Management reviewꢀꢀ→ IntroductionꢁꢁStrategy and targetsꢁꢁPerformanceꢁꢁCorporate mattersꢁꢁSustainability statement  
NTGꢀAnnual Report 2024ꢀ•ꢀ2  
Solving complexities of  
global transportation  
Dedicated to securing vital supplies
across the globe,
 
we act as planners, organisers, and negotiators of  
efficient transport solutions by road, rail, air, and  
ocean, delivering sustainable progress and value to  
our stakeholders.  
Talented and skilled colleagues are the backbone of  
NTG. Our scalable business model empowers em-  
ployees through a partner-driven incentive approach,  
decentralisation of operations and decision-making,  
and collaboration across the Group, leveraging the  
unity of all entities.  
Welcome to our Annual Report 2024  
Learn more about the financial and operational  
performance, progress, governance, and outlook  
for NTG Nordic Transport Group
A/S
(NTG)  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ7  
NTG at a glance  
NTG is an asset-light freight forwarder,  
connecting supply chains and ensuring  
efficient storage and transportation of  
goods. We have a global presence and  
offer customised transport solutions by  
road, rail, air, and ocean.  
Global freight forwarder  
with a solid European  
foundation  
~2,700 +25 +35 +35  
Employees  
Countries  
Start-ups  
Acquisitions  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ36  
Corporate Governance  
Governance Structure  
Board of Directors  
NTG has a two-tier governance structure comprised of the  
Board of Directors and the Executive Management. The ultimate  
governing authority rests with the General Meeting.  
Composition  
According to the Articles of Association, the Board of Directors  
must comprise not less than three and not more than eight  
members elected by the General Meeting for terms of one year.  
Board members are eligible for re-election.  
In terms of internal organisation, the Group Management  
comprises the Executive Management, the divisional CEOs, and  
the Executive Vice President. The Executive Management is  
comprised of the Group CEO and Group CFO, as registered with  
the Danish Business Authority.  
No members resigned and no new members were elected to the  
Board of Directors in 2024.  
The Board of Directors currently comprises seven members  
representing strong knowledge and expertise within all areas of  
NTG’s business and strategic focus areas, including the interna-  
tional transport sector in general, corporate governance, M&A,  
risk management, IT, accounting, and supply chain management.  
The Board of Directors is responsible for the overall strategic  
management and organisation of the Group’s activities as well  
as the Group’s financial and material matters. The Board of  
Directors has established an audit, a remuneration, and a nomi-  
nation committee focusing on preparatory tasks within  
the Board of Directors’ areas of responsibilities.  
The composition of the Board of Directors is intended to ensure  
that the Board is made up by a diverse competency profile  
enabling the Board of Directors to perform its duties in the best  
possible manner. The current Board of Directors is considered  
to have the right competencies supporting the long-term value  
creation for NTG’s shareholders. Reference is made to pages  
39-40 for an overview of the current board members’ individual  
competencies.  
Nordic Transport Group A/S (the former parent company of the  
Group). As a result, he is not regarded as independent according  
to the Danish Recommendations on Corporate Governance.  
6 out of 7  
of the members of NTG’s  
Board of Directors are  
considered independent  
according to the Danish  
Recommendations on  
Corporate Governance.  
The Executive Management is responsible for NTG’s day-to-day  
management, including the compliance of NTG and its opera-  
tions with applicable legislation, the Board of Directors’ guide-  
lines and instructions, including implementation of the strategy  
set by the Board of Directors, and for disseminating information  
on NTG’s operations to the Board of Directors.  
Board meetings in 2024  
The Board of Directors held 10 board meetings in 2024.  
The agendas and the topics for each of the ordinary meetings  
are based on the Board of Directors’ annual wheel.  
Further allocation of responsibilities between the Board of  
Directors and the Group Management is set out in the Rules of  
Procedure of the Board of Directors and in a set of management  
instructions issued by the Board of Directors to the Group  
Management.  
Independence  
Six of the seven members of the Board of Directors are regard-  
ed as independent, according to the Danish Recommendations  
on Corporate Governance. Jørgen Hansen is the founder of NTG  
and was, until 2018, a member of the Executive Management in  
In addition to the activities included in the annual wheel, the  
Board of Directors focused on supervising NTG’s continuous  
adaption to the unstable situation in the international freight  
markets in 2024.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ37  
Board Committees  
The Remuneration Committee held two meetings in 2024.  
Governance structure  
The Board of Directors has established three permanent  
committees for the purpose of assisting the Board of Directors  
in preparing decisions and submitting recommendations for the  
entire Board of Directors. Each committee is governed by its  
own charter which describes the composition of the committee  
and its tasks, duties, and responsibilities. The Board of Directors  
takes the final decision on subjects prepared by the committees.  
Nomination Committee  
The Nomination Committee comprises three members: Jørgen  
Hansen (Chairman), Jesper Præstensgaard and Eivind Drach-  
mann Kolding. The Nomination Committee’s activities, tasks,  
and duties include evaluation of the individual board members’  
competencies, assisting the Chairman of the Board of Directors  
in the annual evaluation process, making recommendations for  
potential new members to the Board of Directors, reviewing  
NTG’s policy on diversity, and assessing the structure, size,  
and composition of the Board of Directors and the Executive  
Management. The Nomination Committee meets at least twice  
a year.  
General Meeting  
Audit Committee  
The Audit Committee comprises three members: Carsten  
Krogsgaard Thomsen (Chairman), Eivind Drachmann Kolding,  
and Finn Skovbo Pedersen. The Audit Committee meets at least  
four times a year.  
Board of Directors  
Board Committees  
The composition of the Audit Committee ensures that compe-  
tencies and experience within financial accounting and internal  
controls are represented. The Committee’s activities, tasks, and  
duties include monitoring of NTG’s financial reporting process,  
internal controls, IT, risk management, capital structure, and  
ESG and diversity initiatives. The Committee is also responsible  
for ensuring independence and remuneration of the elected  
external auditor as well as supervising the auditor’s non-audit  
services to NTG. The Audit Committee held four meetings in  
2024.  
The Nomination Committee held two meetings in 2024.  
Board evaluations  
The Board of Directors completes annual self-evaluations. In ac-  
cordance with the Recommendations on Corporate Governance,  
the evaluation focuses, inter alia, on the composition of the  
Board of Directors, the competencies of the Board of Directors,  
the functioning of the board committees, the efficiency of the  
Board of Directors, the individual board members’ contribu-  
tions, and the role of the Chairman and Executive Management.  
The Chairman oversees the self-evaluation process and conclu-  
sions are presented to and discussed by the Board of Directors.  
The results of the evaluation related to the Executive Manage-  
ment are reviewed by the Chairman together with members of  
the Executive Management.  
NTG Group Management  
Executive Management  
Divisional CEOs & EVP  
Remuneration Committee  
The Remuneration Committee comprises three members: Eivind  
Drachmann Kolding (Chairman), Jørgen Hansen, and Jesper  
Præstensgaard. The Remuneration Committee’s activities, tasks,  
and duties include preparation of the Group’s Remuneration  
Policy in accordance with section 139a of the Danish Compa-  
nies Act, proposing remuneration and specific targets (KPIs) for  
performance-related incentive programmes and preparation of  
the Remuneration Report in accordance with section 139b of  
the Danish Companies Act and NTG’s Remuneration Policy. The  
Remuneration Committee meets at least twice a year.  
Group functions  
Operational organisation  
Reporting on data ethics and diversity  
Information about data ethics and diversity in our parent  
company NTG Nordic Transport Group A/S, in accordance with  
sections 99d, and 107d of the Danish Financial Statements Act,  
can be found on NTG’s website: Data ethics & Diversity report.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ38  
Recommendations on Corporate Governance  
NTG observes the Recommendations on Corporate Govern-  
ance. NTG complies with all recommendations and has prepared  
the statutory statement on Corporate Governance pursuant to  
Section 107b of the Danish Financial Statements Act.  
Corporate Governance Report  
NTG complies with all recommendations on  
Corporate Governance.  
Meeting attendance and shareholdings in 2024  
Remuneration  
Nomination  
Board meetings  
attended  
Audit Committee  
meetings attended  
Committee meetings  
attended  
Committee meetings  
attended  
Shareholding  
changes in 2024  
Number of shares  
end of 2024  
Board of Directors  
Title  
Eivind Drachmann Kolding  
Jørgen Hansen  
Chair  
-
-
-
-
51,951  
••••••••••  
••••••••••  
••••••••••  
••••••••••  
••••  
••  
••  
••  
••  
••  
••  
Deputy Chair  
Board member  
Board member  
3,100,047*  
18,674  
Jesper Præstensgaard  
Finn Skovbo Pedersen  
20,529  
••••  
••••  
Carsten Krogsgaard Thomsen  
Board member  
-
5,294  
••••••••••  
Karen-Marie Katholm  
Louise Knauer  
Board member  
Board member  
-
-
4,507  
-
••••••••••  
••••••••••  
Attended  
Not attended  
•
•
* In addition, Jørgen Hansen controls 150,000 voting rights.  
 
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Sustainability statementꢁꢁ→ GeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁAdditional information  
ESRS 2  
General  
information  
Basis for preparation  
ESRS 2 BP-1  
General basis for preparation of  
sustainability statements  
The sustainability statement has been pre-  
pared in compliance with the EU’s Corporate  
The sustainability statement in this year’s An-  
nual Report has been prepared using the same  
consolidated basis as NTG’s 2024 financial  
statements and covering same period from  
1 January 2024 to 31 December 2024. The  
consolidated quantitative ESG data comprises  
the Parent Company NTG Nordic Transport  
Group A/S, and all subsidiaries controlled by  
NTG Nordic Transport Group A/S. Acquired  
activities in the reporting period is included in  
the sustainability reporting from the closing  
date of the transaction.  
Sustainability Reporting Directive (CSRD) and  
the requirements of the European Sustainabil-  
ity Reporting Standards (ESRS).  
The double materiality assessment process  
outlined in IRO-1 contains impacts, risks, and  
opportunities throughout our entire value  
chain, both upstream and downstream. More  
details on NTG’s policies, actions, targets, and  
metrics can be found in the sections related  
to the topical standards. There are no omitted  
disclosures on information corresponding to  
intellectual property, know-how or the results  
of innovation in the sustainability statement  
nor omitted disclosures regarding impending  
developments or ongoing negotiations.  
All quantitative ESG data is consolidated  
according to the principles outlined above,  
unless otherwise specified in the accounting  
policy accompanying each reported data point  
in the tables within sections Environmental,  
Social, and Governance information.  
 
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Sustainability statementꢁꢁ→ GeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁAdditional information  
ESRS 2 BP-2  
Disclosures in relation to specific  
circumstances  
Incorporation by reference  
NTG has adopted the ESRS ‘Incorporation by  
Reference’ approach to enhance the narrative.  
As a result, certain disclosure requirements  
have been included in other sections of the  
Annual Report and thus outside the Sustain-  
ability Statement. These disclosure require-  
ments include:  
Key accounting estimates and  
judgements  
In presenting the 2024 sustainability state-  
ment, NTG utilises assessments and estimates  
for reporting certain data points where data is  
not available. These estimates and assump-  
tions are regularly reassessed based on expe-  
rience, advancements in ESG reporting, and  
various other factors. NTG keeps the same  
definition and calculation of metrics over time.  
Should any changes in estimates appear they  
would be duly recognised in the period when  
the revision occurs and restated comparative  
figures provided. Additionally, we apply judge-  
ments when implementing the accounting  
policies. For more detailed information on the  
key estimates, judgements, and assumptions  
used, please refer to the pages containing the  
quantitative ESG data on NTG's Scope 1, 2  
and 3 GHG emissions on page 70.  
· GOV-1 - Information related to disclosure of  
permanent committees and composition es-  
tablished by the Board of Directors on page  
36-38 of the Management Review.  
· GOV-1 - Information related to disclosure of  
expertise of Board of Directors, included un-  
der sections "Relevant Skills and Experience"  
subheadings on page 39-40 of the Manage-  
ment Review.  
· E1-5, E1-6 - Net revenue on p. 20.  
Use of phase-in provisions  
For the first year of reporting under ESRS, the  
transitional provision in ESRS 1, paragraph  
137 allowing for phasing-in certain datapoint  
disclosures has been applied, more specifically  
encompassing E1 (E1-9), and S1 (S1-7, S1-11).  
 
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Sustainability statementꢁꢁ→ GeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁAdditional information  
ESRS 2  
Sustainability governance  
ESRS2 GOV-1  
The role of the administrative, management and  
supervisory bodies  
on NTG’s operations to the Board of Directors. Further allo-  
Sustainability matters  
cation of responsibilities between the Board of Directors and  
the Group Management is set out in the Rules of Procedure of  
the Board of Directors and in a set of management instructions  
issued by the Board of Directors to the Group Management.  
The Board of Directors and Executive Management at NTG are  
responsible for establishing the policy, strategy, and objectives  
for our sustainability and ESG efforts. They oversee the overall  
ESG risks and strategies, including climate-related and other  
significant sustainability risks.  
Governance Structure  
NTG has a two-tier governance structure comprised by the  
Board of Directors and the Executive Management. The  
ultimate governing authority lies with the General Meeting. In  
terms of internal organisation, the Group Management consists  
of the Executive Management, the divisional CEOs, and the  
Executive Vice Presidents. The Executive Management com-  
prise of the Group CEO and Group CFO, as registered with the  
Danish Business Authority.  
Board of Directors - Composition  
According to the Articles of Association, the Board of Directors  
must comprise not less than three and not more than eight  
members elected by the General Meeting for terms of one  
year. Board members are eligible for re-election. No members  
resigned in 2024 and no new memebers were elected to the  
Board of Directors in 2024.  
The implementation of these strategies and the execution of  
agreed activities are delegated to our legal, compliance and ESG  
functions, under the supervision of our Group CFO. These func-  
tions also work closely with local management when necessary.  
They monitor the progress of activities and gather both internal  
and external data, with support from other relevant functions  
within the Group.  
The Board of Directors is responsible for the overall strate-  
gic management and organisation of the Group’s activities as  
well as the Group’s financial and material matters. The Board  
of Directors has established an audit, a remuneration, and a  
nomination committee focusing on preparatory tasks within the  
Board of Directors’ areas of responsibilities (For more details  
on the different committees and members, reference is made  
to the Corporate Governance statement in the Annual Report  
section p. 36-38).  
The Board of Directors currently comprises seven members  
representing strong knowledge and expertise within all areas  
of NTG’s business and strategic focus areas, including the  
international transport sector, corporate governance, M&A, risk  
management, IT, accounting, and supply chain management.  
The composition of the Board of Directors is intended to ensure  
that a diverse set of competencies enables the Board to perform  
its duties as intended. The current Board of Directors is consid-  
ered to have the right competencies supporting the long-term  
value creation for NTG’s shareholders. Reference is made to  
pages 39-40 for an overview of the current board members’  
individual competencies.  
The Executive Management is responsible for NTG’s day-to-day  
management, including the compliance of NTG and its opera-  
tions with applicable legislation, the Board of Directors’ guide-  
lines and instructions, including implementation of the strategy  
set by the Board of Directors, and for disseminating information  
 
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Sustainability statementꢁꢁ→ GeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁAdditional information  
ESRS2 GOV-2  
ESRS2 GOV-3  
ESRS2 GOV-4  
Information provided to and sustainability matters  
addressed by the undertaking's administrative,  
management and supervisory bodies  
The Board of Directors and Group Executive Management are  
responsible for setting the NTG Group’s business strategy and  
risk management, including sustainability matters. The Board  
is briefed by the Executive Management on NTG Group’s  
approach to sustainability, performance and material impacts,  
risks and opportunities during regular updates, and reviews and  
approves the annual sustainability report.  
Integration of sustainability-related performance in  
incentive schemes  
NTG has different incentive programmes to the management,  
partners and key employees. The short-term incentive program  
(STIP) for the Executive management is linked to sustainability  
matters or sustainability-related performance, as the only one.  
Statement on due diligence  
See our additional information to the Sustainability Statement  
on page 113.  
Short-term incentive program (STIP) is an annual cash-based bo-  
nus incentive linked to the KPIs for each member of the Execu-  
tive Management. There is an KPI related to sustainability which  
constitutes to 10% of the STIP. The sustainability KPI includes  
various tasks for the Executive management from specific  
projects related to reducing emissions from NTG’s operation to  
the preparation of reportings on selected sustainability topics  
relevant NTG. The Board of Directors evaluates the degree of  
the sustainability KPI achievement annually based on recogni-  
tion of agreed projects for the period.  
The implementation of the strategy and the execution of the  
agreed activities are delegated to legal, compliance and ESG  
functions in NTG under the supervision of our Group CFO.  
NTG’s organisation is characterised by a flat hierarchy with  
short lines of communication, meaning that new sustainability  
matters quickly reach the Executive Management and can be  
managed promptly. Weekly operational and strategic meetings  
take place between the CFO and ESG function to discuss the  
progress of the implementation of the sustainability work.  
At least once a year, the Audit Committee and Board of Direc-  
tors are presented with the results of the double materiality  
assessment. This presentation includes the method and result of  
identified impacts, risks and opportunities deemed material.  
Risk assessment is an inherent part of NTG’s recurring strategic  
analyses. The Board of Directors is responsible for the overall  
risk management of NTG, while the Audit Committee monitors  
and evaluates the risk management framework and provides  
recommendations to the Board of Directors. The Executive  
Management is responsible for the design and maintenance of  
the Group’s risk management process. Sustainability matters  
is a part of the risk assessment process in NTG.  
 
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Sustainability statementꢁꢁ→ GeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁAdditional information  
ESRS 2  
Risk management and internal controls  
in sustainability reporting  
ESRS2 GOV-5  
NTG’s sustainability reporting is susceptible to the risk of material  
misstatement due to human error or incomplete data.  
NTG’s sustainability reporting could be at risk  
of material misstatement due to human error  
or incomplete data. This risk is elevated due  
to NTG’s rapid growth through acquisitions,  
as newly acquired companies adopt NTG’s  
Group-wide systems and processes through-  
out the year. NTG has implemented several  
processes to mitigate this risk.  
All data presented in the sustainability state-  
ment are described in the accounting policies,  
and if estimates are used in the data calcu-  
lations, the accounting policy describes how  
estimates are accounted for in each data point.  
Our process automates data collection, en-  
sures full transparency and traceability. It also  
standardises terms, formulas, and key varia-  
bles such as emission factors, in compliance  
with the Greenhouse Gas Protocol (GHG).  
The Group CFO is responsible for maintaining  
a consolidated data model for the NTG Group,  
which is done through a dedicated reporting  
software that collects and consolidates all  
sustainability data. The process is supported  
by internal process, guidelines and control  
procedures on how to manage and report  
sustainability data.  
Additionally, accounting principles based on  
ESRS requirements have been adopted for the  
sustainability data presented in the Sustain-  
ability Statement. NTG’s external auditor  
provides assurance on the sustainability state-  
ment in accordance with the requirements  
in CSRD and ESRS. For more information,  
please refer to the auditor’s limited assurance  
statement.  
 
