS, p.35
ESRS E1-5: Energy intensity associated with activities in high climate
impact sectors - paragraphs 40 to 43
SUS, p.35
ESRS E1-6: Gross Scope 1, 2, 3 and Total greenhouse gas emissions - paragraph 44
SUS, p.36
ESRS E1-6: Gross greenhouse gas emissions intensity - paragraphs 53 to 55
SUS, p.36
ESRS E1-7: Greenhouse gas removals and carbon credits - paragraph 56
Not applicable
ESRS E1-9: Exposure of the benchmark portfolio to climate-related
physical risks - paragraph 66
Not material
ESRS E1-9: Disaggregation of monetary amounts by acute and chronic physical risk - paragraph 66 (a)
ESRS E1-9: Location of significant assets at material physical risk - paragraph 66 (c)
Not material
ESRS E1-9: Breakdown of the carrying value of its real estate assets by energy-efficiency classes - paragraph 67
(c)
Not material
ESRS E1-9: Degree of exposure of the portfolio to climate- related opportunities - paragraph 69
Not material
E2 Pollution
ESRS E2-4: Amount of each pollutant listed in Annex II of the E-
PRTR Regulation emitted to air, water and soil - paragraph 28
SUS, p.45
E3 Water and
marine resources
ESRS E3-1: Water and marine resources policy - paragraph 9
Not applicable
ESRS E3-1: Dedicated policy (for site located in high stress area) - paragraph 13
Not applicable
ESRS E3-1: Sustainable oceans and seas - paragraph 14
Not material
ESRS E3-4: Total water recycled and reused - paragraph 28 (c)
Not applicable
ESRS E3-4: Total water consumption in m3 per net revenue on own operations - paragraph 29
Not applicable
E4 Biodiversity
ESRS 2- IRO 1 - E4: List of sites where activities affect biodiversity sensitive areas - paragraph 16 (a) i
Not material
ESRS 2- IRO 1 - E4: material negative impacts identified on land degradation, desertification and soil sealing -
paragraph 16 (b)
Not material
ESRS 2- IRO 1 - E4: Operations affecting threatened species - paragraph 16 (c)
Not material
ESRS E4-2: Sustainable land / agriculture practices or policies - paragraph 24 (b)
Not material
ESRS E4-2: Sustainable oceans / seas practices or policies - paragraph 24 (c)
Not material
ESRS E4-2: Policies to address deforestation - paragraph 24 (d)
Not material
E5 Circular Economy
ESRS E5-5: Non-recycled waste - paragraph 37 (d)
Not material
ESRS E5-5: Hazardous waste and radioactive waste - paragraph 39
Not material
S1 Own workforce
ESRS 2- SBM3 - S1: Risk of incidents of forced labor - paragraph 14 (f)
SUS, p.58
ESRS 2- SBM3 - S1: Risk of incidents of child labor - paragraph 14 (g)
SUS, p.58
ESRS S1-1: Human rights policy commitments - paragraph 20
SUS, p.60
ESRS S1-1: Due diligence policies on issues addressed by the fundamental International Labor Organization
Conventions 1 to 8 - paragraph 21
SUS, p.60
ESRS S1-1: Processes and measures for preventing trafficking in human beings - paragraph 22
SUS, p.60
ESRS S1-1: Workplace accident prevention policy or management system - paragraph 23
SUS, p.60
ESRS S1-3: Grievance/complaints handling mechanisms - paragraph 32 (c)
Not material
ESRS S1-14: Number of fatalities and number and rate of work-related
accidents - paragraph 88 (b) and (c)
SUS, p.62
ESRS S1-14: Number of days lost to injuries, accidents, fatalities or illness -paragraph 88 (e)
SUS, p.62
ESRS S1-16: Unadjusted gender pay gap - paragraph 97 (a)
Not material
ESRS S1-16: Excessive CEO pay ratio - paragraph 97 (b)
Not material
ESRS S1-17: Incidents of discrimination - paragraph 103 (a)
Not material
ESRS S1-17: Non-respect of UNGPs on Business and Human Rights and
OECD - paragraph 104 (a)
Not material
S2 Workers in the
value chain
ESRS 2- SBM3 S2: Significant risk of child labor or forced labor
in the value chain - paragraph 11 (b)
Not material
ESRS S2-1: Human rights policy commitments - paragraph 17
Not material
ESRS S2-1: Policies related to value chain workers - paragraph 18
Not material
ESRS S2-1: Non-respect of UNGPs on Business and Human Rights
principles and OECD guidelines - paragraph 19
Not material
ESRS S2-1: Due diligence policies on issues addressed by the fundamental
International Labor Organization Conventions 1 to 8 - paragraph 19
Not material
ESRS S2-4: Human rights issues and incidents connected to its upstream and downstream value chain -
Not material
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ANNUAL REPORT 2024
paragraph 36
S3 Affected
communities
ESRS S3-1: Human rights policy commitments - paragraph 16
Not material
ESRS S3-1: Non-respect of UNGPs on Business and Human Rights, ILO
principles and/or OECD guidelines - paragraph 17
Not material
ESRS S3-4: Human rights issues and incidents - paragraph 36
Not material
S4 Consumers and
end users
ESRS S4-1: Policies related to consumers and end-users
paragraph 16
SUS, p.71
ESRS S4-1: Non-respect of UNGPs on Business and Human Rights and
OECD guidelines - paragraph 17
SUS, p.71
ESRS S4-4: Human rights issues and incidents - paragraph 35
SUS, p.71
G1 Business Conduct
ESRS G1-1: United Nations Convention against Corruption - paragraph 10 (b)
SUS, p.75
ESRS G1-1: Protection of whistleblowers - paragraph 10 (d)
SUS, p.75
ESRS G1-4: Fines for violation of anti-corruption and anti-bribery laws - paragraph 24 (a)
SUS, p.79
ESRS G1-4: Standards of anti- corruption and anti- bribery - paragraph 24 (b)
SUS, p.79
Appendix B: full list of JENSEN-GROUP IROs
The following tables list the sustainability-related impacts, risks, and opportunities we have identified and
assessed as material, following our double materiality assessment process. Seven out of the ten ESRS topics are
material to the JENSEN-GROUP. Each topic is presented in the following tables, in which we specify the sub-
topics to which our material impacts, risks, and opportunities relate, e.g., energy use by customers, product
quality & safety, and corporate culture.
In the tables, we also indicate whether the impacts, risks, and opportunities are in our own operations (OO),
our upstream value chain (UVC), or in our downstream value chain (DVC). We also demonstrate whether our
impacts are positive or negative, or potential or actual, as well as the expected time horizons of the material
impacts. All the impacts, risks, and opportunities identified were assessed in accordance with our business
model, mission statement, strategy, and core values. They also include material sector-specific disclosures
marked with an asterisk (*) in the tables below. The short descriptions below provide a more detailed insight
into how the impacts, risks, and opportunities interrelate with our business model. For the climate change
chapter E1, we include our response to climate-related transition risks.
We have not identified any current financial effects of our material financial risks. Our annual revenue, on the
other hand, is directly linked to non-quantifiable material opportunities detected in our downstream value
chain topics, such as energy use by customers, the water efficiency of products or product quality and safety.
More information on how we respond to the effects of our impacts and risks is included in the topical sections
under “Environment”, “Social”, and “Governance” below.
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E1: Climate change
E2: Pollution
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
E3: Water
E5: Resource use and circular economy
S1: Own workforce
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S4: Consumers & end-users
G1: Business conduct
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ANNUAL REPORT 2024
Appendix C: GHG accounting policy Scope 1,2, and 3
Scope 1 emissions are calculated in the form of energy consumption data multiplied by appropriate
emission factors. In the case of emissions caused by company cars, we took the average consumption
in L/100 km multiplied by an average distance of 25,000 km/year and then multiplied that by the
category-specific emission factor. Company cars acquired or sold during the reporting period are
included in the form of a lower estimate of the distance traveled if they were sold or acquired in the
first, or last quarter of the reporting period, respectively.
Scope 2 emissions are reported according to two methods:
1) The location-based method: the emissions are calculated as the power volumes
purchased multiplied by the country-specific emission factors for each entity. This
method reflects the mix of energy sources (such as coal, natural gas, and renewables)
that is used to supply the electricity in the country where it is consumed.
2) The market-based method: the emissions are calculated as the power volumes
purchased multiplied by the supplier-specific emission factor, taking into account green
power purchases like Renewable Energy Certificates (RECs) or Guarantees of Origin. It
reflects choices made by the consumer to purchase cleaner or greener electricity
options, regardless of the local grid mix. When supplier emission-factors were missing
we applied the location-based emission factor. For district heating, we applied the
supplier-emission factor to the location-based approach. As the supplier is the only local
option, it is therefore equivalent to a location-based factor. It cannot be ruled out that
supplier emission factors include emissions from biogenic sources (biomass, pellets, etc.)
that are normally reported separately, out of scope, because the emissions form part of
the natural carbon cycle and are not the result of fossil fuel emissions.
Scope 3 is subdivided into 15 subcategories. The significant assumptions and uncertainties are to be
found in two categories, namely “Purchased goods and services” and “Use of sold products”. For the
category “Purchased goods and services, the non-core emission sources are estimated using
monetary emission factors (EEIO method), correlating emissions with the money spent instead of
physical quantities (called hereafter “categorized spend data”). This constitutes a source of
uncertainty. Emission factors for the core categories come from EcoInvent, which are not supplier-
specific emissions, and are therefore also accompanied by a degree of uncertainty. For the category
Use of sold products, GHG emissions are calculated using a theoretical model, which required us to
estimate the energy consumption, intensity, and longevity of our equipment at our customers’ sites
and the energy sources used (grid/grey electricity, natural gas, district heating or fuel, etc.).
Further assumptions and estimates for each category are described in the calculation methods applied
for each category below. We are unable to provide a quantifiable uncertainty rate for Scope 3
emissions as a whole.
1. Purchased goods and services:
Principal materials: categorized weight information (specific or assumed) and distance
based on country of origin multiplied by the relevant emission factors.
Other materials and services: categorized spend data multiplied by the relevant emission
factors.
The majority of our products and services are procured through our production sites, and
minor purchases made by the Sales and Service Centers have not been considered.
2. Capital goods: emissions were calculated by multiplying the categorized spend data by relevant
emission factors specific to the spend-category.
3. Fuel- and energy-related activities not included in Scope 1 or Scope 2 considers upstream
emissions and Transmission and Distribution (T&D) losses of energy and fuel purchases. These
emissions were calculated based on generic data from recognized databases and put into
proportion in relation to our Scope 1 and 2 emissions.
4. Upstream freight and distribution: relies on a mix of company-specific data (third party
transportation to customers) and spend-based data (transportation between tier supplier and
own operations, including intercompany transportation). The company-specific data also
includes volumes, shipment origin and destination and is combined with relevant emission
factors for transport.
5. Waste generated: relies on actual waste figures for main metals multiplied by relevant
emission factors.
6. Business travel: emissions were calculated by multiplying the categorized spend data by
relevant spend-category-specific emission factors.
7. Employee commuting: emissions are calculated based on assumptions of the distance traveled
and the mode of transportation used, assuming everyone travels by car and there is no home
office.
8. Use of sold products: emissions are calculated based on the number of machines produced.
The single machines were then regrouped under main machine categories (e.g., dryers, ironers,
tunnel washers) to provide consistent definitions of the data parameters per machine category
needed for the calculation. The data parameters consist of consumption and weight figures
retrieved from technical datasheets and assumptions regarding the assumed lifetime of the
machines. For each machine category, we calculated the consumption of the main emission
source (gas, electricity, steam) throughout the lifetime of a machine.
The figures obtained were then multiplied by the appropriate emission factors. Electricity
emission factors are country-specific and determined by the customer's location.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
In the case of the other main energy sources gas, compressed air, and steam we used an
overall emission factor. The steam emission factor assumes that the steam is generated by
various energy sources, which is most representative of the different customer realities.
Conveyors and INWATEC are excluded from the count because they are highly customized, and
the product descriptions lack sufficient details to make viable assumptions.
9. End-of-life of sold products: calculation is based on company specific data (number and weight
of manufactured products) and assumptions (the proportion of different materials within
products) multiplied by the relevant emission factors.
10. Investments: includes Scope 1, 2, and 3 emissions caused by non-consolidated joint ventures.
Scope 1 and 2 calculations were based on real-time consumption figures using the same
assumptions and methodologies explained above. Considering the fact that the business
activities of these joint ventures are very similar to those of the JENSEN-GROUP, their Scope 3
was derived from the total Scope 3 figures for JENSEN, minus the investments category. The
emissions accounted for under this category are proportional to the number of shares held by
the JENSEN-GROUP.
11. The other Scope 3 categories are not relevant to the JENSEN-GROUP.
Our calculations rely on emission factor databases, assumptions, and data collected internally from our
invoices, ERP system, sales database, technical data sheets, and profit and loss statement (P&L). We distinguish
between primary data, activity-based data, and financial data. Primary data refers to directly measured or
observed data reported by a company, rather than assumptions or derivations from secondary sources like
databases. The percentage of emissions calculated using primary data is limited to category 3.3 “Emissions
related to fuels and energy and corresponds to 0% of total Scope 3 emissions. Activity-based data refers to
quantitative information (excl. financial data and assumptions) directly linked to the company’s business
activities, such as information on weight and energy consumption. 9% of our Scope 3 emissions are calculated
by using activity-based data.
Source of emission factors
The emission factors (“EF”) used were based on different reliable sources, to ensure accuracy and consistency
with international standards:
Scope
Emission source
Source
Comments
Scope 1
Fuels excl. acetylene
DEFRA 2023
Acetylene
Srivastava, J. V., Srivastava, H. V., &
Khan, M. S. (2016). Acetylene Gas as
an Alternative Fuel for Spark Ignition
Engine. International Journal for
Scientific Research & Development,
4(4), 145-148. ISSN (online): 2321-
0613.
Scope 2
Electricity location-
based
National EF
Carbon footprint Ltd 2024
All JENSEN sites excluding
USA and Denmark.
Electricity market-based
Supplier-specific EF
If not available, location-
based EF.
JENSEN USA: Electricity
location-/market-based
Average grid EF published by the
Environmental Protection Agency
(EPA)
Although our office is in
Florida, the grid is SRSO
(SERC South) based on
the search in the EPA
database via Zip Code.
JENSEN Denmark:
Electricity location-
/market-based
Supplier declaration 2022 (Bornholms
Energi A/S)
Market-based EF is equal
to location-based EF
because the supplier
owns the entire “grid”,
thus the supplier-specific
rate is the same as the
entire grid system rate.
Consequently, the LB and
MB calculations are
identical.
JENSEN Denmark:
Central heating location-
/market-based
Supplier declaration 2023 (Rønne
Varme A/S)
JENSEN Sweden Central
heating location-
/market-based
Supplier declaration 2023 (Borås
Energi & Miljö AB)
INWATEC Central
heating location-
/market-based
Supplier declaration 2023
(Fjernvarme FYN)
Scope 3
All categories
EcoInvent, EIA, Exiobase, DEFRA 2023
& Carbon footprint Ltd 2024
We refer to the
accounting policy section
above for the details of
the calculation methods
per category.
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Appendix D: TAXONOMY
In 2020, the European Union created an action plan to finance sustainable growth, which was aimed at
redirecting capital flows to sustainable economic activities. This is part of the efforts to reach the objectives of
the European Green Deal and make Europe climate-neutral by 2050. In 2021, the European Commission
introduced the EU Taxonomy, which is a classification system that defines which activities are environmentally
sustainable.
In their annual reports companies covered by the EU Taxonomy disclosure obligation have to report the extent
to which their activities are covered by the EU Taxonomy (Taxonomy-eligibility) and, if they have eligible
activities, must comply with the criteria set in the Taxonomy delegated acts (Taxonomy-alignment). The
disclosures below relate to the financial year 2024.
Eligibility
After carefully comparing the company's activities against the EU Taxonomy framework, the JENSEN-GROUP
did not identify any economic activities currently covered by the EU Taxonomy. None of the activities covered
by the EU Taxonomy framework relate to the business of a manufacturer and assembler of industrial laundry
equipment such as the JENSEN-GROUP, as was discovered by a carrying out a detailed assessment of the
activities identified as being hypothetically close to the business of the JENSEN-GROUP in the manufacturing
sector (Delegated Regulation 2021/2139, Annex I: climate change mitigation activities 3.6; Delegated
Regulation 2023/2486, Annex II: circular economy activities 1.2) and service sector (Delegated Regulation
2023/2486, Annex II: circular economy activities 5.1-5.2; 5.5). A detailed explanation and argumentation is
provided below:
- Manufacturing of electrical and electronic equipment (activity 1.2 of the Delegated Regulation
2023/2486, Annex II): the JENSEN-GROUP business model fits neither the description of the activity
nor the NACE codes mentioned therein. While the EU Draft Commission Notice released in November
2024 clarified the eligibility criteria for electrical and electronic equipment, it was determined that
JENSEN machines do not qualify, because they are mainly driven by steam and gas rather than
electricity.
- Repair, refurbishment and remanufacturing (activity 5.1 of Delegated Regulation 2023/2486, Annex
II): the JENSEN-GROUP has no refurbishment and remanufacturing activities, nor is the company's
economic activity related to the repairing of products manufactured by economic activities classified
under the NACE codes mentioned in the activity description.
- Sale of spare parts (activity 5.2 of Delegated Regulation 2023/2486, Annex II): the economic activity
of the JENSEN-GROUP is not related to spare parts used in products manufactured by economic
activities classified under the NACE codes mentioned in the activity description.
- Product-as-a-service and other circular use- and result-oriented service models (activity 5.5 of
Delegated Regulation 2023/2486, Annex II): the economic activity of the JENSEN-GROUP is not related
to services offered for products manufactured by economic activities classified under the NACE codes
mentioned in the activity description.
- Manufacturing of other low carbon technologies (activity 3.6 of Delegated Regulation 2021/2139,
Annex I): While the JENSEN-GROUP is considered the leader in the industry when it comes to energy
and resource savings, its main activity is not aimed at the reduction of GHG emissions.
In the light of the arguments above, JENSEN-GROUP concludes that it has no eligible activities under the EU
Taxonomy framework. As a consequence, no criteria are available within the EU Taxonomy framework to
assess the alignment that is essential in order to be able to report on aligned revenue, CAPEX and OPEX related
to the economic activities of JENSEN-GROUP.
The reasoning above is based on the current legislation and can be re-evaluated if the legislation is modified.
Although the activities of the JENSEN-GROUP are not eligible under the EU Taxonomy framework, considerable
efforts are undertaken to improve the sustainability of the activities and the Group reports on a significant
number of datapoints as shown in the present sustainability statement.
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ANNUAL REPORT 2024
Revenue
As demonstrated above, there are no revenue-generating activities listed in the Taxonomy that can be
associated to the activities of the JENSEN-GROUP.
CAPEX
While the economic activities of the JENSEN-GROUP are not eligible, it has identified some CapEx related to
the purchase of output from Taxonomy-aligned economic activities and individual measures enabling the
target activities to become low-carbon or to lead to greenhouse gas reductions, as well as other economic
activities listed in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article
13(2), Article 14(2) and Article 15(2) of Regulation (EU) 2020/852.
The CapEx KPI is calculated in line with section 1.1.2 of Annex I to the Delegated Act 2021/2178. The
Taxonomy-eligible and aligned capital expenditures (numerator) are divided by the total FY2024 CapEx as
defined in section 1.1.2.1 of Annex I of the Delegated Act (denominator).
The investments included in the numerator are eligible, but not considered aligned because there is no
confirmation that they qualify as substantially contributing to at least one of the six environmental objectives of
the EU Taxonomy framework. The activities identified as eligible are:
- Transport by motorbikes, passenger cars and light commercial vehicles (activity 6.5 of the Delegated
Act 2021/2139, Annex I),
- Freight transport services by road (activity 6.6 of the Delegated Act 2021/2139, Annex I),
- Renovation of existing buildings (activity 7.2 of the Delegated Act 2021/2139, Annex I; activity 3.2 of
the Delegated Act 2023/2486, Annex II),
- Installation, maintenance, and repair of energy efficiency equipment (activity 7.3 of the Delegated Act
2021/2139, Annex I),
- Installation, maintenance, and repair of charging stations for electric vehicles in buildings (and parking
spaces attached to buildings) (activity 7.4 of the Delegated Act 2021/2139, Annex I),
- Acquisition and ownership of buildings (activity 7.7 of the Delegated Act 2021/2139, Annex I)
- Manufacture of electrical and electronic equipment (activity 1.2 of the Delegated Act 2023/2486,
Annex II).
The denominator equals the total Capex of the JENSEN-GROUP as disclosed on p.206 of the annual report.
OPEX
The OpEx KPI is calculated in line with section 1.1.3 of Annex I to the Delegated Act 2021/2178. The Taxonomy-
eligible and aligned operating expenditures (numerator), are divided by the total FY2024 OpEx (denominator).
As defined under Annex I, 1.1.3.1 of the Delegated Act2021/2178, the denominator covers direct non-
capitalized costs that relate to research and development, building renovation measures, short-term leases, as
well as maintenance and repair, and any other direct expenditures relating to day-to-day servicing of assets of
property, plant & equipment (PPE) by the company or third party to whom activities are outsourced that are
necessary to ensure the continued and effective functioning of such assets.
For the JENSEN-GROUP, the total value of the denominator equals 6.772 thousand euro and includes costs
related to research and development not accounted for in CAPEX, short-term leases, as well as maintenance
and repair costs not included in overheads.
Given the fact that the economic activities of the JENSEN-GROUP are not eligible, the numerator relates only to
the purchase of output from Taxonomy-aligned economic activities and to individual measures enabling the
target activities to become low-carbon or to lead to greenhouse gas reductions. This numerator is equal to zero
because the operational expenditures meeting these criteria are not material for the JENSEN-GROUP.
Furthermore, the OpEx related to activities eligible for the EU Taxonomy (the denominator) represents less than
1% of the Groups’ total revenue.
JENSEN-GROUP
December 31
2024
Eligible economic
activities (%)
Non-eligible economic
activities (%)
(In thousands of euro)
Revenue
453,166
0
100
Capex
13,994
44
56
Opex
6,772
0
100
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - disclosure covering FY 2024
Code(s)
Absolute turnover
Proportion of turnover 2024
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystem
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) turnover, year 2023
Category enabling activity
Category transitional activity
Economic activities KEUR %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable
activities (Taxonomy-aligned)
N/A 0 0
Turnover of environmentally
sustainable activities (taxonomy-
aligned) (A.1.)
0 0 0
Of which enabling 0 0
Of which transitional
0 0
A.2. Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
0 0
EL;
N/EL
EL; N/EL EL; N/EL EL; N/EL EL;
N/EL
EL; N/EL
Turnover of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-aligned
activities) (A.2.)
0 0 0
Turnover of Taxonomy-eligible
activities (A.1 + A.2)
0 0 0
B. TAXONOMY-NON ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non eligible
activities
453166 100
Total (A + B)*
453166 100
* This amount equals the total revenue as disclosed on p.172 in the JENSEN-GROUP Annual Report 2024.
Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective ; EL: Taxonomy eligible activity for the relevant objective.
N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective
Substantial contribution criteria
DNSH criteria ("Does Not
Signifcantly Harm")
* This amount equals the total revenue as disclosed on p.181 in the JENSEN-GROUP Annual Report 2024.
Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective ; EL: Taxonomy eligible activity for the relevant objective.
N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective
Proportion of Capex from products or services associated with Taxonomy-aligned economic activities - disclosure covering FY 2024
Code(s)
Absolute Capex
Proportion of Capex 2024
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystem
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) Capex, year 2023
Category enabling activity
Category transitional activity
Economic activities KEUR %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N; N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable
activities (Taxonomy-aligned)
0 0
Capex of environmentally sustainable
activities (taxonomy-aligned) (A.1.)
0 0 0
Of which enabling 0 0
Of which transitional
0 0
A.2. Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
EL;
N/EL
EL; N/EL EL; N/EL EL; N/EL EL;
N/EL
EL; N/EL
Transport by motorbikes, passenger cars
and light commercial vehicles
CCM/CC
A 6.5
1750 13
EL EL N/EL N/EL N/EL N/EL
26
Freight transport services by road
CCM/CC
A 6.6
82 1
EL EL N/EL N/EL N/EL N/EL
0
Renovation of existing buildings
CCM/CC
A 7.2 &
CE 3.2
1213 9
EL EL N/EL EL N/EL N/EL
6
Installation, maintenance and repair of
energy efficiency equipment
CCM/CC
A 7.3
60 0
EL EL N/EL N/EL N/EL N/EL
1
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached
to buildings)
CCM/CC
A 7.4
11 0
EL EL N/EL N/EL N/EL N/EL
0
Acquisition and ownership of buildings
CCM/CC
A 7.7
2650 19
EL EL N/EL N/EL N/EL N/EL
32
Manufacture of electrical and electronic
equipment
CE 1.2
443 3
N/EL N/EL N/EL EL N/EL N/EL
0
Capex of Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities) (A.2.)
6209 44 44 44 0 12 0 0 64
Capex of Taxonomy-eligible activities
(A.1 + A.2)
6209 44 44 44 0 12 0 0 64
B. TAXONOMY-NON ELIGIBLE ACTIVITIES
Capex of Taxonomy-non eligible activities
7785 56
Total (A + B)*
13994 100
* This amount equals the total CAPEX as disclosed on p.197 of the JENSEN-GROUP Annual Report 2024.
Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective ; EL: Taxonomy eligible activity for the relevant objective.
N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective
CCM: Climate Change Mitigation; CCA: Climate Change Adaptation; CE: Circular Economy.
Substantial contribution criteria
DNSH criteria ("Does Not
Signifcantly Harm")
* This amount equals the total CAPEX as disclosed on p.206 of the JENSEN-GROUP Annual Report 2024.
Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective ; EL: Taxonomy eligible activity for the relevant objective.
N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective
CCM: Climate Change Mitigation; CCA: Climate Change Adaptation; CE: Circular Economy.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Proportion of Opex from products or services associated with Taxonomy-aligned economic activities - disclosure covering FY 2024
Code(s)
Absolute Opex
Proportion of Opex 2024
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystem
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) Opex, year 2023
Category enabling activity
Category transitional activity
Economic activities KEUR %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable
activities (Taxonomy-aligned)
0 0
Opex of environmentally sustainable
activities (taxonomy-aligned) (A.1.)
0 0 0
Of which enabling 0 0
Of which transitional
0 0
A.2. Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
0 0
EL;
N/EL
EL; N/EL EL; N/EL EL; N/EL EL;
N/EL
EL;
N/EL
Opex of Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities) (A.2.)
0 0 0 0 0
Opex of Taxonomy-eligible activities
(A.1 + A.2)
0 0 0 0 0
B. TAXONOMY-NON ELIGIBLE ACTIVITIES
Opex of Taxonomy-non eligible activities 6772 100
Total (A + B)*
6772 100
* This amount equals OPEX of the JENSEN-GROUP for the following categories: R&D, short-term leases, as well as maintenance and repair excluding overheads.
These costs are included in overall OPEX as disclosed on p.215 of the JENSEN-GROUP Annual Report 2024.
Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective ; EL: Taxonomy eligible activity for the relevant objective.
N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective
Substantial contribution criteria
DNSH criteria ("Does Not
Signifcantly Harm")
* This amount equals OPEX of the JENSEN-GROUP for the follow ing categories: R&D, short-term leases, as well as maintenance and repair excluding overheads.
These costs are included in overall OPEX as disclosed on p.224 of the JENSEN-GROUP Annual Report 2024.
Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective ; EL: Taxonomy eligible activity for the relevant objective.
N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective
1
The undertaking carries out, funds or has exposures to
research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy
from nuclear processes with minimal waste from the fuel cycle.
NO
2
The undertaking carries out, funds or has exposures to
construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes
of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best
available technologies.
NO
3
The undertaking carries out, funds or has exposures to safe
operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production
from nuclear energy, as well as their safety upgrades.
NO
4
The undertaking carries out, funds or has exposures to
construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
NO
5
The undertaking carries out, funds or has exposures to
construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous
fuels.
NO
6
The undertaking carries out, funds or has exposures to
construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
The JENSEN-GROUP has no main activity related to nuclear & fossil gas as stated in template 1 of the Gas and Nuclear disclosures.
Therefore, only template 1 has been included in the present report.
Standard templates for the disclosure referred to in Article 8(6) and (7)
The information referred to in Article 8(6) and (7) shall be presented as follows, for each applicable key performance indicator (KPI)
Template 1 Nuclear and fossil gas related activities
Nuclear energy related activities
Fossil gas related activities
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
Appendix E: Limited assurance report of the statutory auditor on the
consolidated sustainability statement of JENSEN-GROUP NV
To the general shareholders meeting
In the framework of our legal limited assurance engagement on the consolidated sustainability statement of
JENSEN-GROUP NV and its subsidiaries (the group), we hereby submit our report on this mission.
We were appointed by the board of directors (bestuursorgaan / organe dadministration) of the group, in
accordance with the engagement letter dated 16 December 2024, related to the performance of a limited
assurance engagement on the consolidated sustainability information of the group, included in the Sustainability
report that is part of the Annual Report as at 31 December 2024 and for the financial year then ended (the
consolidated sustainability statement).
We have performed our limited assurance engagement on the consolidated sustainability statement of the group
for the first time during the current reporting period.
Limited assurance conclusion
We have performed a limited assurance engagement on the consolidated sustainability statement of the group.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the consolidated sustainability statement, in all material respects:
has not been prepared in compliance with the requirements stipulated in article 3:32/2 of the Code of
Companies and Associations, including compliance with the applicable European Sustainability
Reporting Standards (ESRS);
is not in accordance with the process carried out by the the group to identify the information reported
in the consolidated sustainability statement (the process) is in accordance with the description set out
in Appendix A: general and governance disclosures;
does not comply with the requirements of Article 8 of EU Regulation 2020/852 (the Taxonomy
Regulation) regarding the disclosures in Appendix D: Taxonomy of the sustainability statement.
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial
information (ISAE 3000 (Revised)), as applicable in Belgium.
Our responsibilities under this standard are described in more detail in the section of our report "Responsibilities
of the statutory auditor relating to the limited assurance engagement on the consolidated sustainability
statement.
We have complied with all ethical requirements relevant to limited assurance engagements on the consolidated
sustainability statement in Belgium, including those regarding independence.
We apply International Standard on Quality Management 1(ISQM 1), which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements.
We have obtained from the board of directors and the groups officials all explanations and information required
for our limited assurance engagement.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
We believe that the evidence we have obtained in the framework of our limited assurance engagement is
sufficient and appropriate to provide a basis for our conclusion.
Other matter
The scope of our work is limited to our limited assurance engagement on the consolidated sustainability
statement of the group for the year ended 2024. Our limited assurance engagement does not extend to
information related to the comparative figures included in the consolidated sustainability statement.
Responsibilities of the board of directors relating to the preparation of the consolidated sustainability
statement
The board of directors of the group is responsible for designing and implementing a process and for disclosing this
process in Appendix A: general and governance disclosures of the consolidated sustainability statement. This
responsibility includes:
understanding the context in which the groups activities and business relationships take place and
developing an understanding of its affected stakeholders;
the identification of the actual and potential impacts (both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the
entitys financial position, financial performance, cash flows, access to finance or cost of capital over the
short-, medium-, or long-term;
the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate thresholds; and
making assumptions and estimates that are reasonable in the circumstances.
The board of directors of the group is also responsible for the preparation of the consolidated sustainability
statement, which includes the information established by the process,
in accordance with the requirements set out in article 3:32/2 of the Code of Companies and Associations,
including the applicable European Sustainability Reporting Standards (ESRS);
in compliance with the requirements of Article 8 of the Taxonomy Regulation regarding the disclosure of
the information included in Appendix D: Taxonomy of the consolidated sustainability statement.
This responsibility comprises:
designing, implementing and maintaining such internal control that the board of directors deems
necessary for the preparation of the consolidated sustainability statement that is free from material
misstatement, whether due to fraud or error; and
the selection and application of appropriate sustainability reporting methods and making assumptions
and estimates that are reasonable in the circumstances.
The board of directors is responsible for overseeing the groups sustainability reporting process.
Inherent limitations in preparing the consolidated sustainability statement
In reporting forward-looking information in accordance with ESRS, the board of directors of the group is required
to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in
the future and possible future actions by the group. Actual outcomes are likely to be different since anticipated
events frequently do not occur as expected and deviations may be of material importance.
Responsibilities of the statutory auditor relating to the limited assurance engagement on the consolidated
sustainability statement
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether
the consolidated sustainability statement is free from material misstatement, whether due to fraud or error, and
to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence
decisions of users taken on the basis of the consolidated sustainability statement.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium, we
apply professional judgement and maintain professional scepticism throughout the engagement. The work
performed in an engagement aiming to obtain a limited level of assurance, for which we refer to the section
Summary of the work performed is less in scope than in an engagement aiming to obtain a reasonable level of
assurance. Therefore, we do not express an opinion with a reasonable level of assurance as part of this
engagement.
Since the forward-looking information in the consolidated sustainability statement and the assumptions on which
it is based, relate to the future, they may be affected by events that may occur in the future and/or by potential
actions of the group. The actual outcomes are likely to be different from the assumptions made, as the
anticipated events often do not occur as expected, and the deviation from them could be material. Therefore, our
conclusion does not provide any assurance that the reported actual outcomes will correspond with those
included in the forward-looking information in the consolidated sustainability statement.
Our responsibilities in respect of the consolidated sustainability statement, in relation to the process, include:
obtaining an understanding of the process, but not for the purpose of providing a conclusion on the
effectiveness of the process, including the outcome of the process; and
designing and performing procedures to evaluate whether the process is consistent with the groups
description of its process, as disclosed in Appendix A: general and governance disclosures.
Our other responsibilities in respect of the consolidated sustainability statement include:
acquiring an understanding of the entity's control environment, the relevant processes, and information
systems for preparing the consolidated sustainability statement, but without assessing the design of
specific control activities, obtaining supporting information about their implementation, or testing the
effective operation of the established internal control measures;
identifying where material misstatements are likely to arise in the consolidated sustainability statement,
whether due to fraud or error; and
designing and performing procedures responsive to where material misstatements are likely to arise in
the consolidated sustainability statement. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the consolidated
sustainability statement. The procedures in a limited assurance engagement vary in nature and timing, and are
less in extent than procedures performed for a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had a reasonable assurance engagement been performed.
SUSTAINABILITY REPORT
ANNUAL REPORT 2024
The nature, timing and extent of the procedures selected depend on professional judgement, including the
identification of areas where material misstatements are likely to arise in the consolidated sustainability
statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the process, we:
obtained an understanding of the process by:
- performing inquiries to understand the sources of the information used by management (e.g.,
stakeholder engagement, business plans and strategy documents); and
- reviewing the groups internal documentation of its process; and
evaluated whether the assurance evidence obtained from our procedures with respect to the process
implemented by the group was consistent with the description of the process set out in Appendix A:
general and governance disclosures.
In conducting our limited assurance engagement, with respect to the consolidated sustainability statement, we
have:
obtained an understanding of the groups reporting processes relevant to the preparation of its
consolidated sustainability statement by obtaining an understanding of the Groups control
environment, processes and information system relevant to the preparation of the consolidated
sustainability statement, but not for the purpose of providing a conclusion on the effectiveness of the
Groups internal control;
evaluated whether the information identified by the process is included in the consolidated
sustainability statement;
evaluated whether the structure and the presentation of the consolidated sustainability statement is in
accordance with the ESRS;
performed inquires with relevant personnel and analytical procedures on selected information in the
consolidated sustainability statement;
performed substantive assurance procedures on selected information in the consolidated sustainability
statement;
compared disclosures in the consolidated sustainability statement with the corresponding disclosures in
the financial statements and Annual Report;
evaluated the methods and assumptions for developing estimates and forward-looking information as
described in the section Responsibilities of the statutory auditor related to the limited assurance
engagement on the consolidated sustainability statement.
obtained an understanding of the groups process to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures in the consolidated sustainability statement.
Statement related to independence
Our audit firm and our network have not performed any engagements which are incompatible with the limited
assurance engagement, and our audit firm has remained independent of the group throughout the course of our
mandate.
Signed at Ghent.
The statutory auditor
_____________________
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Charlotte Vanrobaeys
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
REPORT BOARD OF DIRECTORS
State of the business in 2024
Outlook 2025
Results and proposal for appropriation of results
Corporate Governance Statement
Risk management
Other financial information
State of the business in 2024
In 2024, JENSEN-GROUP reached unprecedented milestones, setting new benchmarks in operational and
financial performance. Total order intake in 2024 reached 517.3 million euro, surpassing the half-billion mark
for the first time. Combined with a strong order book at the start of the year, the order intake propelled our
revenue to an all-time high of 453.2 million euro in 2024 and forms a strong basis for 2025.
Our track record of sustained growth provides proof of effective resource allocation and focused capital
investments in the past two years. In 2023 we acquired the Ole Almeborg facilities in Denmark to further
extend our manufacturing base, while expanding our production facility in China through the purchase of a
large facility adjacent to our factory. In addition, we stepped up our investments in innovation capabilities for
AI and robotics at Inwatec in Denmark. Furthermore, the acquisition of a 49% stake in Inax Corporation, in April
2023, a leading Japanese player in the laundry equipment sector, significantly enhanced our market position. In
2024, we further enhanced our strategic portfolio by the acquisition of MAXI-PRESS in July 2024, a market
leader in press cushions and consumables for the heavy-duty laundry industry.
Our EBIT for 2024 rose to 50.7 million euro from 40.7 million euro in 2023, which represents robust growth of
25%. The contribution of JENSEN-GROUP's earnings from Tolon and Inax increased to 3.9 million euro from 2.1
million euro, despite the adverse impact of 0.6 million euro from hyperinflation accounting on Tolon's Turkish
operations. Due to higher pre-tax profits, the Group's tax charges increased from 10.5 million euro to 13.0
million euro, while maintaining a stable effective tax rate.
These developments culminated in a rise in net profit from 31.0 million euro to 41.2 million euro as at
December 31, 2024.
Reflecting the increase in operating activities, our working capital rose from 152.0 million euro to 180.6 million
euro by the end of 2024. The Group is reporting a net financial cash position of 3.1 million euro, inclusive of 8.3
million euro in leasing debt, compared to 36 million euro at the end of 2023. This decrease is largely due to the
acquisition of an 85% stake in MAXI-PRESS, financed through cash and additional borrowings amounting to 20
million euro as at December 2024.
As a result, net financial charges increased from 1.0 million euro to 2.2 million euro. This is mainly because of
the additional borrowings but is offset by repayments made. Our borrowing agreements remain favorable, with
no financial covenants attached.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Outlook 2025
The Group's aim for 2025 is to stay its strategic course and continue to solidify its market position and
profitability by taking full advantage of the robust order book and project pipeline at the start of the year and
by relentlessly focusing on commercial and industrial excellence in execution. The Group will continue to drive
customer centricity and sustainable innovation by developing new products and services while further
enhancing the optimization and digitalization of business processes and applications.
Risk factors to be taken into account for 2025 include the uncertainty regarding overall political and socio-
economic climate, the evolution and effect of trade tariffs, the impact of geopolitical and military threats,
travel restrictions across the world in the event of a new pandemic emerging, a slowing-down of demand due
to an economic recession in our key markets, our customers' ability to access financing when confronted with
higher interest rates, the fluctuating availability of raw materials, energy and transportation costs, exchange
rate volatility, and competitive pressures.
Appropriation of the result
The JENSEN-GROUP NV reported in its statutory accounts a net profit of 8.7 million euro. The Board of
Directors proposes to appropriate this result as follows:
In euro
Profit (loss) brought forward
54.387.439
Profit (loss) for the period available for appropriation
8.728.831
Profit to be appropriated
63.116.270
Distribution of profit (dividend)
9.484.615
Appropriation to capital and reserves
5.201.497
Appropriation to retained earnings
48.430.158
This brings the total amount of retained earnings to 48.4 million euro.
Dividend proposal
The Board of Directors proposes to the Annual Shareholders’ Meeting to approve a dividend of 1.00 euro per
share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will
amount to 9,484,615 euro, based on the number of shares outstanding as of December 31, 2024. No dividend
will be distributed to the treasury shares.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Corporate Governance Statement
JENSEN-GROUP NV has adopted the 2020 Code on Corporate Governance, which is available on
www.corporategovernancecommittee.be, as its reference code. The Company has implemented the evolving
Code since 2004, while consistently reviewing the major requirements and evolution of the Code and regularly
evaluating the Company’s degree of compliance. The factual applications of the 2020 Code are reported in this
Statement and on page 140 of this Annual Report with respect to gender diversification within the Board of
Directors.
The Company has adapted its Corporate Governance Charter in accordance with the 2020 Code, and the Board
of Directors has thereby adopted and published the following revised documents.
Charter of the Board of Directors, including standards of independence and requirements for Directors;
Charter of the Nomination and Remuneration Committee;
Charter of the Audit and Risk Committee;
Remuneration Policy;
Communication Policy;
Role and Responsibilities of the Chairperson of the Board of Directors; and
Role and Responsibilities of the Executive Management Team.
The Corporate Governance Charter can be found on the Company website https://www.jensen-group.com
under the heading 'Investor Relations/Corporate Governance’ and is regularly reviewed and evaluated by the
Board of Directors. The Corporate Governance Charter forms part of the day-to-day proceedings of the
Company’s Board of Directors and Board Committees and has been and remains to the best of the Company’s
knowledge and belief, compliant with the 2020 Code with the exception of certain recommendations as
mentioned in the paragraphs below.
According to the 'comply or explain' principle, the Company may deviate from the 2020 Code, provided that it
duly explains the reasons for doing so. Those reasons could be linked to the Company’s profile, organization
and/or size. At present, the Company first departs from Recommendation 4.14 of the 2020 Code by not
employing internal audit staff and instead outsourcing the internal audit function to external parties. The
Audit and Risk Committee of the Board of Directors has hereby concluded that an in-house internal audit
function would not be effective because:
The JENSEN-GROUP consists of multiple smaller entities with limited turnover that are closely
monitored by local management teams;
Each entity operates under its own legislation and in the local language, which would hinder efficient
internal audits;
The management teams are further monitored by the JENSEN-GROUP headquarters through quarterly
operational and financial reviews and by means of regular visits by management to the company's
headquarters;
All subsidiaries are aware of the JENSEN-GROUP policies and procedures, and the Group's relative size
continues to allow for regular communication and face-to-face meetings with all local management
teams;
For consolidation purposes, all JENSEN-GROUP companies are audited by the same accounting firm and
significant risk factors are consistently reviewed within the external audit scopes of the different
subsidiaries.
For these reasons, the Board's Audit and Risk Committee establishes internal audit priorities both through
consultation with the external auditor and based on a risk analysis. Additionally, the Committee maintains its
collaboration with an independent external audit firm for specific internal audit projects. This approach is
considered more effective than an in-house internal audit function as the Audit and Risk Committee can
outsource internal audit activities to a locally competent internal audit service provider.
Second, the Company deviates from Recommendations 3.11 and 9.1 of the 2020 Code in that it has no formal
arrangement for, and therefore does not regularly assess, the interaction between the non-executive Directors
or between the non-executive Directors and the Executive Management. This deviation is explained by the fact
that in practice, the CEO and CFO always attend the Board and Board Committee meetings, while the non-
executive Directors can meet the executive managers as they wish by visiting locations or requesting a
separate meeting to discuss specific topics. In addition, the non-executive Directors meet together in person at
least once a year and meet with the members of the Executive Management Team and other executives on
the occasion of the Board’s annual Strategy Workshop.
Thirdly, the terms and conditions of the contracts of the CEO and the other executives are, in accordance with
Recommendation 7.12 of the 2020 Code, approved by the Board of Directors based on the advice of the
Nomination and Remuneration Committee. The Company deviates from Recommendation 7.12, however, in
that it presently does not have the right under these contracts or any other agreements or systems to recover
(i.e. "claw back") or withhold the payment of variable remuneration, which remuneration currently ranges
from 30% to 70% depending on the level of function. This deviation is explained by the fact that the Company
applies a Remuneration Policy of setting performance targets and paying out variable compensation in line
with achievement levels on an annual basis, but it would be revisited if the Company were to opt for a long-
term incentive scheme based on multi-year strategic objectives.
Fourthly, within the JENSEN-GROUP, neither the non-executive nor the executive Board members receive any
remuneration in the form of the JENSEN-GROUP NV shares. This is a departure from Recommendations 7.6
and 7.9 of the 2020 Code, which is explained by the fact that the Company has had a long-standing practice of
setting its remuneration policy based on an alignment of annual objectives and actions with the long-term
value creation of its shareholders and other stakeholders.
The Board of Directors and the Nomination and Remuneration Committee have applied said policy consistently
over the past fifteen years, while achieving desirable results, as underscored by the performance record of the
Company during that period.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
The Board of Directors has therefore concluded, further to the advice of the Nomination and Remuneration
Committee, that the granting of the JENSEN-GROUP NV shares would run counter to this policy and therefore
decided against remuneration in that form.
Fifthly and lastly, the Board of Directors for the same reason does not apply the requirement, as set out in
Article 7:91 of the 2019 Companies and Associations Code, to spread targets and payment of variable
compensation over multiple years. To that effect, the shareholders approved an exemption from this
requirement for the first time in May 2014 and most recently, at the Annual Shareholders' Meeting of May
2024, renewed this exemption for a period of five years, commencing from financial year 2024 up to and
including financial year 2028.
The information found in the Corporate Governance Charter is provided 'as is' and is solely intended for
clarification purposes. The recommendations and policies found in the Corporate Governance Charter are in
addition to, and not intended to change or interpret, any law, regulation, or the Certificate of Incorporation or
Bylaws of the Company. By adopting the revised documents included in the Corporate Governance Charter,
the Company does not enter into any obligation or contractual or unilateral commitments whatsoever and
these documents are instead intended as guidelines in the day-to-day operations. Competences and tasks
attributed to the Board of Directors are to be seen as enabling clauses, not as mandatory rules, or compelling
lines of conduct.
Risk management and internal control
In accordance with the relevant provisions of the 2019 Companies and Associations Code, the JENSEN-GROUP
has adopted and implemented a risk management and internal control process.
The following description of this process is based on the Integrated Internal Control Framework and the
Enterprise Risk Management Framework as published by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO).
The Board of Directors has delegated the tasks of implementing a risk management process and internal
control system to the Executive Management Team and expects to receive reports on both topics from the
Executive Management Team at regular intervals. The Board of Directors of the Company supervises the
proper functioning of the risk management and internal control process through the Audit and Risk
Committee.
Risk management
Based on a framework model prepared by an external consultant, the JENSEN-GROUP's Executive
Management Team has developed a risk map describing the Group's strategic, operational, financial and legal
risks.
Prepared for the first time in 2008 and reviewed on a regular basis, this map outlines and evaluates the
probability of the different risks occurring, the impact of such occurrence on the results, and the measures to
mitigate risk exposure. The Executive Management Team presents the conclusions of this risk assessment in
the form of a risk map to the Audit and Risk Committee. Subsequently it is presented to the Board of Directors,
which discusses the significant risks, and changes in risks, with management on an 'as needed' basis, and at
least once a year.
The Executive Management Team discloses, on a quarterly basis, a certain number of risk areas as reported
during the quarterly review process by the reporting entities. The Executive Management Team then re-
examines those risks, formulates mitigation approaches, and with regard to areas of continuing material risk
exposure to the Group, examines various ways of transferring the risks to third parties.
An annual check of material impacts, risks, and opportunities with regard to ESRS topics is also performed by
the Executive Management Team and presented to the Board of Directors.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Internal control
Definition
Internal control represents a rigorously structured process, that is established and enforced by the Board of
Directors, management, and all participating staff members. Its purpose is to offer a reasonable level of
assurance concerning the attainment of objectives in critical areas: a) the pursuit of strategic, high-level goals
that are both aligned with and supportive of our mission; b) the operational effectiveness and efficiency; c) the
reliability of financial reporting and sustainability disclosures; and d) conformity with applicable laws and
regulations. This systemic approach demonstrates our unwavering dedication to achieving operational
superiority, ensuring the integrity of our financial reporting, and maintaining full compliance with legal
standards, all of which are fundamental to advancing the organization's strategic objectives and mission.
Control environment
The Board of Directors has endorsed and the Executive Management Team has implemented
The JENSEN-GROUP Ethical Business Policy Statement. This vital document articulates the mission and
ethical principles guiding the JENSEN-GROUP, outlines the organization’s conduct standards, and specifies
permissible interactions with third parties, especially in scenarios not explicitly addressed by the legal
frameworks governing conflicts of interest. The enactment and adherence to the Ethical Business Policy
Statement are obligatory across all entities within the Group, its tenets forming an integral part of the
curriculum in every training program conducted. To affirm their commitment, all employees are required to
sign that policy statement. The Ethical Business Policy Statement undergoes periodic reviews to ensure its
relevance and accessibility, with the latest version available on the Company's website at www.jensen-
group.com, under the 'Investor Relations/Corporate Governance' section.
Furthermore, and in line with its commitment to transparency and accountability, the JENSEN-GROUP has
instituted a whistleblowing mechanism that is accessible to all stakeholders. This procedure is detailed on the
Company’s website at www.jensen-group.com, under 'The JENSEN-GROUP Whistleblowing Procedure'. The
organization acknowledges the recent transposition of the EU’s “Whistleblower Directive” (Directive (EU)
2019/1937) into Belgian law with the Law of 28 November 2022. This law focuses on safeguarding individuals
who expose violations of Union or national law within the private sector. In response, the JENSEN-GROUP has
been proactively updating its Whistleblowing Procedure to align with the new legislated requirements
regarding internal reporting channels with private entities, underscoring the Group’s dedication to ethical
business practices and legal compliance.
In 2022, the JENSEN-GROUP commenced the roll-out of a comprehensive 'Suppliers’ Code of Conduct'. This
document outlines the standards expected of the Group's suppliers in key areas such as business integrity and
ethics, labor and social standards, environmental stewardship, general business principles, and the requisite
management systems. The objective of this initiative is to elevate social and environmental responsibility
among the Group’s suppliers, often necessitating standards that exceed the requirements of locally applicable
laws and regulations.
This proactive approach underscores the JENSEN-GROUP's commitment to fostering a sustainable and ethically
responsible supply chain and reflects our dedication to corporate social responsibility and environmental
stewardship on a global scale.
Control activities and monitoring
The JENSEN-GROUP's approach to internal control monitoring is characterized by continuous vigilance.
Management's ongoing oversight ensures that the internal control mechanisms across the Group are both
effective and responsive. This proactive monitoring facilitates a detailed comparison of the performance of
individual entities against rolling forecasts and historical performance, allowing for the early detection of
discrepancies that may indicate control weaknesses. Swift corrective actions are taken to address any such
weaknesses, reflecting the Group's commitment to operational integrity.
At the heart of the JENSEN-GROUP's operational structure is a network of entities, each overseen by dedicated
local management teams. These teams are crucial for ensuring that each entity aligns with the Group's
strategic objectives and operational standards. The Executive Management Team further reinforces this
alignment by means of rigorous quarterly reviews, that evaluate entities regarding operational performance,
financial robustness, and ESG compliance. This comprehensive review process underscores the Group's
dedication to excellence in all aspects of its operations.
Complementing these reviews, the Controlling and Reporting function of the JENSEN-GROUP undertakes its
own independent assessments of each entity on a quarterly basis. This dual-layered oversight mechanism is
designed to ensure a consistent level of strategic coherence, operational efficiency and accountability
throughout the Group.
The responsibility for implementing the Procedures and Guidelines of the JENSEN-GROUP falls to the local
management teams. This critical task ensures that each entity not only adheres to the Group's strategic
directives but also upholds the high standards of conduct and operation that the JENSEN-GROUP demands. By
adopting this structured and disciplined approach towards management and oversight, the JENSEN-GROUP
fosters a culture of excellence, accountability, and ethical conduct across all its operations.
Following thorough discussions with the Audit and Risk Committee, the JENSEN-GROUP's management has
established a comprehensive set of key controls for financial reporting that came into effect in 2009 and was
extended to include sustainability reporting in 2023. These controls are designed to provide reasonable
assurance regarding the reliability of both financial and sustainability reporting, as well as the statements
released to external stakeholders. Local management teams are responsible for the implementation of these
controls, which undergo regular reassessment and adjustments as deemed necessary. Furthermore,
compliance with these key controls at the local level is periodically verified, ensuring a consistent and robust
approach to governance across the entire Group.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Internal audit
The Audit and Risk Committee of the Company’s Board of Directors has determined that maintaining an
internal audit function in-house does not represent the most effective and efficient approach to conducting
audit activities within the organization. Consequently, after thorough consultation with the external auditor
and a comprehensive risk analysis, the Committee has formulated an internal audit plan. This plan involves
engaging an independent external firm to conduct specific internal audit projects, thereby leveraging
specialized expertise tailored to the Group's needs.
For the execution of internal audit activities, the Audit and Risk Committee opts to outsource these tasks to a
locally competent audit service provider. This strategic decision allows for a high level of auditing expertise and
local knowledge, ensuring that the audits are both thorough and relevant to the specific operational contexts
of the JENSEN-GROUP's entities.
In 2024, the revenue recognition was in scope for internal audit purposes.
Additionally, the Audit and Risk Committee maintains a diligently follows up on the significant findings from
previous internal audit reports. Regular reviews of these findings are conducted to monitor progress in
addressing the issues identified, and to fulfill a commitment to resolve these matters fully. This iterative
review process ensures that audit findings are not only acknowledged but are acted upon effectively, thereby
reinforcing the Group's dedication to continuous improvement and risk management.
Conformity with reporting requirements
The JENSEN-GROUP ensures adherence to the standards of financial reporting by incorporating all relevant
IFRS (International Financial Reporting Standards) principles, guidelines, and interpretations into its
comprehensive accounting manual. This document is a cornerstone of the Group's Procedures and Guidelines
and is meticulously updated to reflect any changes or advancements in accounting standards, thereby ensuring
transparency, accuracy, and consistency in financial reporting across the Group.
Additionally, the JENSEN-GROUP is committed to comprehensive and transparent Environmental, Social, and
Governance (ESG) reporting. To that end, all pertinent quantitative disclosure requirements set forth by the
ESRS are integrated within the ESG reporting manual, which is another critical component of the JENSEN-
GROUP's Procedures and Guidelines.
The JENSEN-GROUP has made a concerted effort to ensure that its comprehensive collection of Procedures
and Guidelines is fully accessible to all members of local management and staff via the organization's intranet.
This accessibility is fundamental to maintaining a cohesive and informed workforce, aligned with the Group's
operational standards and ethical commitments.
In line with the commitment to maintaining rigorous oversight and transparency, the JENSEN-GROUP also
engages in additional reporting activities as directed by its management and/or the Audit and Risk Committee.
These reports, when relevant, are meticulously incorporated into the accounting manual.
The Financial Managers within the JENSEN-GROUP convene at stipulated intervals, during which they receive
updates on the latest developments in International Financial Reporting Standards (IFRS). This practice ensures
that all financial reporting adheres to the most up-to-date standards and reflects the latest accounting
principles and guidelines.
Similarly, employees tasked with Environmental, Social, and Governance (ESG) reporting duties are kept
abreast of the evolving ESRS requirements, with training sessions organized as required to facilitate the
accurate application of those updates.
In a strategic move towards standardization and efficiency, the JENSEN-GROUP is in the process of
transitioning all its entities to a unified Enterprise Resource Planning (ERP) system according to a defined
schedule. The purpose of this initiative is to ensure that all companies within the Group utilize identical
software solutions for the reporting of financial and ESG data, thereby streamlining the consolidation process.
For consolidation purposes, most of the JENSEN-GROUP companies are audited or reviewed by the same audit
firm, ensuring that key risk factors are consistently assessed across external audits of the different subsidiaries.
The external auditor reports to the Audit and Risk Committee on the findings of such audits or reviews and on
any significant issues, twice a year.
Relevant findings by the Internal Audit and/or the Statutory Auditor are reported to both the Audit and Risk
Committee and to the management concerned. Periodic follow-up is performed to ensure that corrective
action has been taken.
Operational reviews
The operational performance of the JENSEN-GROUP is closely scrutinized by the management team during the
quarterly Business Board and Financial Reviews. These sessions are comprehensive, and not only
encompassing operational metrics but also an in-depth financial review. This financial examination is
particularly focused on identifying significant adjustments within the income statement and working capital
items, with a keen eye on any deviations from the established budgets or forecasts. By combining both
operational and financial perspectives, these reviews enable the management team to maintain a holistic view
of the organization's performance. This approach facilitates timely identification of areas requiring adjustment
or enhancement, ensuring that the JENSEN-GROUP remains aligned with its strategic objectives and financial
goals. Through this rigorous monitoring process, the management team plays a key role in driving continuous
improvement and safeguarding the financial stability of the organization.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Financial reviews
To safeguard the precision and reliability of its reported data, the JENSEN-GROUP's Controlling and Reporting
function undertakes a rigorous review every quarter. This review meticulously examines the financial accuracy
of all data prepared for consolidation, ensuring its alignment with the budget or rolling forecasts. Additionally,
it assesses any variances from the budget, forecast, or previous year's figures, and analyzes the reasons behind
these deviations.
Following this comprehensive evaluation, the JENSEN-GROUP's management team is tasked with conducting a
thorough follow-up.
A key performance metric for the JENSEN-GROUP is the Return on Capital Employed (ROCE), which serves as a
pivotal benchmark in monitoring and guiding the business towards achieving optimal financial efficiency and
profitability.
In a significant step towards enhancing the transparency and precision of its financial forecasting, the JENSEN-
GROUP introduced monthly closings for the first time in October 2023. This initiative marks a pivotal
enhancement of the Group's financial management practices, allowing for more frequent and detailed
monitoring of its financial performance. This change is expected to facilitate better decision-making by
providing timely and accurate financial information throughout the year.
To ensure thorough analysis and oversight, all pertinent financial information is presented to the Audit and
Risk Committee, as well as the Board of Directors of the JENSEN-GROUP. Before any financial information is
disclosed externally, including press releases and other financial communications, a meticulous review and
control process is undertaken, which involves several critical stages:
JENSEN-GROUP Headquarters Review: Initially, the financial information undergoes a detailed review
at the headquarters level by a close collaboration between Group management and the Group's
Controlling and Reporting function. This stage ensures that all data is accurate, complete, and
consistent with the Group's financial realities and reporting standards.
Audit and Risk Committee Review: Subsequently, the Audit and Risk Committee conducts its own
examination of the financial information. This review focuses on assessing the financial data's integrity,
on compliance with applicable accounting standards, and on the overall risk implications for the
JENSEN-GROUP.
Board of Directors Approval: Finally, the financial information requires the approval of the Board of
Directors. This ultimate step confirms that the information meets all requisite standards of disclosure
and is aligned with the Group's strategy, governance principles, and stakeholder expectations.
ESG reviews
ESG reviews within the JENSEN-GROUP are conducted on a quarterly basis, with a particular emphasis on
scrutinizing the ESG data and its supporting documentation for accuracy and quality. The process for verifying
ESG reporting is rigorous and multi-layered, ensuring the integrity and reliability of the data presented.
The initial verification stage occurs at the local entity level, where the personnel responsible for ESG reporting
carry out the task under the direct oversight of the General Manager. This step ensures that the data collated
is accurate and well-documented at the source.
Following this, the JENSEN-GROUP employs a "four-eye principle" in order to provide a secondary level of
review at the Group level. This principle is applied once the ESG data is submitted through the designated
reporting tool, facilitating an additional layer of scrutiny to confirm the validity of the data.
After the data verification, local entities are directed to amend any inaccuracies identified, in preparation for
the limited assurance process conducted by an external auditor. This process is strategically synchronized with
the financial audit cycle, enhancing the cohesion and efficiency of the audit activities. The external auditor,
responsible for both financial and ESG auditing, provides a report to the Audit and Risk Committee. This report,
which is delivered annually, encompasses the findings from the review and highlights any significant issues
that were encountered.
Information and communication
The JENSEN-GROUP Controls provide management with transparent and reliable information in a form and
timeframe that enables management to carry out its responsibilities effectively.
Every year, the JENSEN-GROUP prepares a financial reporting calendar in consultation with the Board of
Directors and the Executive Management Team. This calendar is designed to allow relevant, complete, and
timely reporting to external stakeholders.
Condensed consolidated half-year information is reported each August, and the full Annual Report is published
each March of the following year. As from the 3rd quarter 2023 onwards, the JENSEN-GROUP re-launched the
publication of the quarterly trading updates. Prior to any external reporting, all press releases and other
financial information are subject to appropriate controls by the JENSEN-GROUP headquarters, to a review by
the Audit and Risk Committee and to approval by the Board of Directors.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Composition of the Board of Directors
The members of the Board of Directors are appointed by a simple majority vote of the shareholders during the
Annual Shareholders’ Meeting.
The Bylaws of the Company allow for appointment by co-optation, which is considered a transitional
arrangement whereby the Director-elect completes the mandate of the outgoing Director as opposed to taking
on a new mandate. For this reason, the transition period is not considered a mandate for the purpose of the
independence rule review, in which the Company looks at the total years of service on the Board of Directors.
The Bylaws further require the Board of Directors to have no fewer than three, but not more than eleven,
members. Board members are elected for terms of office of no more than four years. Furthermore, Belgian
law requires that at least one third of the Board of Directors be female. JENSEN-GROUP NV is in full
compliance with this law.
The Bylaws are supplemented by the Charter of the Board of Directors, which outlines and details the Board’s
role and responsibilities. This Charter is revised from time to time and includes the following major chapters:
'Functioning of the Board', which addresses: Directors’ responsibilities; number of Board and Board
Committee meetings; Company Secretary responsibilities; setting the agenda of Board meetings; Director
compensation, orientation, and training; CEO evaluation; management succession; Director access to
officers and employees; and use of independent advisors.
'Board Structure', which addresses the size of the Board; selection of Directors; required qualifications
including the criteria of independence; resignation from the Board; and term limits.
'Committees of the Board', which addresses: the establishment of the Audit and Risk Committee and of
the Nomination and Remuneration Committee.
'Other Board practice', which addresses: Directors’ roles and responsibilities; the terms of reference of the
Board Chairman and of the Executive Management Team; interaction with institutional investors, analysts,
media, customers, and members of the public at large; limitation of liability; policy to prevent insider
trading and market abuse; conflict of interest policy and code of conduct; and evaluation of Board
performance.
For more details, please consult the Company website: www.jensen-group.com, under the heading 'Investor
Relations/Corporate Governance'.
As it has consistently done in the past, the Company selects its Board members in a manner that allows for a
balance in the profiles of the different Directors. The Company hereby seeks to ensure a balance between
executive and non-executive Directors, Directors representing shareholders and independent Directors, and in
respect of Directors’ professional backgrounds, experience, and gender. The percentage of independent Board
members is equal to 43%. The Board's gender diversity ratio is 2:7.
The Board, the Committees of the Board, and the Executive Management Team represent the administrative,
management and supervisory bodies of the JENSEN-GROUP and is composed of 12 members of which 17% of
which are female and 83 % male. A majority of the members of the Board of Directors are not related to the
Company’s controlling shareholders.
The governance structure is as follows:
The composition of the Board and the attendance records and remuneration packages of the individual
Directors are as follows:
Name
Function
Indep.
Term
Expiry
Attendance
Board
meetings
Committee
Attendance
committees
Remuner
ation
YquitY bv1
Chairman
V
2028
100%
NRC
100%
112,500
represented by Mr. Rudy Provoost
SWID AG2
Director
2025
100%
-
represented by Mr. Jesper Munch Jensen
TTP bv1
Director
2025
100%
ARC
100%
62,250
represented by Mr. Erik Vanderhaegen
NRC
100%
Mr. Jobst Wagner 1
Director
V
2027
100%
ARC
100%
61,500
NRC
100%
Cross Culture Research LLC³
Director
2026
100%
37,500
represented by Ms. Anne Munch Jensen
Acacia I bv1
Director
V
2027
100%
ARC
100%
51,000
represented by Ms. Els Verbraecken
Mr. Daisuke Miyauchi1
Director
2027
100%
37,500
Total remuneration Board of Directors
365,250
1: Non-executive Director
2: Executive Director, CEO, representing the reference shareholder
3: Non-executive Director, representing the reference shareholder
ARC: Audit and Risk committee
NRC: Nomination and Remuneration Committee
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
YquitY bv, represented by Mr. Rudy Provoost. Mr. Provoost holds a Master in Psychology from the University
of Ghent, Master's in Management from Vlerick Business School, and an Executive Master's in Change from
INSEAD. He has held senior leadership positions at Rexel in France, where he served as CEO and Chairman of
the Board of Directors, and at Royal Philips in The Netherlands, where he was a member of the Executive
Board and successively CEO of Philips Consumer Electronics and CEO of Philips Lighting. Currently he is
Chairman of Voka-Flanders Alliance of Enterprises, Chambers of Commerce and Industry, and a member of the
Board of Directors of both the Pollet Group and Vlerick Business School. Mr. Provoost has been Chairman of
the Board of JENSEN-GROUP NV since May 19, 2020.
SWID AG, represented by Mr. Jesper Munch Jensen. Mr. Jensen is the CEO of the JENSEN-GROUP.
TTP bv, represented by Mr. Erik Vanderhaegen. Mr. Vanderhaegen is the former CFO of the JENSEN-GROUP.
He is currently CFO of BioFirst Group. Previously, he was a certified auditor, Corporate Tax, Audit and M&A
Manager at Bekaert NV, M&A Manager at Greenyard and Managing Director of NIBC bank in Belgium.
Mr. Jobst Wagner. Mr. Wagner is Vice Chairman and co-owner of the globally active Rehau Industrial Group.
He holds several other positions such as Chairman and co-owner of Four W. Holding and is the Founder and
Chairman of LARIX Foundation.
Cross Culture Research LLC, represented by Mrs. Anne Munch Jensen. Mrs. Jensen holds a Cum Laude BA in
Communication, in cross-cultural communication from the Annenberg School of Communication, University of
Pennsylvania, and holds a Master of Arts degree in French from Bryn Mawr College. Mrs. Jensen started her
career as an analyst at Hay Management Consultants, before heading up her own Arts Management company.