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ESRS 2  
Strategy and business model  
ESRS2 SBM-1  
Strategy, business model and value chain  
across 19 countries with local presence, which comprise 75% of  
NTG is an asset-light freight forwarder supporting our custom-  
ers with transportation and distribution of their goods via our  
global network of suppliers. NTG is organised in two divisions  
– Road & Logistics and Air & Ocean, with a number of sub-  
sidiaries present in more than 25 countries in Europe, North  
America and Asia.  
the Group revenue.  
Within Air & Ocean services, NTG offers the entire range of  
air and ocean freight services throughout Europe and world-  
wide such as: airport-airport, port-port, door-door, less-than-  
container-load, full-container-load, buyer’s consolidation,  
direct shipments, temperature controlled, customs brokerage,  
full-charter, part-charter, onboard courier, dangerous goods,  
project transport, and express service. There are 17 operational  
subsidiaries in the division spread across 22 countries with local  
presence, which comprise 25% of the Group revenue.  
NTG serves a range of different companies with their trans-  
portation needs, from raw materials to finished goods. NTG  
offers customised transport solutions using different means  
of transportation and additional related services to meet our  
customers' needs.  
Sustainability-related goals  
NTG's main role is to act as a coordinator, planner, and negoti-  
ator. We utilise a global network of subcontractors, including  
hauliers, shipping companies, and air freight companies, to carry  
out the physical transportation. Additionally, NTG provides  
logistic services from our own warehouses across Europe and  
North America. The total net revenue from NTG's activities in  
2024 was DKK 9,352 million.  
NTG relies on a strong collaboration with our suppliers across  
the globe. Together, we deliver sustainable progress and value  
to our stakeholders by acting lawfully, respectfully, and respon-  
sibly as a corporate citizen, employer, and business partner.  
Climate and environment: Reducing the direct and indirect en-  
vironmental impact of our activities through our own initiatives  
and in our value chain in collaboration with our customers and  
subcontractors is paramount to obtaining sustainable progress.  
To secure this, we have committed to set our emission reduction  
targets in line with the Science Based Targets initiative (SBTi)  
to limit global warming to 1.5°C and reach net-zero emissions  
by 2050 in line with the most recent climate research and  
recommendations and Paris Agreement goals. Achieving such  
targets will include collaboration with various partners such as  
customers, and suppliers. This is why we have committed to tak-  
Within Road & Logistics services, NTG offers tailored road  
freight and warehousing solutions across Europe on a broad  
range of products, services and verticals such as: full-loads,  
part-loads, groupage, oversized cargo, projects, temperature  
controlled, high-tech, automotive, powder, recycling, furniture,  
textiles, sensitive and regulated goods, dangerous goods, ware-  
housing, distribution, customs brokerage and express service.  
There are 52 operational subsidiaries in the division spread  
 
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ing an active role in fostering collaboration with both customers  
and suppliers to reduce carbon emissions from our network.  
This will be further elaborated in the section of Environmental  
and Climate Change (E1) on page 62.  
aims to prevent, detect, and remedy any potential violations  
ments. Additionally, our employees manage various administra-  
tive and back-office functions that support the business and its  
development.  
of these laws. Our Code of Conduct outlines our core values,  
and it guides us in making ethical and responsible decisions in  
our daily work. To ensure that our Code of Conduct and other  
elements of our Legal Compliance Program are well understood  
and followed by all our employees, we have made online training  
a high priority. Therefore, we have set a target that all salaried  
employees must receive training in our Code of Conduct every  
year, and we will report on our progress annually.  
Suppliers provide the physical transport of NTG's customers’  
goods which is why we are highly dependent on our suppliers  
and their employees to operate our entire value chain. The  
supplier and their employees must be able on behalf of NTG to  
handle goods and the transport unit (e.g. trailer or ocean freight  
container) and comply with agreed customer-specific quality  
criteria and procedures. Additionally, suppliers must be able  
to handle and mitigate any deviations that could occur during  
a transport in cooperation with NTG, the customer, and other  
suppliers in the value chain.  
Social: NTG is a people’s business that rely on employees thriv-  
ing and being inspired from their workplace. We are committed  
to having a diverse workforce as we believe it gives a stronger  
basis for engaging with our customers. Our employees’ contin-  
ued motivation and health are essential for our achievements.  
To ensure a safe workspace, we have established targets for  
reducing work-related injuries and lost days due to such injuries.  
To ensure commitment and compliance from our suppliers, we  
have implemented a Code of Conduct for Suppliers that reflect  
our commitment to sustainability in areas such as human rights,  
anti-corruption, supplier relationships, labour standards, and en-  
vironmental responsibility. Here, we are committed to perform  
yearly compliance audits and spot checks of suppliers performed  
through remote audits, questionnaires, and checklists. We also  
conduct internal follow-ups and checks of our own entities. We  
are further committed to perform yearly compliance spot checks  
of NTG entities to monitor the effectiveness of our mitigating  
measures under NTG's Legal Compliance Program. This will be  
elaborated in the section of Governance (G1) of this report.  
We also believe that diversity is a source of strength and  
innovation for our organisation. To attract and retain talent-  
ed employees, we have set targets for the composition of  
our workforce. For the Board of Directors, we aim for a 2/7  
representation of the underrepresented gender. At other  
management levels, including executive management and those  
reporting directly to executive management, we aim to achieve  
a 10% representation of the underrepresented gender by 2027  
at the latest.  
Our flexible model enables us to navigate the supply chain  
alongside our customers, regardless of market conditions. Hav-  
ing a local presence in the markets where we operate allows us  
to act swiftly and appropriately when market conditions change.  
This business model enables us to remain flexible, cost-efficient,  
and focused on specialised services, while quickly adapting to  
changing market conditions. Further, the flexible and transpar-  
ent business makes it easier for existing and potential investors  
to assess NTG as an investment.  
Additionally, we have set targets related to diversity. These will  
be elaborated in the Social and Employees (S1) section of this  
report.  
Business model and value chain  
NTG’s business model is characterised in line with the gener-  
al freight forwarding industry by operating without owning  
physical transportation assets (such as ships, planes, or trucks).  
Instead, freight forwarders focus on coordinating and managing  
logistics services by leveraging existing carrier networks to  
strike the right balance between cost, speed, and reliability for  
our customers. This business model allows freight forwarders to  
remain flexible, cost-efficient, focus on specialised services and  
still able to quickly adapt to changing market conditions.  
NTG provides end-to-end transport and logistics services,  
acting as coordinator, planner, and negotiator. We use a network  
of subcontractors to carry out the physical transport on behalf  
of our customers. Consequently, the physical transport is con-  
ducted throughout both the upstream and downstream value  
chains of NTG.  
Governance: NTG is committed to complying with all applicable  
laws and regulations that govern our business activities. As a  
publicly listed company operating in different countries, we face  
various legal and regulatory challenges. Moreover, our reliance  
on independent carriers exposes us to both internal and exter-  
nal compliance risks.  
To address these challenges and risks, we have developed a  
Legal Compliance Program that covers anti-corruption, foreign  
trade controls, competition laws, and data privacy. The program  
Employees play a crucial role in our operations by communi-  
cating with customers to address their service requests and  
coordinating with transport suppliers to fulfil these require-  
 
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Business and value creation  
NTG provides transport solutions by road, rail, air, and ocean, combined  
with contract logistics. Our flexible, asset-light business model enables us to  
navigate supply chains together with employees and customers, from shipper  
to consignee.  
… to consignee  
… and end-to-end logistics  
solutions from shipper  
5
6
7
to consignee.  
2
9
End-to-end logistics  
1
4
8
From shipper…  
Logistics and distribution services  
3
9
NTG delivers the full range  
of freight forwarding  
services…  
5
6
7
Warehousingꢁ ꢁPicking/packingꢁ ꢁCross-dock terminalꢁ ꢁDeconsolidation  
Labelling, configuration, testingꢀ ꢀDistributionꢀ ꢀDocumentation & customs clearance  
E-commerce fulfilmentꢁ ꢁSupply chain optimisationꢁ ꢁ4PL  
9
2
Subcontracted  
transport  
Freight forwarding services  
9
2
5
6
7
Shipment bookingꢁ ꢁPick-upꢁ ꢁWarehouseꢁ ꢁDocumentation & customs clearance  
Cargo consolidationꢁ ꢁPurchase order management  
Value enablers  
Cross-dock terminalꢁ ꢁInsurance  
ꢁEmployees  
ꢁPartners  
ꢁIntegrated IT-platform  
The material topics identified during the materiality assessment (see page 57)  
 
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ESRS2 SBM-2  
First fully electrical 3-axle truck deployed  
in one of NTG's traffics in the beginning of  
2025, through our close collaboration with  
the customer and the haulier.  
Interests and views of stakeholders  
NTG’s various stakeholders are essential for our services,  
operations and long-term success. By understanding their  
perspectives and interests, we can shape our strategy and  
business model effectively. This includes developing decar-  
bonising solutions and minimising our customers’ supply chain  
emissions, fostering a meaningful workplace that supports our  
growth strategy, and conducting business with integrity in all  
our markets.  
We map and describe all of NTG’s key stakeholders and engage  
with them on a regular basis, some more often than others.  
However, the purpose remains the same: to gather information  
on their interests and views on sustainability topics and our  
business operations.  
Our stakeholders’ perspective on sustainability helps us lay the  
foundation for identification of potential sustainability matters  
we identify in our materiality assessment of NTG. This process  
is reported in more details in IRO-1 in this report. In table SBM-  
2 Interests and views of stakeholders, we disclose our most  
important stakeholders, how we engage with them, and what  
we gain from the engagement.  
 
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NTG’s stakeholders and engagement  
ESRS 2 SBM-2  
Interests and views of stakeholders  
Investors, financial  
institutions, and financial  
analysts  
Public authorities  
and regulators  
Employees  
Suppliers  
Customers  
Organisation of engagement  
Organisation of engagement  
Organisation of engagement  
Organisation of engagement  
Organisation of engagement  
·
·
Yearly employee satisfaction survey  
Daily dialogue between employee and  
manager, incl. personal development  
Employee Health & Safety representative  
·
·
·
Supplier audits  
·
·
Dialogue on a daily operational basis  
Accounting teams conduct customer  
reviews  
Dialogue on possibilities for carbon emis-  
sion reductions  
·
On regular announced meetings by NTG  
management such as investor calls and  
roadshows  
·
Regular dialogue on tax, VAT, permits on  
customers declarations  
Indirectly via membership of trade asso-  
ciations  
Daily operational basis – road suppliers  
Through partnerships – air and ocean  
suppliers  
·
·
·
·
·
Requested meetings arranged by investors  
Purpose of engagements  
Purpose of engagements  
Reporting carbon emissions to customers  
Purpose of engagements  
Purpose of engagements  
Employees are the backbone of NTG's  
business strategy as a service provider of  
transports. It is important to ensure high  
job satisfaction and engagement and that is  
achieved if employees' perspectives on work-  
ing life are included in the way NTG operates.  
NTG is highly dependent on its suppliers and  
its employees for several important opera-  
tions in NTG's value chain. The supplier and  
its employees must be able on behalf of NTG  
to handle goods and the transport unit (e.g.  
trailer or sea freight container) and comply  
with agreed customer-specific quality criteria  
and procedures and the NTG's Supplier Code  
of Conduct. In addition, the supplier must be  
able to handle and mitigate any deviations in  
cooperation with NTG and/or the customer as  
well as any other suppliers in the value chain.  
The management of NTG communicates  
to investors the financial status of NTG,  
incl. on the development of NTGs work on  
sustainability.  
NTG follow updates of regulations and legis-  
lation issued by public authorities to comply  
or advise on compliance for customers and  
suppliers.  
Purpose of engagements  
NTG's transport services conducts a share  
of customers scope 3 GHG emissions that  
becomes a disclosure requirement for more  
and more customers. Customers demand that  
NTG can comply with their ESG policies and  
other ESG requirements in connection with  
the performance of NTG's services.  
It happens that investors ask for meeting as  
they have a wish to get further understanding  
e.g. on sustainability issues.  
Examples of outcomes from  
the engagements  
Examples of outcomes from  
the engagements  
·
Aligning logistic service model and strat-  
egy.  
·
NTG's management obtain relevant and  
business critical feedback from employ-  
ees on customers, suppliers and business  
operations.  
Examples of outcomes from  
the engagements  
·
Value creation and risk mitigation from  
compliance.  
Examples of outcomes from  
the engagements  
·
Dialogue with this group of stakeholders  
provides information to NTG on their  
sustainable interests, expectations and  
requirements.  
·
Dialogue with customers forms the basis  
for developing alternative services based  
on decarbonising solutions.  
·
·
Adaptation and optimisation of employees  
working conditions and possibilities.  
Improved health and safety performance.  
Examples of outcomes from  
the engagements  
·
Compliance of NTG’s Code of Conduct for  
Suppliers.  
·
Decarbonising solutions reduces cus-  
tomers supply chain emissions and NTG’s  
scope 3 emissions.  
·
·
ESG ratings and basic for improvement  
Securing financing options  
·
·
Improved health and safety culture.  
Cooperation with suppliers result in low-  
carbon solutions can be offered to NTG’s  
customers.  
 
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ESRS2 SBM-3  
Material impacts,  
risks and  
opportunities and  
their interaction  
with strategy and  
business  
ESRS topical standards, topics and sub-topics  
Environment  
Social  
Governance  
ESRS E1 – Climate change  
ESRS S1 – Own workforce  
ESRS G1 – Business conduct  
· Climate change adaptation  
· Climate change mitigation  
· Energy  
· Working conditions  
· Equal treatment and opportunities for all  
· Other work-related rights  
· Corporate culture  
· Protection of whistleblowers  
· Animal welfare  
· Political engagement and lobbying  
activities  
· Management of relationships with  
suppliers including payment practices  
· Corruption and bribery  
ESRS E2 – Pollution  
ESRS S2 – Workers in the value chain  
· Pollution of air  
· Pollution of water  
· Pollution of soil  
· Working conditions  
· Equal treatment and opportunities for all  
· Other work-related rights  
Output from the materiality assessment  
The European Standards (ESRS) lays out 10 top-  
ical standards across Environmental, Social and  
Governance topics including sub-topics. Besides  
the topical standards, there are two cross-cut-  
ting standards – ESRS 1 General principles and  
ESRS 2 General disclosures – containing general  
requirements and disclosures applicable to all re-  
porting companies and considered as the start-  
ing point for reporting in compliance with the  
CSRD framework. NTG's material topics based  
on our 2024 double materiality assessment are  
presented in the table on next page.  
· Pollution of living organisms and food  
· Substances of concern  
· Substances of very high concern  
· Microplastics  
ESRS S3 – Affected communities  
· Communities’ economic, social and cultural  
rights  
· Communities’ civil and political rights  
· Rights of indigenous peoples  
ESRS E3 — Water and Marine resources  
· Water and Marine resources  
· Marine reources  
ESRS S4 – Consumers and end-users  
· Information-related impacts for consumers  
and/or end-users  
· Personal safety of consumers and/or end-users  
· Social inclusion of consumers and/or end-users  
ESRS E4 – Biodiversity and ecosystems  
· Direct impact drivers of biodiversity loss  
· Impacts on the state of species  
· Impacts on the extent and condition of  
ecosystems  
· Impacts and dependencies on ecosystem  
services  
ESRS E5 – Circular economy and resource use  
· Resources inflows, including resource use  
· Resources outflows related to products and  
services  
· Waste  
 
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The material impacts, risks and opportunities identified during the materiality assessment described in below table are presented alongside the topical ESRS E1 Climate change,  
E2 Pollution, S1 Own workforce, S2 Workers in the value chain and G1 Business conduct in this sustainability statement. The material impacts, risks and opportunities current and  
anticipated effects are managed through NTG's strategy and business model. Material impacts, risks and opportunities are managed through specific policies, actions, targets and  
metrics which all also are addressed and described further in each topical section in the statement.  
Location in  
Location in  
IRO  
value chain  
Time horizon  
IRO  
value chain  
Time horizon  
ESRS E1 – Climate change  
ESRS S1 - Own workforce  
❺
❻
❼
Health and safety  
Some groups of employees have a risk of being exposed  
to injuries and other health risks in the workplace.  
❶
❷
❸
Emissions from value chain operations  
NTG arranges low to medium carbon emitting transport  
operations performed by suppliers on behalf of customers.  
Actual negative  
impact  
●
●
●
● ● ●  
● ● ●  
● ● ●  
Actual negative  
impact  
●
● ● ●  
Diversity  
Energy consumption in own operations  
NTG's own assets is a consumer of energy  
resources in order to perform its services.  
Increasing focus on gender diversity and showcasing data on  
a diverse workforce poses a risk to NTG if not complying.  
Risk  
Actual negative  
impact  
●
● ● ●  
● ● ●  
Privacy  
Low carbon transports and services  
Customer demands for zero/low carbon transports and services.  
In case NTG is unable to protect collected data  
from unauthorised access or misuse.  
Actual negative  
impact  
Opportunity  
●
●
ESRS S2 - Workers in value chain  
ESRS E2 - Pollution  
❽
❾
❹
Health and safety  
Protecting workers in value chain against  
incidents, injuries and fatalities.  
Air pollutants  
NTG's transport activities via value chain generates  
emissions and some of these are also air pollutants.  
Actual negative  
impact  
Actual negative  
impact  
●
● ● ●  
● ● ●  
ESRS G1 - Business conduct  
Prevention and detection including training  
Despite global anti-corruption laws certain areas of NTG's  
organisation are at higher risk of corruption and bribery as  
they operate in countries which have higher risks, including the  
use of facilitation payments for permits, cargo clearance etc.  
Risk  
● ●  
● ● ●  
 
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ESRS2 IRO-1  
Description of the  
processes to identify and  
assess material impacts,  
risks and opportunities  
NTG has for years reported on our identified  
environmental and social impacts, but it is the first year  
we have assessed our impacts, risks, and opportunities  
(IROs) based on a double materiality assessment (DMA)  
performed following the requirements as described  
in the ESRS regulation. To identify our IROs, we have  
used a methodology that can be described as a four-  
step model but with an iterative approach when found  
relevant during the process.  
❶
Step: To identify drivers for our IROs we started analysing  
the context of our business.  
Here, we looked at a broad range of input factors and mapped  
out our business model, value chain including business rela-  
tionships, activities, products and services, and geographic  
locations, to see how these could affect or are affected by  
people and/or the environment. To increase the scope of our  
analysis, we also conducted desk research to include input from  
our legal landscape and relevant ESG standards, sector-specific  
frameworks, research papers, media news, etc.  
 
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❷
❸
❹
Step: To identify any actual and potential  
positive and negative impacts and any risks  
and opportunities, we involved relevant  
internal subject-matter experts.  
Step: To identify actual and potential  
impacts, both positive and negative, as  
well as any risks and opportunities, we  
have involved relevant internal subject-  
matter experts.  
To define materiality, a threshold of above  
2.5 was used for both impact materiality and  
financial materiality. When the combined score  
of the double materiality assessment result is  
above 2.5, it is considered a material topic to  
NTG.  
Step: Based on the result of the list of  
material matters for NTG ESRS 2 and the  
relevant topical standards were consulted  
to assess disclosure requirements and data  
points to be used for gap analysis and final  
reporting.  
These experts, drawn from both business  
operations and Group functions, possess  
deep industry and operational knowledge  
and engage in continuous dialogue with our  
affected stakeholders. Additionally, the group  
of stakeholders provided valuable insights on  
sustainability matters and assisted therefore  
in identifying all relevant IROs in this process.  
Due to their knowledge and continuous en-  
gagement with our stakeholders, they served  
as proxies for input from external stakehold-  
ers, when relevant. We mapped the identified  
IROs to the list of matters presented in ESRS  
1, AR 16 and added entity-specific matters, if  
relevant.  
These assessments were conducted in bilateral  
meetings. The experts were used as proxies  
for input from external stakeholders in this  
process, when relevant. Impact materiality  
was assessed according to their severity (scale,  
Scope and irremediability) and likelihood.  
Irremediability was not included for positive  
impacts, and likelihood was not included  
for actual impacts. Financial materiality was  
scored on all risks and opportunities identified  
and in accordance with their financial magni-  
tude and likelihood of occurrence. We mapped  
impacts, assessed risks from dependencies,  
and identified opportunities from stakeholder  
impacts, such as the demand for zero/low  
carbon transports.  
The material matters can be found on the  
previous page.  
The final score was derived from a blend of  
assumptions, our own data, third-party quan-  
titative data (where available and practical),  
and qualitative insights from meetings with  
both internal and external stakeholders. When  
applicable, location-specific factors were  
also considered in evaluating the identified  
IROs. The assessment process was further  
enriched by utilising pre-existing records,  
self-assessment results, document analysis,  
academic research, and more. Additionally, our  
evaluation considered silent stakeholders, such  
as nature, through the perspectives of NGOs.  
Omitted sustainability topics  
Some sustainability topics and sub-topics  
were deemed immaterial in our process to  
identify and assess materiel topics and were  
excluded from the review. This includes ESRS  
topical standards E3 – Water and marine re-  
sources as we do not significantly utilize water  
and marine resources in our daily operations,  
E4 – Biodiversity and ecosystems as NTG's  
efforts in climate change mitigation indirectly  
help prevent ecosystem changes caused by  
global warming. E5 – Circular economy as  
NTG’s operations do not involve any signifi-  
cant resource inflows or outflows.  
Lastly, the Board of Directors and Group  
Executive Management are responsible for  
setting the NTG Group’s business strategy  
and risk management, including sustainability  
matters. The process and approach for the  
DMA and final result of material IROs has been  
presented to the Group Executive Manage-  
ment and Board of Directors to get their input  
and approval.  
A 5-point scale was used to score both impact  
materiality and financial materiality, and a total  
score was calculated. For risks, we have used  
the same approach and scale as for assessment  
of risk management in NTG. This prioritizes  
sustainability-related risks alongside other  
risks in NTG's yearly assessment. NTG view  
risks as any adverse event, likely or unlikely,  
that may impact the Group’s business, opera-  
tions, financial position, or prospects.  
 