She later developed extensive training and education experience in cross-cultural curriculum creation, using
design thinking and project-based learning approaches.
Acacia I bv, represented by Mrs. Els Verbraecken. Mrs. Verbraecken obtained her degree in Commercial
Engineering at the Catholic University of Leuven in 1993, where she specialized in international business. At
Credendo, the Belgian export credit agency, she focused on political and commercial risk analysis and
management. After using these skills within the Seghers Better Technology group for about one year, she
started at DEME in 2001 managing worldwide project risks and setting up financial plans and financing
structures for many global projects. Subsequently she was CFO of the DEME Group from April 2013 till May
2024. As from June 2024 she decided to commit herself to her mandates as independent director.
Mr. Daisuke Miyauchi, Non-executive Director. Mr. Daisuke Miyauchi has been the representative Director and
Chairperson of the board of Miura Co., Ltd. since April 2016.
Werner Vanderhaeghe bv, represented by Mr Werner Vanderhaeghe, Esq. Mr. Vanderhaeghe, a Senior
Counsel at the law firm Kadrant Law in Brussels, Belgium, is the Company Secretary and acts as General
Counsel of the JENSEN-GROUP. Before that, Mr. Vanderhaeghe was a partner at the international law firm
White and Case LLP (Brussels), and Senior Counsel at the international law firm Morgan, Lewis and Bockius LLP
(Frankfurt and Brussels). In addition, Mr. Vanderhaeghe held General Counsel positions at the Bekaert Group
and the Agfa-Gevaert Group.
From left to right: Mr. Daisuke Miyauchi, Mr. Jobst Wagner, Ms. Els Verbraecken, Mr. Rudy Provoost, Mr. Jesper Munch Jensen,
Ms. Anne Munch Jensen, Mr. Erik Vanderhaegen, and Mr. Werner Vanderhaeghe.
The Board of Directors held five meetings in 2024. The topics of discussion at these meetings included:
the JENSEN-GROUP's overall strategy, strategic plans, risk assessment, organization, rolling forecasts
and budget;
economic and market developments;
the JENSEN-GROUP's financial structure, financial performance, and external reporting;
the JENSEN-GROUP's press releases;
convening of the Annual Shareholders' Meeting;
CFO succession;
appointment daily manager;
Long Term Incentive Plan initiative;
ESG strategy and reporting;
investment and M&A projects;
shareholder value creation and shareholder return;
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
corporate governance and compliance;
self-evaluation of the Board;
re-appointment of a Director.
Depending on the items on the agenda, members of the JENSEN-GROUP's Executive Management Team were
invited to the meetings of the Board and of the Board Committees.
Evaluation of the Board of Directors
From time to time, the Board of Directors and the Board Committees conduct a self-evaluation exercise to
determine the extent to which they are functioning effectively. This exercise includes the completion of a self-
evaluation questionnaire, by all Board and Board Committee members, after which the Group General Counsel
or an external party summarizes the results, trends, and comments from the individual replies. The summaries
focus on the contribution of the Board of Directors and the Board Committees to the Company and specifically
on areas in which the Board or the Executive Management believes that the Board or its Committees could
improve. The results, trends and comments are then discussed within the Board of Directors, after which
action points are derived and implemented.
In addition, informal individual assessments of the Board members are made on an ongoing basis during Board
meetings. In 2023, the Board of Directors conducted a self-evaluation exercise, the results of which were
discussed during the Board meeting of March 2024. On that occasion the Board rated its overall performance
at the 'No improvement needed' level, indicating firm agreement with the principal components of effective
governance that the Board members were asked to consider and thus assessing the Board’s overall
performance as good and effective.
Committees established by the Board of Directors
Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of YquitY bv, represented by Mr. Rudy Provoost, acting
as Chairman of the Committee, Mr. Jobst Wagner, and TTP bv, represented by Mr. Erik Vanderhaegen.
Two of the three members of the Committee qualify as independent Directors. All members of the Committee
have HR management and remuneration policy experience.
The Nomination and Remuneration Committee met twice in the course of 2024. Both meetings were attended
in part by the CEO. The topics of discussion at these meetings included:
discussion and approval of the remuneration report and the remuneration policy;
the Long-Term Incentive Plan initiative;
the remuneration of and the bonuses for the Executive Management Team of the JENSEN-GROUP;
the self-evaluation of the Committee;
the composition of the Board of Directors and Executive Management Team, succession CFO;
the re-election of members of the Board;
the Leadership Development Program;
HR in view of the strategic process;
corporate governance and compliance.
In 2023, the Nomination and Remuneration Committee conducted a self-evaluation exercise, the results of
which were discussed during the Nomination and Remuneration Committee meeting of March 2024. On that
occasion the Committee hereby rated its overall performance at the 'no improvement needed' level, indicating
firm agreement with the principal components of effective governance that the Committee members were
asked to consider and thus assessing the Committee’s overall performance as good and effective.
The Nomination and Remuneration Committee uses its Charter as its terms of reference. The Charter can be
found on the Company website https://www.jensen-group.com under the heading 'Investor
Relations/Corporate Governance' and covers:
authority;
objectives;
composition;
the role of the Chairperson;
responsibilities;
meetings;
attendance;
non-consensus;
objectivity;
access to members of management;
reporting and appraisal;
the remuneration report;
performance evaluation.
Audit and Risk Committee
The Audit and Risk Committee consists of TTP bv, represented by Mr. Erik Vanderhaegen, acting as Chairman
of the Committee, of Mr. Jobst Wagner and of Acacia I bv, represented by Ms. Els Verbraecken.
Two of the three members of the Committee qualify as independent Directors. All members of the Committee
possess expertise in the activities of the Company and the majority have accounting and audit experience.
The Audit and Risk Committee met four times in the course of 2024. Two meetings were held in the presence
of the external auditor Deloitte Bedrijfsrevisoren BV, represented by Ms. Charlotte Vanrobaeys.
As reported above, one meeting was held in the presence of an independent outside audit firm for a specific
internal audit project. The topics of discussion at these meetings included:
Risk Management and Internal Control System;
summary management letters external auditor;
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
internal audit;
consolidated financial results;
findings of the external auditor on the financial statements as of December 31, 2023;
findings of the review procedures on the condensed financial statements as of June 30, 2024;
audit plan of external auditor;
financial statements including non-financial information, condensed financial statements and ESEF;
the JENSEN-GROUP's financial structure;
press releases including trading update;
ESG-KPI's plan to compliance with ESRS;
shareholder value creation and shareholder return;
cash management;
tax audit and transfer pricing;
local finance organizations assessments;
insurance;
corporate governance and compliance;
self-evaluation of the Committee;
non-audit fees;
investment and M&A projects including Purchase Price Allocation.
In 2022, the Audit and Risk Committee conducted a self-evaluation exercise, the results of which were
discussed during the Audit and Risk Committee meeting of March 2023. On that occasion the Committee
hereby rated its overall performance at the 'No improvement needed' level, indicating firm agreement with
the principal components of effective governance that the Committee members were asked to consider and
thus assessing the Committee’s overall performance as good and effective.
The Audit and Risk Committee uses its Charter as its terms of reference. The Charter can be found on the
Company website https://www.jensen-group.com under the heading 'Investor Relations/Corporate
Governance' and covers:
roles and responsibilities;
the number of meetings;
the composition of the Audit and Risk Committee;
the role of the Chairperson;
the presence of the external auditor;
performance evaluation.
Senior management attends each Audit and Risk Committee meeting in part, with the remainder of the
meeting reserved for an executive session with the external auditor for the Committee members only.
Conflicts of interest within the Board of Directors
As required under the 2019 Companies and Associations Code, the members of the Board of Directors are
expected to give the Board Chairman prior notice of agenda items in respect of which they have a direct or an
indirect conflict of interest with the Company, either of a financial or other nature, and to refrain from
participating in the discussion and voting on those items. The Board of Directors and the Board Chairman
constantly monitor potential conflicts of interest that do not fall within the definition as set forth by the 2019
Companies and Associations Code. The review of potential conflicts of interest is therefore a standard item on
the agenda of each meeting of the Board of Directors.
In the course of 2024, several potential conflicts of interest arose at the meetings of the Board of Directors
related to (i) the re-appointment of a Board member, (ii) the dividend proposal, (iii) the remuneration report,
and (iv) the discussion on the share buy-back program. As reported above, the relevant excerpts from the
minutes of said meetings of the Board of Directors are set forth in Annex I and enclosed as an exhibit to this
Annual Report.
In case of doubt, written confirmation of the reasons for the absence of a conflict of interest as more broadly
defined is sought from the Director or the senior executive involved.
Policy to Prevent Insider Trading
JENSEN-GROUP NV has had a longstanding policy on insider trading and the prevention of improper conduct or
the appearance of such behavior. Following the introduction of new EU legislation and applicable regulations
on market abuse, the Board of Directors revised its guidelines on the subject as set forth in a ‘Protocol to
Prevent Market Abuse’.
The purpose of this Protocol is, inter alia, to inform:
Any person who possesses inside information (either as a shareholder, Director, member of the
Executive Management Team, employee, service provider or any other person by virtue of their
function, duties, or employment) of: (i) their legal and regulatory duties regarding the prevention of
insider dealing, tipping and the unlawful disclosure of inside information; and of (ii) the applicable
sanctions;
Any person who has been identified as a Reference Shareholder, Key Manager, Person with
Management Responsibility or Key Employee of the Company, of the fact that they and, by extension,
their spouses, children of age living at home and advisors, may under no circumstances trade the
Company’s securities during a closed period, i.e.:
The period of 60 calendar days immediately preceding the announcement of the Company’s
annual results and extending through and including 48 hours following such announcement;
The period of 30 calendar days immediately preceding the announcement of the Company’s
half-year results and extending through and including 48 hours following such announcement;
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
The period of 30 calendar days immediately preceding the announcement of the Company’s
quarterly trading updates and extending through and including 48 hours following such
announcement.
Any person who has been identified as a Reference Shareholder, Key Manager, Person with
Management Responsibility or Key Employee of the Company, of the fact that they and, by extension,
their spouses, children of age living at home and advisors, must notify the Compliance Officer of the
Company and the Belgian Regulator (i.e., the Financial Services and Market Authority orFSMA”) of
every transaction in the Company’s securities if and when the total amount of transactions has reached
or exceeds the threshold of 5,000 euro within a given calendar year.
The Group requires a signed statement from all those concerned, acknowledging that they have read the
Protocol to Prevent Market Abuse, that they understand its content and that they agree to comply with its
provisions.
Notwithstanding the above, all trading in the Company’s shares requires prior authorization from the
Compliance Officer. In addition, all Directors and members of the Executive Management Team are required
to inform the Compliance Officer on a quarterly basis of any trading activity or to confirm any non-trading in
the Company’s shares. Mrs. Scarlet Janssens is the Compliance Officer of the JENSEN-GROUP NV. As of
December 31, 2024, the members of the Board of Directors and the Executive Management Team jointly
held 34,386 shares. Mrs. Anne Munch Jensen, and Mr. Jesper Munch Jensen indirectly own shares in the
JENSEN-GROUP NV, as detailed in Note 8 Equity below. No warrants are outstanding.
The Policy to Prevent Insider Trading and the relevant provisions of the Protocol to Prevent Market Abuse
are included in the Charter of the Board of Directors. The Charter can be found on the Company website
https://www.jensen-group.com under the heading 'Investor Relations/Corporate Governance'.
Sustainability related topics addressed by supervisory bodies and
management
Sustainability has been part of the JENSEN-GROUP’s DNA for many years. JENSEN-GROUP is reporting
according to the ESRS as of 2024. To increase the impact of the Group’s measures, ESG has been added as a
strategic business driver. In 2023, this resulted in the appointment of a Head of Corporate Sustainability
reporting directly to the Executive Management Team. By creating this new position, the Group has taken
the necessary steps to ensure that business practices, products and services are environmentally friendly
and comply with legal as well as ESG requirements and regulations. By doing so, the Board of Directors
reaffirms its commitment to ensuring responsible and sustainable leadership. The Board of Directors'
experience spans key sectors, products, and geographic locations relevant to our operations, ensuring
informed guidance and decision making across our global footprint and regarding sustainability risks and
opportunities.
The responsibilities for overseeing impacts, risks, and opportunities related to sustainability are clearly
defined. The management’s role in governance processes is crucial, with oversight responsibilities of
sustainability risks and opportunities delegated to the Executive Management Team, which reports directly
to the Board of Directors through established reporting lines. Dedicated controls and procedures are in
place for monitoring sustainability risks, and they are integrated with our internal functions for effective
management and oversight. The Executive Management Team holds a monthly meeting with the Head of
Corporate Sustainability to discuss sustainability priorities and targets. The Board of Directors and its
Committees receive a quarterly ESG update by the Head of Corporate Sustainability on the topics discussed
and decided with the Executive Management Team. These updates include the implementation of due
diligence processes, the results and effectiveness of the policies and actions implemented, as well as key
metrics and progress towards the targets set to address these matters. This reporting ensures that our
governance bodies remain well-informed and equipped to make decisions that align with our sustainability
objectives.
When overseeing the Company's strategy, major transactions, and risk management processes, the Board of
Directors actively considers the sustainability impacts, risks, and opportunities identified. The integration of
these factors into strategic decision-making is embedded in the governance structure, with ESG being one of
six strategic drivers led by the Head of Corporate Sustainability. This approach showcases the central role
sustainability plays in all relevant decisions.
To ensure that the Group has the necessary expertise to address sustainability matters, the administrative
management and supervisory bodies regularly evaluate the available skills and seek to develop further
expertise by means of training or by involving external experts. This ensures that the Board of Directors can
effectively oversee the material sustainability impacts, risks, and opportunities that the Group is facing.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
The sustainability-related expertise is closely aligned with the material risks and opportunities identified in
the Group’s business, allowing management to set informed targets and closely monitor progress toward
achieving them.
The Group has established the same governance for financial and sustainability reporting. The Audit & Risk
Committee monitors the financial and sustainability reporting process, including a review of the risk
assessment, of internal controls, and of their operational effectiveness. The JENSEN-GROUP is committed to
ensuring the accuracy of its financial and sustainability reporting. Financial reporting is audited by an
independent audit firm that is also in charge of verifying the sustainability data for limited assurance.
The following material impacts, risks, and opportunities have been addressed by the Group’s administrative,
management, and supervisory bodies during the reporting period:
Environmental impacts: carbon footprint results (scope 1, scope 2 and scope 3), commitment to
science-based reduction targets and high-level transition plan;
Social and governance risks: tracking of ethical business compliance through adherence to Code of
Conduct for staff and suppliers.
The Executive Management Team was also actively involved in the double materiality assessment process
by evaluating the materiality of impacts, risks, and opportunities related to the ESRS subtopics. They
validated all metrics for performance monitoring and defined targets and mitigating measures to enhance
sustainability. No other stakeholders were involved in target setting of material sustainability matters. The
Board of Directors and its Committees were kept informed about the outcome of the double materiality
assessment and the material topics requiring disclosure under the ESRS.
For more information on sustainability topics, please refer to the sustainability statement that forms part of
the present Annual Report.
Executive Management
The Board of Directors of JENSEN-GROUP NV chose to consolidate its existing single-tier structure as referred
to in article 7:85 et seq. of the 2019 Code of Companies and Associations with the powers of day-to-day
management by the Executive Management Team as opposed to supervision and control by the Board of
Directors clearly defined and aligned.
During the course of 2009, an Executive Management Team was appointed, which consists of the Chief
Executive Officer (CEO), the Chief Financial Officer (CFO), the Chief Operating Officer (COO) and the Chief
Digital Officer (CDO). As from January 1, 2024, the Group appointed a Chief Innovation Officer (CIO). The CEO
chairs the Executive Management Team meetings.
The Executive Management Team is responsible for:
The execution of the overall JENSEN-GROUP strategy that is developed by the Board of Directors;
The introduction and implementation of an internal control framework and risk management processes
that are in line with the nature, organization, and size of the JENSEN-GROUP;
The implementation and deployment of the Ethical Business Policy Statement and the Suppliers' Code
of Conduct;
The preparation of the financial and sustainability statements and disclosures;
The report of the CEO and CFO to the Board of Directors with respect to the financial situation and the
sustainable activities of the JENSEN-GROUP;
The presentation at regular intervals to the Board of Directors of all information necessary for the
Board to carry out its duties; and
The evaluation of the manufacturing footprint.
The Executive Management Team meets at least every quarter and consists of:
Mr. Jesper Munch Jensen, CEO;
Mr. Doga Cagdas, CFO-elect (as of October 1, 2024);
Mr. Fabian Lutz, CDO;
Mr. Martin Rauch, COO;
Mr. Markus Schalch, CFO (until February 28, 2025)
Mr. Mads Andresen, CIO.
Standing from left to right: Mr. Doga Cagdas, Mr. Mads Andresen, Mr. Fabian Lutz.
Sitting from left to right: Mr. Markus Schalch, Mr. Jesper Munch Jensen, Mr. Martin Rauch.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Mr. Jesper Munch Jensen, permanent representative of SWID AG, started his career at Swiss Bank Corporation
and worked as a stockbroker on the Swiss Stock Exchange (1984-1987). After obtaining an MBA degree from
Lausanne Business School, he joined the JENSEN-GROUP as an Assistant General Manager of JENSEN Holding
(1991). Mr. Jensen became CEO of the JENSEN-GROUP in 1996.
Mr. Doga Cagdas holds a Bachelors degree in Economics from Koc University, Istanbul, and an Executive MBA
from the TRIUM Global Executive MBA program, a collaboration among NYU Stern, LSE, and HEC Paris. He
began his career at Arthur Andersen as a financial auditor before joining General Electrics Financial
Management Program in Paris. Over seven years with GE, he held various finance positions across France,
Germany, and Belgium. In 2008, Doga transitioned to WABCO Holdings in Belgium, where he held several
leadership roles including Sourcing & Purchasing Finance Leader, Business Unit and Division Finance Leader,
Global VP of FP&A, and Global Commercial Finance VP. He also led WABCOs Mergers and Acquisitions
Department, overseeing various acquisitions and divestitures. In 2019, Doga joined Schreder as Global CFO,
where he led the companys digital transformation project. He later served as Global CFO at AGP Glass before
assuming his current role at JENSEN-GROUP.
Mr. Mads Andresen holds a Bachelor of Science in Software Engineering from the University of Southern
Denmark in Odense. After finishing his studies in 2001, he founded a few mobile robotics and
software development companies. From 2003 onwards, Mads worked for three years at B&R Industrial
Automation (a member of the ABB Group) as a software application developer, writing software for machines
and robots in various industries. This was followed by three years working as a software developer at a small
family-owned Danish company manufacturing machines for industrial laundries. In 2009, Mr. Andresen co-
founded Inwatec ApS, a JENSEN-GROUP partner company since 2018. He was appointed to the position of
Chief Innovation Officer in 2024.
Mr. Fabian Lutz holds graduate degrees in Project Management and Telematics/Information as well as a
certificate of advanced studies in Business Intelligence from the Bern University of Applied Sciences. After
completing his practical training as federally qualified Mechanical and Automation Engineer at Landis and Gyr
(now Siemens) in Zug/Switzerland, Mr. Lutz joined the JENSEN-GROUP in 1999 as IT manager for its Swiss
operations. Mr. Lutz was appointed Head of ICT for the JENSEN-GROUP in 2008. Since January 2020, he has
served as CIO of the JENSEN-GROUP and was appointed Chief Digital Officer in 2021.
Mr. Martin Rauch holds a Bachelor of Science degree in Electrical Engineering. After completing his studies in
1989, he joined JENSEN AG Burgdorf and held various positions in technical and commercial areas. Mr. Rauch
became General Manager of JENSEN AG Burgdorf in 2003 and Managing Director of JENSEN SWEDEN AB
following the formation of the Garment Technology Business Unit in 2006. Mr. Rauch joined the Executive
Management Team in 2009 and held various functions. He was appointed to the position of Chief Operating
Officer in 2021.
Mr. Markus Schalch holds a Master of Arts in Finance and Accounting from the Hochschule St. Gallen.
He started his career in an audit firm, where he worked for two years prior to joining the Alstom Group in
various finance positions.
In 2000, Mr. Schalch joined a leading Swiss telecommunication firm where he became CFO of Swisscom
Systems Ltd. (2002-2004) and was then appointed CFO of Swisscom Solutions AG (2005 till August 2007). Mr.
Schalch joined the JENSEN-GROUP in September 2007 as CFO and retires from his position on February 28,
2025. The Group wished to thank him for his significant contributions to the Group’s revenue growth and
enhanced profitability and for his crucial role in the company’s acquisitions.
Remuneration Policy
The remuneration policy of the Company is intended to attract and retain the best qualified and talented
directors, executives and employees required to support the long-term development and growth of the
JENSEN-GROUP. By offering a competitive compensation package, the Company seeks to stimulate individual
performance and to align the individual interests of its directors, executives, and employees with those of the
shareholders and other stakeholders. The market conformity of the compensation packages of the Board of
Directors and the Executive Management Team is periodically reviewed by the Nomination and Remuneration
Committee with the support of external, independent advisors.
The shareholders approved the remuneration policy at the Annual Shareholders' Meeting held on May 21,
2024.
The remuneration policy can be found on the Company website: https://www.jensen-group.com under the
heading 'Investor Relations/Remuneration Policy’.
Remuneration Report
Remuneration of the Board of Directors
The remuneration of the non-executive Directors is based on their responsibilities and their specific tasks
within the Board of Directors. Except for the Board Chairman, the fees for the non-executive Directors consist
of a fixed remuneration of 17,000 euro per year (22,000 euro as from second half-year 2024 onwards), and an
attendance fee of 3,000 euro per Board meeting, or 1,000 euro if the meeting is held by telephone. Members
of Board Committees receive a fixed fee of 7,500 euro per year and an attendance fee of 1,500 euro per
meeting. As from the second half-year 2024 onwards, the Chairman of a Committee receives an additional
fixed fee of 15,000 euro per year. The Board Chairman in turn receives a fixed fee of 100,000 euro per year
(125,000 euro per year as from second-half 2024 onwards), which is deemed to correspond to the actual
services to be rendered. Directors do not receive any variable compensation, and the CEO does not receive any
compensation as a member of the Board. The Nomination and Remuneration Committee reviewed the
compensation of the Board of Directors at its meeting on March 6, 2024, and recommended the increases
explained above to keep the compensation package in line with the market practice.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
The shareholders approved the above changes to the remuneration policy at the Annual Shareholders Meeting
held on May 21, 2024.
In 2024, the total fees paid to Board members and members of the Board Committees amounted to 365,250
euro. At the Annual Shareholders Meeting held on May 21, 2024 the shareholders approved the remuneration
paid to the Board of Directors by a large majority. No changes to the remuneration report were therefore
required. Please refer to page 140 of this Annual Report for more details.
The attendance fees as outlined on page 140 of this Annual Report are construed so as to contribute to the
long-term commitment to the Group.
Mr. Jobst Wagner owns 18,220 shares. SWID AG, represented by Mr. Jesper M. Jensen owns 10,000 shares.
Mrs. Anne Munch Jensen and Mr. Jesper Munch Jensen each own 2,333 shares and indirectly own shares in
the JENSEN-GROUP NV, as detailed in Note 8 Equity below.
No warrants are outstanding and there are no stock option plans for the non-executive Board members. No
Director can receive any fee in the context of a public take-over bid nor are there any agreements or
arrangements that will change or cease to apply in the event of a public takeover bid.
Remuneration of the Executive Management Team
The Nomination and Remuneration Committee prepares all recommendations relating to the appointment and
the remuneration of the Executive Management Team based on proposals by the CEO. The Committee
discusses the remuneration policy, the pay levels, and the individual performance evaluations of members of
the Executive Management Team in detail.
In doing so, the Committee considers whether the remuneration paid is in line with market conditions and
periodically checks the market conformity of compensation packages with the assistance of external,
independent advisors. The Nomination and Remuneration Committee reviewed the remuneration of the
Executive Management Team at its meeting on March 6, 2024, and recommended certain increases to keep
the compensation package in line with the market practice. The Committee recommends that readers consult
the relevant sections of this Annual Report for a detailed description of the operating results of the different
divisions of the JENSEN-GROUP, and consequently the remuneration of the Executive Management Team.
The external auditor reviews the conformity of the remuneration paid to the Executive Management Team
with the amounts proposed by the Nomination and Remuneration Committee and approved by the Board of
Directors.
The shareholders approved the remuneration report of which the remuneration paid to the Executive
Management Team is an integral part, by a large majority at the Annual Shareholders Meeting held on May 21,
2024.
The remuneration of the Executive Management Team is composed of a base salary and of variable
compensation that is paid out in cash or used to make pension plan contributions depending on the manager's
country of residence, life insurance, other customary insurances, and benefits. Appointments to the Board of
Directors of certain subsidiaries can also be remunerated. Executive managers are provided with all of the
resources necessary to perform their duties.
Where pension plans are customary, the Executive Management Team participates in such.
As set forth in the above section on Remuneration of the Board of Directors, the CEO does not receive any
compensation as a member of the Company’s Board of Directors.
Total gross salaries paid to the Executive Management Team, including the CEO, in the course of 2024
amounted to 3,120,682 euro. As required by the 2019 Companies and Associations Code, salaries of the
members of the Executive Management Team are disclosed on an individual basis. The total amount is made
up as follows:
2024
2024
2024
2024
2024
2024
2023
2023
2023
2023
In euro
CEO
CFO
CFO -
elect
CDO
COO
CIO*
CEO
CFO
CDO
COO
Basic remuneration
386,311
220,659
386,311
188,742
349,902
196,769
349,902
Invoiced services
848,853
105,000
835,938
One-year variable
remuneration
353,577
223,557
72,433
212,471
250,775
128,949
57,116
133,272
Fixed expenses
12,597
5,039
12,597
12,349
4,940
12,349
Fringe benefits
7,369
7,558
6,236
21,276
7,224
5,780
6,113
Pension plan
13,650
7,597
13,750
15,099
12,110
6,493
12,201
Total
1,202,430
643,484
105,000
313,286
631,365
225,117
1,086,713
510,534
271,098
513,837
Proportion fixed and
variable: Fixed
71%
65%
100%
77%
66%
100%
77%
75%
79%
74%
Proportion fixed and
variable: Variable
29%
35%
0%
23%
34%
0%
23%
25%
21%
26%
* CIO is EMT member as per January 1, 2024 hence the bonus related to 2023 is not disclosed.
The basic remuneration includes the salaries of the members of the Executive Management Team and
represents their total fixed compensation before local taxes and obligatory pension contributions. The basic
remuneration includes the remuneration received for appointments to the Board of Directors of certain
subsidiaries.
The CEO invoices his services via SWID AG, a separate company owned by the CEO. The amounts disclosed
above consist of the amounts, totaling 848,853 euro (835,938 euro in 2023), that SWID AG invoiced to the
Company. Invoiced services include basic remuneration, fixed expenses, fringe benefits and pension plans.
The variable compensation part of the remuneration of the Executive Management Team members is targeted
at 30% to 50% of the annual base salary. In the case of the CEO, the variable compensation is targeted at up to
70% of the annual base salary. No variable compensation is paid below a minimum performance threshold of
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
85% while in case of overperformance, variable compensation is capped at 130%. The variable remuneration
of the CEO and the Executive Management Team is based on performance against the following objectives:
Individual, qualitative objectives for 30% to 50% of the total target amount. Qualitative objectives
focus on important projects and actions to be realized during the year.
Quantitative objectives for 50% to 70% of the total, divided between:
the financial results against the JENSEN-GROUP targets in terms of profitability, capital
employed, specific elements of capital employed and/or cash flow;
the financial results against the target of the unit for which the individual manager is
accountable.
The JENSEN-GROUP targets are defined by the Board of Directors following review and discussion in the
Nomination and Remuneration Committee. The targets are defined as part of the annual budget review
process, in which the budget is evaluated in the context of the strategic plan. Depending on the applicable
legislation and on the manager’s preferences, the variable remuneration is paid out in cash, into the managers’
pension plan, or in the form of other benefits.
The variable compensation paid out in cash to the individual members of the Executive Management Team in
2024, based on the performances of 2023, amounted to 862,038 euro. For 2024, the JENSEN-GROUP targets
were set based on the operating profit and revenue and the performance criteria were applied on an
individual basis as required by art. 3:6 of the 2019 Companies and Associations Code.
More details about the weightings and the performance measured, are listed below:
(in thousands of euro)
Weight
Performance measured
Corresponding remuneration
Criteria Revenue
20%
On target
36,952
Criteria EBIT
50%-70%
Above target
612,647
Personal targets
30% - 50%
On and Below target
212,439
As set forth in the Statement of Corporate Governance above, the shareholders approved at the Annual
Shareholders' Meeting held on May 21, 2024 an extension of the exemption from Article 7:91 of the 2019
Companies and Associations Code and, in particular, the requirement to spread objectives and variable
compensation payments over several years, over a period of five years, being from financial year 2024 until
and including financial year 2028.
The KPI's as outlined above are determined in such a way as to contribute to the long-term performance of the
Group.
Fixed expenses relate primarily to representation allowances.
The fringe benefits include the value of the company cars and of the related car insurance premiums.
The pension plan is the contribution of the employer to a pension plan above contributions required by law.
Three managers participate in a defined benefit plan.
No warrants are outstanding and there are currently no stock option plans.
The agreements with respect to the termination of senior managers vary from country to country, subject to
the locally applicable legislation. Legal regulations apply in countries where a legal framework exists, while a
severance payment of up to, but not exceeding, two years’ salary is granted in the case of countries where
there is no legal framework.
Mr. Jesper Munch Jensen has a severance pay arrangement of 18 months, which is deemed in line with current
market practice based on periodic reviews of the market conformity, of the compensation packages of the
Executive Management Team by the Nomination and Remuneration Committee.
There was no termination of a senior manager in 2024. The CFO, Mr. Markus Schalch, decided to retire from
his position in February 28, 2025.
There are no change-of-control clauses included in the management contracts and no manager can receive
any fee or benefit, whether directly or indirectly, in the context of a public take-over bid.
Two managers have a two-year non-compete clause that can be exercised at the request of the Company. No
special compensation is given in the event of voluntary departure.
No loans have been granted to members of the Executive Management Team. No unusual transactions or
conflicts of interest have occurred.
The Executive Management Team holds a total of 13,833 shares in the following manner:
SWID AG, represented by Mr. Jesper M. Jensen owns 10,000 shares. Mr. Jesper Munch Jensen owns
2,333 shares and indirectly owns shares in the JENSEN-GROUP NV, as detailed in Note 8 Equity below;
Mr. Martin Rauch owns 1,500 shares.
Claw back clause
There are no specific agreements or systems that give the Company the right to claw back paid variable
compensation once paid. As reported in the Statement of Corporate Governance above, the Company
currently departs from Recommendation 7.12 of the 2020 Code. This departure is explained by the fact that
the Company applies a Remuneration Policy of setting performance targets and paying out variable
compensation in line with achievement levels on an annual basis.
Should the Company opt for a long-term incentive scheme, based on multi-year strategic objectives, the
departure from Recommendation 7.12 will be revisited.
There are no deviations from the Remuneration Policy to report.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
The annual changes with regard to remuneration, of the performance of the Company and the average
remuneration of employees (excluding the Board of Directors and the Executive Management Team) over the
last five years, are as follows:
(in thousands of euro)
2024
2023
2022
2021
2020
Total remuneration excluding BoD and
EMT
129,182
117,191
98,667
81,209
82,280
Average number of employees
1,945
1,693
1,400
1,306
1,411
Avg remun. on an average FTE basis of
the employees (excl. BoD and EMT)
67
69
71
62
58
Revenue
453,166
400,121
341,638
259,717
245,328
EBIT
50,737
40,744
22,413
21,329
12,795
Working Capital
180,636
151,960
127,894
90,686
101,934
The ratio between the least remunerated employee and the highest remunerated executive, expressed on a
full-time equivalent basis, within the JENSEN-GROUP is 1% with the caveat that the basis for calculating this
ratio is global and includes many different countries, functions, and roles. Overall, the Company has embedded
the Social Corporate Responsibility principles in its business model.
The shareholders approved the remuneration report at the Annual Shareholders' Meeting held on May 21,
2024.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Risk management
Risks related to the JENSEN-GROUP's financial situation.
Net profit depends on reaching a certain level of sales to absorb overhead costs
Any major drop of activity has an immediate effect on operating profits. The JENSEN-GROUP fully owns seven
production sites, in the following countries:
one production site in China
three production sites in Denmark
one production site in Germany
one production site in Sweden
one production site in the USA
Each production and engineering center (PEC) specializes in a specific area of the laundry operation
(washroom, finishing technology, material handling) or in a specific type of linen (flatwork, garment, or special
applications such as mats, continuous roller towels or wipers).
The JENSEN-GROUP has its own distribution channels (SSC Sales and Service Centers or Sales Support) in the
most important markets:
Australia
Austria
Benelux
Brazil
China
Denmark
France
Germany
Italy
Sweden
Middle East
New Zealand
Norway
Singapore
Spain
Switzerland
UK
USA
From October 2023 onwards, the Japanese market will be served through Inax ltd, the JENSEN-GROUP's
Joint Venture in Japan and one distributor.
Alongside the SSCs, the JENSEN-GROUP has sales representatives in:
The Czech Republic
Poland
Furthermore, the JENSEN-GROUP has an experienced distributor network in more than 50 countries.
Each SSC is staffed to handle turnkey projects and systems, single machine sales and after-sales services.
The heavy-duty laundry market is heavily reliant upon on technical knowledge. In each PEC and SSC, the
JENSEN-GROUP has the supporting functions needed to administer the legal entity. To absorb these
overheads, sufficient volume is required. The activity level determines production volume and can be
influenced by factors beyond the Group’s control. Since the products are investment goods, the international
investment climate in healthcare, hospitality (hotels and restaurants), and industrial textile care can
significantly influence the overall market demand and sales opportunities. The impact of a sudden decrease in
turnover cannot be fully offset by a decrease in overheads and infrastructure costs, and as such can have a
negative impact on the Group's activity level, operating result, and financial situation. Due to the strong