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ESRS2 IRO-2  
Content index of ESRS disclosure requirements  
Disclosure Requirement IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement  
Sustainability Statement  
reference page  
Sustainability Statement  
reference page  
List of material disclosure requirements  
List of material disclosure requirements  
Page 44  
Page 45  
Page 46  
Page 47  
Page 48  
ESRS 2  
BP-1  
General disclosures  
E1  
Climate change  
General basis for preparation of sustainability statements  
Disclosures in relation to specific circumstances  
The role of the administrative, management and supervisory bodies  
E1-1  
Transition plan for climate change mitigation  
Integration of sustainability-related performance in incentive schemes  
Page 61  
Page 48  
BP-2  
ESRS 2  
GOV-3, E-1  
GOV-1  
GOV-2  
ESRS 2  
SBM-3, E-1  
Material impacts, risks and opportunities and their interaction with  
strategy and business model  
Page 64  
Page 63  
Information provided to and sustainability matters addressed by the  
undertaking's administrative,  
management and supervisory bodies  
ESRS 2  
IRO-1, E-1  
Description of the processes to identify and assess material climate  
related impacts, risks and opportunities  
GOV-3  
GOV-4  
GOV-5  
SBM-1  
SBM-2  
SBM-3  
Integration of sustainability-related performance in incentive schemes  
Statement on due diligence  
Page 48  
Page 113  
Page 49  
Page 50  
Page 54  
Page 55  
E1-2  
E1-3  
E1-4  
E1-5  
E1-6  
E1-9  
Policies related to climate change mitigation and adaptation  
Actions and resources in relation to climate change policies  
Targets related to climate change mitigation and adaptation  
Energy consumption and mix  
Page 66  
Page 67  
Page 68  
Page 73  
Page 70  
Page 46  
Risk management and internal controls over sustainability reporting  
Strategy, business model and value chain  
Interests and views of stakeholders  
Gross Scopes 1, 2, 3 and Total GHG emissions  
Material impacts, risks and opportunities and their interaction with  
strategy and business model 4.  
Impact, risk and opportunity management  
Anticipated financial effects from material physical and transition risks  
and potential climate-related opportunities  
IRO-1  
IRO-2  
Description of the processes to identify and assess material impacts, risks  
and opportunities  
Page 57  
Page 59  
E-2  
Pollution  
Disclosure requirements in ESRS covered by the undertaking's  
sustainability statement  
ESRS 2  
IRO-1, E-2  
Description of the processes to identify and assess material pollution-  
related impacts, risks and opportunities  
Page 78  
E2-1  
E2-2  
E2-3  
E2-4  
Policies related to pollution  
Page 78  
Page 78  
Page 78  
Page 78  
Actions and resources related to pollution  
Targets related to pollution  
Pollution of air, water and soil  
 
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Sustainability Statement  
reference page  
Sustainability Statement  
reference page  
List of material disclosure requirements  
List of material disclosure requirements  
S-1  
Own workforce  
G1  
Business conduct  
ESRS 2  
GOV-1, G-1  
The role of the administrative, supervisory and management bodies  
Page 107  
Page 105  
ESRS 2  
SBM-3, S-1  
Material impacts, risks and opportunities and their interaction with  
strategy and business model  
Page 91  
ESRS 2  
IRO-1, G-1  
Description of the processes to identify and assess material impacts, risks  
and opportunities  
S1-1  
S1-2  
Policies related to own workforce  
Page 92  
Page 93  
Processes for engaging with own workforce and workers' representatives  
about impacts  
G1-1  
G1-3  
G1-4  
Corporate culture and business conduct policies and corporate culture  
Prevention and detection of corruption and bribery  
Confirmed incidents of corruption or bribery  
Page 109  
Page 110  
Page 110  
S1-3  
S1-4  
Processes to remediate negative impacts and channels for own  
workforce to raise concerns  
Page 94  
Page 92  
Taking action on material impacts on own workforce, and approaches to  
managing material risks and pursuing material opportunities related to  
own workforce, and effectiveness of those actions  
S1-5  
Targets related to managing material negative impacts, advancing  
positive impacts, and managing material risks and opportunities  
Page 93  
S1-6  
Characteristics of the undertaking's employees  
Diversity metrics  
Page 96  
Page 96  
Page 97  
Page 99  
S1-9  
S1-14  
S1-17  
Health and safety metrics  
Incidents, complaints and severe human rights impacts  
S-2  
Workers in value chain  
ESRS 2  
SBM-3, S-2  
Material impacts, risks and opportunities and their interaction with  
strategy and business model  
Page 100  
S2-1  
S2-2  
S2-3  
Policies related to value chain workers  
Page 101  
Page 103  
Page 103  
Processes for engaging with value chain workers about impacts  
Processes to remediate negative impacts and channels for value chain  
workers to raise concerns  
S2-4  
Taking action on material impacts on value chain workers, and  
approaches to managing material risks and pursuing material  
opportunities related to value chain workers, and effectiveness of those  
actions  
Page 104  
S2-5  
Targets related to managing material negative impacts, advancing  
positive impacts, and managing material risks and opportunities  
Page 104  
 
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ESRS E1  
Environment  
information  
Climate change  
NTG's transition plan  
NTG operates as an asset-light freight forwarder, specialising in customised  
transport solutions across road, rail, air, and ocean. Within our international  
network, we act as coordinators, planners, and negotiators, collaborating  
closely with our physical transport suppliers to optimise supply chains. Most  
of our carbon emissions come indirectly from our value chain. According to  
the Greenhouse Gas Protocols (GHG) terminology and divisions of carbon  
emissions, these are our Scope 3 carbon emissions.  
E1-1  
Transition plan for climate  
change mitigation  
Further, we have worked on plans to reduce  
emissions from various direct and indirect  
sources.  
NTG has committed to set our emission re-  
duction targets in line with the Science Based  
Targets initiative (SBTi) to limit global warming  
to 1.5°C towards 2030 and reach net-zero  
emissions by 2050 in line with the most recent  
climate research and recommendations and  
Paris Agreement goals. Already in 2023 NTG  
completed calculations of relevant emissions  
according to the Greenhouse Gas Protocol  
from our 2022 activities that is required by  
SBTi before presenting targets for reduction.  
NTG has in 2024 confirmed its commitment  
but not yet presented our emission reduction  
targets to SBTi. While we have managed to  
build reduction plans for own direct emission  
sources in Scope 1 and 2, it remains challeng-  
ing to build trustworthy reduction targets  
towards 2030 for emissions from subcontract-  
ed transports that constitutes 98% of NTG’s  
total emissions.  
 
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How we pursue our goals  
costs and reduce carbon emissions. As an  
As previously mentioned, most of our carbon  
emissions are indirect, originating from  
our value chain and classified as Scope 3  
emissions by the SBTi and the Greenhouse  
Gas Protocol. To achieve the 1.5°C target,  
collaboration with our customers and support  
from suppliers are essential in reducing the  
carbon footprint of our supply chains. NTG  
focuses on the key areas mentioned below to  
reduce indirect Scope 3 carbon emissions and  
promote the adoption of fossil fuel alterna-  
tives in the transport sector.  
example, there is a direct correlation between  
price, lead time, and emissions, and faster  
transport options tend to be more costly and  
emit more carbon. When feasible, based on  
market conditions and timing, we explore the  
possibility of “slow steaming” by switching to  
alternative transport modes.  
Bio-fuels – a decarbonising alternative  
NTG is committed to exploring local de-  
carbonising alternatives to fossil fuels with  
customers and suppliers. It is often an option  
to choose decarbonising alternatives, which,  
despite not yet being developed on a global  
scale, can be offered locally. As an example,  
bio-based fuels can already be used in various  
means of transport today from trucks to  
airplanes.  
Optimising customer supply chains in  
collaboration with our customers  
NTG, a experienced freight forwarder, actively  
challenges our customers’ existing transport  
setups. By analysing their current arrange-  
ments, we try to identify areas for improve-  
ment.  
Battery electric vehicles  
We are continuously exploring the deploy-  
ment of battery electric vehicles (BEVs) on  
routes that match their capacity and range  
with our customers and suppliers. The ca-  
pacity will still be limited and there will often  
be an increased cost when choosing such  
solutions compared to similar fossil-based  
transport solutions.  
Through customised carbon emission reports  
and a thorough assessment of each customers’  
setup, we strive for even greater efficien-  
cy. Often, this optimisation involves minor  
adjustments to transport patterns, necessitat-  
ing customers’ willingness to adapt. In a next  
step, we carefully evaluate the most suitable  
transport mode for each shipment. By making  
informed choices, we can simultaneously save  
 
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ESRS E1  
ESRS 2 – E1  
Climate-related impacts, risks  
and opportunities  
KPIs  
2024  
Progression  
Read more  
Reduction of GHG Working on roadmap  
emissions  
NTG has committed to set our emission reduction targets  
in line with SBTi to limit global warming to 1.5°C and reach  
net-zero emissions by 2050. We are exploring different  
technologies in close collaboration with our sub vendors.  
Page 69  
for reaching targets  
NTG has streamlined the Stakeholder Assessment,  
enhancing our sustainability impact  
Optimise  
customer  
supply chains in  
collaboration with  
our customers  
Made more than 200  
customised carbon  
emission reports  
To ensure transparency towards the customers, we have set  
up a framework to report on customised carbon emissions  
to each of our customers who wants it. Based on the  
discussions following the report, we are able to evaluate on  
current set-up to reduce theirs and our carbon footprint.  
Page 67  
E1.IRO-1  
Commitment to  
exploring local  
decarbonising  
alternatives to  
fossil fuels  
Increased transports  
running on alternative  
fuels  
In 2024, we expanded our engagement with customers  
by more systematically offering bio-based fuel transports  
as an alternative to fossil-based options. In 2025, we also  
introduced a fully electric operated truck among our own  
fleet.  
Page 67  
Description of the processes to identify  
and assess material climate related  
impacts, risks and opportunities  
As part of our commitment to the ESRS  
principles on double materiality and assess-  
ment requirements, we have streamlined our  
stakeholder assessment process.  
change. These experts, with insights in both  
business operations and Group functions, pos-  
sess deep knowledge and engage in continu-  
ous dialogue with our affected stakeholders.  
Own  
Additionally, the group of stakeholders  
provides valuable insights on sustainability  
matters and assists in identifying and scoring  
the impacts regarding its materiality.  
IRO  
Upstream  
operation Downstream  
1
2
3
Emissions from value chain operations  
Energy consumption in own operations  
Low carbon transports and services  
Actual negative impact  
●
We have based our identification of actual  
and potential impacts, risks and opportunities  
from information and knowledge through a  
formalised dialogue with NTG's key stake-  
holders.  
Actual negative impact  
Opportunity  
●
Based on input from stakeholders and internal  
experts, NTG has evaluated scenarios for  
identifying climate-related physical and  
transistional risks and opportunities in own  
operations and in our value chain.  
●
Further, we have chosen to involve relevant  
internal subject-matter experts and use them  
as proxies in assessing our sustainability-relat-  
ed impacts, in example our impacts on climate  
2
1
3
 
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ESRS 2 SBM-3, E-1  
Material impacts, risks and opportunities  
NTG has identified two impacts and one opportunity  
to be material in relation to climate change:  
❶
❷
❸
Emissions from value chain operations  
Energy consumption in own operations  
Demand for zero/low carbon transports  
Impact  
Impact  
Opportunity  
NTG arranges low to medium-carbon emitting  
transport operations performed by suppliers  
on behalf of customers and for this reason,  
NTG depends on fossil fuels to run its busi-  
ness. The use of fossil fuels contributes to  
the release of GHG emissions, which impacts  
global warming negatively.  
While the majority of NTG’s emissions orig-  
inate from our value chain, we also manage  
few assets directly, including buildings, com-  
pany cars, and a small fleet of trucks.  
Climate change and a transition to carbon  
neutrality may lead to shifts in customer  
needs and demands, which may lead to a  
demand for zero/low carbon transports.  
NTG could potentially fulfil these demands  
by taking the lead on the transition towards  
a more sustainable supply chain.  
These assets contribute to carbon emissions  
through their energy and fuel consumption  
during operations. NTG’s own assets consume  
energy resources to perform its services,  
which releases GHG emissions and constitutes  
a negative impact on the climate.  
The GHG emissions are emitted mainly in  
the downstream value chain when suppliers  
conduct transports on behalf of NTG.  
Low carbon fuels and technologies come with  
a premium, and if customers are willing to pay  
this extra cost for "green" solutions, it could  
imply raising revenues for NTG.  
The consequences of climate change attract  
more attention in society in general and our  
various stakeholder groups raise concerns on  
how NTG can minimise the impact of climate  
change more frequently.  
The opportunity is already incorporated in  
NTG's general strategy and in our dialogue  
with our customers on possible options to  
reduce emissions from our offered transport  
and logistic services.  
 
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E-1.SBM3  
Material impacts, risks and opportunities and their  
interaction with strategy and business model  
Resilience analysis of NTG's strategy  
and business model  
NTG has confirmed its commitment to set our emission reduc-  
tion targets in line with the SBTi to limit global warming to 1.5°C  
towards 2030 and reach net-zero emissions by 2050 in line with  
most recent climate research and recommendations and Paris  
Agreement goals.  
In 2025, we intend to further improve our work on mapping our  
activities within different emission categories in detail, to get a  
solid baseline and understanding of the reduction targets that  
must be prepared to build up a baseline for our future improve-  
ments.  
This also includes creating a resilient plan for reducing carbon  
emissions from various direct and indirect sources categorised  
as Scope 1, 2 and 3. This is the backbone of NTG’s climate resil-  
ience analysis of our strategy and business model.  
Limited alternatives for our industry  
The transport sector still has few viable alternatives to fossil  
fuels as an energy source. We rely on continuous technologi-  
cal innovation, and the pace of development in the industry is  
crucial.  
These alternatives face significant challenges in terms of  
scalability, technology, and infrastructure at local, regional,  
and global levels. Additionally, the higher costs associated with  
these alternatives act as a barrier, as only a few stakeholders are  
willing to share these expenses, further hindering widespread  
adoption.  
 
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ESRS E1  
First fully electrical 3-axle truck deployed  
in one of NTG's traffics in the beginning of  
2025, through our close collaboration with  
the customer and the haulier.  
Policies related to climate change  
mitigation and adaptation  
NTG's environmental and climate policies address both climate change mitigation and  
climate change adaptation. Following is a short description the key contents of our policies.  
E1-2  
Code of Conduct for Employees  
ESG and Diversity Policy  
Environment  
Environmental impact  
We recognise our responsibility to minimise our environmental  
impact and support eco-friendly initiatives to address climate  
change mitigation such as renewable energy deployment. We  
comply with environmental regulations and aim to adopt new  
technologies for positive environmental effects.  
Finally, as stated in our ESG and Diversity Policy and the section  
on environmental impact, it is NTG’s aim to provide higher  
transparency on our level of carbon emissions and further that  
NTG performs annual estimations of our carbon emissions in  
accordance with the Greenhouse Gas Protocol principles and  
industry-based best practices. Initiatives to increase NTG’s  
carbon efficiency and decrease our total carbon footprint are  
continuously analysed and evaluated.  
To adapt to climate change, we are certifying NTG companies  
with ISO 14001 and encourage employees to engage in pollu-  
tion reduction, resource conservation, and other environmental  
protection activities.  
Bringing transparency to the area of carbon emissions is  
important to create actionable insights which enable continued  
improvements and promote sustainable service offerings to our  
customers.  
Code of Conduct for Suppliers  
Environment and climate  
As an asset-light freight forwarder, NTG's climate impact mainly  
comes from indirect emissions through suppliers. Collaboration  
with customers and suppliers is crucial for reducing carbon  
emissions. Suppliers must comply with environmental laws and  
support NTG's carbon reduction initiatives, participating in joint  
eco-friendly projects. To adapt to climate change, NTG expects  
suppliers to minimise vehicle idling and keep drivers informed  
on efficient driving techniques to ensure low fuel consumption.  
Further, we mention that NTG’s direct emissions mainly relate to  
office buildings and terminals where we are in a better position  
to control the environmental impact. Albeit direct emissions are  
very limited, we continuously strive to identify viable opportu-  
nities to reduce direct emissions through energy efficiency and  
savings across locations.  
 
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ESRS E1  
Actions and resources in relation  
to climate change policies  
E1-3  
Streamlining customer supply chains  
transport services. Following this success, the company began  
and in the beginning of 2025, one of our Danish-based road  
subcontractors finally received a delayed, but long-awaited,  
truck dedicated to service a customer’s linehaul between pro-  
duction and warehouse facilities. Any GHG emission reduction  
from thise activity has not been quantified.  
NTG produces several customer-specific reports annually to  
calculate carbon emissions from the transport activities they have  
purchased. These reports are highly valued by our customers.  
While some use them for their own carbon emission invento-  
ries, many find them instrumental in identifying ways to reduce  
their environmental impact from transport. The reports bring  
the customers transparency in their supply chain on the highest  
emitters of emissions and thereby highlighting where reduction  
efforts can be applied most effectively. Additionally, these reports  
provide a baseline for setting reduction targets and monitoring  
progress over time, which customers have found essential for  
their sustainability initiatives. Any GHG emission reduction from  
these activities have not been quantified.  
discussions with its subcontractors to start using HVO and to  
agree on compensation for the increased costs.  
In 2024, NTG’s subcontractors fuelled over a million litres of  
HVO100 fuel, saving more than 2.7 million tonnes of CO2e  
emissions compared to the emissions that would have been  
produced using European standard bio-blended diesel.  
The last two examples of actions aimed at mitigating our climate  
change impact could potentially reduce NTG’s direct scope 1 or  
our indirect scope 3 GHG emissions, depending on whether the  
asset is owned by NTG or a supplier  
Battery electric vehicles  
We are continuously exploring the deployment of battery  
electric vehicles (BEVs) on routes that match their capacity and  
range.  
Just like our approach to the bio-based fuel, HVO, this process  
also follows a step-by-step process. We began by initiating a di-  
alogue with individual customers, followed by discussions with  
one or more subcontractors. Since purchasing a BEV can be up  
to three times more expensive than a fossil-fuelled truck, it is  
crucial for NTG to secure the investment in collaboration with  
both the customer and the subcontractor.  
Bio-fuel – a decarbonising alternative  
NTG is committed to exploring local decarbonising alternatives  
to fossil fuels. In 2024, we expanded our engagement with  
customers by more systematically offering bio-based fuel trans-  
ports as an alternative to fossil-based options.  
NTG’s Swedish domestic road company, has since 2023 used  
Hydrotreated Vegetable Oil (HVO), a bio-based fuel. Although  
HVO is more expensive than standard bio-blended diesel, its  
introduction was phased into the transports gradually in 2023.  
Our key customers agreed to an increased diesel surcharge in  
exchange for a significant reduction in emissions from their  
Additionally, it is essential for all parties to agree on any neces-  
sary investments in charging facilities for the BEVs, as the public  
network of charging stations for BEV’s is not as developed as  
those for electric cars in Northern Europe. Late in 2024, we  
introduced a fully electric operated truck among our own fleet  
 
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ESRS E1  
Targets related  
to climate change  
mitigation and  
adaptation  
E1-4  
In line with our commitment to managing material climate  
change impacts, NTG is setting concrete targets to mitigate  
our environmental footprint. We aim to establish two global  
targets to reduce our GHG emissions. The first target will be an  
absolute reduction of our combined Scope 1 and Scope 2 GHG  
emissions from our own activities. The second target will likely  
be an intensity reduction for emissions from our value chain,  
addressing Scope 3 GHG emissions from both upstream and  
downstream activities.  
In 2024, NTG confirmed its commitment but has not yet  
presented our emission reduction targets to the SBTi. This  
impluthat NTG has not yet set targets to manage our materiel  
climate-related impacts. We have developed reduction plans  
for our direct emission sources in Scope 1 and 2 but creating  
reliable reduction targets for subcontracted transports towards  
2030, which constitute approximately 98% of NTG’s total emis-  
sions, remains a challenge.  
We have identified two key strategies to achieve our targets.  
To reduce Scope 1 and 2 GHG emissions, we must transition to  
renewable energy across our own operations. To reduce Scope  
3 GHG emissions, we need to collaborate with customers and  
suppliers to lower emissions from our transport activities.  
 