reliance on technical knowledge from supporting functions in the sales back-office, it is difficult to restructure
these supporting functions short-term should a major drop in activity occur and moreover, if any restructuring
is carried out the Group is limited by local regulations which might generate significant costs, as experienced
after the financial crisis and the COVID-19 pandemic.
The economic, political and currency risks of selling products in foreign countries
Sales of equipment and projects to international customers represent a major part of the Group’s net
revenues. Demand for the JENSEN-GROUP products may be affected by economic and political conditions in
each of the countries in which the products are sold, and by certain other risks of doing business abroad,
including currency fluctuations. Exchange rate fluctuations between the major currencies used in the Group's
operations are hedged as much as possible, these being the AUD, CHF, CNY, DKK, EUR, GBP, JPY, NOK, NZD,
SEK, SGD, and USD.
Interest rate fluctuations could have an adverse effect on revenues and financial results
The JENSEN-GROUP is exposed to market risk associated with adverse movements in interest rates. A general
increase in interest rates might have a negative impact on the overall investment climate and on the
investment capacity of the customers and as a result, the Group's business revenues, profits and financial
conditions could be adversely affected.
With a view to the direct financial impact of interest rate fluctuations on the Group's borrowings, the Group
maintains long-term interest rate hedges and loans with fixed interest rates to limit this risk.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
The use of debt could adversely affect the Group's financial health if covenants are not met
Because of the strength of its balance sheet, the JENSEN-GROUP prefers to as much as possible to avoid
borrowing agreements holding firm commitments on covenants. The Group's major financial institution
partners are Nordea, KBC and Nykredit. The Group’s borrowing agreements currently do not include
covenants.
The insolvency of any bank could have a negative effect on the JENSEN-GROUP's cash position
The insolvency of one of its financial institution partners, could have a significant impact on the cash position
of the JENSEN-GROUP. The Group spreads its cash position across different banks and different investments to
mitigate the risk of any bank becoming insolvent.
To service its debt, the JENSEN-GROUP will require a certain amount of cash flow, which depends on many
factors beyond the Group's control
The ability to make scheduled payments of principal and interest on debt, to fund the JENSEN-GROUP's
planned capital expenditures and research and development efforts, as well as its expansion capacity, will
depend on the Group's ability to generate cash, on future operational and financial results and on the
development of the major financial institutions it works with. These institutions, to a certain extent, are
subject to the risk factors mentioned above.
Risks related to the JENSEN-GROUP's business activities and industry
The JENSEN-GROUP's main customers are getting larger as they consolidate and become increasingly
international
An important part of the business consists of delivering solutions and machines to the textile rental industry.
The ongoing consolidation and internationalization within that particular industry is causing a significantly
greater part of the business to become dependent on relations with these larger groups.
Price fluctuations or shortages of raw materials, supply chain disruption and the possible loss of suppliers
could adversely affect operations
The JENSEN-GROUP purchases a large number of different components as well as raw materials such as black
iron, stainless steel, aluminum, and electronic components. The price and availability of these raw materials
and components are subject to changes in duties, market conditions affecting supply and demand,
fluctuations, and shortages. In the competitive market of heavy-duty laundry machinery, there is no assurance
that increases or decreases in raw material costs and other costs will quickly be translated into higher sales or
lower purchase prices. Nor can there be any assurance that the loss of suppliers or components would not
have a material adverse effect on the JENSEN-GROUP's business, operating results and financial situation.
Currently, the Group does not undertake any commodity hedging.
The JENSEN-GROUP operates in a competitive market
Within the worldwide heavy-duty laundry machinery market, the JENSEN-GROUP encounters several
competitors, both small and large. There can be no assurance that significant new competitors or increased
competition from existing competitors will not have an adverse effect on business, results of operations
and/or the Group's financial situation. The heavy-duty laundry machinery market is a technical investment
goods market in which technical support is very important to the customer, and thus where local presence
therefore forms an important factor.
In addition, the Group may face competition from companies outside of the United States or Europe which
have lower costs of production (including labor or raw materials). Such companies may pass on these lower
production costs as price decreases to customers and as a result, the Group's revenues and profits could be
adversely affected.
Vendor financing
In certain cases, customers experience difficulties in obtaining financing to invest in expansion or equipment
renewal. Under certain specific conditions, and in order to facilitate matters, the JENSEN-GROUP offers
financing solutions to customers. This creates exposure for the Group in terms of having to recover machinery
over the lifetime of the financing contract. The exposure is managed by aligning the take-back price to the fair
second-hand market values as much as possible. The total amount of vendor financing granted is monitored
closely and capped by management.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Geopolitical risks
The JENSEN-GROUP carries out activities worldwide, and operates important production sites in, inter alia,
China, the USA, Europe, and Japan among others. Considering recent geopolitical developments around the
world, changes to import duties regimes and trade restrictions are possible. Moreover, recent wars or conflicts
carried out by force of arms, between nations, states and between parties have occurred recently. Such
conflicts can have an impact on the people affected, and lead to travel stops and economic down turns,
significantly affecting the hospitality sector, ongoing projects, or insurance coverage. The Group mitigates the
risk by having back-up plans for its production activities.
Policy choices can affect the healthcare sector
The JENSEN-GROUP sells to industrial laundries which amongst other things, handle linen for the healthcare
sector. Policy choices at country level can affect the standards of hygiene or the financial capacity of hospitals.
Such choices include regulations that may change the standard of circular re-used linen as well as disposable
linen. These may affect sales at specific points in time and increase the costs of product development to find
solutions that enable the most stringent hygiene requirements to be met.
The JENSEN-GROUP may incur product liability expenses
The JENSEN-GROUP is exposed to potential product liability risks arising from the sale of its products,
particularly in the washroom and the finishing areas, and work accidents linked to them. In addition to direct
expenditures for damages, settlements and defense costs, there is a possibility of adverse publicity because of
product liability claims. The Group’s insurance policies may not fully cover its potential liabilities, and this may
materially and adversely affect its business, results of operations and financial condition.
The JENSEN-GROUP is subject to risks of future legal proceedings
At any given time, the JENSEN-GROUP is a defendant in various legal proceedings and litigations arising in the
ordinary course of business. The costs and potential economic consequences of any legal proceedings are
difficult to quantify and may be high, particularly in the case of product liability. Although insurance coverage
is maintained, there is no guarantee that this insurance coverage will be adequate to protect against all
material expenses related to potential future claims for personal and property damage or that these levels of
insurance coverage concerned be available in the future at economical prices or for that matter, available at
all.
A significant judgment not in our favor, the loss of a significant permit or other approval, or the imposition of a
significant fine or penalty could have an adverse effect on the Group’s business, financial situation and
prospects/reputation.
Environmental, social and governance risks
The JENSEN-GROUP is dependent on personnel
The JENSEN-GROUP is dependent on the continued services and performance of the senior management team
and of employees in all areas. The employment contracts of members of the senior management team and of
key employees are for indefinite periods of time. The Group is confronted with challenges when it comes to
recruiting sufficient qualified employees and replacing key employees. This could have a material adverse
effect on the Group’s business, its operational performance and financial situation due to the employees'
experience and knowledge of business and customer relationships.
The nature of the business exposes the JENSEN-GROUP to potential liability for environmental claims and to
the adverse effects of new and more stringent environmental, health and safety requirements
The JENSEN-GROUP is subject to comprehensive and frequently changing federal, state, and local,
environmental, health and safety laws and regulations, including CSRD compliance, laws and regulations
governing emissions of air pollutants, discharges of waste and storm water and the disposal of hazardous
wastes. The environmental liabilities that may result from future legislation or regulations, the effect of which
could be retroactive, cannot be predicted. The enactment of more stringent laws or stricter interpretation of
existing laws could require additional expenditures, some of which could have an adverse effect on the
Group’s business, its operating results and its financial situation.
Although it applies best practices on all its sites, the JENSEN-GROUP may be subject to liability for
environmental contamination (including historical contamination caused by other parties) at the sites that it
owns or operates. As a result, the Group may be involved in administrative and judicial inquiries and
proceedings related to environmental matters. There can be no assurance that the Group will not be involved
in such proceedings in the future, while it cannot be ascertained that the existing insurance or additional
insurance will provide adequate coverage against potential liability resulting from any such administrative and
judicial inquiries and proceedings. The aggregate amount of future clean-up costs and other environmental
liabilities could have a material adverse effect on the Group's business, its operating results and financial
situation.
For the past several years, the JENSEN-GROUP has strictly followed an environmental remediation plan
relating to its former Cissell manufacturing facility in the United States. A third-party indemnity for the
remediation plan exists, with Cissell as the legal beneficiary. The most recent sampling tests, performed by a
third-party environmental engineering company each year, together with an exhaustive review every five
years, are in line with expectations. Considering the data collected in the 2023 exhaustive review, an endpoint
of 2028 appears likely at which time the next exhaustive review is scheduled. There is no guarantee that no
significant additional civil liability or other costs will be incurred in the future with respect to the Cissell facility
or other facilities.
The JENSEN-GROUP’s operations are also subject to various hazards incidental to the manufacturing,
transportation and functioning of heavy-duty laundry equipment. These hazards can cause personal injury and
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
damage to, and destruction of property and equipment.
There is no guarantee that, due to past or future operations, there will not be injury claims by employees or
third parties. Furthermore, the Group is also exposed to present and future claims relating to the safety of
workers, compensation for workers and other matters. There is no guarantee as to the actual amount of these
liabilities or the timing of them. Regulatory developments that require changes in operating practices or affect
the demand for and cost of providing its products and services could have an adverse effect on the business.
Additionally, the occurrence of significant operational problems, including those mentioned above, may have a
negatively impact the Group's operating results and financial situation.
The JENSEN-GROUP operates in several locations and is subject to natural hazards
The JENSEN-GROUP operates in 22 countries and is therefore exposed to natural hazards such as earthquakes,
windstorms, or floods. For example, the production site in Panama City, Florida, USA, is exposed to a hurricane
risk, which subsequently materialized in 2018 in the form of Hurricane Michael. Insurance coverage is taken
out whenever possible and affordable, while compliance with specific building codes is strictly adhered to. A
decrease in the insurance cover available in certain areas has been observed during the past years. All entities
exposed to natural hazards have disaster recovery plans. Any severe natural disaster could affect the Group's
business, operating results and financial situation.
Pandemic or terrorist attack
A pandemic or terrorist attack has a direct impact on the JENSEN-GROUP’s customers serving the hospitality
sector (travel and tourism including cruise ships) and the healthcare sector, as experienced during the
COVID-19 pandemic, as authorities can make decisions affecting both sectors that result in reduced business
and therefore also effect investment possibilities and outlook. Any severe pandemic or terrorist attack could
affect the Group’s business, operating results and financial situation.
Violation of the Ethical Business Policy Statement and Supplier Code of Conduct
Any violation of the JENSEN-GROUP Ethical Business Policy Statement or Supplier Code of Conduct might cause
operational disruption, damage to reputation, and financial losses. The Group's Ethical Business Policy
Statement and Supplier Code of Conduct are available on the Company website Corporate Governance
(https://www.jensen-group.com) and include details regarding proper conduct and provisions concerning the
way in which bribery and corruption are prevented. To mitigate the risk, all employees have been requested to
sign the Ethical Business Policy Statement.
Internal control risk
ICT risk
The JENSEN-GROUP operates with several information and communication technologies (ICT). Furthermore,
the Group has employees located around the world, working on, and connecting to different networks. The
Group uses several tools, devices and software in its ICT and machine operating environment for its worldwide
operation. Digital technologies, devices and media bear manifest risks and opportunities. Machinery is
increasingly interconnected and prepared for IoT (Internet of Things). As a result, the Group is exposed to
cyber risks. Any ICT failure in the area of security and systems access or in machine operating environments
might cause operational disruption, damage to reputation, and financial losses. The Group manages these risks
by closely following the latest technological developments. In addition to this, the Group selects the most
suitable suppliers of software and ICT. Cybersecurity, GDPR, … are taken into account as strictly upheld when
selecting these suppliers.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Other information
Investments and capital expenditures
Capital expenditures in 2024 amounted to 10.8 million euro (7.4 million euro in 2023), marked by a substantial
expansion in China of a large new workshop next to our current facilities (3.4 million euro), classified as right-
of-use asset. This strategic investment positions JENSEN China for enhanced future growth. In Denmark, 2.6
million was allocated for investments in higher production capacities. Furthermore, the acquisition of MAXI-
PRESS added 6.2 million euro to the fixed assets.
The renewal of several rental agreements increase the right-of-use assets by 3.2 million euro.
In 2023, investments and capital expenditures primarily consisted out of the additional building investment in
Odense (Denmark) to support the future market demand for AI and Robotics of Inwatec, and in machinery and
vehicles.
Research and Development
The JENSEN-GROUP does not perform fundamental research but undertakes continuous product
development. These expenses in respect of the continued operations amounted to 7.5 million euro in 2024
(6.7 million euro in 2023). Until the end of 2020, the Group did not capitalize development expenses but
expensed them as incurred. The depreciation period is evaluated continually, and the asset is reviewed
annually for impairment.
Human resources
The number of employees at year-end has developed as follows:
December 31
December 31
2024
2023
Total number of employees (FTE)
2,059
1,830
Use of financial instruments
The JENSEN-GROUP uses derivative financial instruments to reduce its exposure to adverse fluctuations in
interest rates and foreign exchange rates. It is the Group’s policy not to hold derivative instruments for
speculative and trading purposes.
As of December 31, 2024, currency brought forward hedges existed in an amount of 4.0 million euro and
currency sold forward hedges existed in an amount of 15.0 million euro. The Group also had an Interest Rate
Swaps (IRS) outstanding in amounts of 25.4 million DKK with maturities 2029 and 2039 and a fixed rate of
2.99% and 0.4350%.
Litigations
Provisions have been set up in respect of all claims that, based on prudent judgment, are reasonably
accounted for. The JENSEN-GROUP keeps track of all potential litigations and pending legal cases at the Group
level. Most of these claims are covered by insurance. Based on the legal advice taken, management does not
expect these claims to significantly impact the Group's financial position or profitability. Where management
considers a probable liability arising, the potential effect of the claim has been estimated, and a provision has
been made.
Issued capital
On April 3, 2023, the JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro), and a
contribution in cash (2.9 million euro). With both transactions, 1,926,282 new shares were created. MIURA
took a 20% shareholding in the JENSEN-GROUP and the JENSEN-GROUP took 49% shareholding in Inax
Corporation. For more details of the new created shares, we refer to the listing prospectus which is available
on our website: Prospectus (wwww.jensen-group.com)
As of December 31, 2024, the issued share capital of the Company was 38,280,396 euro, represented by
9,631,408 ordinary shares without nominal value. As of December 31, 2024, the Company holds 146,793
treasury shares.
There are no preference shares.
Pursuant to Article 74, §6 of the Law of April 1, 2007, on Takeover Bids, JENSEN INVEST A/S disclosed to both
the FSMA and the JENSEN-GROUP NV that, as of September 1, 2007, it held in concert more than 30% of the
shares with voting rights in the JENSEN-GROUP NV.
Further details of the shareholders’ notification are disclosed in Note 8 on Equity below.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Shareholding structure
The following are the major shareholders of the Company:
JENSEN INVEST A/S: 44.2%
Miura Co. Ltd: 20.0%
Lazard Frères Gestion 5.0%
JENSEN-GROUP NV*: 1.6%
Free float: 29.2%
* Share buy-back program
The voting rights are described in Note 8 on Equity below.
Acquisition of own shares
The Bylaws of the Company allow the purchase of own shares. At its meeting held on March 10, 2022, the
Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own
shares. As per March 9, 2023, a total of 113,873 shares were bought at an average price of 30.07 euro for a
total amount of 3.4 million euro. In view of the transaction with Miura, the JENSEN -GROUP suspended its
share buy-back program. On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury
shares. On August 10, 2023, the Board of Directors decided to re-launch the share buy-back program to
purchase a maximum 668,027 of the Company’s own shares. The shares are bought on the stock exchange by
an investment bank mandated by the Board of Directors. The buy-back mandate expires on June 2, 2028.
As per December 31, 2024, the Company holds 146,793 treasury shares.
Relationship among shareholders
There is no specific shareholders' agreement between the reference shareholders listed above. As indicated in
the prospectus related to the listing and trading on the regulated market of Euronext Brussels of 1,926,282
new shares dated June 29, 2023, the following listed points have been agreed between MIURA Co., Ltd. and
the Company in the Contribution Agreement dated March 9, 2023:
The Company and MIURA have agreed that, for as long as the Joint-Venture Agreement remains in
force, MIURA shall have the right to nominate one director of the Company, who must also be a
director of Inax.
Subject to certain conditions and not earlier than the first general shareholdersmeeting of the
Company to be held after April 3, 2025, if so requested by JENSEN-INVEST A/S, MIURA agreed to vote in
favor of the introduction of loyalty shares in the Company in accordance with Article 7:53 of the 2019
Companies and Associations Code, with immediate effect for all eligible shares which have been held
for a period of at least two years prior to the date of such extraordinary shareholders’ meeting.
In addition to the statutory preferential subscription rights of the shareholders pursuant to Articles
7:191 and 7:193 of the 2019 Companies and Associations Code, the Contribution Agreement provides
for an additional conventional preferential subscription right for MIURA. If the Company would issue
equity securities of any kind which could lead to a dilution of the voting rights of MIURA whereby the
statutory preferential subscription rights pursuant would not apply (such as in the event of a capital
increase through a contribution in kind), the Company will offer MIURA the opportunity to subscribe to
a number of shares as is necessary to ensure that MIURA will hold 20% of the voting rights of the
Company following such issuance of equity securities. Such conventional preferential subscription right
for MIURA shall remain in effect, as long as MIURA holds at least 20% of the voting rights of the
Company and as long as the Joint-Venture Agreement between the Company and MIURA remains in
effect.
Conflict of interest
Under the 2019 Companies and Associations Code, the members of the Board of Directors are required to give
the Chairman prior notice of any agenda items in respect of which they have, either directly or indirectly and
whether of a financial or other nature, a conflict of interest with the Company, and to refrain from
participating in the discussions of, and voting on, those agenda items. Conflict of interest is therefore a
standard item on the agenda of each Board of Directors meeting. In the course of 2024, potential conflicts of
interest were notified at the meetings of the Board of Directors by SWID AG, represented by Mr. Jesper Munch
Jensen, by Cross Culture Research LLC, represented by Mrs. Anne Munch Jensen, by Messrs. Jobst Wagner, by
Daisuke Miyauchi, and by YquitY bv, represented by Mr. Rudy Provoost with regard to the re-appointment of a
Board member, the dividend proposal, the remuneration report, and the discussion on the share buy-back
program. The relevant excerpts from the minutes of said meetings of the Board of Directors which were held
respectively, on March 7, 2024, on August 8, 2024, and on December 5, 2024 are set forth in Annex I and
enclosed as an exhibit to this Annual Report.
REPORT BOARD OF DIRECTORS
ANNUAL REPORT 2024
Statutory Auditor
The Statutory Auditor is Deloitte Bedrijfsrevisoren BV, represented by Mrs. Charlotte Vanrobaeys.
The Statutory Auditor and its network received worldwide fees of 578,460 euro (excl. VAT) for auditing the
statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP. Apart
from its mandate, the Statutory Auditor and its network received during 2024 additional fees of 133,000 euro
(excl. VAT) for the limited assurance of the Sustainability statement in accordance with the ESRS, and that was
invoiced to the JENSEN-GROUP NV. The Company has appointed a single firm for the audit of the consolidated
financial statements.
Policy with respect to appropriation of the result
Based on the result of the past year and on the current financial situation, the Board of Directors will propose
an appropriate dividend.
Significant post-balance sheet events
There are no significant after balance sheet events.
Wetteren, March 6, 2025
YquitY bv SWID AG
Represented by Mr. R. Provoost Represented by Mr. J.M. Jensen
Chairman Director
Statement of responsible persons
We hereby certify, that to the best of our knowledge, the consolidated financial statements, as at December
31, 2024, prepared in accordance with International Financial Reporting Standards, as adopted by the
European Union, and with the legal requirements applicable in Belgium, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the entities included in the consolidation
taken as a whole. We also certify that the management report includes a fair review of the development and
performance of the business, and the position of the Company and the entities included in the consolidation
taken as a whole, together with a description of the principal risks and uncertainties that they face.
Jesper M. Jensen Doga Cagdas
Chief Executive Officer Chief Financial Officer
SHAREHOLDER INFORMATION
ANNUAL REPORT 2024
INFORMATION FOR SHAREHOLDERS AND INVESTORS
Share price evolution
Investor relations
Changes in ownership structure
Shareholderscalendar
SHAREHOLDER INFORMATION
ANNUAL REPORT 2024
Information for shareholders and investors
The JENSEN-GROUP NV shares have been quoted on the Euronext Stock Exchange under the ticker JEN
(Reuters: JEN.BR Bloomberg JEN.BB) since June 1997. The ISIN code is BE0003858751. The quote of the
JENSEN-GROUP NV shares can be found online on the following websites:
Euronext: https://live.euronext.com/en/product/equities/BE0003858751-XBRU
Share price evolution
The JENSEN-GROUP NV share price traded at 33.2 euro at the end of 2023 and at 43.2 euro at the end of 2024,
with an average daily trading volume of 2,240 shares as compared to 1,312 in 2023.
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
70,000
2024-01-04
2024-01-24
2024-02-13
2024-03-04
2024-03-22
2024-04-15
2024-05-06
2024-05-24
2024-06-13
2024-07-03
2024-07-23
2024-08-12
2024-08-30
2024-09-19
2024-10-09
2024-10-29
2024-11-18
2024-12-06
JENSEN-GROUP share price and volume
Volume (left scale) Share price (right scale)
Investor relations
The JENSEN-GROUP NV ensures direct communication with its shareholders and investors through the
following channels:
- organizing two analysts’ conference calls per year, following publication of the half-year and the full-
year results;
- communicating quarterly trading updates;
- communicating any major changes in the financial position and earnings of the Company;
- distributing press releases to professional and private investors and posting them on the Company
website;
- posting the votes and minutes of the Shareholders Meetings on the Company website;
- providing all communication, including the Company website, in both English and Dutch;
- making information on shareholdings and the financial calendar available on the Company website;
- attending small cap investor events upon request; and
- holding telephone conferences with analysts and existing or potential shareholders upon request.
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
02/01/2024
22/01/2024
09/02/2024
29/02/2024
20/03/2024
11/04/2024
02/05/2024
22/05/2024
11/06/2024
01/07/2024
19/07/2024
08/08/2024
28/08/2024
17/09/2024
07/10/2024
25/10/2024
14/11/2024
04/12/2024
JENSEN-GROUP share relative price performance
JENSEN-GROUP BEL ALL-Share Index
SHAREHOLDER INFORMATION
ANNUAL REPORT 2024
Changes in ownership structure
Throughout the course of 2024, the JENSEN-GROUP NV received the following notifications:
- a notification from JENSEN Invest A/S following the ongoing share buy-back program implemented by
JENSEN-GROUP, JENSEN Invest A/S, which controls de facto the Company, crossed the 45% threshold
upwards on March 8, 2024; and
- a notification from Lazard Frères Gestion SAS informing they crossed the minimum threshold of 5%
through the acquisition or disposal of voting securities or voting rights.
The ownership structure of JENSEN-GROUP NV as per December 31, 2024, stands as set out below:
(*) Share buy-back program
Shareholders’ calendar
May 19, 2025: Trading update Q1 2025;
May 20, 2025: 10 a.m. Annual Shareholders’ Meeting;
August 7, 2025: Half-year results 2025 (AnalystsMeeting);
November 5, 2025: Trading update Q3; and
March 2026: Full-year results 2025 (Analysts Meeting).
44.2%
1.6%
20.0%
5.0%
29.2%
JENSEN Invest A/S
JENSEN-GROUP NV *
Miura Co Ltd
Lazard Frères
Free float
The Investor Relations Manager is also available to meet individual shareholders, analysts, specialized
journalists, and institutional investors to share with them the JENSEN-GROUP’s short and long-term potential.
Presentations, meetings, and site visits are organized upon request.
The JENSEN-GROUP's Annual Report, press releases and other information are available on the Company
website: www.jensen-group.com.
Shareholders wishing to convert registered shares into dematerialized shares can contact the Investor
Relations Manager.
Shareholders and investors who want to receive the JENSEN-GROUP's Annual Report, the financial statements
of JENSEN-GROUP NV, press releases or other information with respect to JENSEN-GROUP can also contact the
Investor Relations Manager:
JENSEN-GROUP NV
Mrs. Stefanie Roscam
Neerhonderd 33,
BE 9230 Wetteren, Belgium.
E-mail: investor@jensen-group.com
CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
FINANCIAL STATEMENTS
Consolidated statement of profit and loss
Consolidated statement of comprehensive income
Consolidated statement of financial position assets
Consolidated statement of financial position liabilities
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to the consolidated financial statements
Note 1: Summary of significant accounting policies
Note 2: Scope of consolidation
Note 3: Segment reporting
Note 4: Non-current assets
Note 5: Deferred taxes
Note 6: Contract assets and liabilities
Note 7: Trade and other receivables
Note 8: Equity
Note 9: Financial debt
Note 10: Employee benefit obligations
Note 11: Provisions for liabilities and charges
Note 12: Trade and other payables
Note 13: Operating expenses
Note 14: Other operating result
Note 15: Financial income and financial charges
Note 16: Income tax expense
Note 17: Earnings per share
Note 18: Statement of cash flows
Note 19: Commitments and contingencies
Note 20: Financial instruments market and other risks
Note 21: Asset held for sale
Note 22: Related party transactions
Note 23: Acquisitions
Note 24: Non-audit fees
Note 25: Events after the balance sheet date
Note 26: Legal structure
Note 27: Consolidation scope as at December 31, 2024
Statutory auditors report on the consolidated financial statements
Summary statutory financial statements JENSEN-GROUP NV
CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
Consolidated statement of profit and loss
(in thousands of euro)
Notes
December 31
2024
December 31
2023
Revenue
6
453,166
400,121
Raw material expenses
-202,886
-188,928
Services and other goods
-56,145
-45,772
Employee benefit expenses
-132,302
-118,486
Depreciation and amortization expense
-8,888
-5,995
Impairments, write-downs, and provisions
-3,421
-1,638
Total expenses
13
-403,642
-360,819
Other operating income
14
1,406
1,797
Other operating expenses
14
-193
-356
Operating profit (EBIT)
50,737
40,743
Interest income
2,577
1,994
Other financial income
1,749
1,703
Financial income
15
4,326
3,697
Interest charges
-1,806
-1,653
Other financial charges
-4,697
-3,002
Financial charges
15
-6,503
-4,655
Share in result of associates and companies accounted for
using the equity method
22
3,938
2,141
Profit before tax
52,498
41,926
Income tax expense
16
-12,957
-10,494
Profit / (loss) for the period from assets held for sale
21
-108
-124
Profit for the period from continuing operations
39,433
31,308
Profit / (loss) for the period from discontinued operations
Consolidated profit for the year
39,433
31,308
Result attributable to non-controlling interests
22
-1,737
277
Result attributable to equity holders
41,170
31,031
Basic and diluted earnings per share (in euro)
17
4.31
3.39
Weighted average number of shares
9,542,241
9,150,330
Consolidated statement of comprehensive income
(in thousands of euro)
December 31
2024
December 31
2023
Consolidated profit for the year
39,433
31,308
Items that may be subsequently reclassified to profit or loss
Financial instruments
-123
253
Currency translation differences related to associates and
companies accounted for using the equity method
-1,046
-3,589
Currency translation differences - other
-2,323
-1,633
Items that will not be reclassified to profit or loss
Remeasurements gains/(losses) on defined benefit plans
348
-1,365
Tax on OCI
-56
266
Other comprehensive income for the year
-3,200
-6,068
Total comprehensive income for the year
36,233
25,240
Total comprehensive income attributable to:
Non-controlling interests
-1,737
273
Equity holders of the company
37,970
24,967
CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
Consolidated statement of financial position assets
(in thousands of euro)
Notes
December 31
December 31
2024
2023
Total Non-Current Assets
185,431
165,635
Goodwill
4, 23
47,771
22,826
Intangible assets
4, 23
4,614
5,832
Property, plant and equipment
4
53,299
41,219
Land and buildings
24,174
22,073
Machinery and equipment
7,033
4,134
Furniture and vehicles
5,311
3,727
Right of use assets
16,547
10,405
Other tangible fixed assets
8
0
Assets under construction and advance payments
226
881
Companies accounted for under equity method
22
47,538
49,764
Financial assets at amortized cost
20
4,869
5,139
Financial assets at fair value through OCI
20
13,396
25,953
Trade and other long-term receivables
7
8,707
10,741
Trade receivables
4,641
6,574
Other amounts receivable
3,872
3,860
Derivative financial instruments
20
193
307
Deferred tax assets
5
5,238
4,161
Total Current Assets
330,955
284,906
Inventory
72,245
63,182
Raw materials and consumables
53,859
42,417
Goods purchased for resale
18,386
20,765
Advance payments on purchases
2,026
1,713
Contract assets
6
68,046
62,336
Trade and other receivables
7
133,863
106,111
Trade receivables
123,555
97,147
Other amounts receivable
10,187
8,618
Derivative financial instruments
20
121
345
Financial assets at fair value through OCI
20
11,838
0
Cash and cash equivalents
18
42,455
51,112
Assets held for sale
21
481
452
TOTAL ASSETS
516,386
450,542
Consolidated statement of financial position liabilities
(in thousands of euro)
Notes
December 31
December 31
2024
2023
Equity
8
282,560
262,142
Share capital
38,050
38,050
Share premium
67,590
67,590
Treasury shares
-5,264
-499
Other reserves
-11,609
-8,409
Retained earnings
193,851
163,515
Non-controlling interests
22
-58
1,896
Non-Current Liabilities
42,292
46,734
Government grants
35
0
Borrowings
9
22,318
30,543
Deferred tax liabilities
5
3,211
2,954
Employee benefit obligations
10
10,058
10,692
Other payables
12
6,670
2,545
Derivative financial instruments
20
0
0
Current Liabilities
191,534
141,665
Borrowings
9
47,108
15,788
Provisions for other liabilities and charges
11
9,861
9,971
Trade payables
12
30,485
28,450
Contract liabilities
6
54,751
43,966
Remuneration and social security
12
16,605
16,380
Accrued expenses and other payables
12
19,846
11,824
Derivative financial instruments
12/20
611
67
Current income tax liabilities
12,267
15,219
TOTAL EQUITY AND LIABILITIES
516,386
450,542
CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
Consolidated statement of changes in equity
Prior year
(In thousands of euro)
SHARE
CAPITAL
SHARE
PREMIUM
TREASURY
SHARES
TRANSLATION
DIFFERENCES
HEDGING
RESERVES
FINANCIAL
INSTRUMENTS
REMEASUREMENT
GAINS/(LOSSES)
ON DEFINED
BENEFIT PLANS
TOTAL
OTHER
RESERVES
RETAINED
EARNINGS
TOTAL
ATTRIBUTABLE
TO THE EQUITY
HOLDERS
NON-
CONTROLLING
INTEREST
TOTAL
EQUITY
December 31 2022
30,710
5,814
-1,850
1,955
523
-933
-3,891
-2,346
136,496
168,824
1,743
170,567
Result of the period
0
0
0
0
0
0
0
0
31,031
31,031
277
31,308
Other comprehensive income/(loss) for the year,
net of tax
0
0
0
-5,218
-208
398
-1,036
-6,064
0
-6,064
-4
-6,068
Total comprehensive income
0
0
0
-5,218
-208
398
-1,036
-6,064
31,031
24,967
273
25,240
Capital increase
7,570
61,776
0
0
0
0
0
0
0
69,346
0
69,346
Acquisition / (cancellations) of treasury shares
0
0
1,351
0
0
0
0
0
-3,425
-2,074
0
-2,074
Dividend paid out
0
0
0
0
0
0
0
0
-3,853
-3,853
-120
-3,973
Hyperinflation
0
0
0
0
0
0
0
0
3,266
3,266
0
3,266
Transaction expenses attributable to the capital
increase
-230
0
0
0
0
0
0
-230
0
-230
December 31 2023
38,050
67,590
-499
-3,263
315
-535
-4,927
-8,410
163,515
260,246
1,896
262,142
Current year
(In thousands of euro)
SHARE
CAPITAL
SHARE
PREMIUM
TREASURY
SHARES
TRANSLATION
DIFFERENCES
HEDGING
RESERVES
FINANCIAL
INSTRUMENTS
REMEASUREMENT
GAINS/(LOSSES)
ON DEFINED
BENEFIT PLANS
TOTAL
OTHER
RESERVES
RETAINED
EARNINGS
TOTAL
ATTRIBUTABLE
TO THE
EQUITY
HOLDERS
NON-
CONTROLLING
INTEREST
TOTAL
EQUITY
December 31 2023
38,050
67,590
-499
-3,263
315
-535
-4,927
-8,410
163,515
260,246
1,896
262,142
Result of the period
0
0
0
0
0
0
0
0
41,170
41,170
-1,737
39,433
Other comprehensive income/(loss) for the year,
net of tax
0
0
0
-3,369
-285
193
261
-3,200
0
-3,200
0
-3,200
Total comprehensive income
0
0
0
-3,369
-285
193
261
-3,200
41,170
37,970
-1,737
36,233
Acquisition / (cancellations) of treasury shares
0
0
-4,765
0
0
0
0
0
0
-4,765
0
-4,765
Dividend paid out
0
0
0
0
0
0
0
0
-7,134
-7,134
-217
-7,351
Forward purchase of the NCI of MAXI-PRESS
0
0
0
0
0
0
0
0
-3,700
-3,700
0
-3,700
December 31 2024
38,050
67,590
-5,264
-6,632
31
-342
-4,666
-11,609
193,851
282,616
-58
282,560
Consolidated cash flow statement
(in thousands of euro)
Notes
December 31
2024
December 31
2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated result attributable to equity holders
41,170
31,031
Result attributable to non-controlling interests
22
-1,737
277
Adjusted for
- Current and deferred tax
16
12,957
10,494
- Interest and other financial income and expenses
15
2,177
958
- Depreciation and amortization expenses
13
8,888
5,995
- Write down on trade receivables
13
2,144
1,210
- Write down on inventory
13
811
309
- Write down on contract assets
6, 13
455
0
- Changes in provisions
13
13
62
- Gain/loss on the sale of tangible fixed assets
15
-22
- Companies accounted for using equity method
22
-3,938
-2,141
Interest received
15
2,577
1,994
Changes in working capital
-16,560
-24,014
Decrease / increase (-) in advance payments on purchases
92
3,081
Decrease / increase (-) in inventory
-1,942
-7,289
Decrease / increase (-) in contract assets (before netting)
-29,290
-11,227
Decrease / increase (-) in long- and short-term accounts receivable
-21,370
-28,466
Increase / decrease (-) in trade and other payables
6,140
9,788
Increase / decrease (-) in contract liabilities (before netting)
29,809
10,098
Corporate income tax paid
-18,354
-4,534
Net cash generated / (used) by operating activities - total
30,619
21,620
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of intangible and tangible fixed assets
4
-11,758
-8,086
Sales of intangible and tangible fixed assets
4
180
137
Acquisition of subsidiaries and participations (net of cash acquired)
23
-31,725
-6,101
Sale of subsidiaries and participations (net of cash acquired)
-142
0
Proceeds (+) from sale of financial instruments
7,038
13,771
Purchases (-) of financial instruments
-5,830
-12,478
Dividend received (+)
877
0
Net cash generated / (used) by investing activities
-41,360
-12,756
Net cash flow before financing activities
-10,741
8,864
CASH FLOW FROM FINANCING ACTIVITIES
Acquisition (-) of treasury shares
8
-4,765
-2,074
Capital increase
8
0
26,820
Dividend paid (-)
8
-7,351
-3,972
Proceeds from government grants
578
0
Proceeds (+) from new borrowings
9
24,532
1,502
Repayment (-) of borrowings
9
-6,312
-15,636
Payments of lease liabilities
9
-2,291
-1,328
Interest paid
15
-1,806
-1,653
Other financial income
15
235
121
Other financial charges
15
-861
-954
Net cash generated / (used) by financing activities
1,958
2,826
Net increase / (decrease) in cash and cash equivalents
-8,783
11,691
Cash, cash equivalent and bank overdrafts at the beginning of the year
18
41,456
29,913
Exchange gains / (losses) on cash and bank overdrafts
1,169
-147
Cash, cash equivalent and bank overdrafts at the end of the year
18
33,842
41,456
CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