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ESRS E1  
Gross Scopes 1, 2, 3 and Total GHG emissions  
Our own activities contribute to carbon emissions in various ways, such as energy  
use in our buildings and fuel consumption in our own vehicles. These emissions are  
classified as Scope 1 and Scope 2 according to the Greenhouse Gas Protocol.  
E1-6  
19% in 2024. This is a result of an increasing electricity and  
– Germany, Denmark and Sweden. The highest emissions in  
these countries are a natural consequence of the significant  
concentration of activities and large asset base of the NTG  
entities operating in these countries.  
Scope 1 GHG emissions – general overview  
district heating consumption in our buildings, combined with an  
increased demand for charging our growing fleet of company  
cars by electricity.  
Our own activities contribute to carbon emissions in various  
ways, such as energy use in our buildings and fuel consumption  
in our vehicles. These emissions are classified as Scope 1 and  
Scope 2 according to the Greenhouse Gas Protocol.  
Renewable energy production through our own  
roof-top solar panels  
Scope 3 GHG emissions - overview  
The largest part of our carbon emissions (%) come indirectly  
from our value chain. According to the Greenhouse Gas Proto-  
cols terminology and divisions of carbon emissions, these are  
our Scope 3 carbon emissions.  
The increased number of assets, which was a result of NTG’s  
acquisitions in 2024, inevitably resulted in an increase of the  
direct emissions from owned and controlled assets - the Scope  
1 and Scope 2 emissions.  
The roof-top mounted solar installations in some of the NTG  
entities continue to produce more electricity with zero carbon  
footprint. During the reporting period, NTG more than doubled  
its installed capacity. The power produced is used directly by  
the NTG entities and it reduces the amount of electricity they  
purchase and consume from the grid, and consequently, lowers  
their Scope 2 GHG emissions. Compared to previous year, in  
2024, the production of renewable energy by the roof-top solar  
panels has increased by more than 33%, and along with this, the  
consumption of the self-produced renewable energy increased  
by 39%.  
Even though the decarbonising solutions come with increased  
costs compared to traditional fossil-based transport options, the  
initiative is well received by customers and subcontractors. In  
2024, more than 1,332,000 litres of HVO fuel have been fuelled  
(three times more than previous year) saving more than 2,600  
tons of Scope 3 CO2e emissions compared to the emissions if  
European standard bio-blended diesel had been used. The saved  
emissions in 2024 are more than 3 times more than those saved  
during the previous year in relation to the consumed HVO fuel  
(2,604 tons CO2e in 2024 compared to 691 tons CO2e in 2023).  
The higher consumption from owned and controlled assets con-  
stitutes a 39% increase in Gross Scope 1 GHG emissions (TTW  
approach) in 2024.  
Since 2022, NTG’s policy on company cars has been in force,  
which allows only electric or plug-in hybrid electric vehicles  
(PHEV). Despite the latest acquisitions bringing a number of  
fossil fuelled company cars into the totals, the share of electric  
and PHEV still grew slightly compared to last year.  
The Scope 2 emissions saved by the self-generated renewable  
energy equals 121 tons CO2 (location-based)  
Scope 2 GHG emissions – general overview  
The indirect emissions from the generation of electricity, heat,  
The table on next page illustrates the allocation of Scope 1 and  
2 GHG emissions by country, with an emphasis on the first three  
countries with highest amounts of emissions from own activities  
or steam that we purchase have increased by approximately  
 
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ESRS ID  
Unit  
2024  
2023*  
ESRS ID  
E1-6_28  
Biogenic emissions  
Unit  
2024  
1. Gross scopes 1, 2, 3 and total GHG emissions  
Gross Scope 1 GHG emissions and total GHG emissions  
(Tank-to-wheel)  
2. GHG emissions outside of scopes  
Biogenic emissions of CO2 from combustion or bio-degradation of  
biomass that occur in value chain not included in Scope 3 GHG emissions  
E1-6_01, E1-  
6_02, E1-6 -04,  
E1-6-05, E1-  
6_06, E1-6-07,  
E1-6-11  
tonnes CO2e  
2,722  
7,765  
7,254  
Buildings  
tonnes CO2e  
1,217  
731  
Company cars  
tonnes CO2e  
tonnes CO2e  
1,188  
5,360  
1,060  
5,463  
3. GHG emissions intensity  
GHG Emission intensity – Location-based -  
Scope 1 emissions (Tank-to-wheel)  
Own/leased trucks and forklifts  
E1-6_30  
tonne CO2/  
DKKm  
0.83  
0.16  
0.99  
Gross Scope 2 GHG emissions and total GHG emissions  
(Location-based) (Tank-to-wheel)  
1,451  
1,389  
60  
1,225  
1,225  
N/A  
GHG Emission intensity – Location-based -  
Scope 2 emissions (Tank-to-wheel)  
tonne CO2/  
DKKm  
Buildings  
tonnes CO2e  
tonnes CO2e  
tonnes CO2e  
Total GHG Emission intensity – Scope 1 and 2 emissions (Tank-to-wheel)  
tonne CO2/  
DKKm  
Company cars  
Electric trucks  
2
N/A  
Gross Scope 3 GHG emissions (Tank-to-wheel)  
Road transport  
580,323  
338,621  
205  
596,755  
380,322  
8
tonnes CO2e  
tonnes CO2e  
tonnes CO2e  
tonnes CO2e  
Railway transport  
Total  
Scope 1  
(TTW)  
Air transport  
141,465  
100,032  
114,820  
101,604  
Ocean transport  
Scope 1  
(TTW)  
Total GHG emissions (Tank-to-wheel)  
Total CO2e GHG emissions - scope 1, 2 and 3  
ESRS ID  
E1-6_03  
Country  
Unit  
Scope 2  
+Scope 2  
tonnes CO2e  
589,539  
605,233  
4. Scope 1 and Scope 2 GHG emissions  
– split by country:  
Countries with highest emissions  
* The comparative information for 2023 is not covered by PwC's CSRD limited assurance on page 170.  
Germany  
tonnes CO2e  
tonnes CO2e  
3,305  
2,276  
357  
265  
3,662  
2,541  
Denmark  
Sweden  
Other  
Total  
tonnes CO2e  
tonnes CO2e  
tonnes CO2e  
1,006  
1,178  
7,765  
125  
704  
1,131  
1,882  
9,216  
1,451  
 
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Accounting policies, methodologies and significant assumptions  
Accounting policy  
Key accounting estimations and assumptions, Scope 1, 2  
and 3 GHG emissions  
for which it has operational control (i.e. "investees such as  
associates, joint ventures, or unconsolidated subsidiaries  
that are not fully consolidated in the financial statements  
of the consolidated accounting group, as well as contractu-  
al arrangements that are joint arrangements not structured  
through an entity").  
factors for calculating CO2 emissions are www.ourworldin-  
data.org for the electricity emission factors for the energy  
used both in buildings and vehicles, and DEFRA regarding  
dictrict heating consumption in own buildings.  
from remaining GHG Scope 3 categories are category 1, 2, 3,  
5, 6 and 7. These categories were assessed in 2022 and the  
total emissions from these categories was approx. 3.5% of  
NTG's total GHG emissions. NTG are working on dislcosing  
data from relevant categories in 2025. NTG Group's revenue  
generating activities are the basis for data for calculating  
the Scope 3, category 4 emissions eliminated for irrelevant,  
non-transport revenue generating activities.  
There are inherent sources of estimation and uncertainty  
in GHG emissions. These uncertainties stem from the  
methodologies and assumptions employed in calculations.  
To minimise these uncertainties and maintain transparen-  
cy, NTG follows established standards and protocols.  
Disclosure of significant changes in definition of what  
constitutes reporting undertaking and its value chain and  
explanation of their effect on year-to-year comparability  
of reported GHG emissions (E1-6_14)  
No significant changes on group level that would impact  
the overall year-to-year comparability of reported GHG  
emissions.  
Gross scope 1 GHG emissions (E1-6_07)  
Scope 1 and 2 GHG emissions are calculated using actual  
data where available, combined with emission factors for  
relevant activities. Estimates have been applied when ac-  
tual data on consumption was not available. Estimates have  
been based on factors applied from similar activities in  
NTG in accordance with internal NTG reporting guidelines.  
Direct carbon dioxide equivalent (CO2e) emissions based  
on reported or estimated consumption from owned or  
controlled sources, which are company cars and forklifts  
powered by fossil fuels, our own small fleet of trucks,  
forklifts used in our terminals and warehouses (fuelled  
with diesel or propane gas) and consumption of natural gas  
or heating oil in own buildings. Emissions from buildings  
are calculated using emission factors from UK Government  
GHG Conversion Factors for Company Reporting, Version  
1, 2024 (DEFRA). Emissions from company cars, forklifts  
and owned trucks are calculated using emission factors  
per relevant fuel type from DEFRA and the GLEC Frame-  
work for logistics emissions, accounting and reporting,  
version 3.1 (GLEC). Scope 1 GHG emissions are disclosed  
using the Tank-to-wheel (TTW) approach.  
Indirect CO2 emissions from transport activities are aligned  
with methodolgies in the GLEC Framework. Carbon dioxide  
equivalent emissions are disclosed following the Tank-To-  
Wheel (TTW) approach for our transport activities except  
where otherwise stated. Scope 3, category 4 emissions  
are calculated based on transport data from NTG standard  
transport management systems (93%) and from legacy  
transport management systems (7%), including data on  
freight volumes transported by different transport modes  
to and from different destinations. As data from our stand-  
ard transport management systems is considered to contain  
greater transparency, and NTG plans to transfer activities  
from legacy transport management systems to standard  
transport management systems.  
Gross Scope 3 greenhouse gas emissions (E1-6_11), Gross  
Scopes 1, 2, 3 and Total GHG emissions – Scope 3 GHG  
emissions (GHG Protocol) (E1-6_04), Gross Scopes 1, 2, 3  
and Total GHG emissions – Scope 3 GHG emissions (ISO  
14064-1) (E1-6_05), Gross Scopes 1, 2, 3 and Total GHG  
emissions – total GHG emissions – value chain (table  
E1-6_06), Percentage of GHG Scope 3 calculated using  
primary data (E1-6_25), Disclosure of why Scope 3 GHG  
emissions category has been excluded (E1-6_26), List of  
Scope 3 GHG emissions categories included in inventory  
(E1-6_27), Disclosure of reporting boundaries considered  
and calculation methods for estimating Scope 3 GHG  
emissions (E1-6_29)  
NTG is reporting on the GHG Protocol's Scope 3, category 4  
(Upstream transportation and distribution) as transportation  
and distribution services is our core business and the main  
part of the services/capacities are purchased from hauliers,  
ocean carriers, airlines, and other capacity providers and  
more than 98% of the total carbon emissions originates  
from our subcontracted activities. NTG's GHG emissions  
Scope 3 GHG emissions are calculated using actual trans-  
port data from own transport management systems where  
available covering 97% of our transport activities. The  
remaining emissions are estimated based on extrapolation  
of information on revenue from transport activities to  
reach full coverage of our transport activities.  
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions  
NTG's carbon footprint provides a general overview of the  
company's greenhouse gas emissions converted into CO2  
equivalents (CO2e). The emissions reported in scope 1, 2  
and 3 are inspired by the definitions in the GHG Protocol.  
The reported total scope 1, 2 and 3 emissions consolidate  
the emissions data of all companies in the structure of  
NTG, all of them being under the full financial and opera-  
tional control of NTG, and each one of them being a part  
of the consolidated accounting group. NTG doesn't have  
in its structure any other entities, activities or projects  
Gross location-based Scope 2 GHG emissions (E1-6_09)  
Scope 2 GHG emissions are calculated and disclosed  
by applying the location-based approach following the  
GHG protocol. The basis for calculating the Scope 2 GHG  
emissions is NTG entities' reported or estimated (in some  
specific cases) consumption from purchased electricity and  
district heating in own buildings; and from purchased and  
consumed electricity in own company cars and one electric  
truck. The frameworks used as a sourse basis of emission  
Transport data from our standard and legacy transport  
management systems cover 97% of scope 3 GHG emissions  
from our transport activities. The remaining emissions are  
estimated based on extrapolation of information on reve-  
nue from transport activities and average emission factors  
to reach full coverage of emission from our activities.  
For road transports NTG estimate emissions partly on the  
average fuel utilisation ratios reported for trucks owned by  
NTG and by subcontractors and used for the transports of  
 
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Accounting policies, methodologies and significant assumptions  
Accounting policy  
NTG's customers freight, and partly on transport data from  
NTG's traffic management systems.  
Biogenic emissions of CO2 from combustion  
Net revenue other than used to calculate  
GHG intensity (E1-6_35)  
NTG has no revenue from any other activities.  
or bio-degradation of biomass that occur in value chain  
not included in Scope 3 GHG emissions (E1-6_28)  
The metric presents Scope 3 biogenic emission from  
combustion of biofuel (HVO 100) calculated as a TTW  
emission. This biogenic emission is considered out of the  
other emission scopes and is calculated based on the  
consumption of HVO100 fuel purchased by subcontractors  
and used to perform transports by NTG entities. Source of  
the emission factor is GLEC.  
For railway transports NTG estimates emissions partly  
on the average emissions from the EcoTransIT World  
calculator using data from main fossil fuelled traffic lines  
for the transports of NTG's customers freight, and partly on  
transport data from NTG's traffic mangament systems. The  
data base for railway carbon emission calculations is subject  
to uncertainty and is not complete. Incomplete data for  
railway transport is included conservatively among NTG's  
other modes of transport. We will continue our work on  
improving the insufficient data base.  
Percentage of Scope 1 GHG emissions from regulated  
emission trading schemes (E1-6_08)  
NTG doesn't participate in regulated emission trading  
schemes.  
Disclosure of reconciliation to financial statements  
of net revenue used for calculation of GHG emissions  
intensity (E1-6_32)  
The net revenue has been reconciled to the Annual Report,  
page 20, Condensed Income statement.  
GHG emissions intensity, location-based  
(total GHG emissions per net revenue) (E1-6_30)  
Total GHG emissions (scope 1, 2 and 3) divided by unit  
of total net revenue. Scope 1 GHG emissions intensity is  
presented as intensity of emissions calculated by TTW ap-  
proach – this applies to the summed-up amounts of Scope  
1 and 2 emissions as well. For calculating the emissions  
intensity, Scope 2 emissions are presented following the  
location based approach.  
For ocean transports NTG estimates emissions partly on the  
Clean Cargo Working Group, which collects information on  
global container shipping trade lane emissions factors from  
subcontractors used by NTG for the transports of NTG's  
customers freight, emission factors from GLEC and partly  
on transport data from NTG's traffic management systems.  
Net revenue (E1-6_33),  
Net revenue used to calculate GHG intensity (E1-6_34)  
The net revenue has been reconciled to the Annual Report,  
page 20, Condensed Income statement.  
For air transports NTG estimates emissions partly on the av-  
erage carbon emissions reported by subcontractors and used  
for the transports of NTG's customers freight, and partly on  
transport data from NTG's traffic management systems.  
Biogenic emissions of CO2 from combustion or bio-degra-  
dation of biomass not included in Scope 1 GHG emissions  
(E1-6_24)  
No Scope 2 related biogenic emissions of CO2 from the  
combustion or bio-degradation of biomass.  
GHG emissions – by country, operating segments,  
economic activity, subsidiary, GHG category  
or source type (E1-6_03)  
The table presents the distribution of Scope 1 and 2 GHG  
emissions by country, showing the three countries with  
highest emissions.  
Biogenic emissions of CO2 from combustion or bio-degra-  
dation of biomass not included in Scope 2 GHG emissions  
(E1-6_24)  
No Scope 2 related biogenic emissions of CO2 from the  
combustion or bio-degradation of biomass.  
 
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ESRS E1  
Targets related to climate change  
mitigation and adaptation  
E1-5  
ESRS ID  
Metric  
Unit  
2024  
Energy consumption and mix  
1. Energy consumption  
Total energy consumption  
The energy consumption and mix in NTG’s own operations  
and controlled entities is presented in the tables on this page.  
During 2024, NTG’s energy consumption relates to NTG’s own  
operations, representing energy from fossil sources (oil and  
petroleum products and natural gas) from fuels, electricity,  
and district heating.  
E1-5_01,  
E1-5_19  
MWh  
150,055  
E1-5_02  
E1-5_11  
Energy consumption from fossil sources  
MWh  
MWh  
31,532  
Fuel consumption from crude oil  
and petroleum products  
25,933  
E1-5_12  
E1-5_14  
Fuel consumption from natural gas  
MWh  
MWh  
5,600  
Renewable sources include energy produced and consumed  
from roof-top mounted solar panels in NTG’s buildings.  
Consumption of purchased or acquired electricity,  
heat, steam, or cooling from fossil sources  
118,522  
2. Renewable energy:  
production and consumption  
E1-5_05  
E1-5_08  
Total energy consumption from renewable sources  
MWh  
MWh  
635.58  
635.58  
Consumption of self-generated  
non-fuel renewable energy  
3. Energy intensity and mix  
E1-5_18  
E1-5_09  
E1-5_15  
Energy intensity per net revenue  
MWh/  
DKKm  
16.05  
0.42  
Percentage of renewable sources in  
total energy consumption  
%
Percentage of fossil sources in total energy consumption  
%
99.58  
 
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Accounting policies, methodologies and significant assumptions  
Accounting policy  
All reported energy metrics refer to NTG's own operations  
and controlled entities, assets and vehicles. All metrics de-  
rives from information collected from all NTG entities per  
asset type and relevant consumption based on presented  
consumption documentation. To ensure completeness in  
the reported data, estimations were used in some specific  
cases where the data from actual consumption was inac-  
cessible. Estimations are based on the average consump-  
tion for the respective asset and type of consumption from  
other NTG entities.  
(EU) 2019/2088 and Annex 1 of the related Delegated  
Regulation with regard to disclosure rules on sustainable  
investments.  
Consumption of purchased or acquired electricity, heat,  
steam, or cooling from fossil sources (datapoint E1-5_14)  
Includes the total electricity consumption from owned and  
leased buildings, cars, and electric trucks, and the district  
heating for buildings. Further, these components of the  
consumption are used as the basis for calculating of Scope 2  
GHG emissions.  
Fuel consumption from renewable sources (E1-5_06)  
Only the self-generated renewable energy produced  
from own solar panels can be distinguished (it is reported  
in datapoint E1-5_08, see below). NTG don't have any  
available information about direct energy consumption  
from renewable sources regarding energy purchased from  
specific suppliers.  
Energy consumption from fossil sources (E1-5_02)  
The reported amount of energy consumption from fossil  
sources includes the crude oil and petroleum products,  
and natural gas fuels. This numbers includes in itself the  
amounts reported in the two rows below under datapoints:  
The reported number includes in itself the consumption of  
self-generated renewable energy from NTG entities with  
roof-top mounted solar panels.  
Consumption of purchased or acquired electricity, heat,  
steam, and cooling from renewable sources (E1-5_07)  
No specific information about the electricity purchased  
dirctly from suppliers of energy from renewable sources.  
NTG doesn't consume any directly purchased heat, steam  
or cooling from renewable sources.  
Fuel consumption from crude oil and  
petroleum products (E1-5_11)  
Includes the consumption of burning oil used for heating  
of owned and leased building premises; and the fossil fuels  
used for owned and leased cars and trucks – gasoline (cars)  
and diesel (cars, trucks, forklifts fueled by diesel).  
Any measurements of metrics related to energy consump-  
tions disclosed have not been validated other than by the  
assurance provider.  
Total energy consumption from nuclear sources (E1-5_03)  
NTG does not have available information which could  
distinguish any direct energy consumption from nuclear  
sources.  
Total energy consumption (E1-5_01) and  
Energy intensity from activities in high  
Total energy consumption from activities  
in high climate impact sectors (E1-5_19)  
climate impact sectors – total energy consumption  
per net revenue (E1-5_18)  
The metric is calculated as a total energy consumption  
in high climate impacts sectors per unit of net revenue  
(DKKm), so the result is presented as MWh/DKKm.  
Fuel consumption from natural gas (E1-5_12)  
Includes natural gas used for heating of owned and leased  
building premises and the gas propane used for fueling of  
owned and leased forklifts.  
Percentage of energy consumption from nuclear  
sources in total energy consumption (E1-5_04)  
NTG does not have available information which could  
distinguish any direct energy consumption from nuclear  
sources.  
The reported amount of total energy consumption includes  
the energy consumption from fossil sources (crude oil and  
petroleum products, and natural gas fuels) and the Con-  
sumption of purchased or acquired electricity, heat, steam,  
or cooling from fossil sources.  
Fuel consumption from other fossil sources (E1-5_13)  
NTG doesn't consume fuel from other fossil sources than  
already disclosed. No fuel consumption from coal and  
coal products (datapoint E1-5_10).  
High climate impact sectors used  
to determine energy intensity (E1-5_20)  
Total energy consumption  
from renewable sources (E1-5_05)  
The same amount has been reported under datapoint  
E1-5_19 (Total energy consumption from activities in high  
climate impact sectors) due to the assumption that all all  
NTG activities are in high climate impact sector – all own  
activities of the company are supporting transportation.  
Transportation activities fall within NACE code, section  
H – Transporting and storage as defined in the Regulation  
All NTG energy consumption is considered related to high  
climate impact sector because all own activities of the  
company are supporting transportation. Transportation ac-  
tivities fall within NACE code, section H – Transporting and  
storage as defined in the Regulation (EU) 2019/2088 and  
Annex 1 of the related Delegated Regulation with regard to  
disclosure rules on sustainable investments.  
Only the self-generated renewable energy produced from  
own solar panels can be distinguished (it is reported in  
datapoint E1-5_08, see below). NTG doesn't have any  
available information about direct energy consumption  
from renewable sources regarding energy purchased from  
specific suppliers.  
Fuel consumption from  
coal and coal products (E1-5_10)  
NTG doesn't have any fuel consumption from coal  
and coal products.  
 