Notes to the consolidated financial statements

Note 1: Summary of significant accounting policies

Basis of preparation

The JENSEN-GROUP (hereafter “the Group”) is one of the major suppliers to the heavy-duty laundry industry. The Group markets its products and services under the JENSEN and Inwatec brands. The product range varies from transportation and handling systems, tunnel washers, separators, feeders, ironers and folders to complete project execution and management for fully equipped and professionally managed industrial laundries. The JENSEN-GROUP has operations in 22 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 2,059 people.

JENSEN-GROUP NV (hereafter “the Company”) is incorporated in Belgium. Its registered office is at Neerhonderd 33, 9230 Wetteren, Belgium.

The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange.

The Board of Directors approved the present consolidated financial statements for publication on March 6, 2025.

These consolidated financial statements are for the 12 months ended December 31, 2024, and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2024 and which have been adopted by the European Union.

These consolidated financial statements have been prepared under the historical cost convention, with financial assets and financial liabilities (including derivative instruments), assets held for sale and defined benefit plans stated at fair value through profit or loss or OCI or at amortized cost.

These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is a going concern and will continue to be in operation for the foreseeable future.

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting policies.

Standards and interpretations applicable for the annual period beginning on or after 1 January 2024:

Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants

Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback

Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements

Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025)

IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)

IFRS 19 Subsidiaries without Public Accountability Disclosures (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)

Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)

Annual Improvements Volume 11 (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)

None of these IFRS standards have a material impact on the Group's financials in 2024.

ESEF

Due to the technical limitations inherent to the block-tagging of the consolidated financial statements according to the European single electronic format, the content of certain tags of the notes may not be rendered identically to the accompanying consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

The main accounting policies defined by the Group are as follows:

Consolidation Methods

The consolidated financial statements are presented in euro and rounded to the nearest thousand.

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases.

The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets.

Acquisition-related costs are expensed as incurred.

Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group’s accounting policies.

Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors’ share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence.

Use of estimates & key judgements

The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. There are no major sources of estimation uncertainty at the Group. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. We refer to the notes for more information.

There are no key judgements in the preparation of the financial statements.

Translation of Foreign Currency - Transactions

The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the following guidelines:

- monetary assets and liabilities are translated at closing rates;

- transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the transaction;

- foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges;

- non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the transaction.

Translation of Foreign currency - Operations

The results and financial positions of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

- income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates of the dates of the transactions); and

- all resulting translation differences are recognized as a separate component of equity.

Initial Recognition

Upon consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.

CONSOLIDATED FINANCIAL STATEMENT

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Revenue Recognition - projects

The JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers:

- Step 1. Identifying the customer contracts

A contract creates enforceable rights and obligations. The contract may be written, oral or implied by customary business practice. A contract contains a promise (or promises) to transfer goods or services to a customer.

When identifying the customer contracts, first the customer should be determined and then it should be assessed whether a contract exists. JENSEN-GROUP defines a “customer” and a “contract” as follows:

- Customer: a party that has contracted to obtain goods or services that are an output of ordinary activities in exchange for consideration;

- Contract: an agreement between two or more parties that creates enforceable rights and obligations.

o Contracts shall be combined when they are entered into at or near the same time and are negotiated as a package, payment of one depends on the other, or goods/services promised are a single performance obligation.

o A contract modification or change order is accounted for as a separate contract or as a continuation of the original contract prospectively or with cumulative catch-up, depending on facts and circumstances.

- Step 2. Identifying performance obligations

Performance obligations are the unit of account for the purposes of applying the revenue standard and therefore determine when and how revenue is recognized. A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services, including those a customer can resell or provide to its customers.

The Group has identified one performance obligation within its contracts: the installation of an operational or a commissioned heavy-duty laundry system. Revenue related to this performance obligation is recognized over time as both the JENSEN-GROUP does not create an asset with an alternative use (not practically possible to direct or transfer the constructed asset in its completed state to another customer as the installations are typically designed around the specific needs and requirements of the customer) and its contracts provides the JENSEN-GROUP an enforceable right to payment for performance completed to date. This enforceable right to payment represents an amount that at least compensates JENSEN for performance completed to date if the contract is terminated by the customer or another party for reasons other than JENSEN's failure to perform as promised.

- Step 3. Determining the transaction price

ANNUAL REPORT 2024 The transaction price in a contract reflects the amount of consideration to which the Group expects to be entitled from a customer in exchange for goods or services transferred to that customer.

The transaction price includes only those amounts to which the Group is entitled under the present contract.

- Step 4. Allocating the transaction price

The transaction price is allocated to the performance obligation in the contract based on relative standalone selling prices of the goods or services being provided to the customer.

- Step 5. Recognizing revenue

Revenue is recognized when (or as) the performance obligations are satisfied. Revenue is allocated to the individual performance obligations when or as the customer obtains control over the products to be delivered or services to be performed under the customer contract.

The JENSEN-GROUP recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation. The JENSEN-GROUP uses the input method (costs incurred up to the balance sheet date as compared to the total estimated costs to incur to complete the project) recognizing the revenue based on the Group’s effort to satisfy the performance obligation. Any costs linked to uninstalled materials or costs incurred that relate to future activities are excluded from measuring progress towards satisfying a performance obligation.

- When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.

- When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognized over the period of the contract. When it is probable that total contract costs will exceed total contract revenue, the total expected loss is recognized as an expense immediately.

The JENSEN-GROUP presents a contract as a contract asset, excluding any amounts already received by means of progress billings, if the Group has performed by transferring goods or services to a customer before the customer pays consideration or before payment is due. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer.

The JENSEN-GROUP presents a contract as a contract liability when the payment is made or the payment is due (whichever is earlier), if the customer has paid a consideration before the Group transfers a good or service to the customer. A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer.

The timing of invoicing and the payment terms are discussed case by case. The billing schedule and the typical timing of the payment does not materially differentiate from the pattern of revenue recognition.

There are no important variable considerations for projects.

The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less.

CONSOLIDATED FINANCIAL STATEMENT

Revenue Recognition - other

- Royalties and rentals are recognized as income when it is probable that the economic benefits associated with the transaction can be sufficiently measured and will flow to the Group. The income is recognized on an accrual basis in accordance with the substance of the relevant agreement.

- Spare parts revenue is recognized at a point in time.

Other income and other expenses relate primarily to income received from the insurance company, support from authorities, deductible tax charges, restructuring measures or other income or expenses arising from events or transactions that are clearly distinct from the ordinary business activities of the Group.

Goodwill

On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing.

Intangible assets

Research and development expenses

Research costs are charged to the income statement in the year in which they are incurred.

Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits.

Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 10 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment.

Concessions, patents, licenses, know-how and other similar rights etc.

Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. Investments in licenses, trademarks below 50,000 euro are deemed to be not material and are not capitalized but are expensed as incurred.

Property, plant and equipment

Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs.

ANNUAL REPORT 2024 The Group has broken down the cost of property, plant and equipment into major components. These major

Annual Depreciation rates:
Buildings
3.33%
30y
Infrastructure
10% - 20%
5y - 10y
Roof
10%
10y
Installations, plant and machinery
10% - 33%
3y - 10y
Office equipment and furnishings
10% - 20%
5y - 10y
Computer
20% - 33%
3y - 5y
Vehicles
20% - 33%
3y - 5y

components, which are replaced at regular intervals, are depreciated over their useful lives.

Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives.

The annual depreciation rates are as follows:

Leases where the Group is acting as a lessee Right of use assets

The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term.

The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.

Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment.

Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the ‘operating activities’ line.

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term.

Significant judgement in determining the lease term of contracts with renewal options

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

Impairment of assets

Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and assets arising from construction contracts are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to which the assets belong.

Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss.

Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later date.

Inventories and contracts in progress

Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses.

Provisions for liabilities and charges

A provision is recognized in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The amount of the provision is the best estimate of the expenditure required to settle the present value of the obligation at the balance sheet date. The provisions are discounted when the impact of the time value of money is material.

Provisions for repurchase commitments are recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine in certain situations (see ‘Vendor financing, p.162). Based on historical data an appropriate percentage of the outstanding receivable is recorded and reversed a rato of the repayment by the customer.

Employee benefits

Some of the Group’s employees are eligible for retirement benefits under defined contribution and defined benefit plans.

The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The calculation is based on the projected unit credit method.

- Defined contribution plans: contributions to defined contribution plans are recognized as an expense in the income statement as incurred.

- Defined benefit plans: for defined benefit plans, the amount recorded in the balance sheet is determined as the present value of the benefit obligation less the fair value of any plan assets. All past service costs are recognized in P&L.

The actuarial gains and losses are recognized in the period in which they occur outside profit and loss, in the consolidated statement of comprehensive income.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

Deferred taxes

Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled.

Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Current taxes

The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.

Accrued charges and deferred income

Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods.

Financial instruments

Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date.

Accounts and notes receivable

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied.

Cash and cash equivalent

Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

Payables (after one year and within one year)

Amounts payable are carried at nominal value at the balance sheet date.

Derivative financial instruments

The Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group’s policy not to hold derivative financial instruments for speculative or trading purposes.

Derivative financial instruments are recognized initially at fair value. Subsequently, after initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement.

Cash flow hedges

Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability.

Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately.

When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately.

Financial assets at amortized cost

All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized cost are carried at purchase price.

Financial assets at fair value through OCI (Other comprehensive income)

All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

Government Grants

Government grants received by JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the periods in which the entities recognize the expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset. The income of the government grants is only recognized if there is reasonable assurance that the entities will comply with the conditions attached to it and the grant will be received. As long as not all the conditions are met, the government grant received is presented as a debt.

Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.

Non-current assets (or disposal groups) held for sale

Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use.

Non-controlling forward purchase

The forward purchase is accounted for as a liability on the balance sheet. At initial recognition the debit recognized in equity is presented as a deduction of NCI, the difference is reflected in equity.

Consolidated statement of cash flows

The consolidated cash flow statement reports the cash flow during the period classified by analyzing the cash flow from operating, investing and financing activities.

Business combination

On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

Segment reporting

The Group is operating in a single business segment: Heavy-Duty Laundry.

Closing date and length of accounting period

All accounting periods presented represent 12 months of operations starting on January 1 of each year.

Change in valuation rules

There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2023.

In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in profit of the year. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkiye are described in Note 22.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

Note 2: Scope of consolidation

The parent Company, JENSEN-GROUP NV, and all the subsidiaries that it controls are included in the consolidation.

Changes in scope during 2024

In October 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S.

Subsequently, on May 17, 2024, JENSEN Denmark entered into a share sale and purchase agreement with Logitrans A/S resulting in the sale of 50% of the shares by the end of August 2024. As a consequence, JENSEN-GROUP now holds a 50% stake of Ole Almeborg, which has been consolidated using the equity method from September 1, 2024 onwards. This transaction does not have a material impact on the consolidated financial statements of the JENSEN-GROUP.

At the end of May 2024, JENSEN Italy acquired 33% of the shareholder rights in PrimaFolder. The participation is accounted for under the equity method.

On July 23, 2024, JENSEN-GROUP acquired a majority stake of 85% in MAXI-PRESS Holding GmbH, Germany and its subsidiaries. This participation is consolidated under the full consolidation method as from August 1, 2024. For more information see Note 23.

Note 3: Segment reporting

The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide.

Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance. The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the Board of Directors.

Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty laundry business as a unified entity, guided by the strategic "50/500" plan. The evaluation of the company's performance, along with decisions regarding the allocation of resources, are based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis. Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-year mark and a complete set provided at the end of the fiscal year.

Europe
America
Asia and
Australia
December 31
(in thousands of euro)
2024
2023
2024
2023
2024
2023
2024
2023
Revenue from external customers
265,933
232,910
114,630
96,407
72,603
70,804
453,166
400,121
Attributable to
(in thousands of euro)
Belgium
Germany
France
America
Denmark
China
Revenue from external customers
21,075
52,263
42,832
99,192
n/a
n/a
Non-current assets*
1,644
4,660
3,313
6,534
16,062
11,467

The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, who is viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT).

Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational management. Performance evaluation or resource allocation decisions are decided on a consolidated basis. Consequently, JENSEN-GROUP has identified that it operates as a single operating segment.

The following table presents revenue based on the Group’s geographical areas.

The basis for attributing revenues is based on the location of the customer:

Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company.

The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries).

Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end December 31, 2024.

* Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31,
2024
December 31,
2023
ACQUISITION COST
At the end of the preceding year
24,820
24,868
Translation differences
8
-48
Additions
24,939
0
Disposals
0
0
Transfers
0
0
Total acquisition cost
49,767
24,820
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN
At the end of the preceding year
1,995
1,989
Translation differences
1
6
Depreciation
0
0
Disposals
0
0
Transfers
0
0
Total depreciations and amounts written down
1,996
1,995
Net carrying amount at the end of the year
47,771
22,826

Note 4: Non-current assets

Goodwill

The goodwill arises mainly from the acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux, JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland and Inwatec.

The acquisition of MAXI-PRESS increased the goodwill of the JENSEN-GROUP by 24.9 million euro. For more information see Note 23.

The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage of these plants come from one group of local, regional or global customers that are approached with the same deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the plants are allocated to one CGU for impairment testing purposes.

Goodwill is subject to an annual impairment test, close to year-end, via a number of critical judgments, estimates and assumptions. Based on the comparison of the 'value in use' (derived using discounted free cash flow approach) and the carrying amount (book value of capital employed) of the CGU (the Group), the recoverable amount is calculated. JENSEN-GROUP believes that its estimates are reasonable; they are based on the past experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best estimates by management.

December 31 2024
(in thousands of euro)
Know-how and
Product
Development
Licenses
Other
intangibles
TOTAL
ACQUISITION COST
At the end of the preceding year
6,546
2,512
1,440
10,498
Translation differences
-5
-1
0
-6
Acquisition of subsidiaries
0
190
0
190
Change in scope
0
0
-1,440
-1,440
Additions
856
21
0
877
Disposals
0
-343
0
-343
Transfers
0
0
0
0
Total acquisition cost
7,397
2,379
0
9,766
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN
At the end of the preceding year
2,808
1,833
24
4,665
Translation differences
-17
21
-30
-26
Acquisition of subsidiaries
0
66
0
66
Change in scope
0
0
-96
-96
Depreciation
612
182
102
896
Disposals
0
-343
0
-343
Transfers
0
0
0
0
Total depreciations and amounts written down
3,402
1,760
0
5,162
Net carrying amount December 31, 2024
3,994
619
0
4,614

The main judgments, assumptions and estimates for the cash-generating unit are:

- The first year of the model is based on management’s best estimate of the free cash flow outlook for the coming year; for the second, third, fourth and fifth years of the model, cash flows are based on our LT plan which includes key estimates such as the implied growth rate on sales and the EBIT margin;

- Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% (vs. 0% PY) of free cash flows;

- Projections are discounted at the weighted average cost of capital (WACC), which lies between 9% and 10%;

This calculated enterprise value is compared to the book value.

Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. The Group believes any reasonable changes in these estimates will not result in an impairment loss to be recognized given the recoverable amount.

Intangible Fixed Assets

The other intangibles at the end of 2023 were related to the acquisition of Ole Almeborg in October 2023. As per September 2024 the entity is no longer included in the consolidation scope of the JENSEN-GROUP.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
December 31 2023
(in thousands of euro)
Know-how and
Product
Development
Licenses
Other
intangibles
TOTAL
ACQUISITION COST
At the end of the preceding year
5,746
2,516
0
8,262
Translation differences
-12
-4
0
-16
Acquisition of subsidiaries
0
0
1,440
1,440
Additions
812
0
0
812
Disposals
0
0
0
0
Transfers
0
0
0
0
Total acquisition cost
6,546
2,512
1,440
10,498
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN
0
At the end of the preceding year
2,297
1,664
0
3,962
Translation differences
4
-5
0
-1
Depreciation
507
174
24
705
Disposals
0
0
0
0
Transfers
0
0
0
0
Total depreciations and amounts written down
2,809
1,833
24
4,666
Net carrying amount December 31, 2023
3,737
679
1,416
5,832

Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 10 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 7.5 million euro (6.7 million euro in 2023) were expensed during the year. These costs are accounted for in the lines ‘services and other goods’,employee benefit expense’ and ‘depreciation and amortization expense'.

Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools.

December 31 2024
(in thousands of euro)
Land and
Buildings
Machinery
and
equipment
Furniture
and
vehicles
Right of
use
assets -
Building
Right of
use
assets –
Other
Other
intangible
s
Assets
under
constr.
TOTAL
ACQUISITION COST
At the end of the preceding year
44,684
30,974
14,448
11,340
2,766
0
881
105,095
Translation differences
251
446
62
321
-2
0
20
1,099
Acquisition of subsidiaries
2,458
2,741
392
1,883
714
70
0
8,258
Change in scope
0
-130
0
0
-112
0
0
-242
Additions
1,982
1,972
3,110
4,769
1,883
33
304
14,054
Disposals
-151
-882
-1,190
-1,563
-279
-4
0
-4,070
Transfers
0
1,375
0
0
-396
0
-979
0
Total acquisition cost
49,224
36,496
16,822
16,749
4,574
99
226
124,192
DEPRECIATIONS AND AMOUNTS WRITTEN
DOWN
At the end of the preceding year
22,611
26,839
10,720
2,549
1,151
0
0
63,871
Translation differences
64
392
13
-17
-1
0
0
450
Acquisition of subsidiaries
22
1,751
258
0
0
77
0
2,108
Change in scope
0
-63
0
0
-112
0
0
-175
Depreciation
2,504
1,417
1,539
1,688
866
18
0
8,033
Disposals
-151
-874
-1,017
-1,005
-344
-4
0
-3,395
Transfers
0
0
0
0
0
0
0
0
Total depreciations and amounts written
down
25,050
29,463
11,511
3,216
1,561
91
0
70,892
Net carrying amount December 31,
2024
24,174
7,033
5,311
13,533
3,013
8
226
53,299

Property plant and equipment

In 2024, the net carrying amount of tangible fixed assets increased by 12.1 million euro. When factoring out the depreciation charges of 8.0 million euro, tangible fixed assets experienced an overall increase of 20.1 million euro.

The capital expenditures made during this period focused on further enhancing our infrastructure to meet future market demands. This included strategic investments in the expansion of our facilities in China (3.4 million euro), classified as right-of-use asset, and Denmark (2.6 million euro). Other investment of machinery, equipment and vehicles amount to 4.5 million euro. Furthermore, the acquisition of MAXI-PRESS added 6.2 million euro to the fixed assets, including 2.6 million right-of-use asset. The renewal of several rental agreements increases the right-of-use assets by 3.2 million euro.

The net book value of the property, plant and equipment pledged as security for liabilities amounts to 12.0 million euro (7.6 million euro at December 2023).

The buildings classified as right-of-use asset mainly exist out of the buildings in China and Denmark. There is no material income from subleasing the assets per end of December 2024.

More information about the relating lease liabilities can be found in Note 9.

There are no material restrictions nor covenants imposed by the above leases.

There are no committed leases not yet recognized in the above table per end of December 31, 2024.

The IFRS16 calculations are annually updated with the indexation, to reflect the current status of the liability. There are no other items expected to influence the future cash outflows.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
December 31 2023
(in thousands of euro)
Land and
Buildings
Machinery
and
equipment
Furniture
and
vehicles
Right to
use
assets
Assets
under
constr.
TOTAL
ACQUISITION COST
At the end of the preceding year
37,969
30,442
12,577
15,343
794
97,146
Translation differences
-248
-575
-64
-549
-29
-1,465
Acquisition of subsidiaries
3,355
110
0
762
0
4,227
Additions
3,651
1,000
2,506
1,818
117
9,092
Disposals
0
-54
-585
-3,265
0
-3,905
Transfers
-43
52
14
0
0
0
Total acquisition cost
44,684
30,974
14,448
14,107
881
105,095
DEPRECIATIONS AND AMOUNTS WRITTEN
DOWN
At the end of the preceding year
21,490
26,094
10,069
5,148
0
62,801
Translation differences
-73
-453
46
-99
0
-578
Acquisition of subsidiaries
0
0
0
0
0
0
Depreciation
1,194
1,252
1,115
1,674
0
5,234
Disposals
0
-53
-510
-3,022
0
-3,585
Transfers
0
0
0
0
0
0
Total depreciations and amounts written down
22,611
26,839
10,720
3,701
0
63,871
Net carrying amount December 31, 2023
22,073
4,135
3,727
10,405
881
41,219

In 2023, the net carrying amount of tangible fixed assets increased by 6.9 million euro. When factoring out the depreciation charges of 5.2 million euro, tangible fixed assets experienced an overall increase of 12,1 million euro.

The capital expenditures made during this period primarily focused on enhancing our infrastructure to meet future market demands. This included significant investments in the expansion of our facilities in Odense, Denmark, to bolster the AI and Robotics capabilities of Inwatec, as well as the strategic acquisition of Ole Almeborg located in Hasle.

The right-of-use assets mainly exist out of buildings for an amount of 8.8 million euro.

(in thousands of euro)
December
31 2023
Acquis.
from
subs
Through
profit
or loss
Through
OCI
Exchange
differences
December
31 2024
DTA
DTL
Inventories
1,122
102
-312
0
0
912
1,061
-149
Fixed assets
-2,945
-695
578
0
0
-3,062
-1,028
-2,034
Provisions
3,677
-37
1,067
-87
0
4,620
4,376
244
Tax losses
101
0
-13
0
0
88
88
0
Deferred taxes on other differences
between tax and local books
247
5
141
-64
446
775
877
-102
Currency result in permanent financing
-951
0
-51
-1,002
0
-1,002
Financial instruments
-45
0
-355
95
0
-305
-136
-169
Total deferred tax assets (net)
1,207
-625
1,055
-56
447
2,027
5,238
-3,211
(in thousands of euro)
December
31 2022
Acquis.
from
subs
Through
profit
or loss
Through
OCI
Exchange
differences
December
31 2023
DTA
DTL
Inventories
-190
0
1.312
0
0
1,122
818
305
Fixed assets
-2,114
-803
-28
0
0
-2,945
-733
-2,212
Provisions
3,109
0
238
329
0
3,677
3,484
193
Tax losses
128
0
-27
0
0
101
101
0
Deferred taxes on other differences
between tax and local books
675
0
-22
-133
-273
247
533
-286
Currency result in permanent financing
-955
0
4
-951
-951
Financial instruments
-291
0
177
69
0
-45
-42
-3
Total deferred tax assets (net)
363
-803
1.653
266
-272
1,207
4,161
-2,954

Note 5: Deferred Taxes

Deferred tax assets and liabilities are attributable to the following items, their movement since last year is summarized hereby:

The increase relates to the deferred tax assets recognized on the timing differences between Group's accounting books and its tax books, especially on provisions.