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Accounting policies, methodologies and significant assumptions  
Accounting policy  
Net revenue from activities  
Total energy consumption  
in high climate impact sectors (E1-5_22)  
from renewable sources (E1-5_05)  
As NTG has zero revenue from activities other than in high  
climate impact sector – transportation, the net revenue  
is used for the metric as it is disclosed in NTG's Annual  
Report, page 9, line 1 (Five-year financial overview).  
Only the self-generated renewable energy produced from  
own solar panels can be distinguished (it is reported in  
datapoint E1-5_08, see below). NTG doesn't have any  
available information about direct energy consumption  
from renewable sources regarding energy purchased from  
specific suppliers.  
Percentage of renewable sources  
in total energy consumption (E1-5_09)  
The metric presents the consumed self-generated renew-  
able energy produced by NTG entities roof-top mounted  
solar panels, reported in datapoints E1-5_05 and E1-5_08),  
as a share of the total energy consumption (reported in  
datapoint E1-5_01). The assumption is that the produced  
renewable energy from the own solar panels of the in-  
dicated 3 NTG entities was directly consumed by them  
and the surplus was sold to the grid.  
Consumption of self-generated non-fuel  
renewable energy (datapoint E1-5_08)  
The assumption is that the produced renewable energy  
from the NTG enitities own roof-top mounted solar panels  
was directly consumed by them and the surplus produced  
energy was sold to the grid. Therefore both datapoints  
E1-5_05 and E1-5_08 are reported through the same  
metric, as based on the available data, the consumption of  
self-generated renewable energy is the only clearly distin-  
guishable source from the full range of renewable sources  
in the electriciy mix. The consumption number presented  
in both datapoints has been calculated by deducting the  
produced energy sold to the grid from the total produced  
renewable energy by the own roof-top mounted solar  
panels of the relevant NTG entities.  
Percentage of fossil sources  
in total energy consumption (E1-5_15)  
The metric is based on the assumption that all NTG's  
energy consumption from own activities comes from  
from fossil sources except the energy produced from  
the own solar panels as indicated above. Therefore, the  
metric reflects the 100 % fossil sources, out of which  
has been deducted the percentage of consumption of  
self-generated renewable energy.  
 
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E1-7  
GHG removals and GHG mitigation  
projects financed through carbon credits  
NTG has not financed any GHG removals or GHG mitigation  
projects through carbon credits.  
E1-8  
Internal carbon pricing  
NTG does not apply internal carbon pricing schemes in its  
business.  
Total energy consumption  
Scope 1  
Scope 2  
Scope 3  
7,765 CO2e  
Direct emissions based on the  
Greenhouse Gas Protocol, from  
our own activities  
1,451 CO2e  
Indirect emissions based on the  
Greenhouse Gas Protocol, including  
emissions from generation of  
electricity, and heat  
580,323 CO2e  
Emissions indrectly from our value  
chain, based on the Greenhouse Gas  
Protocol, including emissions from  
freight forwarding services  
589,539 CO2e  
 
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ESRS E2  
Pollution  
NTG's transport activities are conducted through  
our network, which includes transport solutions  
by road, rail, air, and ocean that we engage on  
behalf of our customers.  
All these different means of transport are powered by the com-  
bustion of fossil fuels, which is a major driver of air pollution.  
NTG has assessed that this has a material pollution-related  
impact in our upstream value chain.  
NTG has used the same approach as described in IRO-1 on page  
57 to identify and assess material impacts, risks, and opportuni-  
ties in relation to actual and potential pollution-related impacts  
from NTG's activities in own operations as well as in upstream  
and downstream value chain activities.  
 
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ESRS 2  
climate and health, lowering the burden of  
As a service company, we must comply with  
our customers' requirements for a focus on  
reducing GHG emissions from our transport  
activities. Furthermore, when there is a direct  
connection between greenhouse gases and  
pollution from the burning of fossil fuels, it is  
sensible for NTG to focus on reducing GHG  
emissions.  
The disclosure requirements defined in ESRS  
for air pollution focus on own operations and  
facilities where operational or financial control  
is a parameter. However, NTG does not have  
direct control over these aspects, as the  
impact originates from the value chain. This  
is why NTG does not include specific metrics,  
actions or targets on air pollution but intend  
to continue to work on reduction of GHG  
emissions as described in section E1, Climate  
change. These measures are all aimed at de-  
creasing fuel consumption and, consequently,  
the number of pollutants released into the  
atmosphere from our upstream supply chain  
activities.  
disease attributable to air pollution, as well  
as contributing to the near- and long-term  
mitigation of climate change".  
NTG's impacts,  
risks and  
opportunities  
NTG concludes from WHO's approach that re-  
ducing transport-related emissions in general  
not only benefits the immediate environment  
but also has a ripple effect throughout the  
upstream value chain, leading to broader  
reductions in air pollution. There is a direct  
correlation between NTG's efforts to reduce  
GHG emissions from our activities that will  
also result in a one-to-one reduction of air  
pollutants.  
NTG efforts to reduce GHG  
emissions will have a dual benefit  
for air quality and climate  
E2-1, E2-2, E2-3, E2-4  
NTG's position on the impact on air  
pollution  
Material impacts, risks, and opportunities  
regarding air pollution are a part of the envi-  
ronmental protection topic, and therefore an  
important part to consider in NTG’s impact  
on the environment and climate through our  
business activities.  
IRO-1, E-2  
Description of the processes to identify  
and assess material pollution-related  
impacts, risks and opportunities  
The customers’ focus is only on GHG  
emissions  
NTG will continue our close collaboration with  
our customers and suppliers to minimise the  
transport-related GHG emissions from our  
value chain. Going forward, NTG will commu-  
nicate the correlation between GHG emis-  
sions and air pollution to customers to address  
and highlight the impact on air pollution from  
our value chain.  
NTG has an ongoing dialogue with its custom-  
ers on the environmental impact of our trans-  
ports. NTG creates several customer specific  
reports yearly with the purpose of calculating  
carbon emission from the purchased transport  
activities of NTG.  
When fossil fuel is burned in a means of  
transport to generate energy for propulsion, it  
results in the release of a variety of pollutants  
into the atmosphere. These include particulate  
matter, sulphur dioxide (SO₂), nitrogen oxides  
(NOₓ), and volatile organic compounds (VOCs).  
The same combustion process also releases  
significant amounts of carbon dioxide (CO₂),  
methane (CH₄), and nitrous oxide (N₂O), which  
are potent greenhouse gases.  
NTG acknowledge in its Code of Conduct  
for Employees that the approach to minimise  
these negative impacts and air pollution is a  
material part of its impact.  
These customer requests concern GHG emis-  
sion data, but never any data on air pollut-  
ants. This is likely because NTG's customers  
typically are located in nations and regions  
where, for decades, they have been successful  
in regulating and limiting pollution from the  
discharge of various fossil fuel sources. With  
the increasing awareness of our customers  
about the climate crisis and rising global  
temperatures, the focus is now exclusively  
on limiting the emission of climate changing  
greenhouse gases.  
The World Health Organisation (WHO) states  
that: "Air quality is closely linked to the earth’s  
climate and ecosystems globally. Many of  
the drivers of air pollution (i.e. combustion of  
fossil fuels) are also sources of greenhouse  
gas emissions. Policies to reduce air pollution,  
therefore, offer a win-win strategy for both  
Own  
IRO  
Actual negative Impact  
Upstream  
operation Downstream  
4
Air pollutants  
●
 
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EU Taxonomy  
The EU Taxonomy classifies which economic activities are environmentally  
sustainable. It is key to the EU’s sustainable finance framework, defining criteria  
for activities aligned with a net zero goal by 2050 and other environmental aims.  
Revenue (DKKm)  
2024  
2023  
The EU Taxonomy covers six environmental objectives: Climate  
change mitigation, climate change adaptation, sustainable use  
and protection of water and marine resources, transition to a  
circular economy, pollution prevention and control, and protec-  
tion and restoration of biodiversity and ecosystems.  
Transitional activities: These are activities that do not have a low  
carbon alternative but are necessary for the transition to a cli-  
mate-neutral economy. They must be consistent with a pathway  
to limit the global temperature increase to 1.5 °C above pre-in-  
dustrial levels and phase out greenhouse gas emissions.  
Eligible, but not aligned  
% of total  
172  
1.8%  
90  
153  
1.8%  
176  
Eligible and aligned  
% of total  
1.0%  
9,352  
2.1%  
8,338  
Total  
As a listed company with more than 500 employees, NTG must  
report according to the EU Taxonomy Delegated Acts ((EU)  
2020/852 and its delegated acts).  
NTG’s core activity is asset-light freight forwarding. This is not  
included in the EU taxonomy of economic activities that contrib-  
ute to the environmental objectives, and therefore, NTG’s core  
activity is not eligible under the EU Taxonomy. However, NTG has  
analysed its operations and identified some sub-activities that are  
eligible under the taxonomy, based on the substantial contribu-  
tion criteria, their enabling role or transitional nature.  
Capex (DKKm)  
2024  
2023  
Eligible, but not aligned  
% of total  
35  
3.5%  
16  
16  
4.2%  
12  
Taxonomy-eligible activities  
An economic activity qualifies under the EU Taxonomy if it  
matches one of the defined activities related to any of the six en-  
vironmental objectives. This means that the activity must corre-  
spond to the description provided by the EU Taxonomy. Eligibility  
is determined irrespective of the size of the economic activity.  
Eligible and aligned  
% of total  
1.5%  
1,007  
3.3%  
381  
Total  
Taxonomy-aligned activities  
To determine if an eligible economic activity is aligned with the  
EU taxonomy, it must qualify the Technical Screening Criteria in  
Annex 1 and 2 to the Climate Delegated Act. The eligible activi-  
ties must meet both the Substantial Contribution and the Do No  
Significant Harm (“DNSH”) criteria, and they must comply with  
the Minimum Safeguards, which cover social and governance  
standards.  
Opex (DKKm)  
2024  
2023  
Enabling activities: These are activities that provide products  
or services that help other activities to achieve a substantial  
contribution to the environmental objectives. For example, an  
activity that produces a component that improves the efficiency  
of another activity.  
Eligible, but not aligned  
% of total  
28  
23.5%  
3
26  
26.1%  
2
Eligible and aligned  
% of total  
2.8%  
117  
2.2%  
100  
Total  
 
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Proportion of EU Taxonomy aligned revenue (turnover)  
Substantial contribution criteria (%)  
Does no significant harm criteria (Y/N)  
Economic activities  
DKKm  
%
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)  
Collection and transport of non-hazardous waste in source segregated  
fractions  
5.5  
7.6  
57.4  
0.6%  
Y
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
Y
Y
Y
Y
Y
Y
Y
0.5%  
Installation, maintenance and repair of renewable energy technologies  
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1.)  
Of which enabling  
32.7  
90.1  
32.7  
-
0.3%  
1.0%  
0.3%  
0.0%  
Y
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
Y
Y
Y
-
Y
Y
Y
-
Y
Y
Y
-
Y
Y
Y
-
Y
Y
Y
-
Y
Y
Y
-
Y
Y
Y
-
1.6%  
2.1%  
1.6%  
0.0%  
E
E
1.0%  
0.3%  
0.0%  
Of which transitional  
T
A.2. Taxonomy-eligible but not environmentally sustainable activities  
(not Taxonomy-aligned activities)  
Collection and transport of non-hazardous waste in source segregated  
fractions  
5.5  
3.2  
0.0%  
EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
0.0%  
Installation, maintenance and repair of renewable energy technologies  
Freight transport services by road  
7.6  
6.6  
0.0  
0.0%  
1.8%  
EL  
EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
0.0%  
1.8%  
168.5  
A.2. Taxonomy-eligible but not environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2.)  
171.8  
261.8  
1.8%  
2.8%  
1.8%  
2.8%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
1.8%  
3.9%  
Total (A.1 +A.2)  
B. Taxonomy-non-eligible activities  
Turnover of Taxonomy non-eligible activities (B)  
Total (A+B)  
9,090.1 97.2%  
9,352.0 100.0%  
 
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Proportion of EU Taxonomy aligned capex  
Substantial contribution criteria (%)  
Does no significant harm criteria (Y/N)  
Economic activities  
DKKm  
%
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)  
Transport by motorbikes, passenger cars and light commercial vehicles  
Installation, maintenance and repair of energy efficiency equipment  
6.5  
7.3  
14.3  
0.2  
1.4%  
0.0%  
Y
Y
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
2.9%  
0.2%  
T
Installation, maintenance and repair of charging stations for electric vehicles  
in buildings (and parking spaces attached to buildings)  
7.4  
7.6  
0.7  
0.1%  
Y
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
Y
Y
Y
Y
Y
Y
Y
0.1%  
Installation, maintenance and repair of renewable energy technologies  
Environmentally sustainable activities (Taxonomy-aligned) (A.1)  
Of which Enabling  
0.4  
15.6  
-
0.0%  
1.5%  
0.0%  
1.4%  
Y
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
0.1%  
3.3%  
0.0%  
2.9%  
1.5%  
0.0%  
1.4%  
E
Of which Transitional  
14.3  
Y
Y
Y
Y
Y
Y
Y
T
A.2. Taxonomy-eligible but not environmentally sustainable activities  
(not Taxonomy-aligned activities)  
Transport by motorbikes, passenger cars and light commercial vehicles  
Freight transport services by road  
6.5  
6.6  
6.1  
0.6%  
2.9%  
EL  
EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
1.0%  
3.2%  
29.1  
A.2 Taxonomy-eligible but not environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2)  
35.2  
50.7  
3.5%  
5.0%  
3.5%  
5.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
4.2%  
7.4%  
Total (A.1 +A.2)  
B. Taxonomy-non-eligible activities  
Capex of Taxonomy non-eligible activities (B)  
Total (A+B)  
956.3  
95.0%  
1,007.0 100.0%  
 
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Proportion of EU Taxonomy – aligned opex  
Substantial contribution criteria (%)  
Does no significant harm criteria (Y/N)  
Economic activities  
DKKm  
%
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)  
Transport by motorbikes, passenger cars and light commercial vehicles  
Installation, maintenance and repair of energy efficiency equipment  
6.5  
7.3  
3.2  
0.0  
2.7%  
0.0%  
Y
Y
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
2.2%  
0.0%  
T
Installation, maintenance and repair of charging stations for electric vehicles  
in buildings (and parking spaces attached to buildings)  
7.4  
7.6  
0.0  
0.0%  
Y
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
Y
Y
Y
Y
Y
Y
Y
0.0%  
Installation, maintenance and repair of renewable energy technologies  
Environmentally sustainable activities (Taxonomy-aligned) (A.1)  
Of which enabling  
0.0  
3.2  
-
0.0%  
2.8%  
0.0%  
2.7%  
Y
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
N/EL  
0.0%  
0.0%  
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
Y
Y
-
0.0%  
2.2%  
0.0%  
2.2%  
2.8%  
0.0%  
2.7%  
E
Of which transitional  
3.2  
Y
Y
Y
Y
Y
Y
Y
T
A.2. Taxonomy-eligible but not environmentally sustainable activities  
(not Taxonomy-aligned activities)  
Transport by motorbikes, passenger cars and light commercial vehicles  
Freight transport services by road  
6.5  
6.6  
2.9  
2.5%  
EL  
EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
N/EL  
3.9%  
24.5  
21.0%  
22.3%  
A.2 Taxonomy-eligible but not environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2)  
27.5  
30.7  
23.5%  
26.3%  
23.5%  
26.3%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
0.0%  
26.1%  
28.4%  
Total (A.1 +A.2)  
B. Taxonomy-non-eligible activities  
Opex of Taxonomy non-eligible activities (B)  
Total (A+B)  
86.2  
73.7%  
117.0 100.0%  
 
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Contextual information – Revenue (turnover)  
(DKKm)  
% of total  
2024  
Revenue (turnover) KPI  
2024  
2023  
2023  
Revenue (turnover)  
6.6  
5.5  
7.6  
Freight transport services by road  
168.5  
3.2  
150.2  
2.4  
1.8%  
0.0%  
0.0%  
1.8%  
1.8%  
0.0%  
0.0%  
1.8%  
The total revenue of NTG increased from DKK 8,338  
million in 2023 to DKK 9,352 million in 2024, whereas  
the revenue from eligible and aligned activities declined.  
The decline was caused by less revenue from projects  
involving subsea power cables for wind farms.  
Collection and transport of non-hazardous waste in source segregated fractions  
Installation, maintenance and repair of renewable energy technologies  
0.0  
0.0  
Eligible, but not aligned activities  
171.7  
152.6  
5.5  
7.6  
Collection and transport of non-hazardous waste in source segregated fractions  
Installation, maintenance and repair of renewable energy technologies  
57.4  
32.7  
90.1  
41.5  
134.2  
175.7  
0.6%  
0.3%  
1.0%  
0.5%  
1.6%  
2.1%  
Revenue from eligible, but not aligned freight  
transportation services by road, relating to operation of  
own trucks, increased compared to last year due to the  
acquisition of Schmalz+Schön, offset by discontinuation  
of trucking activity in a NTG entity.  
Eligible and aligned activities  
Non-eligible activities  
9,090.1  
8,010.0  
97.2%  
96.1%  
Total revenue (turnover) of the Group (eligible and non-eligible)  
9,352.0  
8,338.3  
100.0%  
100.0%  
 
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Contextual information – Capex  
(DKKm)  
2024  
% of total  
2024  
Capex KPI  
2023  
2023  
Capex  
6.5  
6.6  
Transport by motorbikes, passenger cars and light commercial vehicles  
Freight transport services by road  
6.1  
29.1  
35.2  
3.6  
12.3  
16.0  
0.6%  
2.9%  
3.5%  
1.0%  
3.2%  
4.2%  
In 2024, the ratio of capex for eligible, but not aligned,  
activities decreaed compared to 2023, despite higher  
capex for replacement of trucks. This was driven by a  
higher total capex (denominator) in 2024 than in 2023  
as a consequence of M&A activity.  
Eligible, but not aligned activities  
6.5  
7.3  
7.4  
Transport by motorbikes, passenger cars and light commercial vehicles  
Installation, maintenance and repair of energy efficiency equipment  
14.3  
0.2  
10.9  
0.9  
1.4%  
0.0%  
0.1%  
2.9%  
0.2%  
0.1%  
The ratio of capex for eligible and aligned activities  
decreased compared to 2023. This was driven by a  
higher total capex (denominator) in 2024 than in 2023  
as a consequence of M&A activity.  
Installation, maintenance and repair of charging stations for electric vehicles in  
buildings (and parking spaces attached to buildings)  
0.7  
0.3  
7.6  
Installation, maintenance and repair of renewable energy technologies  
0.4  
0.2  
0.0%  
0.1%  
Eligible and aligned activities  
15.6  
12.4  
1.5%  
3.3%  
Non-eligible activities  
956.3  
352.7  
95.0%  
92.6%  
Total capex of the Group (eligible and non-eligible)  
1,007.0  
381.0  
100.0%  
100.0%  
 
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Contextual information - Opex  
(DKKm)  
2024  
% of total  
2024  
Opex KPI  
2023  
2023  
Opex  
6.5  
6.6  
Transport by motorbikes, passenger cars and light commercial vehicles  
Freight transport services by road  
2.9  
24.5  
27.5  
3.9  
22.2  
26.0  
2.5%  
21.0%  
23.5%  
3.9%  
22.3%  
26.1%  
In 2024, the opex from eligible but not aligned activities  
increased slightly due to a higher number of own trucks  
driven by the acquisition of Schmalz+Schön.  
Eligible, but not aligned activities  
6.5  
7.3  
7.4  
Transport by motorbikes, passenger cars and light commercial vehicles  
Installation, maintenance and repair of energy efficiency equipment  
3.2  
0.0  
0.0  
2.2  
0.0  
0.0  
2.7%  
0.0%  
0.0%  
2.2%  
0.0%  
0.0%  
In 2024, the ratio of Opex from eligible and aligned  
activities increased. This was driven by a higher  
proportion of company cars being electrical and plugin  
hybrid electrical vehicles, in accordance with NTGs  
Company car policy.  
Installation, maintenance and repair of charging stations for electric vehicles in  
buildings (and parking spaces attached to buildings)  
7.6  
Installation, maintenance and repair of renewable energy technologies  
0.0  
0.0  
0.0%  
0.0%  
Eligible and aligned activities  
3.2  
2.2  
2.8%  
2.2%  
Non-eligible activities  
86.2  
71.4  
73.7%  
71.6%  
Total opex of the Group (eligible and non-eligible)  
117.0  
99.6  
100.0%  
100.0%  
 