The deferred tax assets originate mainly from JENSEN USA (1.8 million euro), JENSEN China (0.7 million euro) and JENSEN Australia (0.6 million euro).

Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Group’s valuation rules, the assets can be realized within a reasonable time frame. The Group is prudent in recognizing deferred tax assets on tax losses carried forward.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Revenue
453,166
400,121
Contract assets
68,046
62,336
Contract liabilities
54,751
43,966
(in thousands of euro)
YTD Q4 2024
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Orders intake
517,266
157,249
118,527
126,551
114,939
Revenue
453,166
118,348
107,503
118,188
109,127
(in thousands of euro)
Contract assets
Contract
liabilities
December 31 2023
62,336
43,965
Revenue recognized that was included in the contract liability balance at the
beginning of the period
-25,867
Increase due to cash received, excluding amounts recognized as revenue during
the period
35,601
Write down recognized during the year
455
Transfer from contract assets recognized at the beginning of the period to
receivables
-35,501
Increases as a result of changes in the measure of progress
40,184
Translation differences
573
1,052
December 31 2024
68,046
54,751

Note 6: Contract assets and contract liabilities

The above contract assets represent the Group’s right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not already be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer.

Construction contracts are valued based on the percentage of completion method. On December 31, 2024 contract assets included 23.5 million euro, 15.1%, of accrued profit on the gross values (20.4 million euro, 15.8%, at December 31, 2023).

Both contract assets and liabilities are higher at year-end compared to prior year due to the growth experienced in 2024.

The contract revenue is related to construction contracts for customers. The orders procured over the course of 2024 are again record breaking for the Group and underscore our continued growth and local market presence.

- As at December 31, 2024, we have 19.4 million euro of outstanding performance obligations, not yet satisfied, resulting from current contracts that will be performed after 2025 (15.3 million euro at December 31, 2023). These performance obligations are mainly related to shipyards and public hospitals.

- There are no performance obligations that last longer than 12 months between the start of the production and handover. For cruise yards, the installation of the laundry takes less than 12 months. There can, however, be a gap up to 24 months between the installation of the laundry and the final completion of the vessel. For this period, the JENSEN-GROUP signs performance bonds.

The reconciliation of contract assets and liabilities is as follows:

(in thousands of euro)
December 31
2024
December 31
2023
Trade receivables
133,032
107,196
Provision for doubtful debtors
-4,835
-3,475
Taxes
4,359
4,978
Other amounts receivable
5,387
4,591
Deferred charges and accrued income
4,313
2,910
Derivative financial instruments
314
652
Total trade and other receivables
142,570
116,852
Trade receivables
4,641
6,574
Other amount receivable
3,872
3,860
Derivative financial instruments
193
307
Non-current portion
8,707
10,741
Current portion
133,863
106,111

Note 7: Trade and other receivables

Non-current portion

The non-current portion of the trade and other receivables decrease by 2.0 million euro due to payments of the project financing given in the previous period. The Group is actively engaged in assisting customers by providing financing solutions, which include the implementation of stringent repayment schedules (4.4 million euro) and repurchase commitments with financial institutions (1.6 million euro). This approach is part of our commitment to fostering strong, supportive relationships with our clients also during financially challenging times.

In the other amounts receivable cash guarantees for an amount of 0.8 million euro are included, stable compared to previous year, and other receivables of 1.7 million euro.

Current portion

The revenue for the fourth quarter equaled 118.3 million euro (+ 17% compared to last quarter 2023). Next to the higher activities, the trade receivables ST increase due to the substantial invoicing in the last weeks before year-end.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
Amounts
Number of
shares
Capital statement (position as at December 31, 2024)
(in thousands of euro)
A. Capital
1. Issued capital
At the end of the previous year
38,050
Changes during the year
0
At the end of this year
38,050
2. Capital representation
2.1 Shares without nominal value
38,050
9,631,408
2.2 Registered or bearer shares
Registered
6,230,339
Dematerialized
3,401,069
B. Own shares held by
the company or one of its subsidiaries
5,264
146,793
C. Commitments to issue shares
1. As a result of the exercise of conversion rights
0
0
2. As a result of the exercise of subscription right
0
0
D. Authorized capital not issued
38,280
Number of
shares
Total shares
%
- Number of shares
4,260,781
9,631,408
44.24%
- Voting rights
4,260,781
9,484,615
44.92%

Note 8: Equity

Issued capital

As at December 31, 2024, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2 million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As per December 31, 2024, the Company holds 146,793 treasury shares.

Detailed information on the capital statement as per December 31, 2024 and 2023 is set out below.

The following notifications have been received of holdings in the company's share capital:

JENSEN Invest A/S, JF Tenura ApS, SWID AG, Mr. Jesper M. Jensen, The Jørn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser

JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 Rønne, Denmark

The chain of control is as follows: JENSEN Invest A/S holds 44.2 % of the shares in JENSEN-GROUP NV. JF Tenura Aps holds 100% of the shares In JENSEN Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds 51% of the share capital and 99% of the voting rights in JF Tenura Aps. The Jørn Munch Jensen and Lise Munch Jensen Family Trust, of which Mrs. Anne Munch Jensen and Mrs. Karine Munk Finser are the ultimate beneficial owners, holds the other 49% of the shares in JF Tenura Aps.

Number of
shares
Total shares
%
- Number of shares
484,473
9,631,408
5.03%
- Voting rights
484,473
9,484,615
5.11%
Number of
shares
Total shares
%
- Number of shares
1,926,282
9,631,408
20.00%
- Voting rights
1,926,282
9,484,615
20.31%

Lazard Frères Gestion SAS

25, rue de Courcelles 75008 PARIS France

Compagnie Financière Lazard Frères SAS controls Lazard Frères Gestion SAS, Lazard Group LLC controls Compagnie Financière Lazard Frères SAS, Lazard Inc controls Lazard Group LLC. Lazard Frères Gestion SAS acts independently from Compagnie Financière Lazard Frères, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law.

Miura Co Ltd

7 Horie, Matsuyama, Ehime, 799-2696 Japan

The chain of control is as follows: Miura Co. Ltd. holds 20% of the shares in JENSEN-GROUP NV.

As at December 31, 2023, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2 million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As per December 31, 2023, the Company holds 15,122 treasury shares.

On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). With both transactions, 1,926,282 new shares were created. For more details of the new created shares, we refer to the listing prospectus which is available on the Company website, section Prospectus.

On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
Amounts
Number of shares
Capital statement (position as at December 31, 2023)
(in thousands of
euro)
A. Capital
1. Issued capital
- At the end of the previous year
30,710
- Changes during the year
7,340
- At the end of this year
38,050
2. Capital representation
2.1 Shares without nominal value
38,050
9,631,408
2.2 Registered or bearer shares
- Registered
6,230,339
- dematerialized
3,401,069
B. Own shares held by
- the company or one of its subsidiaries
499
15,122
C. Commitments to issue shares
1. As a result of the exercise of conversion rights
0
0
2. As a result of the exercise of subscription rights
0
0
D. Authorized capital not issued
38,280

Each share has one vote. The voting rights are in line with the Companies’ and Associations’ Code. The bylaws do not include other regulations with respect to voting rights.

The regulations with respect to transfer of shares are in line with the Companies’ and Associations’ Code. The bylaws do not include other regulations with respect to transfer of shares.

Share premium

The share premium results from (i) the merger of LSG, which then took the name of JENSEN-GROUP NV (5.8 million euro), (ii) capital increase in 2023 through contribution in kind (37.9 million euro) and (iii) capital increase in 2023 through contribution in cash (23.9 million euro).

The closing balance of the share premium is 67.6 million euro.

Treasury shares

The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. In view of the transaction with MIURA, JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program. On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares. The Board of Directors of August 10, 2023, decided to re-launch the share repurchase program to buy back maximum 668,027 of its shares. The shares are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate expires on May 18, 2026.

As at December 31, 2024, the Company holds 146,793 treasury shares.

Currency
Average rate
Closing rate
2024
2023
2024
2023
AED
3.9730
3.9676
3.8252
3.8831
AUD
1.6399
1.6285
1.6772
1.6263
BRL
5.8268
5.4016
6.4253
5.3618
CHF
0.9526
0.9717
0.9412
0.9260
CNY
7.7863
7.6591
7.5833
7.8509
DKK
7.4589
7.4510
7.4578
7.4529
EUR
1.0000
1.0000
1.0000
1.0000
GBP
0.8466
0.8699
0.8292
0.8691
JPY
163.8175
151.9425
163.0600
156.3300
NOK
11.6268
11.4243
11.7950
11.2405
NZD
1.7879
1.7618
1.8532
1.7504
SEK
11.4309
11.4728
11.4590
11.0960
SGD
1.4457
1.4523
1.4164
1.4591
TRY
35.5653
25.7487
36.7372
32.6531
USD
1.0821
1.0816
1.0389
1.1050

Currency translation differences

In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Group’s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption ‘Currency translation differences’.

The currency translation differences decreased by 3.3 million euro, mainly following the weaker JPY and TRY, compensated by a stronger USD.

The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.2 million euro of currency losses are transferred from financial result to other comprehensive income.

The exchange rates used for the translation were as follows:

Hedging reserves

The Group designates foreign exchange contracts and interest rate swaps as ‘cash flow hedges’ of its foreign currency and interest exposure. Any change in fair value of the hedging instrument and the hedged item (attributable to the hedged risk), as of inception of the hedge, is deferred other comprehensive income ('OCI') if the hedge is deemed effective (Note 20).

At year-end, an amount of 0.03 million euro was deferred in other comprehensive income.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

Gains and losses recognized in the hedging reserve in other comprehensive income ('OCI'):

- on forward foreign exchange contracts as of December 31, 2024, will be released to the income statement at various dates between one and six months.

- on interest rate swap contracts as of December 31, 2024, will be continuously released to the income statement until the repayment of the bank borrowings.

Remeasurement gains and losses on defined benefit plans

JENSEN-GROUP has four defined benefit plans for which all actuarial gains and losses are recognized directly in OCI. The accumulated loss of the four plans per December 31, 2024, amounts to 4.7 million euro.

Dividend

The Board proposes to the Annual Shareholders’ meeting to approve a dividend of 1.00 euro per share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount to 9,484,615 euro, based on the number of shares outstanding as at December 31, 2024. No dividend will be distributed to the treasury shares.

In respect of 2023, the Board proposed, and the Shareholders approved, a dividend payment of 0.75 euro per share. The dividend proposal was based on the net result of the Company at year-end.

Capital risk management

JENSEN-GROUP’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure to minimize the cost of capital.

(in thousands of euro)
December
31 2023
Acquis.
of subs
Proceeds
Repayments
Reclass
LT to ST
CTA
December
31 2024
LT loans with credit institutions
24,090
0
2,235
0
-13,342
95
13,078
LT loans other
1,764
0
441
0
0
0
2,205
LT factoring
2,034
0
0
0
-468
29
1,595
Subtotal
27,888
0
2,676
0
-13,810
124
16,878
Lease liabilitiesLT
2,655
2,390
3,327
-472
-2,464
3
5,440
Total non-current borrowings
30,543
22,318
(in thousands of euro)
December
31 2023
Acquis.
of subs
Proceeds
Repayments
Reclass
LT to ST
CTA
December
31 2024
Current portion of LT borrowings
3,112
0
115
-3,226
13,371
22
13,393
Credit institutions ST
0
20,005
20,005
Overdrafts
9,656
4
-1,351
0
305
8,613
Payments received (factoring)
1,674
0
1,736
-1,735
468
54
2,197
Subtotal
14,442
4
21,856
-6,312
13,839
380
44,208
Lease liabilities - ST
1,346
423
335
-1,819
2,570
46
2,900
Total current borrowings
15,788
47,108
Total borrowings
46,331
69,426

Note 9: Financial debt

The non-current and current borrowings can be summarized as follows:

Total borrowings increased from 46.3 million euro at December 31, 2023 to 69.4 million euro at December 31, 2024, mainly driven by the new roll-over loan of 20 million euro facilitating the transaction of acquiring the 85% stake in MAXI-PRESS.

The repayments for lease liabilities consider interest expense on lease liabilities for an amount of 0.2 million euro.

More information about the relating right-of-use assets can be found in Note 4.

The Group factored trade receivables in a total amount of 3.8 million euro (2.2 million euro long-term and 1.6 million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement does not result in the de-recognition of any amount from the balance sheet.

Considering the total borrowings (69.4 million euro), financial assets (30.1 million euro) and cash and cash equivalents (42.5 million euro), the Group is reporting a net cash position of 3.0 million euro at the end of December 2024, compared to 35.9 million euro net cash per end of December 2023. Major cash outs relate to the acquisition of MAXI-PRESS, the dividend pay-out and the acquisition of treasury shares, compensated by a positive EBITDA. The Group is in a net cash position hence not using the available credit facilities.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Between 1 and 2 years
8,785
15,173
Between 2 and 5 years
5,884
9,306
> 5 years
7,650
6,064
Total non-current borrowings
22,318
30,543
(in thousands of euro)
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
> 5 years
TOTAL
Credit institutions (incl. overdraft)
42,011
5,879
2,350
4,849
55,089
Other
0
0
0
2,205
2,205
Payments received (factoring)
2,197
500
500
595
3,792
Lease liabilities
2,900
2,406
3,034
0
8,340
Total
47,108
8,785
5,884
7,650
69,426
IRS covered
0
444
1,333
1,625
3,402
Total non-covered
47,108
8,341
4,551
6,024
66,024
(in thousands of euro)
December 31
2024
December 31
2023
EUR
19,267
21,570
DKK
27,015
5,702
CNY
14,804
15,058
Total
61,086
42,330
Lease liabilities
8,340
4,001
Total borrowings
69,426
46,331
(in thousands of euro)
December 31
2024
December 31
2023
Mortgages
7,009
5,702
Letter of Intent
12,893
14,404
Total
19,902
20,106

The following table gives the maturities of the non-current debt:

The exposure of the Group’s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the interest rate swaps ('IRS') at balance sheet date are as follows:

Management believes that the carrying value of the loans at fixed rate approximates to the fair value.

For details on the IRS, we refer to Note 20, Financial Instruments - market and other risks.

The carrying amounts of the Group’s borrowings are denominated in the following currencies:

There are no bank covenants in place.

Debt covered by guarantees

The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 12.0 million euro.

(in thousands of euro)
December 31,
2024
December 31,
2023
Provisions for defined benefit plan
9,730
10,394
Provisions for other employee benefits
327
298
Total employee benefit obligations
10,058
10,692
(in thousands of euro)
December 31,
2024
December 31,
2023
Current service cost
211
170
Interest cost
398
442
Interest income on plan assets
-103
-133
Administrative expenses and taxes
22
18
Pension expenses
528
497
(in thousands of euro)
December 31,
2024
December 31,
2023
Net defined benefit liability (asset) at the beginning of year
10,394
9,201
Defined benefit cost included in P&L
528
497
Employer contribution or benefits paid by employer
-762
-779
Total remeasurements included in OCI
-393
1,373
Effect of changes in foreign exchange rates
-37
102
Net defined benefit liability (asset) as of end of year
9,730
10,394

Note 10: Employee benefit obligations

The provision for other employee benefits relates to defined contribution plans in Austria and Germany.

Benefit plan

JENSEN GmbH, JENSEN France, JENSEN Italia and JENSEN AG Burgdorf maintain defined retirement benefit plans. These plans generally provide benefits that are related to an employee’s remuneration and years of service.

- The liabilities for the JENSEN-GROUP in respect of the defined benefit schemes are calculated by independent actuaries, taking into consideration projected final salaries and using assumptions such as discount rate, mortality, turnover, salary evolution, inflation.

- The weighted average duration of the defined benefit obligation at year-end 2024 is 13.90 years (2023: 13.32).

At December 31, 2024, the total net liability amounted to 9.7 million euro. The net liability decreased because of changes in the assumptions and because of experience effects. Overall, the change in the discount rate resulted in a gain of 28 kEUR. Experience gains of 0.3 million euro are linked to a gain of 0.5 million euro due to a full valuation performed in Switzerland after two years of roll-forwards and reflects mainly the changes in population, current salary and credit increases, partially offset by a loss of 0.2 million euro in Germany.

For the defined benefit plans, the net cost for 2024 was 0.5 million euro (2023: 0.5 million euro)

The change in net liability recognized during 2024 and 2023 is set out in the table below:

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31,
2024
December 31,
2023
Defined benefit obligation at end of prior year
18,165
15,482
Current service costs
211
170
Interest expense
398
442
Benefits paid
-737
-84
Participants' contribution
250
238
Effect of changes in demographic assumptions
8
0
Effect of changes in financial assumptions
-28
1,285
Effect of experience adjustments
-254
81
Effect of changes in foreign exchange rates
-156
551
Defined benefit obligation at end of year
17,857
18,165
(in thousands of euro)
December 31,
2024
December 31,
2023
Fair value of plan assets at end of prior year
7,771
6,281
Contributions
1,012
1,016
Return on plan assets
119
-7
Interest income on plan assets
103
133
Benefits paid
-737
-84
Administrative expenses
-22
-18
Effect of changes in foreign exchange rates
-119
450
Fair value of plan assets at end of year
8,127
7,771
(in thousands of euro)
December 31,
2024
December 31,
2023
Defined benefit obligation - wholly unfunded
8,413
8,515
Defined benefit obligation - (partially) funded
9,444
9,650
Fair value of plan assets
8,127
7,771
Net defined benefit liability (asset)
9,730
10,394

For Switzerland, the amount of the contributions is based on the currently valid pension plan in conjunction with the pension fund regulations of the foundation. Half of the savings contributions are financed by the employer and half by the employee. The risk contributions are paid by the employee at a rate of 1% from the age of 18 to 24 and 1.5% from the age of 25. The employer's contribution corresponds to the difference between the total of all contributions and the sum of the contributions of all employees. In case of underfunding, recovery measures have to be taken, one potential such measure is additional recovery contributions

The changes in defined benefit obligations and plan assets can be summarized as follows:

JENSEN-GROUP is affiliated with a collective foundation who is responsible for asset management and the reconciliation of assets and liabilities. The plan assets are invested in accordance with the currently valid investment regulations of this foundation. The investment strategy and liability structure are aligned on a regular basis.

Discount rate
Rate of price inflation
Expected rates of salary increase
2024
2023
2024
2023
2023
Switzerland
1.10%
1.35%
1.10%
1.25%
1.75%
France
3.45%
3.30%
N/A
N/A
3.00%
Germany
3.50%
3.30%
2.25%
2.25%
3.00%
Italy
3.40%
3.25%
2.00%
2.23%
N/A
(in thousands of euro)
Change in
assumption
Discount rate
-25bp
623
+25bp
-586
Weighted avg duration (in years)
-25bp
14
+25bp
13

The major assumptions made in calculating the provisions can be summarized as follows:

For the Eurozone, discount rates increased over 2024 as a result of increasing yields on international bonds. For Switzerland, bonds have shown a decrease in yields leading to a lower discount rate. With regards to the inflation rate in the Eurozone, we calculated with a price inflation of 2.25% for Germany and 2.00% for Italy (respectively 2.25% and 2.23% used last year) applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the benefit. The expected salary increase rates didn't change since last year for the Eurozone but decreased for Switzerland by 15 basis points.

Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:

- Asset volatility: Investment instruments other than bonds, are expected to outperform (corporate) bonds in the long term but create volatility and risk in the short term. The allocation of the plan assets is monitored to ensure this is appropriate in respect of the lifetime of the plan.

- Changes in bond yields: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting period on high quality corporate bonds, as required by IAS 19.83. A decrease in corporate bond yields will increase the plans’ liabilities. For funded schemes, this will be partially offset by an increase in the fair value of the plan’s assets.

The sensitivity of the defined benefit obligation to changes in the assumptions is:

The above sensitivity analyses are based on a change in assumption while holding all other assumptions constant, although it may be likely that changes in some of the assumptions may be correlated.

The percentage of plan assets by asset allocation is as follows per end of December 31, 2024 (2023):

- Equity securities 5.79% (3.92%)

- Debt securities: 46.36% (49.74%)

- Real estate: 24.55% (23.72%)

- Derivatives: 9.68% (10.32%)

- Cash: 0.40% (0.60%)

- Other: 13.23% (11.70%)

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

The contributions expected to be paid to the plan and to direct payments during the annual period beginning after the reporting period is estimated at 0.7 million euro.

There is one pension plan in place in Belgium that is legally structured as a defined contributions plan. The cost of this plan for JENSEN-GROUP NV amounted to 0.1 million euro for accounting year 2024 (2023: 0.1 million euro).

Because of the Belgian legislation applicable to 2nd pillar pension plans (so-called "Vandenbroucke Law"), all Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. The Vandenbroucke Law states that in the context of defined contribution plans, the employer must guarantee a minimum of 1.75% annual return on contributions as of 2016, and a minimum of 3.75% on contributions made before 2016.

Because of this minimum guaranteed return for Defined Contributions plans in Belgium, the employer is exposed to a financial risk (there is a legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods). These plans should therefore be classified and accounted for as Defined Benefit plans under IAS 19.

In the past the Company did not apply the Defined Benefit accounting for these plans because higher discount rates were applicable and the return on plan assets provided by insurance companies was sufficient to cover the minimum guaranteed return. As a result of the continuously low interest rates offered by the European financial markets, employers in Belgium effectively assumed a higher financial risk related to the pension plans with a minimum fixed guaranteed return than in the past, requiring them to measure the potential impact of Defined Benefit accounting for these plans.

We asked an external party to estimate the potential additional liabilities, and they concluded that no potential additional liabilities exist as at December 31, 2024.

(in thousands of euro)
December 31
2024
December 31
2023
Provisions for warranties
8,686
8,377
Provisions for take-back obligations
354
256
Other provisions
820
1,338
Provisions for other liabilities and charges
9,861
9,971
(in thousands of euro)
December
31 2023
Acquisition
of subs.
Additions
Utilization
Write-
backs or
reversals
FX
Reclass
December
31 2024
Provisions for warranties
8,377
49
6,573
-4,521
-1,797
5
0
8,686
Provisions for repurchase commitments
256
0
173
0
-75
0
0
354
Other provisions
1,338
0
-1
-40
-100
24
-400
820
Total provisions
9,971
49
6,745
-4,561
-1,972
29
-400
9,861

Note 11: Provisions for other liabilities and charges

Changes in provisions can be analyzed as follows:

Warranty provision: A provision is recorded for expected warranty claims on products sold during the year. Assumptions used to calculate the provision for warranty claims are based on current sales levels and current information on warranty calls under the standard warranty period (on average between 18 and 24 months) for the main products. The warranty provision at the end of 2024 corresponds proportionately with the increase in our operational activities throughout the year. It is noteworthy that despite the expansion in activities, the warranty provision as a percentage of our revenues has remained constant at 2%. This stability underscores our commitment to quality and customer service excellence, even amidst significant operational growth.

Repurchase commitments: A provision for repurchase commitments is recorded when JENSEN-GROUP sells equipment for which the customer enters into a leasing contract with a leasing company and this party requests a repurchase clause. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine. This creates exposure for the Group in terms of having to take back machinery over the lifetime of the financing contract. The value of the machinery could already be below the remaining financial liability, therefore a provision is provided for.

Other provisions: are set up for legal claims that, based on prudent judgment, are reasonably accounted for. Most of these claims are covered by insurance. Based on legal advice taken, management does not expect these claims to significantly impact the Group’s financial position or profitability. The provision for uncertain tax position has been reclassified to tax liability (0.4 million euro).

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Trade payables
30,485
28,450
Remuneration and social security
16,605
16,380
Other amounts payable
13,025
5,724
Accrued expenses and deferred income
13,491
8,645
Derivative financial instruments
611
67
Total trade and other payables
74,217
59,266
Other amount payable
6,670
2,545
Non-current portion
6,670
2,545

Note 12: Trade and other payables

The trade payables, on average, correspond to the final month of outstanding purchases. As of the end of December, outstanding payables have risen by 7% compared to the previous period, a change entirely attributable to the heightened activity of the Group. The expansion of our workforce from 1,830 to 2,059 employees at year-end, alongside inflation and varying economic conditions in several countries, has led to a 12% increase in employee remuneration as reflected in the profit and loss statement. Despite this rise, the payable amount remains stable relative to December 2023.

The other amounts payable increase by 7.3 million euro, primarily due to the ongoing investments in expanding the production facilities in China (0.7 million euro) and the forward purchase (5.4 million euro) on the NCI of MAXI-PRESS of which 1.2 million euro is classified in the current portion, for more information see Note 23.

The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2024 are included in this accrual. The deferred income amounts to 3 million euro (1.4 million euro in 2023). These factors collectively contribute to the increased outstanding payables recorded at year-end (+15.0 million euro). This increase reflects our strategic investments and growth initiatives.

(in thousands of euro)
December 31
2024
December 31
2023
Variance
%
Raw material expenses
-202,886
-188,928
7%
Services and other goods
-56,145
-45,772
23%
Employee benefit expenses
-132,302
-118,486
12%
Depreciation and amortization expense
-8,888
-5,995
48%
Impairment, write-off and provisions
-3,421
-1,638
109%
Total expenses
-403,642
-360,819
12%

Note 13: Operating expenses

Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced a 7% increase compared to the previous year. This rise is attributed to both the expansion of operational activities and the fluctuations in market prices driven by inflation.

The main components are:

- Raw materials & consumables

- Trade machinery

- Packaging

- Freight

- Spare parts & services

- Subcontracting

The growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is currently limited by the capacities of our Production and Engineering Centers (PECs). In response, the Group is actively investing in the expansion of production facilities in China and Denmark, with additional investments planned for Sweden.

Services and other goods amount to 56.1 million euro and their evolution (+ 10.4 million euro) is in line with the growth of the Group.

The main components exist of:

- Marketing

- Utility & office services

- IT

- Maintenance and repair

- Travel

- Research

The expansion of our workforce from 1,830 to 2,059 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 12% compared to December 31, 2023.

Depreciation and amortization expenses amount to 8.9 million euro in 2024, these expenses are further detailed per asset class in Note 4 and 5.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Variance
Write down on trade receivables
2,144
1,210
934
Write down on contract assets
455
0
455
Write down on inventory
811
309
502
Change in provision of employee benefit expense
-228
-288
60
Change in provisions
241
405
-164
Impairment, write-off and provisions
3,421
1,636
1,785
(in thousands of euro)
December 31
2024
December 31
2023
Variance
Other operating income
1,406
1,797
-391
Other operating expenses
-193
-356
163
Total
1,213
1,441
-228

Impairment, write-off and provisions are summarized via the below table:

Due to an increase in the outstanding balances of accounts receivable, the provision for doubtful debtors increases compared to the previous period. For the roll forward of the provision for doubtful debtors from December 31, 2023 to December 31, 2024 see Note 20.

The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.

Note 14: Other operating result

In 2023, other operating income, which mainly consists of commissions, saw an increase of 0.5 million euro from certain products, along with a non-recurring insurance income of 0.3 million euro. In 2024, income is back at prior levels considering the heightened activity of the Group.

(in thousands of euro)
December 31
2024
December 31
2023
Variance
Financial income
4,326
3,697
629
Interest income
2,577
1,994
583
Other financial income
235
121
114
Currency gains
1,513
1,582
-68
Financial cost
-6,503
-4,655
-1,848
Interest charges
-1,806
-1,653
-153
Other financial charges
-1,672
-954
-718
Currency losses
-3,024
-2,048
-976
Total net finance cost
-2,177
-958
-1,219

Note 15: Financial income and financial charges

Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 0.6 million euro.

The Group investments in two types of bonds, classified as financial asset (see Note 20):

- held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest);

- and bonds not held for trading.

The cost of financial debt increases by 0.2 million euro reflecting both positive impact of repayments and increase due to new financial debt with credit institutions, see Note 9.

Other financial charges increase by 0.7 million euro compared to the previous period because of the loss on the sale of 50% of the shares of Ole Almeborg (0.4 million euro).

The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Variance
Current taxes
-14,012
-12,147
-1,865
Deferred taxes
1,055
1,653
-598
Total income tax expense
-12,957
-10,494
-2,463
(in thousands of euro)
December 31
2024
December 31
2023
Accounting profit before taxes
52,498
41,926
Share in result of associates and companies accounted for using
the equity method
3,938
2,141
Tax basis
48,560
39,785
Theoretical tax rate
24.50%
23.84%
Income tax calculated at the weighted average of the
theoretical tax rate of the different entities
11,897
9,484
Disallowed expenses
211
233
Prior year tax adjustments
120
-50
Tax losses for which no DTA is recognized
616
176
Other
113
651
Subtotal
211
879
Actual tax expenses
12,957
10,494
Effective tax rate
26.68%
26.38%

Note 16: Income tax expense

Income tax expenses can be analyzed as follows:

Total income tax expenses increase by 2.5 million euro, attributable to an enhanced result before taxes. The movement of the deferred taxes balance sheet positions is further split by their nature in Note 5.

Relationship between tax expense and accounting profit as per December 31, 2024 and December 31, 2023 is summarized in the below reconciliation table:

Reconciliation of effective tax rate

The effective tax rate of 26.68% is higher than the theoretical tax rate of 24.50% of the different entities and mainly due to disallowed expenses and tax losses for which no DTA is recognized.

During 2024, tax audits are announced in several locations. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of this audit.

December 31
2024
December 31
2023
Variance %
Basic earnings per share (in euro)
4.31
3.39
27%
Weighted avg shares outstanding
9,542,241
9,150,330

Note 17: Earnings per share

Basic earnings per share are calculated by dividing the Group share in the profit for the year of 41.2 million euro (31 million euro in 2023) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2024, and 2023.

The earnings per share (EPS) experienced an increase by 0.92 euro per share, or 27% compared to previous period.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Variance
Cash and cash equivalent
42,455
51,112
-8,657
Overdraft
-8,613
-9,656
1,043
Net cash and cash equivalents
33,842
41,455
-7,614
CASH FLOW FROM OPERATING ACTIVITIES
30,619
21,621
CASH FLOW FROM INVESTING ACTIVITIES
-41,360
-12,756
CASH FLOW FROM FINANCING ACTIVITIES
1,958
2,826
Net increase / (decrease) in cash and cash equivalents
-8,783
11,691
Exchange gains / (losses) on cash and bank overdrafts
1,169
-147

Note 18: Statement of cash flows

Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement:

Similar to 2023, operating activities in 2024 have benefited from improved yearly results. This positive impact was partly counterbalanced by an increase in working capital, which resulted in a cash outflow of 16.6 million euro. Contract assets increased by an amount of 29.3 million euro, reflecting the impressive order book records the Group continues to achieve. On the other hand, the contract liabilities increase by 29.8 million euro as well. During 2023, the corporate income tax paid was limited to 4.5 million euro. However, due to the strong results of 2023 and prepayments made for the expected results of 2024, the cash outflow for corporate income taxes in 2024 has increased to 18.4 million euro.

The acquisition of 85% of the shares of MAXI-PRESS Holding GmbH, Germany, and its subsidiaries has significantly impacted investing activities by 31.7 million euro (net of acquired cash). Additionally, strategic investments in expanding production facilities in China and Denmark, along with regular investments in property, plant, and equipment, resulted in additional outflow of 11.8 million euro. These investments enhance our manufacturing footprint and align with our strategic goals of capacity expansion and diversification of our product offerings. These investing activities were partially offset by the positive impact of the proceeds from and purchase of financial instruments amounting to 1.2 million euro and the receipt of a 0.9 million euro dividend from Inax related to the 2023 results.