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Nuclear and fossil gas  
related activities  
EU Taxonomy  
Nuclear and fossil gas related activities NTG carries out,  
funds or has exposures to:  
Accounting policy  
Nuclear energy related activities  
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.  
Identification of taxonomy-eligible activities  
Although NTG’s main activity as freight forwarders is  
not covered by the taxonomy, we have identified other  
economic activities which are considered as eligible as  
they contribute to the climate objectives based on their  
own performance, by provision of their products or ser-  
vices or by supporting the transition to a climate-neutral  
economy. The activities are presented in the adjacent  
table.  
Minimum Safeguards  
guards. We therefore consider that the aligned economic  
activities comply with the Minimum Safeguards.  
Furthermore, we have assessed at an aggregated level,  
whether the activities comply with the Minimum Safe-  
guards. This requires companies to ensure that these  
Minimum Safeguards are supported by procedures that  
comply with the OECD Guidelines for Multinational  
Enterprises and the UN Guiding Principles on Business  
and Human Rights. These safeguards also include the  
principles and rights set out in the eight fundamental  
conventions defined in the Declaration of the Interna-  
tional Labour Organisation on Fundamental Principles  
and Rights at Work and the International Bill of Human  
Rights.  
No  
Double counting  
None of our identified economic activities contribute to  
multiple objectives, as they all contribute to the climate  
change mitigation objective. None of the income or  
costs are included more than once in the numerator  
across the revenue, opex and capex KPI as there are no  
overlaps in the activities and revenue/expenses related  
to them.  
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  
No  
From eligible to aligned  
For each of the identified activities, we determined reve-  
nue, operating expenses (opex) and capital expenditures  
(capex) related to eligible and aligned activities (see  
Accounting Policy for EU Taxonomy KPIs below).  
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.  
NTG has adopted several Codes of Conduct, a Legal  
Compliance Programme as well as ESG, diversity and  
Whistleblower policies. We have addressed relevant  
actual and potential adverse impacts related to human  
rights and other sustainability risks directly linked to  
our own operations and services, supply chains, and  
other business relationships. These business standards  
are based on thorough due diligence and a risk-based  
process, identifying and assessing relevant business  
processes and functions, and taking appropriate action  
to remediate actual and potential adverse impacts iden-  
tified at the time of the assessment.  
Technical Screening Criteria  
In determining the aligned portion of revenue, opex and  
capex of the eligible activities, we have, for each activity,  
assessed the Technical Screening Criteria (Substantial  
Contribution and DNSH).  
Fossil gas related activities  
The undertaking carries out, funds or has  
exposures to construction or operation of  
electricity generation facilities that produce  
electricity using fossil gaseous fuels.  
In relation to DNSH, we have assessed whether it com-  
plies with the DNSH criteria listed in Annexes to the Cli-  
mate Delegated Acts. We have assessed each individual  
DNSH criteria per activity and only included activities  
where we assess they comply with the DNSH criteria.  
The assessment is based on a combination of desktop  
research, judgment and input from our subsidiaries on  
the activities performed. See the table on the following  
page for an elaboration of the Technical Screening  
Criteria assessment.  
No  
No  
No  
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.  
NTG has issued a number of Codes of Conduct and poli-  
cies - all of which are available on our website – that em-  
bed responsible business conduct and articulate NTG’s  
commitment to principles and standards contained in the  
Do No Significant Harm criteria of the Minimum Safe-  
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.  
 
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Assessment of eligibility and technical screening criteria  
Technical Screening Criteria  
DNSH  
Activity  
Eligibility  
Substantial Contribution  
5.5 Collection and transport  
of non-hazardous waste  
fractions for recycling  
The eligible activity relates to NTG entities transporting non-hazardous  
waste aimed at preparing for reuse or recycling.  
The eligible revenue related to this activity is identified based on the  
name and industry of the transport customer as well as the nature and  
purpose of the transported materials.  
This activity automatically fulfils the substantial contribution criteria  
to climate change mitigation and climate adaption.  
The activity’s compliance is assessed against the criteria described in the  
annex A: Generic criteria for DNSH to climate change adaptation. There is no  
apparent physical climate risk for this activity.  
It is further confirmed at NTG entity level whether the waste fractions  
are not mixed with other materials with different properties in storage or  
transfer facilities.  
6.5 Transport by motorbikes,  
passenger cars and light  
commercial vehicles  
The eligible activity relates to our leasing and operation of several  
company cars that comply with the EU emission standards EURO 5 and 6.  
The aligned activity is related to company cars that are powered by  
electricity and a combination of electricity and fossil fuels (PHEV)  
with emissions below 50g CO2/km. From 1 January 2025, only zero  
emission vehicles qualify the Substantial Contribution.  
The activity’s compliance is assessed against the criteria described in the  
annex A: Generic criteria for DNSH to climate change adaptation. There is no  
apparent physical climate risk for this activity.  
By being standard EU type-approved vehicles, it is assumed that the vehicles  
comply with the EU thresholds of reusability, recyclability and pollution.  
6.6 Freight transport services  
by road  
The eligible activity relates to NTG entities leasing and operation of  
vehicles falling under the scope of the EU emission standards EURO 6  
and performing dedicated freight transport services for customers.  
To be aligned, the vehicles are required to have a zero-tailpipe  
emission while in operation. None of the eligible vehicles have zero  
tailpipe emissions.  
Not relevant, as the substantial contribution criteria is not qualified.  
7.3 Installation, maintenance  
and repair of energy efficiency  
equipment in buildings  
The eligible activity relates to our leasing and operation of buildings  
and renovation measures related to installation, maintenance or repair  
of energy efficiency equipment.  
To be aligned the activities must comply with minimum requirements  
set for individual components and systems and must relate to one of  
the measures listed under the Substantial Contribution Criteria (a-f).  
The activity’s compliance is assessed against the criteria described in the  
annex A: Generic criteria for DNSH to climate change adaptation (physical  
climate risks), and the Annex C: Generic criteria for DNSH to pollution  
prevention and control regarding use and presence of chemicals. It is  
assumed that the manufacturers of the equipment comply with applicable  
legislation. Further, it is assessed if the building in question is not dedicated  
to extraction, storage, transport or manufacture of fossil fuels.  
7.4 Installation, maintenance  
and repair of charging stations  
for electric vehicles  
The eligible activity relates to installation and maintenance of charging  
stations for electric vehicles on some of our premises.  
This activity automatically fulfils the Substantial Contribution Criteria  
to climate change mitigation.  
The activity’s compliance is assessed against the criteria described in the  
annex A: Generic criteria for DNSH to climate change adaptation (physical  
climate risks). There is no apparent physical climate risk for this activity.  
7.6 Installation, maintenance  
and repair of renewable  
energy technologies, on-site  
The eligible activity relates to NTG entities involved in transports  
of renewable energy technologies to an installation site, or where  
NTG installs, maintain and repair solar panels and ancillary technical  
equipment.  
To be aligned the activity must relate to one of the renewable energy  
measures listed under the substantial contribution criteria (a-h).  
The activity’s compliance is assessed against the criteria described in the  
annex A: Generic criteria for DNSH to climate change adaptation (physical  
climate risks). There is no apparent physical climate risk for this activity.  
 
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Accounting policy for EU Taxonomy KPIs  
KPI  
Accounting policy  
Numerator  
Denominator  
Revenue (turnover)  
The turnover KPI is calculated in accordance with “ANNEX I –  
KPI’s of non-financial undertakings”.  
Revenue related to taxonomy-eligible (5.5, 6.6 and 7.6) and taxonomy-aligned (5.5 and 7.6)  
activities is derived from our transport management and ERP systems at NTG entity, customer level  
and asset (vehicle) level.  
The denominator for calculating the proportion of taxonomy-  
eligible/-aligned revenue is equivalent to NTG Group’s total  
revenues as stated in note 2.1 of the NTG Annual Report 2024.  
Net revenue means the amounts derived from the sale of  
products and the provision of services after deducting sales  
rebates and value added tax and other taxes directly linked to  
revenue, consistently with the net revenue reported in the NTG  
Annual Report 2024.  
The individual NTG entity has contributed to evaluate the economic activity and its compliance  
with the technical screening criteria.  
The revenue is equivalent to the revenue recognised as income  
on the respective customers or assets (vehicles) in 2024.  
Capex  
The capex KPI is calculated in accordance with “ANNEX I – KPI’s  
of non-financial undertakings”.  
Capex related to taxonomy-eligible (6.5, 6.6, 7.3, 7.4 and 7.6) and taxonomy-aligned (6.5, 7.3, 7.4  
and 7.6) activities are included in the numerator.  
Capex reported in the numerator is all related to individual investments and is not part of a larger  
capex plan. Capex specifically included relates to right of use asset additions related to company  
cars and trucks as well as installation of solar panels, energy efficiency equipment and electric  
vehicle charging stations.  
The denominator comprises all additions to intangible and  
tangible assets in accordance with notes 5.1-5.3 of the NTG  
Annual Report 2024 (incl. business combinations and IFRS 16  
right of use assets).  
Capex means additions to intangible and tangible fixed assets,  
including additions from business combinations, consistent  
with the accounting principles of the NTG Annual Report 2024  
(notes 5.1-5.3). Capex includes additions of right of use assets, in  
accordance with IFRS 16.  
Opex  
The opex KPI is calculated in accordance with “ANNEX I – KPI’s  
of non-financial undertakings”.  
Opex related to taxonomy-eligible (6.5, 6.6, 7.3, 7.4 and 7.6) and taxonomy-aligned (6.5, 7.3, 7.4  
and 7.6) activities are included in the numerator.  
Opex reported in the numerator is related to individual expenses and is not part of a larger capex  
plan. Opex specifically included relates to operation and maintenance costs of company cars,  
trucks, energy efficiency equipment and solar panels.  
Opex included in the denominator (and numerator) is limited to  
direct non-capitalised costs that relate to building renovation  
measures, short-term leases, maintenance and repair, and other  
direct expenditures relating to the day-to-day servicing of assets  
of property, plant and equipment. Opex groups included are  
warehouse, facility, car, truck, and trailer expenses.  
Opex means expenditures reported as part of direct costs or  
other external expenses in the income statement of NTG Group,  
in accordance with the accounting principles of the NTG Annual  
Report 2024.  
 
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ESRS S1  
Social  
information  
Own workforce  
NTG operates on a global scale through a decentralised  
organisational structure and locally anchored expertise in multiple  
countries, enabling us to manage shipments of any size, destination,  
or complexity. Our advanced technology platforms provide  
efficient, reliable, and cost-effective logistics solutions tailored to  
our customers’ specific needs and preferences.  
Nevertheless, technology alone is insufficient  
to achieve our objectives. We also depend  
on passionate and dedicated employees who  
embody and comprehend NTG’s vision and  
values. Our employees engage with customers  
and suppliers daily, executing strategies and  
plans while understanding the impact of their  
work on our customers, the company, and the  
communities in which we operate.  
NTG’s employees consistently strive for excel-  
lence and endeavour to create positive out-  
comes for all stakeholders. As a service-ori-  
ented company, NTG relies on the skills and  
qualifications of its employees to attain its  
goals. Each employee plays a vital role in  
fulfilling the NTG Group’s vision of being the  
preferred choice for transport solutions.  
NTG directly influences its employees through  
its established company culture, benefits,  
policies, and practices  
 
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ESRS 2 – S1  
Own  
KPIs  
2024  
Progression  
Read more  
IRO  
Upstream  
operation Downstream  
Reduce rate of recordable  
work-related accidents for  
own workforce, per  
million working hours  
every year  
4.5  
Despite our efforts, we do record incidents each year where  
employees sustain injuries. To mitigate these occurrences,  
we document and analyse every incident to determine the  
cause.  
Page 98  
5
6
7
Health and safety  
Diversity  
Actual negative Impact  
●
●
●
Risk  
Privacy  
Actual negative Impact  
We will have no fatalities  
among our employees  
0 fatalities  
9.1%  
NTG has been measuring, monitoring, and reviewing our  
health and safety protocols and acted on any escalations.  
This have meant another year without any fatalities. We aim  
to keep it that way.  
Page 98  
Page 97  
Top management targets  
to reach a representation  
of 10% of the  
underrepresented  
gender in 2027 at the  
latest.  
Top management (Executive Management team and their  
direct reports with managerial responsibilities) consisted of  
11 employees with a gender distribution of 90.9% males and  
9.1% female  
5
6
7
 
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SBM-3  
Material impacts, risks and opportunities  
and their interaction with strategy and  
business model  
NTG has identified two negative impacts and a risk that are being  
assessed as material to NTG within the topic own workforce.  
No Positive Material Impacts  
NTG has not identified any positive material impacts  
within its workforce.  
❶
❷
❸
Health and Safety, negative impact  
Privacy, negative impact  
Diversity, risk  
NTG has identified health and safety as a  
material impact, particularly for warehouse  
employees and own-employed truck drivers.  
These groups face risks of injuries and other  
health issues in the workplace, which could  
negatively affect their lives, potentially caus-  
ing fatalities.  
NTG is a company that operates in the trans-  
port and logistics industry, where each day  
vast volumes of data are generated. This is  
why all NTG employees are subject to privacy  
impacts due to data collection from various  
sources, such as transport management  
systems, salary administration, employment  
registration, and video surveillance.  
NTG recognises the importance of gender  
diversity and the associated material risks. As a  
Danish-based publicly listed company, there is  
increasing focus on gender diversity, particular-  
ly in meeting authority requirements for gender  
composition among the Group's Board of Direc-  
tors and top management. NTG is committed to  
comply with these regulations and set targets  
for gender composition in top management.  
There are various regulations in place to  
protect this data, and NTG must protect this  
data from unauthorised access or misuse,  
respecting the privacy and rights of individ-  
uals. Obtaining some of this data is crucial  
for NTG's operations, including customer  
arrangements and transport supervision,  
and is collected from employees, applicants,  
visitors, customers, business partners, and  
third parties.  
While the transport industry traditionally has  
a lower share of women, which can impact  
recruitment and retention, NTG is dedicated  
to address this challenge. We understand  
that achieving these targets is crucial for our  
reputation and compliance, and we are actively  
working towards fostering a more inclusive  
and diverse workplace.  
 
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MDR P, S1-1  
MDR A, S1-4  
Policies related to own workforce  
Taking action on material impacts on own workforce,  
and approaches to managing material risks and pursuing  
material opportunities related to own workforce, and  
effectiveness of those actions  
Diversity in NTG  
The employee Code of Conduct and ESG & Diversity Policy  
defines how to work responsibly and our business practices.  
It aims to establish standards concerning working conditions,  
employment practices, occupational health and safety (including  
prevention of work-related injuries) and human rights (including  
the prohibition of forced, exploitative and child labour).  
At NTG, we are committed to building a diverse workforce and  
management team, encompassing a range of ages, nationalities,  
genders, and backgrounds. We believe that diversity is a source  
of strength and innovation for our organisation. Our global and  
local operations enable us to collaborate with individuals from  
various cultures and backgrounds, bringing a wealth of skills and  
experiences to our team. Diversity enhances our creativity and  
problem-solving abilities, leading to more innovative solutions  
for our customers. It fosters a more inclusive and dynamic work  
environment where different perspectives are valued and re-  
spected. This variety of viewpoints helps us better understand  
and meet the needs of our diverse customer base.  
Work-related injuries prevention  
At NTG, the safety of our employees is our highest priority. We  
closely monitor the performance indicators (KPIs) related to  
workplace accidents and absence due to such incidents.  
The purpose of the employee Code of Conduct is to provide  
clear guidelines for employees on how to act in a legally and  
morally correct manner in various situations. It applies to all  
entities and employees of the NTG Group and sets out princi-  
ples for carrying out their jobs, especially when ethics and legal  
boundaries are challenged. The Code of Conduct aims to ensure  
that all employees take personal responsibility and live up to the  
ethical expectations described, thereby preserving the reputa-  
tion and integrity of NTG.  
Given the nature of our work, which involves long-distance  
transportation in dense traffic, handling heavy machinery and  
goods, and coordinating with various stakeholders, the risk of  
accidents is significant. In the transport industry, such incidents  
can sometimes have fatal outcomes. Thankfully, no employee in  
NTG’s history has experienced such a tragedy, and we are com-  
mitted to maintaining this record. Our top priority is preventing  
severe accidents.  
Our ESG & Diversity Policy underscores our dedication to  
enhancing employee diversity within NTG. We strive to attract  
and retain talented employees by providing opportunities for  
growth and development. We ensure fair and objective treat-  
ment of all employees and applicants, based on criteria relevant  
to each specific position. This commitment applies to both em-  
ployee and management roles and reflects our zero-tolerance  
approach to any form of discrimination.  
The Code of Conduct and ESG & Diversity Policy applies to all  
entities and employees of the Group and sets out principles for  
carrying out their jobs, especially when ethics and legal bound-  
aries are challenged. NTG ensures that its workforce can com-  
prehend the Code of Conduct through regular training sessions,  
helping employees understand and adhere to the guidelines.  
Despite our efforts, we do record incidents each year where  
employees sustain injuries and we record absence related to  
these injuries. To mitigate these occurrences, we have estab-  
lished local incident procedures. Every incident and accident  
are documented and analysed to determine the cause. Local  
management then decides if any procedures need to be revised  
or optimised based on these findings. While any harm to an  
employee is unacceptable, we recognise that the severity of  
an accident often correlates with the length of the employee’s  
absence. Therefore, we have set targets to reduce both the rate  
of work-related incidents and the number of days of absence  
due to such accidents annually.  
NTG will evovle a more focussed strategy to increase our  
focus on relevant and more concrete actions to be followed to  
increase diversity in our organisation.  
The Board of Directors holds the highest level of accountability  
for the policies, while the Group Executive Management is re-  
sponsible for their daily implementation. Additionally, local man-  
aging directors of NTG entities are tasked with implementing  
these policies locally and guiding our employees to make proper  
decisions and act in accordance with the Code of Conduct for  
employees and ESG & Diversity Policy.  
Data privacy  
NTG is a company that operates in the transport and logistics  
industry, where data is an asset. Data is collected from various  
sources, such as vehicle tracking systems and video surveillance  
systems. This data helps us to improve our services, optimise  
 
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our operations and meet our customers' needs. However, data  
also comes with responsibilities.  
ed accidents every year. The purpose of the target is to improve  
Data privacy  
year by year. Tracking and performance against the target is  
conducted at Group level. If a company reports increasing  
work-related injuries the results will be evaluated together  
with the local management and measures for improvement and  
progress is agreed.  
Our protection of data is based on widely known and accepted  
cybersecurity frameworks, such as ISO 27001 and CIS Controls,  
and we use data protection compliance tools to map the data  
flow of personal data between us and third parties, to increase  
data use transparency and accountability.  
We must respect the privacy and rights of the people whose  
data we process, and we need to protect the data from unau-  
thorised access or misuse. That is why we continuously monitor  
applicable data protection principles and additional safeguards  
put in place by our information technology and security system  
to guide our actions and decisions regarding data privacy and  
security.  
Additionally, the work-related incidents can have serious  
consequences, and sometimes even fatal outcomes, for those  
involved. Thankfully, no employee in NTG's history has expe-  
rienced such a tragedy, and we are determined to keep it that  
way. Therefore, we have set a target to ensure that NTG will  
have no fatalities among our employees and the target has no  
expiration.  
We will continue to enhance our knowledge of how data and  
artificial intelligence systems impact the transport and logistics  
industry, and we will collaborate with our stakeholders to  
implement best practices regarding data ethics. Further, we will  
provide training to our employees to ensure that we handle data  
in a responsible and sustainable way.  
One of the ways in which we implement our data ethics policy  
is by complying with the relevant data protection laws, such as  
the EU General Data Protection Regulation (GDPR). We have  
established a data protection system that ensures that we only  
collect, store, use, and share personal data for legitimate pur-  
poses, and that we delete or anonymise it when it is no longer  
needed.  
NTG has not yet established specific and measurable targets  
to mitigate its material impact on data privacy but intends to  
investigate further to be able set up relevant and realistic goals  
for possible improvements of the impact.  
Diversity  
We consider the diversity of our employees a strength, particu-  
larly in achieving a more balanced gender distribution. NTG aim  
to increase the gender diversity relative to the industry stand-  
ard and has set a target to enhance the representation of the  
underrepresented gender in the Board of Directors. Our ESG &  
Diversity Policy outlines our commitment to strengthening the  
employee diversity within NTG. We aim to attract and retain  
talented employees by offering them opportunities for growth  
and development. We treat all employees and applicants fairly  
and objectively based on the criteria relevant to the specific po-  
sition. This applies to both employee and management positions  
and reflects our zero-tolerance approach towards discrimination  
of any kind.  
We also use a data privacy software that helps us to manage  
our support the management of personal data processes and  
practices in a transparent and efficient way. Furthermore, we  
train our employees on how to handle personal data in a secure  
and respectful manner.  
S1-2  
Processes for engaging with own workforce and workers'  
representatives about impacts  
NTG’s global reach is supported by a decentralised organisation-  
al structure and locally rooted expertise in multiple countries,  
enabling us to manage any shipment, regardless of size, desti-  
nation, or complexity. We leverage advanced technology plat-  
forms to deliver efficient, reliable, and cost-effective solutions  
tailored to our customers’ specific logistics needs and prefer-  
ences. However, technology alone is not enough to achieve our  
goals. We also need passionate and purposeful employees who  
share and understand NTG’s vision and values.  
MDR-T, S1-5  
Targets related to managing material negative impacts,  
advancing positive impacts, and managing material risks  
and opportunities  
NTG is committed to setting, measuring, monitoring, and re-  
viewing diversity and health and safety targets, and acting when  
there are deviations from expected progress.  
For other levels of management including executive manage-  
ment and management who reports directly to the executive  
management, we aim to reach a representation of 10% of the  
underrepresented gender in 2027 at the latest. Tracking and  
performance against the target is conducted at Group level on a  
yearly basis to evaluate performances and development.  
Our employees are the driving force behind our success. They  
interact with our customers and suppliers daily, executing our  
strategies and plans while understanding the impact of their  
work on our customers, the company, and the societies in  
Health and safety  
We have set a target to reduce both the rate of work-related  
incidents and the number of days of absence due to work-relat-  
 
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S1-3  
which we operate. NTG’s employees strive for excellence in  
everything they do, always seeking to create positive outcomes  
for all stakeholders. Their skills and qualifications are essential  
for achieving our goals, and every employee plays a vital role in  
fulfilling the NTG Group’s vision of being the preferred choice  
for transport solutions for our customers.  
Processes to remediate negative impacts and channels for  
own workforce to raise concern  
NTG can influence its employees through its well-established  
company culture, benefits, policies, and practices. As a service  
provider, NTG depends on skilled and qualified employees for  
success. Therefore, employee well-being and engagement are  
crucial for achieving our strategy and targets.  
The Executive Management has the responsibility for commu-  
nicating our position on these matters in our ESG & Diversity  
Policy and Code of Conduct for Employees. NTG does not have  
any Global Framework Agreement established. Our company  
values guide our employees in respecting freedom of associ-  
ation, promoting equal opportunities and diversity in employ-  
ment, and ensuring a high priority for a safe and healthy work  
environment.  
NTG encourages its employees and other stakeholders to speak  
up if they become aware of a breach of law or a serious breach  
of NTG's Code of Conduct, including employee matters such as  
health and safety and data privacy.  
Should employees become aware of any unethical conduct  
that is deemed in breach with NTG's policies they are urged to  
report this immediately to own manager, other management or  
to NTG Group Legal. Health and safety and data privacy issues  
could also be filed in NTG's whstleblower system. The system is  
administered by an independent third party to ensure anonym-  
ity. As a part of our Whistleblower policy NTG have processes  
in place to ensure that employees reporting possible violations  
in good faith will not be subject to retaliation and that any  
information provided via the system is handled in a confidential  
manner.  
This forms the basis for the daily dialogue between employ-  
ees and management in handling day-to-day operations and  
everyday challenges. Additionally, an employee satisfaction  
survey is conducted on a yearly basis among ISO certified NTG  
companies, along with other internal surveys, to provide NTG's  
management with insights into employee satisfaction on various  
relevant topics such as health & safety, diversity and privacy  
among other topics.  
NTG also collects data on work accidents and various diversity  
metrics, which forms the basis for relevant actions to achieve  
further improvements. The results of the employee satisfaction  
survey are openly presented and results discussed with em-  
ployees to continuously improve the working conditions. NTG  
aims for an employee satisfaction score that are above those of  
comparable companies.  
We make sure employees know about these mechanisms and  
how to use them by providing training during onboarding, train-  
ing activities and through regular updates from management.  
NTG is committed to comply with all applicable laws and  
regulations that govern our business activities. If NTG causes a  
material negative impact on any employees in its own work-  
force, NTG will provide remedy to the involved employee and  
compensate, if required.  
Regarding health and safety issues, engagement is conducted  
via local employee Health & Safety representatives that are  
appointed at various sites, or through the outcomes of investi-  
gations of local health and safety-related incidents.  
 
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ESRS 2 S1-6  
Characteristics of the undertaking's employees  
ESRS ID  
2024  
Accounting policies  
S1-6  
Employees per contract type and gender  
Permanent female employees (FTE), number  
Permanent male employees (FTE), number  
Temporary female employees (FTE), number  
Temporary female employees (FTE), number  
Non-guaranteed hours female employees (FTE), number  
Non-guaranteed hours male employees (FTE), number  
Total employees (FTE), number  
Full-time-equivivalent (FTE)  
Full-time-equivivalent is an employee whose weekly working hours are established in accordance with national legislation  
and customary practices pertaining to agreed-upon working time.  
844  
1,879  
0
Headcounts  
0
0
Headcounts are defined as employees with a standard or temporary contract with NTG, including employees working, part-  
time, full-time and with non-guarantees working hours.  
0
Employees per contract type and gender  
Number of employees per contract type and divided by gender (FTE). Numbers reported at the end of the reporting period.  
NTG has not collected data on employee's gender based on head count information in 2024.  
2,732  
Country distribution  
S1-6  
S1-6  
Country representation, employees (headcounts)  
Germany  
The total number of employees (head count) split into country by countries in which NTG has 50 employees or more repre-  
senting at least 10 % of the total number of employees. Numbers reported at the end of the reporting period.  
866  
726  
Denmark  
Sweden  
331  
Employee turnover  
Number of employees (FTE) leaving NTG during the year including voluntary and involuntary leavers. The turnover rate is  
based on the total share of employees (FTE) leaving within the year divided by the total number of employees.  
Other  
1,009  
2,932  
Total (head count), number of employees  
Employee turnover  
Employee's who left NTG (FTE), number  
516  
Employee turnover (%)  
18.8  
* Gender as specified by the employees themselves  
 
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S1-6  
Characteristics of the workforce  
NTG employs more than 2,700 people, with over 65% working  
in freight forwarding and administrative support roles. The  
remaining employees are primarily involved in handling our  
customers' goods in our terminals and warehouses.  
Our workforce spans across all age groups, with more than 27%  
of employees being over 50 years old. Additionally, 19% of our  
employees have been with their respective NTG subsidiary for  
11 years or longer. Absence due to illness decreased among  
both employee groups, resulting in an overall reduction for the  
year.  
S1-9  
Diversity metrics  
NTG is committed to secure a diverse workforce and manage-  
ment team, represented by a wide range of ages, nationalities,  
genders, and backgrounds. Diversity is a source of strength and  
innovation for our organisation. Our global and local operations  
enable us to collaborate with individuals from various cultures  
and backgrounds, bringing a wealth of skills and experiences to  
our team. Diversity enhances our creativity and problem-solving  
abilities, leading to more innovative solutions for our custom-  
ers. It fosters a more inclusive and dynamic work environment  
where different perspectives are valued and respected. This  
variety of viewpoints helps us better understand and meet the  
needs of our diverse customer base.  
 
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S1-9  
Our ESG & Diversity Policy underscores our dedication to  
enhancing employee diversity within NTG. We strive to attract  
and retain talented employees by providing opportunities for  
growth and development and ensure a fair and objective treat-  
ment of all employees and applicants, based on criteria relevant  
to each specific position. This commitment applies to both em-  
ployee and management roles and reflects our zero-tolerance  
approach to any form of discrimination.  
Composition of NTG's management levels  
ESRS ID  
2024  
S1-9  
S1-9  
Top management  
Proportion of female Top managers  
Number  
Percent  
9.1  
1
Executive management diversity  
Proportion of male Top managers  
10  
90.9  
Gender distribution at Executive Management level in NTG  
includes the Executive management and employees reporting  
directly to them with managerial responsibilities. In 2024, the  
Executive Management team and their direct reports with man-  
agerial responsibilities consisted of 11 employees with a gender  
distribution of 90.9% males and 9.1% female.  
More characteristics of NTG's employees  
Age distribution  
Distribution of employees under 30 years old  
Distribution of employees between 30 and 50 years old  
Distribution of employees over 50 years old  
Total employees (headcounts)  
719  
1,416  
797  
24.5  
48.3  
27.2  
100  
S1-14  
2,932  
Health and safety metrics  
Ensuring the safety of our employees is paramount. Conse-  
quently, some of our key performance indicators (KPI’s) focus on  
minimising incidents that could cause physical or psychological  
harm during their daily tasks. Our primary goal is to safeguard  
the well-being of all employees and protect them from potential  
safety hazards and severe injuries in the workplace.  
Accounting policies  
Top management  
Number of female and male top managers with employee responsibility and relative to total Executive managerial employees with personnel  
responsibility at year end. Top management in NTG are defined as Group's Executive management and employees with employee management  
who report directly to Executive management team.  
Given the nature of our work, which involves long-distance  
transportation in dense traffic, handling heavy machinery and  
goods, and coordinating with various stakeholders, the risk of  
accidents is significant. In the transport industry, such incidents  
can sometimes have fatal outcomes. Fortunately, no employee  
has experienced such a tragedy, and we are committed to keep-  
ing that way. This commitment is reflected in our top priority:  
preventing severe accidents.  
Age distribution  
Reported number of employees by age group and relative to employees at year end.  
 
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S1-14  
Health and safety information  
Accounting policies  
ESRS ID  
2024  
Accounting policies for S1-14 – Health and safety information  
S1-14_01  
Large parts of NTG's own workforce are covered by different locally maintained health and safety  
management systems, but information on coverage in percentage can not be collected presently.  
NTG will will work to improve this in 2025.  
Health and safety information  
Own workforce covered by health and safety management systems  
S1-14_01  
S1-14_02  
NA  
0
S1-14_02  
S1-14_03  
S1-14_04  
S1-14_05  
Reported number of fatalities in own workforce as result of work-related injuries and work-related  
ill health.  
Number of fatalities in own workforce as result of work-  
related injuries and work-related ill health  
Reported number of fatalities as result of work-related injuries and work-related ill health of other  
workers working on NTG's sites.  
S1-14_03  
Number of fatalities as result of work-related injuries and work-related  
ill health of other workers working on undertaking's sites  
0
Reported number of recordable work-related accidents for own workforce. Work-related acci-  
dents or injuries arise from exposure to hazards at work.  
S1-14_04  
S1-14_05  
S1-14_06  
S1-14_07  
Number of recordable work-related accidents for own workforce  
25  
4.5  
0
Rate of recordable work-related accidents for own workforce, per million working hours  
Number of cases of recordable work-related ill health of employees  
The sum of lost time work-related accidents with more than one day of absence reported for own  
workforce, per million working hours.  
Number of days lost to work-related injuries and fatalities from work-related  
accidents, work-related ill health and fatalities from ill health realted to employees  
524  
S1-14_06  
S1-14_07  
Reported number of cases of recordable work-related ill health of employees.  
Number of days lost to work-related injuries and fatalities from work-related accidents, work-relat-  
ed ill health and fatalities from ill health realted to employees  
Rate of days lost to work-related injuries resulting in more than one day of absence per  
million working hours scheduled in the year, all employees per million working hours  
93.3  
Rate of lost work days  
due to work-related  
injuries  
The sum of days lost to work-related accidents for own workforce resulting in more than one day  
of absence per million working hours scheduled in the year.  
Number of working  
hours  
Number of working hours is measured on the basis of prescribed working hours for employees  
excluding national and agreed holidays, and days off.  
 
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Despite our efforts, we do record incidents each year where  
employees sustain injuries. To mitigate these occurrences, we  
have established local incident procedures. Every incident and  
accident are documented and analysed to determine the cause.  
Local management then decides if any procedures need to be  
revised or optimised based on these findings. While any harm to  
an employee is unacceptable, we recognise that the severity of  
an accident often correlates with the length of the employee’s  
absence. Therefore, we have set targets to reduce both the rate  
of work-related incidents and the number of days of absence  
due to such accidents annually.  
ESRS ID  
2024  
Incidents, complaints and severe human rights impacts  
Number of incidents of discrimination  
S1-17_02  
S1-17_03  
S1-17_04  
S1-17_05  
2
2
0
0
Number of complaints filed through channels for people in own workforce to raise concerns  
Number of complaints filed to National Contact Points for OECD Multinational Enterprises  
Amount of material fines, penalties, and compensation for damages as  
result of violations regarding social and human rights factors  
S1-17_08  
S1-17_09  
Number of severe human rights issues and incidents connected to own workforce  
0
0
Number of severe human rights issues and incidents connected to own workforce that are cases  
of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises  
S1-17_11  
Amount of material fines, penalties, and compensation for severe human  
rights issues and incidents connected to own workforce  
0
S1-17  
Incidents, complaints and severe human rights impacts  
In 2024 NTG recorded two incidents of discrimination that  
related to violations of NTG's Code of Conduct for Employees  
within its own workforce. These incidents was reported in  
NTG's whistleblower system and was processed according to  
our policies. Further, two incidents related to human resource  
issues were reported through other channels. These incidents  
were handled by Group Management in collaboration with the  
local employees involved, leading to a clarification of coopera-  
tion principles and procedures.  
Accounting policies  
Accounting policies for S1-17  
– Incidents, complaints and severe human rights impact  
S1-17_02  
S1-17_03  
Number of incidents reported by employees in own workforce about incidents of discrimination and/or harassment due  
to gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orientation, or other relevant forms of  
discrimination involving internal and/or external stakeholders arcoss operations.  
Number of cases field through channels for employees in own workforce to raising concerns about incidents of discrimina-  
tion and/or harassment due to gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orientation,  
or other relevant forms of discrimination involving internal and/or external stakeholders arcoss operations. Other cases not  
relating to above mentioned subjects can also be filed through this channel.  
S1-17_04  
S1-17_05  
Information received by NTG on number of complaints filed to National Contact Points for OECD Multinational Enterprises.  
Reported amount of material fines, penalties, and compensation for damages as result of violations regarding social and  
human rights factors.  
S1-17_08  
S1-17_09  
Reported number of severe human rights issues and incidents connected to own workforce.  
Reported number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of  
UN Guiding Principles and OECD Guidelines for Multinational Enterprises.  
S1-17_11  
Reported amount of material fines, penalties, and compensation for severe human rights issues and incidents connected to  
own workforce.  
 
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ESRS S2  
Workers in value chain  
As an asset-light freight forwarder, we depend significantly on third-party suppliers to provide our services and solutions. Suppliers and their  
employees, acting on behalf of NTG, must be capable of handling goods and transport units (e.g., road trailers or sea freight containers)  
while adhering to agreed-upon customer-specific quality criteria, procedures.  
NTG is highly dependent on its suppliers and  
its employees for several important opera-  
tions in NTG's value chain. The supplier and  
its employees must be able on behalf of NTG  
to handle goods and the transport unit (e.g.  
trailer or sea freight container) and comply  
with agreed customer-specific quality criteria  
and procedures and the NTG's Supplier Code  
of Conduct. In addition, the supplier must be  
able to handle and mitigate any deviations in  
cooperation with NTG and/or the customer as  
well as any other suppliers in the value chain.  
NTG's impacted workers in our value chain  
could be found among our suppliers delivering  
different transport services and solutions.  
haulier companies with only a few trucks in  
operation and limited back-office support.  
Additionally, road suppliers’ employees usually  
work with their own equipment at customer  
sites and NTG locations to pick up and deliver  
trailers with customer goods, as well as collect  
and deliver trailers at NTG customers’ produc-  
tion or storage facilities. The actual transport  
of the customer’s goods occurs on the public  
road network.  
Health and safety for suppliers and its  
employees  
NTG identifies a material negative impact in regard  
to health and safety for suppliers and its employ-  
ees handling and transporting goods. The impact  
is evaluated to concern the physical handling of  
goods that should be transported on behalf of  
NTG's customers. The physical transport is though  
performed by the supplier and its employees.  
Air & Ocean suppliers generally operate on  
fixed schedules for loading, unloading, and  
departure, primarily transporting standard-  
ised goods in containers. These suppliers are  
typically larger regional or global companies  
with their own back-office support. Their  
employees work at freight terminals in ports  
or airports, where NTG’s customers’ goods are  
delivered by road transport suppliers, handled,  
and prepared for transport on the supplier’s  
vessel. Non-standardised goods are handled  
by a different group of air and ocean suppliers  
specialising in such transport. These suppli-  
ers are usually local or regional, with a small  
portion originating from outside Europe. Com-  
panies in this group are generally much smaller  
than those transporting standardised goods.  
No opportunities identified  
NTG has not identified any opportunities related to  
value chain workers.  
Road suppliers can be categorised into  
different groups. The first group consists of  
dedicated road suppliers who allocate one or  
more vehicles exclusively to service NTG com-  
panies and handle the majority of NTG’s road  
transports. Another group of road suppliers  
is more loosely connected to NTG companies  
and is typically used during busy periods when  
the dedicated road suppliers cannot provide  
sufficient capacity. The third group of suppli-  
ers operates on the spot market and has only  
a loose association with NTG.  
Interest and views of our value chain workers  
are reflected in ESRS 2, SBM-2 on p. 54.  
SBM-3  
Material impacts, risks and opportunities  
Suppliers must be able to manage and mitigate  
any deviations in collaboration with NTG,  
the customer, and other suppliers within the  
value chain. NTG’s materiality assessment has  
identified our impact on workers in its value  
chain, particularly concerning safety for those  
providing these services.  
Own  
IRO  
Upstream  
operation Downstream  
Road suppliers are typically managed more  
directly by NTG employees to meet customer  
requirements. NTG’s pool of road suppliers  
generally consists of hundreds of smaller  
Health and Actual negative  
8
●
safety  
Impact  
The different groups of suppliers typically orig-  
inate from European countries and/or the US.  
 
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ESRS S2  
Policies related to  
value chain workers  
We hold our suppliers to the same high standards as our  
employees, as outlined in our Code of Conduct for Suppliers.  
S2-1  
The Board of Directors holds the highest  
level of accountability for the policy, while  
the Executive Management is responsible for  
its daily implementation. Additionally, local  
managing directors of NTG entities are tasked  
with local implementation when in contact  
with suppliers.  
customer, and other suppliers within the value  
chain. Our policy shares the interests of our  
suppliers to comply with relevant regula-  
tion including health and safety regulations.  
Further, the policy outlines our commitment  
to engage with affected suppliers as we make  
our whistleblower system open to them and  
to remedy any adverse impacts we may cause  
or contribute to.  
The policy forms the basis of all actions and  
activities carried out in NTG’s name and  
provides information and guidance on ethical  
conduct towards various stakeholders and  
addresses key issues such as no tolerance to  
bribery and corruption, human and labour  
rights, occupational health and safety (includ-  
ing prevention of work-related injuries) and  
whistleblower protection. NTG's suppliers  
must be able to manage and mitigate any  
deviations in collaboration with NTG, the  
The policy is applicable to all suppliers and  
business partners who operate with or on  
behalf of NTG, including hauliers, agents,  
suppliers, sub-suppliers, business partners or  
distributors. The policy is in addition to appli-  
cable laws and general principles of law in the  
jurisdictions where our suppliers operate.  
 