The distribution of dividends to shareholders, based on the financial results of 2023, amounts to 7.4 million euro. Additionally, financing activities were further impacted by the share buyback program, through which the Group repurchased shares totaling 4.8 million euro. The proceeds from and repayments of borrowings are mainly impacted by the new roll-over loan of 20 million euro facilitating the transaction of acquiring 85% stake in MAXI-PRESS.

(in thousands of euro)
December 31
2024
December 31
2023
Variance
Letters of intent
12,893
14,404
-1,511
Bank guarantees
9,277
9,344
-67
Mortgages
7,009
5,702
1,307
Collateral
20,006
0
20,006
Repurchase commitments
3,368
2,560
-5,362

Note 19: Commitments and contingencies

JENSEN-GROUP has given the following commitments:

The new collateral of 20 million euro is related to the acquisition of MAXI-PRESS, where the Group financed via a roll-over loan of 20 million euro guaranteed by a collateral on the financial assets at fair value through OCI, DKK bonds, as disclosed in Note 20.

Management does not expect these contingencies to significantly impact the Group’s financial position or profitability.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31 2024
December 31 2023
Carrying
amount
Fair value
amount
Carrying
amount
Fair value
amount
FINANCIAL ASSETS
Financial assets at amortized cost
4,869
4,433
5,139
4,609
Financial assets at fair value through OCI
25,234
25,234
25,953
25,953
Other LT receivables
1,455
1,351
1,929
1,791
Trade receivables
128,197
128,197
103,721
103,721
Derivative financial instruments - FX contracts
121
121
345
345
Derivative financial instruments -IRS
193
193
307
307
Cash and cash equivalent
42,455
42,455
51,112
51,112
Total
202,524
201,984
188,506
187,839
FINANCIAL LIABILITIES
Financial debts
57,294
56,793
38,622
38,052
Financial debts - factoring
3,792
3,792
3,708
3,708
NCI forward
5,400
5,400
0
0
Trade payables
30,485
30,485
28,450
28,450
Derivative financial instruments - FX contracts
611
611
67
67
Derivative financial instruments -IRS
0
0
0
0
Total
97,582
97,081
70,842
70,277

Note 20: Financial instruments Market and other risks

The table below gives an overview of the Group’s financial instruments. The carrying amounts are assumed to be close to the fair value.

Financial assets

To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy.

Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position.

Other current & non-current assets

Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project.

This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables.

As of December 31, 2024, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values.

Derivative financial instruments

The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves.

Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities.

Methods and assumptions to estimate the fair values deviating from the carrying amount:

- The financial assets at amortised cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category.

- Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, and remaining maturities.

- Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments.

- The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities.

In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
December 31
2024
December 31
2023
Non-current assets
193
307
Current assets
121
346
Non-current liabilities
0
0
Current liabilities
-611
-67
Total
-296
586
Forward exchange contracts: fair value
-489
279
Interest rate swaps: fair value
193
307
Total
-296
586

Reconciliation of assets and liabilities

Foreign currency risk

JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate.

The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group’s policy, these derivative instruments are not held for speculative or trading purpose.

In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes:

- Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure.

- Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework.

Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer.

All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures.

The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8).

2024
(in thousands of euro)
Total exposure
Total derivatives
Open position
EUR/USD
-11,361
11,000
-361
EUR/GBP
-1,647
1,500
-147
EUR/AUD
-5,809
2,165
-3,644
EUR/SEK
5,225
-3,500
1,725
EUR/NZD
-18
380
362
EUR/CHF
2,315
-538
1,777
TOTAL
-11,295
11,007
-287
2023
(in thousands of euro)
Total exposure
Total derivatives
Open position
EUR/USD
-7,059
9,936
2,877
EUR/GBP
-3,354
3,000
-354
EUR/AUD
-652
1,324
672
EUR/SEK
3,233
-1,500
1,733
EUR/NZD
-69
350
281
EUR/NOK
-1,601
901
-700
TOTAL
-9,502
14,010
4,508

The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2024, and December 31, 2023, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euro, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euro. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies.

Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments:

- European subsidiaries engage in their operations utilizing the Euro, Danish Krone, and Swedish Krona as their currencies of transaction.

- In the USA, production activities are conducted in USD, reflecting the local currency.

- In China, the operational currency for production activities is CNY.

This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of
euro)
Change in
currency
Impact net
profit1
Impact on equity
USD
-5.98%
-993
-2,670
5.98%
1,259
3,009
GBP
-3.71%
-63
-167
3.71%
99
180
AUD
-2.34%
-268
-105
2.34%
285
110
NZD
-3.87%
-38
-20
3.87%
40
21
CNY
-3.33%
263
-414
3.33%
-479
441
SEK
-3.21%
240
-493
3.21%
-238
526
CHF
-5.26%
142
-463
5.26%
-92
515
DKK
-0.09%
37
-145
0.09%
-57
145
NOK
-3.88%
-10
-12
3.88%
17
13
SGD
-3.27%
-132
3.27%
141
JPY
-7.60%
-1,693
7.60%
1,971
BRL
-19.20%
-1
19.20%
1
AED
-4.52%
-11
4.52%
12
TRY
-15.26%
-834
15.26%
1,134

Sensitivity analysis for 2024

1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2024 and using a 95% confidence interval.

These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics.

Currency
Sell
Average
exchange rate
Maturity
Fair value
thousands of
euro
EUR/GBP
1,245,955
0.83
16/1/2025
-2
EUR/AUD
3,532,734
1.63
3/4/2025
88
EUR/USD
12,076,407
1.10
25/2/2025
-605
EUR/NZD
684,434
1.80
17/4/2025
11
Curr
Buy
Average
exchange rate
Maturity
Fair value
thousands of
euro
EUR/SEK
40,300,993
11.51
3/2/2025
22
EUR/CHF
500,000
0.93
27/2/2025
-3
Currency
Sell
Average
exchange rate
Maturity
Fair value
thousands of
euro
EUR/GBP
2,604,181
0.87
4/2/2024
7
EUR/AUD
2,214,133
1.67
19/4/2024
-31
EUR/USD
10,763,272
1.08
10/4/2024
252
DKK/SEK
11,247,823
1.43
30/12/2024
16
EUR/NZD
640,606
1.83
20/6/2024
-14
EUR/NOK
10,349,000
11.49
10/1/2024
-22
Currency
Buy
Average
exchange rate
Maturity
Fair value
thousands of
euro
EUR/SEK
17,466,336
11.64
19/1/2024
70

As of December 31, 2024, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group’s efficient management of its foreign exchange exposure within the short-term horizon.

2024

2023

Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2024 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2024, totaling 0.1 million euro after taxes (0.1 million in 2023), have been deferred in equity.

It is important to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
(in thousands of euro)
Effective
interest rate
Carrying
amount
< 1 month
> 1 month
< 3 months
> 3 months
< 12 months
1-5 years
> 5 years
FLOATING RATE
CNY
3.25%- 4.80%
12,893
8,610
158
475
3,650
0
Total floating
12,893
8,610
158
475
3,650
0
FIXED RATE
EUR
1.32%- 2.28%
17,383
191
382
11,717
2,632
2,462
DKK1
0.44% -2.99%
27,019
20,039
78
362
1,947
4,593
Total fixed
44,402
20,230
460
12,079
4,579
7,055
FACTORING
EUR
3,792
183
366
1,648
1,000
595
Total
61,087
29,023
984
14,201
9,229
7,650
2023
(in thousands of euro)
Effective
interest rate
Carrying
amount
< 1 month
> 1 month
< 3 months
> 3 months
< 12 months
1-5 years
> 5 years
FLOATING RATE
CNY
3.94% - 5.0%
14,404
9,655
153
458
4,138
0
Total floating
14,404
9,655
153
458
4,138
0
FIXED RATE
EUR
1.32% -
2.28%
18,515
183
366
1,646
14,316
2,005
DKK1
0.44% -1.5%
5,703
26
51
232
1,336
4,059
Total fixed
24,218
208
417
1,877
15,652
6,064
FACTORING
EUR
3,708
139
279
1,255
2,034
0
Total
42,330
10,003
848
3,591
21,824
6,064
1: Includes both loans at fixed rates and loans at floating rate
covered by IRS.

Interest rate risk

The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative or trading purposes, ensuring that their use is firmly aligned with risk management objectives.

Financing activities within the JENSEN-GROUP are centralized within the treasury department. This centralization facilitates the Group's adherence to its hedging policy by utilizing Interest Rate Swaps (IRS). Such an approach enhances the efficiency and effectiveness of the Group's financial management practices, ensuring coherent and unified oversight of its hedging strategies and financial risk exposures.

In relation to interest-bearing financial liabilities, the table provided indicates their effective interest rates as of the balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are equivalent to their carrying balances, as the effect of any discounting is considered negligible.

2024

2024
Curr
SWAP amount
Fixed interest
Maturity
Fair value
thousands of
euro
DKK
13,206,509
0.44%
30/12/2039
241
DKK
12,162,025
2.99%
31/3/2029
-47
TOTAL in EUR
3,401,611
193
2023
Curr
SWAP amount
Fixed interest
Maturity
Fair value
thousands of euro
DKK
14,083,848
0.44%
30-12-2039
307
TOTAL in EUR
1,889,714
307
(in thousands of euro)
Carrying amount
Effective interest
rate
Possible rates at
December 31, 2024
CNY
12,893
3.25%- 4.80%
1.69% - 6.36%
Total in EUR
12,893

The following table sets out the conditions of the interest rate swaps:

Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow hedges. Throughout 2024, the variations in their fair value, which amounted to 0.2 million euro after taxes (0.2 million euro in 2023), have been deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been recorded, indicating a precise match between the hedging instruments used and the underlying exposure.

As disclosed in the above table, 12.9 million euro of the Group’s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 3.4 million euro loan that is covered by an interest rate swap.

The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows:

Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our floating rate debt as of December 31, 2024while keeping all other variables constantit is estimated that the profit for 2024 could have been 0.6 million euro lower or higher. This projection underscores the sensitivity of our financial performance to changes in interest rates, highlighting the potential impact on our profitability due to variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated with interest rate movements and for assessing our risk management strategies.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
2024
(in thousands of euro)
Current
< 60 days
> 60 days <
90 days
overdue
> 90 days <
120 days
overdue
> 120 days
overdue
Total
Outstanding trade receivables
92,312
15,721
5,191
4,614
10,552
128,390
Collateral held as security
0
Net exposure
92,312
15,721
5,191
4,614
10,552
128,390
Provisions accounted for
-4,835
Total
123,555
2023
(in thousands of euro)
Current
< 60 days
> 60 days <
90 days
overdue
> 90 days <
120 days
overdue
> 120 days
overdue
Total
Outstanding trade receivables
71,062
10,194
4,324
3,304
11,378
100,622
Collateral held as security
0
Net exposure
71,062
10,194
4,324
3,304
11,378
100,622
Provisions accounted for
-3,475
Total
97,147

Credit risk

Credit risk represents the risk that a party involved in a financial instrument will fail to fulfil their obligation, leading to a financial loss for the other party.

In managing credit risk, our policy leverages historical data concerning overdue trade receivables. In addition to this retrospective analysis, as articulated in our valuation policies, we incorporate forward-looking information to gain a comprehensive view of potential credit risks.

Aligned with the Group's credit policy, customers undertaking projects are mandated to either make an advance payment or provide a form of guarantee, such as Letters of Credit (L/C) or bank guarantees. This requirement is part of our due diligence process, where we assess the creditworthiness of both new customers and existing customers whose purchasing volumes increase. This comprehensive approach ensures that we effectively manage and mitigate credit risk, safeguarding the Group's financial health and stability.

Consolidated ageing schedule of the trade receivables ST

Balances that are due within the upcoming 12 months are recorded at their carrying balances, as the effect of discounting these amounts is deemed to be not significant.

Trade debtors and other receivables are presented in the balance sheet at their amortized cost, which typically equates to the original invoiced amount, adjusted for an allowance for expected credit losses.

Given the project-based nature of our operations and the notable concentration of accounts receivable/contract assets related to individually significant projects within the Group, allowances for both incurred and future expected losses are determined on an individual project basis.

(in thousands of euro)
Provision for doubtful debtors at the end of 2023
3,475
Additions
2,144
Reversals
-818
Exchange difference
34
Provision for doubtful debtors at the end of 2024
4,835

This approach, however, incorporates aggregated historical data regarding past experiences with similar clients. This method ensures a balanced and informed assessment of credit risk, reflecting both specific project risks and broader trends observed with similar engagements.

In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the effectiveness of other forms of collateral.

The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to account for any disparities between current and expected economic conditions compared to those experienced historically.

Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the Group also acknowledges exposures that are managed on an individual basis. These are recognized separately to the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and mitigating credit risk in line with the requirements of IFRS 9.

The roll forward of the provision for doubtful debtors is set out below:

Due to an increase in the outstanding balances of accounts receivable, the provision for potential credit losses saw a net increase of 1.4 million euro. This adjustment reflects a nuanced approach to managing the credit risk associated with receivables, balancing the positive impact of recovered funds against the necessity to account for increased exposure due to higher outstanding balances. The impact of the movement of the provision on the result amounts to 2.1 million euro.

As per end of December 31, 2024, there is one customer group, named Elis, with a concentration of more than 10% of the total outstanding receivables.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

The JENSEN-GROUP's major financial institution partners are Nordea, KBC and Nykredit. Their bank credit ratings (S&P) as per December 31, 2024 are:

- Nordea: AA-

- KBC: A+

- Nykredit: AA-

Liquidity risk

Liquidity risk refers to the risk that an entity will encounter difficulties in meeting its financial obligations as they come due because of an inability to liquidate assets or obtain adequate funding in a timely manner.

The Group addresses liquidity risk through the strategic management of its financial resources, ensuring the availability of adequate cash reserves and borrowing facilities. This involves a vigilant monitoring of both forecasted and actual cash flows, alongside a careful alignment of the maturity profiles of its financial assets and liabilities (Note 9). By adopting this approach, the Group aims to maintain financial stability and ensure it can meet its obligations as they arise.

The main drivers of cash inflows for the Group are derived from its operational activities. This approach highlights the Group's dedicated focus on maintaining robust liquidity management practices. By leveraging both the revenue generated from its business operations and strategic financial activities such as capital increases, the Group ensures the availability of necessary funds to support its ongoing operations and secure its financial well-being.

Note 21: Assets held for sale

The results classified as a loss from assets held for sale amounting to 0.5 million euro, pertain to the former Cissell building in Kentucky, associated with the previous CLD activities. Additionally, the costs related to this building, totaling 0.1 million euro, are accounted for within the results from assets held for sale.

44.2%
1.6%
20.0%
5.0%
29.2%
JENSEN Invest A/S
JENSEN-GROUP NV *
Miura Co Ltd
Lazard Frères
Free float
In thousands of euro
December 31,
2024
December 31,
2023
Fees paid to Board members
365
336
Gross salaries paid to senior managers
3,121
2,382
Basic remuneration
1,182
897
Invoiced services
954
836
One-year variable remuneration
862
570
Fixed expenses
30
30
Fringe benefits
42
19
Pension plan
50
31

Note 22: Related party transactions

Shareholder structure

The shareholders of the Company as per December 2024 are:

(*) Share buy back program

Transparency notifications

During 2024, JENSEN-GROUP NV received following notifications:

- a notification from JENSEN Invest A/S following the ongoing share buy-back program implemented by JENSEN-GROUP, JENSEN Invest A/S, which controls de facto the Company, crossed the 45% threshold upwards on March 8, 2024; and

- a notification from Lazard Frères Gestion SAS informing they crossed the minimum threshold of 5% through the acquisition or disposal of voting securities or voting rights.

Key management compensation

For more details on the remuneration of senior management, we refer to the Remuneration Report included in the Report of the Board of Directors.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
In thousands of euro
December 31
2024
December 31
2023
Companies accounted for using the equity method
47,538
49,764
In thousands of euro
December 31
2024
December 31
2023
Companies accounted for using the equity method at the end
of the year
49,764
5,573
Acquisition of Inax
0
42,374
Change in scope of Ole Almeborg (50%)
613
0
Acquisition of PrimaFolder (33%)
412
0
Share in the result
4,562
3,085
Hyperinflation impact on the share in the result
-624
-944
Hyperinflation correction – direct equity
0
3,266
Translation differences
-6,778
-3,589
Companies accounted for using the equity method at the end
of the year
47,538
49,764

Companies accounted for using the equity method

The companies that are accounted for using the equity method, represent the valuation of the participations in Tolon, Inax Corporation (recognized from April 3, 2023, onwards), PrimaFolder (May 30, 2024) and Ole Almeborg (from September 1, 2024 onwards). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly.

At the end of May 2024, JENSEN Italy acquired 33% of the shares of PrimaFolder for a purchase price of 0.4 million euro. PrimaFolder is a company specializing in the design and manufacture of automatic folding machines based in Italy.

Roll-over of the companies accounted for using the equity method

Tolon

On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%.

As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method.

Net income per end of December 2024 (excluding hyperinflation) amounts to 2.5 million euro, compared to 2.6 million euro per end of December 2023 (excluding hyperinflation).

(in thousands of euro)
December 31
2024
December 31
2023
Revenue
33,796
31,086
Operating profit (EBIT)
3,679
3,825
Consolidated profit for the year
1,272
689
Non-current assets
12,823
9,242
Current assets
13,206
16,986
Equity
9,232
8,856
Non-current liabilities
2,655
2,953
Current liabilities
14,143
14,420
Net asset - %
4,524
4,339
Goodwill
352
3,322
Companies accounted for using the equity method at the end of the year
4,876
7,661
(in thousands of euro)
December 31
2024
December 31
2023
(9 months)
Revenue
122,798
77,692
Operating profit (EBIT)
9,149
5,399
Consolidated profit for the year
6,907
3,682
Non-current assets
45,628
50,166
Current assets
67,844
72,837
Equity
48,589
45,536
Non-current liabilities
13,619
15,451
Current liabilities
51,264
62,016
Net asset - %
23,809
22,313
Goodwill
17,925
20,182
Companies accounted for using the equity method at the end of the year
41,734
42,494

Hyperinflation

The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2024, we used the producer price index (PPI) "PPI.ITUR" as from January 2005,

published by the Turkish Statistical Institute (Turkstat): PPI as per 31.12.2024 is 3,746.52 (PPI as per 31.12.2023 is 2,915.02).

The impact on the share in the result for the year 2024 of the revaluation was a cost of 0.6 million euro.

In previous year, the impact of the application of IAS 29 for the financial year ended December 31, 2023, resulted in a loss of 0.9 million euro in the Group's income statements.

Inax

On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (“Inax”), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV.

As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
In thousands of euro
December 31
2024
December 31
2023
Result attributable to non-controlling interest
-1,737
277
Equity part of NCI
-58
1,896

Ole Almeborg

On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023.

As per May 17, 2024, JENSEN Denmark entered into a share sale and purchase agreement with Logitrans A/S. As a result, per end of August 2024, the JENSEN-GROUP holds 50% of Ole Almeborg, so this participation is consolidated by the equity method from September 1, 2024 onwards.

The company accounted for using the equity method is valued at 0.6 million euro at the end of the year.

Non-controlling interests

In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG. As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the income statement as “income attributable to non-controlling interest”.

On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method.

On July 23, 2024, JENSEN-GROUP acquired 85% of the shares of MAXI-PRESS Holding GmbH, Germany and its subsidiaries. As the JENSEN-GROUP holds 85%, the participation is consolidated by the full consolidation method. See Note 23 for more information about the acquisition.

The result attributable to non-controlling interest amounts to a loss of 1.7 million euro compared to an income of 0.3 million euro in the previous period. This decrease is mainly due to a reduction in the order intake for Inwatec, a company that manufactures exclusively based on customer orders, rather than for inventory. In the second half of the year, management concentrated efforts on boosting the order book for Inwatec. Limited personnel reductions to maintain capacities for growth were implemented. By the end of December 2024, these initiatives were successful, resulting in an order book that provides a solid foundation for 2025 and beyond.

The Group is not aware of any restrictions to transfer funds in the form of cash and dividends, nor any commitments or contingent liabilities related to the interest in the joint ventures and associates. For the legal structure, we refer to Note 26.

(in thousands of EUR)
July 31, 2024
July 31, 2024
Before PPA
PPA adjustments
After PPA
Intangible assets (excl. goodwill)
19
123
142
Property, plant & equipment
4,061
2,408
6,469
Inventory
5,230
1,538
6,767
Trade & other receivables
4,024
0
4,024
Cash
2,881
0
2,881
Trade & other payables
-8,360
0
-8,360
Deferred taxes
345
-1,172
-827
NET ASSETS ACQUIRED
8,199
2,897
11,096
Goodwill
24,939
Consideration paid (85%)
34,371
Non-controlling interest (15%)
1,664

Note 23: Acquisitions

MAXI-PRESS

On July 23, 2024, JENSEN-GROUP acquired 85% of the shares of MAXI-PRESS Holding GmbH, Germany and its subsidiaries ("MAXI-PRESS"). MAXI-PRESS, renowned for its leading market share in press cushions as well as its unique range of consumables, will play a pivotal role in enhancing JENSEN-GROUP's service offerings. The acquisition is fully aligned with JENSEN-GROUP's long-term value creation strategy, aiming to provide a comprehensive range of service propositions to laundries across the globe.

The table below gives an overview of the acquisition-date fair value, after IFRS conversion, of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment:

Consideration

The acquisition of an 85% equity stake in MAXI-PRESS has been executed at a purchase price of 34.4 million euro on a cash-/debt-free basis, corresponding to 85% of the total enterprise value of MAXI-PRESS.

Additionally, JENSEN-GROUP committed to acquiring the remaining 15% equity stake currently held by the founding CEO and shareholder, Mr. Zaiser, over the ensuing three years. These transactions will be guided by valuation principles consistent with those applicable at the initial acquisition, involving the purchase of the shares in three annual tranches of 5%, culminating in JENSEN-GROUP's complete ownership of MAXI-PRESS by the end of June 2027.

Fair value estimations of the purchase price allocation

- The fair value of the trade name of MAXI-PRESS is determined via the relief from royalty method and is amortised over a period of ten years.

- The machinery & equipment is revalued by actualizing the historical acquisition cost for the remaining part of the economic life of each asset, combined with management expertise. Their useful life is within the JENSEN-GROUP policies.

- The inventory held for trade is valued at its individual sales value less cost to sell per July 31, 2024. The step-

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

up of this fair value assessment is consumed consistent with the inventory rotation rate of each affected subsidiary.

Goodwill

The goodwill recognized in the acquisition of MAXI-PRESS amounts to 24.9 million euro. This figure represents, among other factors, the intrinsic value of MAXI-PRESS's workforce, as well as the anticipated future economic benefits derivable from the transaction. The valuation of goodwill in this context underscores the strategic importance of the acquisition, recognizing not only the tangible assets but also the intangible assets and potential for growth and synergy that MAXI-PRESS brings to the JENSEN-GROUP.

The non-controlling interest is measured at 15% of the fair value of the net assets acquired.

Transaction expenses

Total transaction expenses for the acquisition amount to 0.7 million euro in 2024.

Forward purchase of the NCI

In line with our commitment to acquire the remaining 15% interest, a non-controlling interest (‘NCI’) forward purchase is accounted for as a financial liability on the balance sheet of the JENSEN-GROUP. This valuation is determined by calculating the present value of the anticipated payments for the forthcoming three instalments. The methodology employed for this calculation considers the cost of debt over a three-year term, in conjunction with the applicable credit spread. The JENSEN-GROUP will reassess the fair value on a semi-annual basis. The fair value is measured under a level 3 fair value measurement.

The main judgements, assumptions and estimates considered for the fair value calculation are:

- Each 5% tranche of equity stake is based upon the weighted result of three consecutive years, assessed on a cash/debt-free basis.

- Projections are based upon the budget of the MAXI-PRESS Group, incorporating key assumptions such as the implied growth rate (0%) and inflation (2%).

JENSEN-GROUP asserts that its estimates are sound, grounded in the historical performance records of the MAXI-PRESS Group, and supplemented by external data sources, such as cost of debt metrics. These estimates represent management’s best judgment, and it is acknowledged that actual outcomes may deviate due to varying assumptions or conditions. Nonetheless, the Group maintains that any reasonable variations in these estimates would not lead to a material impact for 2024.

Upon inception, JENSEN-GROUP derecognizes the non-controlling interest by recording the NCI forward purchase as a financial liability in the balance sheet. The resultant variance is directly adjusted through the Group’s equity. The liability is accounted for at other payable for an amount of 5.4 million euro, of which 1.2 million euro is short-term.

(in thousands of euro)
December 31
2024
(first 7 months)
December 31
2024
(last 5 months)
December 31
2024
(12 months)
Revenue
13,508
9,331
22,839
Operating profit (EBIT)
3,083
775
3,858
Profit for the year
2,111
533
2,644

Pro-forma income statement MAXI-PRESS Group

MAXI-PRESS is contributing 9.3 million euro of revenue and 0.5 million of profit for the year. If the acquisition would have taken place on 1 January 2025, contribution to revenue and net profit would have amounted to 22.8 million and 2.6 million euro respectively.

The operating profit in the second period is significantly influenced by the partial release of the fair value step-up on inventory held for trade, which considers the turnover of trade goods. This adjustment amounts to 1.1 million euro before tax.

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024

Note 24: Non-audit fees

The Statutory Auditor is Deloitte BV, represented by Mrs. Charlotte Vanrobaeys.

The Statutory Auditor and its network received worldwide fees of 578,460 euro (excl. VAT) for auditing the statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP. Apart from its mandate, the Statutory Auditor and its network received during 2024 additional fees of 133,000 euro (excl. VAT) for the limited assurance of the Sustainability statement in accordance with the ESRS, and that was invoiced to the JENSEN-GROUP NV. The Company has appointed a single firm for the audit of the consolidated financial statements.

Note 25: Events after the balance sheet date

There are no significant after balance sheet events.

Note 26: Legal structure

CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
Consolidated companies
Registered office
Participation percentage
Belgium
JENSEN-GROUP NV
Neerhonderd 33
9230 Wetteren
Parent Company
TOLON Europe BV
Neerhonderd 33
9230 Wetteren
49%
Australia
JENSEN Laundry Systems Australia
PTY Ltd.
Unit 16, 38-46 South Street
Rydalmere NSW 2116
100%
Orboc Pty Ltd
3/14 Hinkler Court
4500 Brendale- QLD
85%
MAXI-PRESS Australia Pty Ltd
3/14 Hinkler Court
4500 Brendale- QLD
85%
Austria
JENSEN Austria Holding GmbH
Reinhartsdorfgasse 9
2324 Schwechat-Rannersdorf
100%
JENSEN ÖSTERREICH GmbH
Reinhartsdorfgasse 9
A-2324 Schwechat-Rannersdorf
100%
Brazil
JENSEN-GROUP BRASIL COMERCIO E
SERVICOS DE EQUIPAMENTOS DE
LAVANDERIA LTDA
Rua Aparecida José Nunes de
Campos 19
CEP 18087-089, Jardim do Paço,
Sorocaba-SP
100%
China
JENSEN Industrial Laundry
Technology (Xuzhou) Co., Ltd
Phoenix Avenue,
Xuzhou Clean Technology Zone
221121 Xuzhou,
Jiangsu Province,
P.R. China
100%
Denmark
JENSEN Industrial Group A/S
Industrivej 2
3700 Rønne
100%
JENSEN Denmark A/S
Industrivej 2
3700 Rønne
100%
Ole Almeborg A/S
Svalhøjvej 15
3790 Hasle
50%

Note 27: Consolidation scope as at December 31, 2024

Inwatec ApS
Hvidkærvej 30
5250 Odense SV
70%
Svalhøjvej 15 ApS
Svalhøjvej 15
3790 Hasle
100%
France
JENSEN France SAS
2 “Village d’entreprises”
ZA de la Couronne des Près
Avenue de la Mauldre
78680 Epône
100%
Germany
JENSEN GmbH
Jörn-Jensen-Straβe 1
31177 Harsum
100%
JENSEN Components GmbH
Ludwig-Erhard-Strasse 18
30982 Pattensen
100%
MAXI-PRESS Holding GmbH
Zum Lingeshof 1 c
36124 Eichenzell-Welkers
85%
MAXI-PRESS Elastomertechnik
GmbH
Zum Lingeshof 1 c
36124 Eichenzell-Welkers
85%
ELASTOPRESS Polytex GmbH
Im Weilerlen 12
74321 Bietigheim-Bissingen
85%
SPE Polymertechnik GmbH
Zum Mühlgraben 6
68642 Bûrstadt
85%
Italy
JENSEN Italia s.r.l.
Strada Provinciale Novedratese 46
22060 Novedrate
100%
Prima Folder s.r.l.
Via Agostino Depretis, 9
48123 Ravenna
33%
Japan
JENSEN Japan Co., Ltd.
4-9-1-203 Imagawa, Urayasu-city
279-0022 Japan
100%
Inax Corporation
5-1-11, Osaki, Shinagawa-ku,
Tokyo, 141-0032 Japan
49%
Middle East
JENSEN Industrial Laundry Systems
M.E. DMCC
JENSEN Industrial Laundry Systems
M.E. DMEE
Unit No: 204 Fortune Tower Plot
No: JLT-PH1-C1A Jumeirah Lakes
Towers Dubai
100%
CONSOLIDATED FINANCIAL STATEMENT
ANNUAL REPORT 2024
UAE
Norway
JENSEN NORGE AS
Østensjøveien 36
0667 OSLO
100%
New Zealand
JENSEN New Zealand Ltd
C/- MinterEllisonRuddWatts
15 Customs Street
Auckland Central 1010
100%
Singapore
JENSEN Asia PTE Ltd.
No. 6 Jalan Kilang #02-01
Dadlani Industrial House
Singapore 159406
100%
Spain
JENSEN Spain S.L.
Calle Energia, 34
Poligono Famades
ES-08940 Cornella de Llobregat
(Barcelona)
100%
Sweden
JENSEN Sweden AB
Företagsgatan 68
504 94 Borås
100%
JENSEN Sweden Holding AB
Box 363
503 12 Borås
100%
Switzerland
JENSEN AG Burgdorf
Buchmattstrasse 8
3400 Burgdorf
100%
JENSEN Holding AG
Buchmattstrasse 8
3400 Burgdorf
100%
GOTLI Holding
Industriestrasse 51
6312 Steinhausen
51%
GOTLI Labs AG
Industriestrasse 51
6312 Steinhausen
51%
Turkiye
TOLON GLOBAL MAKINA Sanyi Ve
Tikaret Sirketi A.S.
A.O.S.B. 10007. Sk. No:9 Çiğli,
İzmir
49%
TOLON EXPORT MAKİNE TİCARET
A.Ş.
10007 SOK. NO:9 AOSB ÇİĞLİ
İzmir
49%
United Kingdom
JENSEN UK Ltd.
Unit 5, Network 11
Thorpe Way Industrial Estate
Banbury, Oxfordshire OX16 4XS
100%
United States of America
JENSEN NA Inc.
Corporation Trust Center
Orange Street 1209
Wilmington - Delaware
100%
JENSEN USA, Inc.
Aberdeen loop 99
Panama City, FL 32405
100%
831 South 1st Street, Inc.
831 South 1st Street
Louisville, KY 40203
100%
Tolon US
Aberdeen loop 99
Panama City, FL 32405
49%
MAXI-PRESS ELASTOMERIC Inc
80 Turnpike Drive Suite #4
6762 Middlebury - CT
85%
AUDITORS REPORT
ANNUAL REPORT 2024
FREE TRANSLATION
Statutory auditors report to the shareholders meeting of JENSEN-GROUP NV for
the year ended 31 December 2024 - Consolidated financial statements
In the context of the statutory audit of the consolidated financial statements of JENSEN-GROUP NV (“the
company”) and its subsidiaries (jointly “the group”), we hereby submit our statutory audit report. This report
includes our report on the consolidated financial statements and the other legal and regulatory requirements.
These parts should be considered as integral to the report.
We were appointed in our capacity as statutory auditor by the shareholders’ meeting of 16 May 2023, in
accordance with the proposal of the board of directors (“bestuursorgaan” / “organe d’administration”) issued
upon recommendation of the audit committee. Our mandate will expire on the date of the shareholders’ meeting
deliberating on the financial statements for the year ending 31 December 2025. We have performed the statutory
audit of the consolidated financial statements of JENSEN-GROUP NV for 2 consecutive periods.
Report on the consolidated financial statements
Unqualified opinion
We have audited the consolidated financial statements of the group, which comprise the consolidated statement
of financial position as at 31 December 2024, the consolidated statement of profit and loss, the consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flow for the year then ended, as well as the summary of significant accounting policies and
other explanatory notes. The consolidated statement of financial position shows total assets of 516 386 (000) EUR
and the consolidated statement of profit and loss shows a profit for the year then ended of 39 433 (000) EUR.
In our opinion, the consolidated financial statements give a true and fair view of the group’s net equity and
financial position as of 31 December 2024 and of its consolidated results and its consolidated cash flow for the
year then ended, in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union and with the legal and regulatory requirements applicable in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In
addition, we have applied the International Standards on Auditing approved by the IAASB applicable to the
current financial year, but not yet approved at national level. Our responsibilities under those standards are
further described in the “Responsibilities of the statutory auditor for the audit of the consolidated financial
statements” section of our report. We have complied with all ethical requirements relevant to the statutory audit
of consolidated financial statements in Belgium, including those regarding independence.
We have obtained from the board of directors and the company’s officials the explanations and information
necessary for performing our audit.
We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the consolidated financial statements of the current period. These matters were addressed in the context of our
audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key audit matter: recognition of revenue for customer contracts commissioned by third parties
Description of the key audit matter:
We focused on the revenue recognition for customer contracts commissioned by third parties, which are still
ongoing at year-end, because JENSEN-GROUP NV substantially generates its revenue from projects which qualify
as construction contracts under IFRS. The group recognizes the margin over the duration of the customer
contracts. The recognition of revenue and the estimation of the outcome of customer contracts in progress,
commissioned by third parties, with fixed prices is complex and requires significant management's estimates,
particularly regarding the estimation of incurred costs and costs associated with contract completion. For these
reasons, we identified the revenue from customer contracts, which are ongoing at year-end, commissioned by
third parties as a key audit matter.
We refer to Note 1 and 6 of the annual report: Note 1 outlines the main valuation rules, including those regarding
the recognition of revenue for project revenue, while Note 6 provides more details on contract assets. As of 31
December 2024, cumulative profits totaling 23,5 million EUR have been recorded in the gross balance of the
customer contract assets.
Our audit approach regarding the key audit matter:
In assessing the revenue recognition from customer contracts commissioned by third parties, we evaluated both
the design and operational effectiveness of controls and performed substantive testing procedures. We examined
the controls implemented by the group for recording contract-related costs and revenue, along with assessing the
determination of project completion stage. As part of our audit procedures, we ensured that the group complies
with the appropriate valuation rules regarding revenue recognition. Our audit procedures further involved
evaluating management's significant estimates by reviewing project documentation and engaging in discussions
with financial and technical staff within the group regarding the progress of ongoing projects. Additionally, we
examined manual revenue entries for any unusual or irregular matters. Based on our testing procedures, we did
not identify any material deviations.
Responsibilities of the board of directors for the preparation of the consolidated financial statements
The board of directors is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with the International Financial Reporting Standards as adopted by the European Union
and with the legal and regulatory requirements applicable in Belgium and for such internal control as the board of
directors determines is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the group’s
ability to continue as a going concern, disclosing, as applicable, matters to be considered for going concern and
using the going concern basis of accounting unless the board of directors either intends to liquidate the group or
to cease operations, or has no other realistic alternative but to do so.
Responsibilities of the statutory auditor for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
During the performance of our audit, we comply with the legal, regulatory and normative framework as applicable
to the audit of consolidated financial statements in Belgium. The scope of the audit does not comprise any
assurance regarding the future viability of the company nor regarding the efficiency or effectiveness
demonstrated by the board of directors in the way that the company’s business has been conducted or will be
conducted.
AUDITORS REPORT
ANNUAL REPORT 2024
As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from an error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the group’s internal control;
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the board of directors;
conclude on the appropriateness of the use of the going concern basis of accounting by the board of
directors and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our statutory
auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our statutory auditor’s report. However, future events or conditions may cause the group to
cease to continue as a going concern;
evaluate the overall presentation, structure and content of the consolidated financial statements, and
whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation;
obtain sufficient appropriate audit evidence regarding the financial information of the entities and business
activities within the group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements
regarding independence, and we communicate with them about all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated to the audit committee, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key
audit matters. We describe these matters in our report unless law or regulation precludes any public disclosure
about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’ report on the
consolidated financial statements, including the sustainability information and other matters disclosed in the
annual report on the consolidated financial statements.
Responsibilities of the statutory auditor
As part of our mandate and in accordance with the Belgian standard complementary to the International
Standards on Auditing (ISA) as applicable in Belgium, our responsibility is to verify, in all material respects, the
director’s report on the consolidated financial statements, and other matters disclosed in the annual report on the
consolidated financial statements, as well as to report on these matters.
Aspects regarding the directors’ report on the consolidated financial statements and other information
disclosed in the annual report on the consolidated financial statements
The annual report contains the sustainability information which is the subject of our separate report on the
limited assurance regarding the sustainability information. This section does not pertain to the assurance on the
consolidated sustainability information included in the annual report. For this part of the annual report on the
consolidated financial statements, we refer to our report on the matter.
In our opinion, after performing the specific procedures on the directors’ report on the consolidated financial
statements, this report is consistent with the consolidated financial statements for that same year and has been
established in accordance with the requirements of article 3:32 of the Code of companies and associations.
In the context of our statutory audit of the consolidated financial statements we are also responsible to consider,
in particular based on information that we became aware of during the audit, if the directors’ report on the
consolidated financial statements is free of material misstatement, either by information that is incorrectly stated
or otherwise misleading. In the context of the procedures performed, we are not aware of such material
misstatement.
Statements regarding independence
Our audit firm and our network have not performed any prohibited services and our audit firm has
remained independent from the group during the performance of our mandate.
The fees for the additional non-audit services compatible with the statutory audit, as defined in article
3:65 of the Code of companies and associations, have been properly disclosed and disaggregated in the
notes to the consolidated financial statements.
Single European Electronic Format (ESEF)
In accordance with the draft standard on the audit of the compliance of the financial statements with the Single
European Electronic Format ("ESEF"), we have also performed the audit of the compliance of the ESEF format and
of the tagging with the technical regulatory standards as defined by the European Delegated Regulation No.
2019/815 of 17 December 2018 ("Delegated Regulation").
The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the
consolidated financial statements in the form of an electronic file in ESEF format (“digital consolidated financial
statements”) included in the annual financial report.
Our responsibility is to obtain sufficient and appropriate evidence to conclude that the format and the tagging of
the digital consolidated financial statements comply, in all material respects, with the ESEF requirements as
stipulated by the Delegated Regulation.
Based on our work, in our opinion, the format and the tagging of information of the digital consolidated financial
statements included in the annual financial report of JENSEN-GROUP NV as of 31 December 2024 are, in all
material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated Regulation.
AUDITORS REPORT
ANNUAL REPORT 2024
Other statements
This report is consistent with our additional report to the audit committee referred to in article 11 of Regulation
(EU) No 537/2014.
Signed at Ghent.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Charlotte Vanrobaeys
SUMMARY STATUTORY FINANCIAL STATEMENTS JENSEN-GROUP NV
Summary balance sheet of JENSEN-GROUP NV
Financial year ended
31 December
31 December
(in thousands of euro)
2024
2023
Fixed assets
176,039
139,629
Intangible fixed assets
766
197
Tangible fixed assets
360
396
Financial fixed assets
174,913
139,035
Current assets
13,656
51,806
Stocks and contracts in progress
1,463
1,418
Amounts receivable within one year
5,922
7,089
Own shares
5,264
499
Cash at bank and on hand
958
42,748
Deferred charges and accrued income
49
52
TOTAL ASSETS
189,695
191,435
Financial year ended
31 December
31 December
(in thousands of euro)
2024
2023
Capital and reserves*
163,329
164,086
Capital
38,280
38,280
Share premium account
67,590
67,590
Treasury shares
5,264
499
Reserves
3,329
3,316
Accumulated profits
48,866
54,387
Provisions and deferred taxes
672
443
Provisions for liabilities and charges
672
443
Long-term debts
0
10,000
Financial debt LT
0
10,000
Short-term debts
25,695
16,906
Financial debt ST
10,000
0
Amounts payable within one year
15,461
16,811
Accrued charges and deferred income
234
95
TOTAL LIABILITIES
189,695
191,435
STATUTORY FINANCIAL STATEMENT
ANNUAL REPORT 2024
Summary income statement of JENSEN-GROUP NV
Financial year ended
31 December
31 December
(in thousands of euro)
2024
2023
Operating income
30,048
25,032
Turnover
30,845
25,888
Finished goods and contracts in progress: increase
(decrease)
-2,348
-3,237
Other operating income
1,550
2,381
Operating charges
-30,085
-24,707
Raw materials, consumables and goods for resale
-16,909
-12,715
Services and other goods
-9,869
-8,959
Remuneration, social security and pensions
-2,732
-2,536
Depreciation
-209
-135
Write-downs
23
19
Provisions for liabilities and charges
-229
-244
Other operating charges
-160
-138
Operating profit
-38
325
Financial result
8,831
5,222
Financial income
9,173
5,222
Financial charges
-342
0
Result for the year before taxes
8,793
5,547
Income taxes
-65
-395
Result for the year
8,729
5,152
Appropriation result JENSEN-GROUP NV
Financial year ended
31 December
31 December
(in thousands of euro)
2024
2023
Profit to be appropriated
63,116
64,189
Profit (loss) for the period available for appropriation
8,729
5,152
Profit (loss) brought forward
54,387
59,037
Appropriations to capital and reserves
5,201
2,589
to legal reserves
436
257
to reserves for own shares
4,765
2,332
Result to be carried forward
-48,430
-54,387
Profit to be carried forward
48,430
54,387
Distribution of profit
-9,485
-7,212
Dividends
-9,485
-7,212
2024
2023
(in euro)
(12 months)
(12 months)
Current profit per share after taxes (1)
0.91
0.56
Number of shares outstanding (average)
9,542,241
9,150,330
Number of shares outstanding (yearend)
9,484,615
9,616,286
(1)
The current profit after tax is the same as the net profit excluding extraordinary gains and losses (both adjusted for taxes).
Statutory financial statements of JENSEN-GROUP NV
In accordance with article of the Belgian Companies’ and Associations’ Code, a summary version of the
statutory financial statements of JENSEN-GROUP NV is presented. These have been prepared in accordance
with Belgian Accounting Standards. The management report and statutory financial statements of JENSEN-
GROUP NV and the report of the Statutory Auditor thereon are filed with the appropriate authorities and are
also available at the Company’s registered offices.
The Statutory Auditor has issued an unqualified opinion on the statutory financial statements of JENSEN-
GROUP NV.
JENSEN-GROUP NV has both a holding function and a commercial function as the sales and service company
for the Benelux area.
In August 2024, the JENSEN-GROUP acquired 85% of the share capital of MAXI-PRESS Holding GmbH in
Germany, along with its subsidiaries. MAXI-PRESS is recognized as the market leader in press cushions and
offers a unique range of consumables. This acquisition fits perfectly within JENSEN-GROUP’s long-term value-
creation strategy as it opens up new sources of recurring revenue and enables the delivery of a more
comprehensive suite of service offerings to laundries worldwide.
On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a
contribution in cash (2.9 million euro). With both transactions, 1,926,282 new shares were created and the
share premium increased with 61.8 million euro. MIURA took a 20% shareholding in the JENSEN-GROUP and
JENSEN-GROUP took 49% shareholding In Inax.
At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a
maximum of 781,900 or 10% of its own shares. In view of the transaction with MIURA, JENSEN-GROUP
announced on March 9, 2023 that the Board of Directors suspended the program. On May 16, 2023, the
shareholders approved the cancellation of 113,873 treasury shares. The Board of Directors of August 10, 2023
decided to re-launch the share repurchase program to buy back maximum 668,027 of its shares. The shares
are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate
expires on May 18, 2026. As at December 31, 2024, the Company holds 146,793 treasury shares.
The Board of Directors proposes to the Annual Shareholders’ Meeting to approve a dividend of 1.00 euro per
share. The dividend proposal is based on net result of the Company at year-end. The dividend pay-out will
amount to 9,484,615 euro, based on the number of shares outstanding as at December 31, 2024.
No dividend will be distributed to the treasury shares.
The full version of the statutory financial statements of JENSEN-GROUP NV is available on the Company
website www.JENSEN-GROUP.com.
STATUTORY FINANCIAL STATEMENT
ANNUAL REPORT 2024
Valuation rules
The valuation rules are in accordance with the Royal Decree of April 29, 2019.
Financial fixed assets
Since JENSEN-GROUP NV has a holding function, we emphasize that, in accordance with our valuation rules
and accounting legislation in Belgium, financial fixed assets are valued at their initial acquisition price or paid-
in capital. Write-offs on the financial fixed assets are taken when they are deemed to be of a permanent
nature. If it appears that write-offs taken previously are no longer needed, they are reversed. Financial fixed
assets are never valued above acquisition price or paid-in capital.
Intangible fixed assets
The intangible fixed assets consist of goodwill that arises from the acquisitions of the distribution activity in the
Benelux. For statutory purposes, goodwill is amortized over a period of five years.
The issuance cost of the capital increase are amortized over a period of five years.
Tangible fixed assets
Tangible fixed assets are recorded at their acquisition value or construction cost, increased, where
appropriate, by ancillary costs. Tangible fixed assets are depreciated on a straight-line basis over their
estimated useful life from the month of acquisition onwards.
On tangible fixed assets, the depreciation rules are:
Caption
Rate
Infrastructure
10% - 20%
Installations, machinery and equipment
20%
Office equipment and furniture
20%
Vehicles
20%
Inventories and contracts in progress
Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out
(FIFO) method. For produced inventories, cost means the full cost including all direct and indirect production
costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable
value is the estimated selling price in the ordinary course of business, less the costs of completion and variable
selling expenses.
The Company uses the ‘percentage of completion method’ to determine the appropriate amount to recognize
in a given period. The stage of completion is measured by reference to the contract costs incurred up to the
balance sheet date as a percentage of total estimated costs for each contract. Costs incurred in the year in
connection with future activity on a contract are excluded from contract costs in determining the stage of
completion. They are presented as inventories, prepayments or other assets, depending on their nature.
Amounts receivable
Trade amounts receivable and other amounts receivable are carried at nominal value. Allowances are made to
amounts receivable where uncertainty exists as to the receipt or payment dates of the whole or a part of the
balance. Supplementary write-offs are also recorded where the realizable value at the balance sheet date is
lower than the carrying value.
Investments and cash at bank and in hand
Deposits with financial institutions are carried at nominal value. Write-downs are applied where the realizable
value at the balance sheet date is lower than the historical cost.
Provisions for liabilities and charges
Provisions for liabilities and charges are assessed on an individual basis to address the risks and future costs
which they are intended to cover. They are maintained only to the extent that they are required following an
updated assessment of the liabilities and charges for which they were created.
Amounts payable (after one year and within one year)
Amounts payable are carried at nominal value at the balance sheet date. The only elements which are
recorded in the accrued charges and deferred income accounts are charges payable at the balance sheet date
in respect of past or prior years.
Financial instruments
The Company uses derivative financial instruments to reduce its exposure to adverse fluctuations in interest
rates and foreign exchange rates. It is the Company’s policy not to hold derivative instruments for speculative
or trading purposes.
Derivative financial instruments are recognized initially at cost, their premium is amortized pro rata temporis.
At year-end, the financial instruments are measured at market value using the mark-to-market mechanism.
The unrealized losses are recognized in the income statement whereas the unrealized gains are deferred.
The hedged balance sheet positions (outstanding receivables and payables) are recorded at the hedging rate.
Treasury shares
The treasury shares are accounted for at lower of cost or market price at the balance sheet date.
STATUTORY FINANCIAL STATEMENT
ANNUAL REPORT 2024
General information
1. Identification
Name: JENSEN-GROUP NV
Registered office: Neerhonderd 33, 9230 Wetteren.
The Company was incorporated on April 23, 1990 and exists for an unlimited period of time.
The Company has the legal form of a “naamloze vennootschap/société anonyme” and operates under
Belgian Company Law.
The statutory purpose of the Company consists in the following, both in Belgium and abroad, on its own
behalf or in the name of third parties, for its own account or for the account of third parties:
Any and all operations related directly or indirectly or connected with the engineering,
production, purchase and sale, distribution, import, export and representation of laundry
machines and systems and the manufacture thereof;
Providing technical, commercial, financial and other services for affiliated businesses, including
commercial and industrial activities in support;
Obtaining an interest, in any manner, in any and all businesses that pursue the same, a similar
or related purpose or that are likely to further its own business or facilitate the sale of its
products or services, also cooperating or merging with these businesses and, in general,
investing, subscribing, purchasing, selling and negotiating financial instruments issued by
Belgian or foreign businesses;
Managing investments and participations in Belgian or foreign businesses, including the
standing of sureties, guaranteeing bills, making payments in advance, loans, personal or
material sureties for the benefit of these businesses and acting as their proxy holder or
representative;
Acting in the capacity of director, providing advice, management and other services for the
benefit of the management and other services for the benefit of other Belgian or foreign
businesses, by virtue of contractual relations or statutory appointment and in the capacity of
external consultant or governing body of any such business.
The Company may undertake both in Belgium and abroad, any and all industrial, trade, financial, bonds and
stocks and real property transactions that are likely to extend or further its business directly or indirectly or
that are related therewith. It may acquire any and all movable and real property items, even if these are
related neither directly nor indirectly to the Purpose of the Company.
It may obtain, in any manner, an interest in any and all associations, ventures, businesses or companies that
pursue the same, a similar or related purpose or that are likely to further its business or facilitate the sale of its
products or services, and it may cooperate or merge therewith.
The Company is registered in the Commercial Register of Ghent, section Dendermonde and is subject to
VAT under the number BE 0440.449.284
The Bylaws of the Company can be consulted at the registered office of the Company and on the
Company website www.jensen-group.com. The annual accounts are filed with the National Bank of
Belgium. Financial reports of the Company are published in the financial press and are also available on
the Company website www.jensen-group.com. Other documents that are publicly available and that are
mentioned in the reference document can be consulted at the registered office of the Company or on
the Company website www.jensen-group.com. The Annual Report of the Company is sent to any
shareholder who wish to receive it.
2. Share Capital
The registered share capital amounts to 38,280,396 euro and is represented by 9,631,408 shares
without nominal value. There are no shares that do not represent the share capital. All shares are
ordinary shares; there are no preference shares. The shares are dematerialized or registered shares,
depending on the shareholder’s preference. The dematerialized shares have been issued either by way
of an increase of capital or by exchanging existing registered or bearer shares for dematerialized shares.
Each shareholder may request the exchange of his/her shares either into registered shares or into
dematerialized shares. At least two directors will sign a share certificate. Signature stamps may replace
the signatures.
Evolution of the share capital:
Date
Share capital
Currency
Number of shares
24/05/2002
42,714,560
euro
8,264,842
20/05/2008
42,714,560
euro
8,252,604
13/01/2009
42,714,560
euro
8,039,842
30/11/2011
42,714,560
euro
8,002,968
04/10/2012
30,710,108
euro
8,002,968
15/05/2016
30,710,108
euro
7,818,999
3/04/2023
38,280,396
euro
9,745,281
16/05/2023
38,280,396
euro
9,631,408
ANNUAL REPORT 2024
Annex I
Conflict of Interest notices - Excerpts from the minutes of the meetings of the
Board of Directors held on
March 7, 2024, August 8, 2024 and December 5, 2024
"On March 7, 2024, at 11.30 a.m., the Board of Directors (hereinafter: “the Board”) of JENSEN-
GROUP NV (hereinafter: “the Company”) holds a meeting via videoconference by means of which all
participants can see and hear one another.
The following Directors are present:
YquitY bv, represented by Mr. Rudy Provoost
SWID AG, represented by Mr. Jesper Munch Jensen
TTP bv, represented by Mr. Erik Vanderhaegen
Mr. Jobst Wagner
Cross Culture Research LLC, represented by Mrs. Anne Munch Jensen
Acacia I bv, represented by Mrs. Els Verbraecken
Mr. Daisuke Miyauchi.
The following invitees are attending:
Werner Vanderhaeghe bv, represented by Mr. Werner Vanderhaeghe, Esq. Company Secretary
Mr. Markus Schalch Chief Financial Officer.
Mr. Provoost presides as Chair. Mr. Vanderhaeghe acts as Secretary. The Chair points out that
notice of the meeting was given by email of March 1, 2024, that all Directors are present, and that the
meeting is validly constituted. The Chair then proposes that the meeting consider the following items of
business.
Conflict of interest
The Chair informs the members of the Board that by letters dated March 5, 2024, and addressed to the
Chair with a copy sent to the Company’s statutory auditor, Cross Culture Research LLC and Messrs. Jobst
Wagner and Daisuke Miyauchi gave notice of a conflict of interest in relation to item 5 on the agenda referred
to as “Proposal for Dividend”, while SWID AG gave notice, by similar letter dated March 5, 2024, of a conflict of
interest in relation to the items 4 “Review and approval of proposal Remuneration Report” and 5 “Proposal for
Dividend”. The Chair further informs the members of the Board that by letter dated March 5, 2024, and
addressed to the Board with a copy sent to the Company’s statutory auditor, Yquity bv gave notice of a conflict
of interest in relation to item 4 on the agenda referred to as “Proposal re-election Non-Executive Director.
After the mentioned letters are handed over to the Secretary for filing with the Board’s records, Mrs. Anne
Jensen, and Messrs. Jesper Jensen, Jobst Wagner, Daisuke Miyauchi, and Rudy Provoost confirm that they will
abstain from the deliberation and the vote relative to the items on the agenda in relation to which a conflict of
interest was notified. All other members of the Board then confirm that they have no conflict of interest in
relation to any of the items on the agenda.
ANNUAL REPORT 2024
Following a brief review of the items on the agenda and of the various documents relative to these
items that were sent to the members of the Board, the Chair moves for a decision on the items that require
approval of the Board and after discussion, the Board proceeds as follows.
(...)
Presentation and approval Financial Statements 2023 JENSEN-GROUP NV and Consolidated
Accounts 2023 JENSEN-GROUP Preparation and approval of Report to Shareholders
Preparation and approval of Corporate Governance Statement Proposal for dividend
The Chair reviews with the Board the draft financial statements of the Company and the
consolidated accounts of JENSEN-GROUP for the year ended as of December 31, 2023, the proposal for the
Report to the Shareholders on the Companys and the JENSEN-GROUP’s activities in the course of 2023, and
the proposal for the payment of a dividend.
(...)
“Upon a motion duly made, the Board of Directors resolves unanimously, but with SWID AG as represented
by Mr. Jesper Munch Jensen, Cross Culture Research LLC as represented by Mrs. Anne Munch Jensen, and
Messrs. Jobst Wagner and Daisuke Miyauchi abstaining from the deliberation and vote, to approve the
proposal for the payment of a dividend to the Company’s shareholders in the amount of 0.75 Euro per
share, payable as of May 31, 2024.
(...)
The Chair briefs the Board on the proceedings of the Nomination and Remuneration Committee that was
held on March 6, 2024.
(...)
At this point during the meeting, the Board engages in a discussion on the Remuneration Policy, as
revised and recommended by the Nomination and Remuneration Committee, and the Remuneration Report
as approved and submitted by that Committee, and with the guidance from Counsel on its role in this
respect, the Board adopts the following resolution:
(In English)
“Upon a motion duly made, the Board of Directors resolves unanimously to approve the
Remuneration Policy, as revised in accordance with the recommendations by the Nomination and
Remuneration Committee presented at this meeting; resolves unanimously but with SWID AG as
represented by Mr. Jesper Munch Jensen abstaining from the deliberation and vote, to approve the
Remuneration Report as submitted by the Nomination and Remuneration Committee at this meeting;
resolves further to sub-delegate to the Chairman of the Board of Directors the power to report in this
respect and to submit same on behalf of the Board to the shareholders at the forthcoming Annual Meeting
to be held on May 21, 2024; resolves further unanimously to approve (i) the increases in the base salaries
and the bonus targets for 2024 for the members of the Executive Management Team and (ii) the bonus
targets for 2024 for the Chief Executive Officer”
The Chair then refers to his report earlier in the present meeting on the proceedings of the
Nomination and Remuneration Committee and that Committee’s proposal for the re-election of a Director.
As the Chair has given notice of a conflict of interest, Mr. Jobst Wagner, who is the most senior Committee
member present, takes the floor and recalls for the members of the Board that the mandate of Yquity bv,
which is represented by Mr. Rudy Provoost, as a Director will expire at the Annual Shareholders’ Meeting,
that Mr. Provoost has expressed an intention to seek re-election and that the Nomination and Remuneration
Committee has made a proposal for this re-election. Mr. Wagner confirms in this regard that under current
law, the incumbent Director will maintain the qualification of non-independent. Following a brief discussion
of the Nomination and Remuneration Committee’s assessment of the credentials and track record of Yquity
bv on the Board and the Board Committees, Mr. Wagner moves for a decision and the Board adopts the
following resolution:
(In English)
“Upon a motion duly made, the Board of Directors resolves unanimously, with Yquity bv, as
represented by Mr. Rudy Provoost abstaining from the deliberation and vote, to propose Yquity bv, as
represented by Mr. Rudy Provoost, for re-election by the shareholders to the Board of Directors for a term
of 4 years and with the qualification of non-executive, independent Director; resolves further to submit such
proposal for approval by the shareholders at its Annual Meeting to be held on May 21, 2024.”
(...)
There being no further business to discuss, the meeting adjourns at 3.20 p.m.”
“On August 8, 2024, at 11.30 a.m., the Board of Directors of JENSEN-GROUP NV (hereinafter the
“Company”) holds a meeting via videoconference by means of which all participants can see and hear one
another.
The following directors are present:
YquitY bv, represented by Mr. Rudy Provoost
SWID AG, represented by Mr. Jesper Munch Jensen
TTP bv, represented by Mr. Erik Vanderhaegen
Mr. Jobst Wagner
Cross Culture Research LLc, represented by Mrs. Anne Munch Jensen
Acacia I bv, represented by Mrs. Els Verbraecken
Mr. Daisuke Miyauchi.
The following invitees are attending:
Werner Vanderhaeghe bv, represented by Werner Vanderhaeghe, Esq.
Mr. Markus Schalch
Mr. Mads Andresen (in part)
Ms. Camela Crippa (in part)
Ms. Stefanie Roscam (in part).
Mr. Provoost presides as Chair. Mr. Vanderhaeghe acts as Secretary. The Chair further points out
that notice of the meeting was given by email of August 2, 2024, that all directors are present and that the
meeting is validly constituted. The Chair then suggests that the meeting consider the following items of
business.
ANNUAL REPORT 2024
Conflict of interest
The Chair informs the members of the Board that by a letter dated August 6, 2024, and addressed
to the Chair with a copy sent to the Company’s statutory auditor, SWID AG, Cross Culture Research LLc and
Messrs. Jobst Wagner and Daisuke Miyauchi gave notice of a conflict of interest in relation to item 7 “Share
buy-back programme” on the agenda. The Chair requests the Company Secretary to file the letters with the
Board’s records and notes that Messrs. Jesper Jensen, Jobst Wagner and Daisuke Miyauchi and Mrs. Anne
Jensen have confirmed that they will abstain from the discussion and the vote relative to the conflicted
item. All other members of the Board, present or represented, then confirm that they have no conflict of
interest in relation to any of the items on the agenda.
Following a brief review of the items on the agenda by the Chair and of the various documents
relative to these items that were sent to the members of the Board, the Chair then moves for a decision on
the items of the agenda that require approval of the Board of Directors and after discussion, the Board
resolves as follows.
(...)
Share buy-back programme
(...)he Chair then moves to adopt the following resolution:
(In English)
“Upon a motion duly made, the Board of Directors resolves unanimously, but with SWID A.G.,
represented by Mr. Jesper Munch Jensen, Cross Culture Research LLC, represented by Mrs. Anne Munch
Jensen, and Messrs. Jobst Wagner and Daisuke Miyauchi abstaining from the discussion and the vote, to
approve the continuation of the buy-back programme dated March 20, 2022 at the current conditions and
to renew the investment bank buy-back mandate as submitted to the Board at the present meeting.”
(...)
There being no further business to discuss, the meeting was adjourned at 4.25 p.m.
“On December 5, 2024, at 8.30 a.m., the Board of Directors of JENSEN-GROUP NV (hereinafter the
“Company”) holds a meeting via videoconference by means of which all participants can see and hear one
another.
The following directors are present:
YquitY bv, represented by Mr. Rudy Provoost
TTP bv, represented by Mr. Erik Vanderhaegen
Mr. Jobst Wagner
Cross Culture Research LLc, represented by Mrs. Anne Munch Jensen
Acacia I bv, represented by Mrs. Els Verbraecken
Mr. Daisuke Miyauchi (in part).
The following director is excused
SWID AG, represented by Mr. Jesper Munch Jensen
The following invitees are attending:
Mr. Markus Schalch
Mr. Doga Cagdas
Werner Vanderhaeghe bv, represented by Werner Vanderhaeghe, Esq.
Mr. Provoost presides as Chair. Mr. Vanderhaeghe acts as Secretary. The Chair points out that notice
of the meeting was given by email of November 28, 2024, that Mr. Jesper Jensen is excused because of a last-
minute scheduling conflict but that all other directors are present and that the meeting is thus validly
constituted. The Chair further refers to the presentations that were sent to the attendees prior to the meeting
and suggests that the meeting consider the following items of business.
Conflict of interest
The Chair informs the members of the Board that by a letter dated November 29, 2024, and
addressed to the Chair with a copy sent to the Company’s statutory auditor, SWID AG, Cross Culture Research
LLc and Messrs. Jobst Wagner and Daisuke Miyauchi gave notice of a conflict of interest in relation to item 8
“Prolong Instruction Share buy-back programme” on the agenda. The Chair requests the Company Secretary
to file the letters with the Board’s records and notes that Messrs. Jesper Jensen, Jobst Wagner and Daisuke
Miyauchi and Mrs. Anne Jensen have confirmed that they will abstain from the discussion and the vote relative
to the conflicted item. All other members of the Board, present or represented, then confirm that they have
no conflict of interest in relation to any of the items on the agenda.
Following a brief review of the items on the agenda by the Chair and of the various documents
relative to these items that were sent to the members of the Board, the Board proceeds as follows.
(...)
Prolong instruction Share Buy Back plan
Mr. Schalch informs the Board that the current instruction for the execution of the share buy-back programme
expires on December 14, 2024, as set forth in the Instruction Letter Phase 5 by Degroof Petercam dated June
14, 2024 and a copy of which was sent with the notice of this meeting.
ANNUAL REPORT 2024
After brief discussion the Board agrees to prolong the instruction with terms and conditions unchanged. At
the suggestion of the Chair, the Board agrees to revisit the terms and conditions of the programme at its
meeting scheduled in March 2025 based on a third-party valuation report and requests management to take
the necessary steps thereto.
(...)
There being no further business to discuss, the Chair thanks all Board members and extends his best wishes
for a Merry Christmas and a Happy New Year. He then adjourns the meeting at 12.25 p.m.
www.jensen-group.com
JENSEN-GROUP N.V. | Neerhonderd 33 | 9230 Wetteren | Belgium
T. +32 0(9) 333 83 30 | www.jensen-group.com
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