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NTG's value chain workers have not been  
directly involved or consulted in the creation  
of the Code of Conduct for Suppliers.  
with the standards we have set towards our  
the European Union, the United Kingdom, the  
United States of America, or other relevant  
regulator, which apply to their business or  
services.  
business and our partners.  
NTG is a signatory to the UN Global Com-  
pact and supports the Ten Principles on  
human rights, labour, environment and anti-  
corruption. NTG's policy are based on the ten  
universally principles within human rights,  
environment and anit-corruption.  
NTG ensures that its suppliers and business  
partners are informed about the Code of  
Conduct during the procurement process.  
Adherence to the Code of Conduct is a crucial  
part of our supplier selection criteria. We  
rely on third-party suppliers for our services  
and solutions, and by thoroughly vetting our  
suppliers, we can identify risks and determine  
how to manage them before and during our  
collaboration.  
Health and safety  
NTG expects that its suppliers provide safe  
and healthy working environments for all their  
employees. NTG expects that its suppliers  
have implemented procedures to ensure that  
they apply with all applicable laws and have  
taken appropriate measures to prevent the  
use and abuse of alcohol, drugs, or other  
unlawful substances by its personnel. In case  
of fatal accidents and/or serious injuries which  
potentially could lead to claims or liability  
for NTG or NTG’s customers, suppliers are  
expected to report these as soon as possible  
to their contact person at NTG.  
NTG's Code of Conduct for Suppliers to NTG  
forms the basis of all actions and activities  
carried out on behalf of NTG and provides  
information and guidance on ethical conduct  
towards various stakeholders.  
Our global rules for managing supplier risks  
apply to all purchases and supplier relation-  
ships. Many of our key supplier relationships  
are managed by central teams at the Group or  
within our divisions and entities. This includes  
major global agreements, EU road haulier  
procurement, and air and ocean carrier pro-  
curement. In addition to our central processes,  
local operations handle local procurement  
and supplier contracts, ensuring due diligence  
is conducted for these relationships. We  
are committed to continuously improve our  
processes to ensure that our suppliers align  
The Code of Conduct reflects NTG’s com-  
mitment to act responsibly with all business  
partners, including the commitment to respect  
human and labour rights as well as providing  
guidance on our prohibition towards corrup-  
tion. We expect our suppliers to actively en-  
sure that the supplier’s own agents, sub-sup-  
pliers and subcontractors also comply with the  
requirements of this Code of Conduct.  
No discrimination  
NTG expects our suppliers to support equal  
opportunities for all employees and business  
partners and to recognise and work actively  
against discriminatory treatment based on  
race, gender, religion, age, nationality, sexual  
orientation, disability, political orientation,  
ethnic or social background.  
NTG expects that its suppliers comply with  
all applicable foreign trade control laws and  
regulations imposed by the United Nations,  
 
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ESRS S2  
Engaging with value chain workers  
NTG's processes for engaging with value chain workers depends on its different suppliers  
delivering various services and solutions.  
S2-2  
Processes for engaging with value chain workers about  
impacts  
sustainable business relationships will be created. Further, we  
Most of the requirements under the EU Mobility Package apply  
to the haulier as the employer of the driver. However, due to un-  
certainty of national implementation of for example the Posting  
of Workers Directive and the additional requirements on the  
hauliers, the implementation led to increased freight rates and  
pressure on the truck capacity. To ensure truck capacity and  
hauliers compliance with the new requirements, NTG was re-  
quired to make changes to planning schedules and strengthened  
the cooperation with its hauliers. To this effect, we provided  
guidance to our subcontractors on the new requirements, up-  
dated our terms and conditions and updated our Code of Con-  
duct for Suppliers. As compliance with the EU Mobility Package  
is increasingly monitored by our customers, audit processes of  
our hauliers was initiated  
expect our suppliers to actively ensure that the supplier’s own  
agents, sub-suppliers and subcontractors also comply with the  
requirements of this Code of Conduct.  
Suppliers deliver the physical transport of NTG's customers  
goods that is the primary service NTG offers. NTG is highly de-  
pendent on its suppliers and its employees for several important  
operations in NTG's value chain. The supplier and its employ-  
ees must be able on behalf of NTG to handle goods and the  
transport unit (e.g. trailer or sea freight container) and comply  
with agreed customer-specific quality criteria and procedures.  
In addition, the supplier must be able to handle and mitigate any  
deviations in cooperation with NTG and/or the customer as well  
as any other suppliers in the value chain.  
The divisional management in NTG - CEO Road & Logistics  
and CEO Air & Ocean - has the operational resopnsibility for  
ensuring a proper and adequate engagement takes place with  
engaged suppliers. The divisional management reports to the  
Executive management.  
NTG expects that suppliers in case of fatal accidents and/or  
serious injuries which potentially could lead to claims or liability  
for NTG or NTG’s customers, suppliers are expected to report  
these as soon as possible to their contact person at NTG. Sup-  
pliers and its emplyees also have the possibility to report any  
possible cases through NTG's whistle-blower portal. Whenever  
inputs from suppliers or its employees comes to NTG through  
the sources available for engagement mentioned, NTG handles  
these according to its policy.  
In general, suppliers are affected by NTG's policies and its  
guidance on how NTG expects its suppliers to behave in  
contact with other stakeholders. As some suppliers perform  
their services under the NTG brand and/or with NTG branded  
equipment it can have a great effect on the NTG brand in case  
of non-compliance.  
S2-3  
Processes to remediate negative impacts and channels for  
value chain workers to raise concerns  
Suppliers and/or their employees are encouraged to report any  
concerns or complaints related to any possible breach of NTG's  
Code of Conduct for Suppliers including health and safety  
issues. This is communicated to all suppliers when concluding  
contracts and agreements.  
NTG's Code of Conduct for Suppliers reflects NTG’s commit-  
ment to act responsibly with all business partners, including the  
commitment to comply with health and safety regulations. We  
believe that by focusing on the values as described in the policy,  
NTG will strengthen the relationships with its suppliers and  
An example of engagement was the introduction of the EU  
Mobility Package that included rules on driving times and rest  
periods, working hours, posting and cabotage.  
 
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ESRS S2  
Raising concerns can happen directly when engagement occurs.  
If the supplier and/or its employees are uncomfortable with  
addressing the concern directly or wants to do it anonymously  
they as all other stakeholders can address this through NTG's  
third-party handled whistleblower portal.  
NTG will always handle concerns or needs raised directly from  
suppliers and/or its employees accordingly. NTG will evaluate  
the raised concern or need and initiate a dialouge with the raiser  
to remediate health and safety issues and any other matter  
raised.  
S2-4, MDR-A, S2-5, MDR-T  
NTG has not yet established specific actions and targets to  
mitigate its material impact on suppliers and its employees.  
Since we have not yet systematically collected information  
directly from our suppliers about the number of specific and  
possible incidents within health ansd safety, we will try to form  
a better overview of the extent of the impact together with our  
suppliers. This is in order to be able to determine and set up rel-  
evant actions and realistic goals for possible improvements. This  
process will be initiated in 2025, after which NTG expects to  
be able to set up specific actions and relevant goals for possible  
improvements.  
 
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ESRS G1  
Governance  
information  
Business conduct  
Governance framework  
NTG is committed to complying with all applicable laws and regulations  
that govern our business activities. As a publicly listed company operating  
in different countries, we face various legal and regulatory challenges.  
Moreover, our reliance on independent carriers exposes us to both internal  
and external compliance risks.  
IRO-1, G-1  
SBM3, G1  
Material impacts, risks and opportunities  
and the process to identify  
Most countries in which NTG operates have  
laws prohibiting corruption of government of-  
ficials, officials of other countries and private  
commercial persons. In addition to local laws,  
international anti-corruption treaties applies  
in many of the jurisdictions where NTG is  
present. These regulations prohibit both  
direct and indirect payments, as well as offers  
and promises to pay or give anything of value  
for a corrupt purpose to obtain a business  
advantage.  
NTG has used the same approach as described  
in IRO-1 on page 57 to identify and assess  
material impacts, risks, and opportunities in  
relation to actual and potential pollution-relat-  
ed impacts from NTG's activities in own oper-  
ations as well as in upstream and downstream  
value chain activities.  
 
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Despite local and global anti-corruption regu-  
lation NTG could face risks of corruption and  
bribery as some of our activities takes place  
in certain countries with a higher risk. This  
includes the use of facilitation payments for  
permits and cargo clearance etc.  
As a global company with a wide value chain,  
the risk of being involved in corruption and/  
or bribery was identified and assessed to be a  
materiel risk for NTG. It is important for NTG  
to maintain its reputation in the market, and  
to avoid heavy fines and penalties that could  
be a result in case of violations.  
In our process for identifying and assessing  
IRO's connected to business conduct, we used  
input from the compliance programme and  
assessed this against our internal subject-mat-  
ter experts used as proxies for the relevant  
stakeholder groups. Other sub-topics has  
been assessed but was not found material in  
NTG's 2024 double materiality process.  
 
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ESRS 2  
ESRS 2 – G1  
The role of the administrative,  
KPIs  
2024 metric  
Progression  
Read more  
supervisory and management bodies  
All salaried employees  
must receive Code of  
Conduct training every  
year.  
21% of employees  
In 2024, we updated the Code of Conduct training material, Page 110  
and therefore exisitng employees did not conduct full  
training session. All new hires completed the training. We  
will resume our training for all employees in 2025.  
NTG has embedded its governance framework  
within the management and board structure  
We commit to perform  
yearly compliance  
Completed our  
yearly compliance  
spot checks  
We performed ongoing control on the group of suppliers  
with sanctions and embargoes as well as compliance checks  
of groups of new suppliers  
Page 111  
audits and spot checks  
of suppliers performed  
through remote audits,  
questionnaires and  
checklists.  
ESRS 2 GOV-1  
a variety of business conduct matters, in the  
At NTG, responsible and ethical business  
conduct is deeply embedded in our corporate  
culture and organisation. This commitment is  
reflected across our entire organisation, with  
various bodies and employees dedicated to  
building a strong framework that minimises  
the risk of corruption and bribery within our  
value chain.  
best possible manner.  
We commit to perform  
yearly compliance  
Completed our  
yearly compliance  
spot checks  
We conducted our second legal compliance risk assessment Page 110  
across all NTG entities. The results of the 2024 risk  
assessment informed the mitigation plan, ensuring a  
continued focus on high-risk entities and legal compliance  
areas.  
The Executive Management  
The Executive Management is responsible for  
NTG’s day-to-day management, including the  
compliance of NTG and its operations with  
applicable legislation, the Board of Directors’  
guidelines and instructions, including imple-  
mentation of the strategy set by the Board of  
Directors, and for disseminating information  
on NTG’s operations to the Board of Direc-  
tors. The Executive Management is respon-  
sible of the content of the Code of Conduct  
for Employees and the Code of Conduct for  
Suppliers and other business conduct related  
policies implemented in NTG. All policies are  
communicated from the top by the CEO.  
spot checks of NTG  
entities to monitor the  
effectiveness of our  
mitigating measures  
under NTG's Legal  
Compliance Program.  
The Board of Directors  
Own  
The Board of Directors is responsible for the  
overall strategic management and organisation  
of the Group’s activities as well as the Group’s  
financial and material matters, here including  
the business conduct matters. Further, they are  
responsible for setting the policy, strategy, and  
objectives in the sustainability area, including  
business conduct.  
IRO  
Upstream  
operation Downstream  
9
Prevention and detection including training  
Risk  
●
●
9
9
The composition of the Executive Manage-  
ment is intended to ensure that business  
conduct matters are handled according  
to the strategy laid down by the Board of  
Directors  
The composition of the Board of Directors  
and its permanent committees is intended to  
ensure that the Board of Directors has a di-  
verse competency profile, enabling the Board  
of Directors to perform its duties, including  
 
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Administrative  
The network has the backing of our Group  
The Group functions managed by the Execu-  
tive Management are responsible for devel-  
oping, implementing and maintaining the poli-  
cies, actions, targets, and metrics for business  
conduct based on long industrial experiences  
with implementing business conduct.  
Management and helps to embed legal  
compliance topics into our business processes.  
Moreover, they help local management to  
align day-to-day business operations with  
legal compliance requirements, assist with  
increasing our legal compliance presence in  
the workforce, and encourage local employees  
to raise compliance issues and concerns.  
To ensure that our Code of Conduct and other  
elements of our Legal Compliance Program  
are well understood and followed by all our  
employees, we have made online training a  
high priority. Group Legal monitors the partic-  
ipation of all employees in the online training.  
New employees are required to read NTG's  
Code of Conduct for Employees and take  
part in various training sessions related to our  
operational systems.  
In 2024, in total 29 compliance champions  
were appointed. They are located in 18  
different countries with the purpose of raising  
awareness about the various changes in both  
legislation and internal controls.  
Functions at risk in NTG  
NTG has assessed that certain groups of  
employees who carry out functions such as  
sales and business development, who handle  
the negotiation and conclusion of contracts  
with customers, are most at risk in respect of  
corruption and bribery. In addition to this, all  
new employees are also at this risk as they  
must familiarise themselves with NTG's rules  
of conduct upon employment  
NTG’s network of compliance champions  
One of the key factors for NTG's success and  
integrity is having a strong compliance culture  
across the NTG Group. To support this goal,  
a network of local advisors was established  
in our subsidiaries in 2020. The compliance  
champions are the first point of contact  
for any legal compliance-related questions,  
especially on anti-corruption, foreign trade  
controls, and competition laws.  
 
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ESRS G1  
Business conduct policies and corporate culture  
To address our business conduct related risk and challenges, we have established  
a Legal Compliance Program that encompasses anti-corruption, foreign trade  
controls, competition laws, and data privacy. This program aims to prevent, detect,  
and address any potential legal violations.  
MDR-P, G1-1  
Code of Conduct for Employees  
The Code of Conduct for Employees defines our dedication to  
responsible business practices and forms the basis for NTG to  
build a strong compliance corporate culture. It aims to establish  
standards for our employees regarding topics such as conflicts  
of interest, trade secrets and confidential information, bribes  
and facilitation payments, foreign trade control(s) and gifts and  
favours. Introduction of the Code of Conduct is mandatory for  
all members of NTG’s workforce.  
and cannot cover every possible situation that we may face, nor  
does it describe every law, policy or standard with which we  
must comply. However, it does provide a useful framework for  
making practical, lawful and ethical decisions that protect the  
interests of NTG, its employees, contractors and stakeholders.  
strengthen the relationships with its suppliers, and sustainable  
business relationships will be created. We expect our suppliers  
to actively ensure that the supplier’s own agents, sub-suppliers  
and subcontractors also comply with the requirements of the  
Code of Conduct for Suppliers.  
Code of Conduct for Suppliers  
The Code of Conduct is available on NTG’s website, and it is  
communicated to suppliers upon completion of contracts and  
agreements with suppliers. The code is available in 12 different  
languages.  
The Code of Conduct for Suppliers forms the basis of all actions  
and activities carried out in NTG’s name and provides informa-  
tion and guidance on ethical business conduct towards various  
stakeholders. Further, it reflects our commitment to sustain-  
ability in areas such as human rights, anti-corruption, supplier  
relationships, labour standards, and environmental responsibil-  
ity. We require our suppliers to adhere to the same values and  
principles as NTG. We monitor supplier compliance through  
spot checks, subcontractor audits, and every other year, we  
perform internal risk assessments.  
NTG rest assure that all employees of the Group every day  
strive to deliver the best services and be the best possible  
colleagues. NTG also appreciate that from time to time, all  
employees find themselves in situations where they are unsure  
of which direction to take in order to act in a way that is legally  
and morally correct and servicing NTG's interest best. NTG has  
therefore compiled a Code of Conduct for Employees to provide  
clear guidelines for a range of specific situations. The most  
important success factor for the Code of Conduct is that all  
employees take personal responsibility and live up to the ethical  
expectations described. At NTG, we manage our business in  
compliance with all the applicable laws and regulations of the  
countries in which we operate. This Code of Conduct does not  
Responsible behaviour is a part of NTG’s core values, and cus-  
tomers and other stakeholders expect NTG to conduct business  
in a responsible manner. We believe that by focusing on the val-  
ues as described in this Code of Conduct for Suppliers, NTG will  
 
Management reviewꢀꢀ  
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁ→ GovernanceꢁꢁAdditional information  
ESRS G1  
Prevention and detection of corruption and bribery  
NTG has clear proccesses for risk assessment and an independent whistleblower  
system to prevent, detect, and address compliance challenges  
G1-3  
Risk Assessment – A Fundamental Element  
is forwarded in accordance with the Whistleblower policy. All  
reports submitted must be investigated. Any investigation must  
be finalised by a written report containing a conclusion and/or  
recommendation for further action based on the findings of the  
report. The report is passed to NTG's audit committee  
Each module includes an introduction video by the Group  
CEO or Group Legal, a training video, and a test. Group Legal  
monitors employee participation in the training. New employees  
must read NTG’s Code of Conduct and participate in various  
training sessions related to our operational systems.  
NTG’s internal risk assessment is a vital tool for effectively and  
adequately addressing risks. This assessment identifies areas  
where there may be potential non-compliance with laws, regula-  
tions, and internal rules. Additionally, it evaluates the implemen-  
tation level of mitigating measures.  
Training on Code of Conduct, policies, and new legislation  
The Code of Conduct is handed out to all employees upon em-  
ployment. Furthermore, the code is available on NTG's intranet  
as well as NTG’s public website.To ensure that all employees  
understand and adhere to our Code of Conduct and other  
elements of our Legal Compliance Program, we prioritise online  
training. We aim for all employees to complete annual training  
on our Code of Conduct, and we report on our progress every  
year.  
Due to restructuring of the Code of Conduct training, NTG did  
not conduct a full training session in 2024 among its employees.  
Only newly hired employees during 2024 received information  
on NTG's Code of Conduct. This implies that 20.6% of NTG's  
employees received information and training in our Code of  
Conduct as this equals the percentage of newly hired employees  
in 2024. Remaining functions at risk did not receive any training  
in 2024 due to restructering of the training programme. We will  
resume our training for employees in 2025.  
In 2024, NTG conducted its second legal compliance risk  
assessment across all NTG entities. An updated and automated  
questionnaire was distributed to all managing directors. The  
results of the 2024 risk assessment informed the mitigation  
plan, ensuring a continued focus on high-risk entities and legal  
compliance areas.  
SPEAK UP!  
Another element in NTG's work to prevent, detect and address  
allegations or incidents with corruption or bribery NTG has  
implemented the Whistleblower System, called SPEAK UP!. The  
system is administered by an independent third party to ensure  
anonymity. All reports made via NTG's whistleblowing system  
are received by the external and independent third-party to  
NTG. Upon screening of the report and assessment of who at  
NTG should receive the report for further processing, the report  
Supplier compliance  
MDR-A, G1-4  
Controls are conducted on an ongoing basis on groups of sup-  
pliers’ compliance with sanctions and embargoes, using various  
compliance tools and automatic screening in the transport man-  
agement systems. Further, compliance checks are performed on  
groups of new suppliers upon completion of new contracts and  
engagement.  
NTG’s online compliance training is intended to help employees  
recognise and avoid risks in their daily tasks. Employees with  
computers access are invited to participate in online training  
modules covering NTG’s Code of Conduct, Anti-Corruption Poli-  
cy, Foreign Trade Controls Policy, and Competition Laws Policy.  
 
Management reviewꢀꢀ  
NTGꢀAnnual Report 2024ꢀ•ꢀ111  
Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁ→ GovernanceꢁꢁAdditional information  
Confirmed incidents of corruption or bribery  
In the reporting period, NTG was not involved in any breaches,  
cases or convictions nor fined in relation to violation of anti-  
corruption and anti-bribery laws.  
MDR-T  
Tracking effectiveness of policies and actions  
through targets  
To be able to continuously prevent and detect corruption and  
bribery, NTG has set various targets to ensure progress to its  
responsible business practises that also are presented in the  
table on page 107.  
One target relates to our yearly compliance training of employees  
in our Code of Conduct. This includes both functions at risk in  
NTG as well as all other employees with daily access to a com-  
puter, as the compliance training is conducted online.  
A second target is NTG’s commitment to perform yearly compli-  
ance audits and spot checks of suppliers through remote audits,  
questionnaires, and checklists. As previously mentioned, we  
perform an ongoing control of groups of suppliers for compliance  
with sanctions and embargoes as well as compliance checks of  
groups of new suppliers. During 2025, NTG intends to introduce  
a spot check control of selected supplier for compliance of  
NTG’s Code of Conduct for Suppliers.  
A third target that will progress during 2025 is a follow-up  
session on NTG’s internal risk assessment. Randomly selected  
NTG entities will have a follow-up session to monitor the effec-  
tiveness of any mitigating measures implemented as a result of  
the risk assessment process and under NTG’s Legal Compliance  
Program.  
 
Management reviewꢀꢀ  
NTGꢀAnnual Report 2024ꢀ•ꢀ112  
Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
Additional  
information  
 
Management reviewꢀꢀ  
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
Additional information to the Sustainability Statement  
GOV-4  
Statement on due diligence  
Disclosure related to:  
Disclosure related to:  
Core elements of due diligence  
Disclosure requirement  
Page  
People  
Environment  
Core elements of due diligence  
Disclosure requirement  
Page  
People  
Environment  
ESRS 2 GOV-2  
ESRS 2 GOV-3  
ESRS 2 SBM-3  
ESRS 2 SBM-3-E1  
ESRS 2 SBM-3-S1  
ESRS 2 SBM-3-S2  
ESRS 2 SBM-3-G1  
ESRS 2 GOV-2  
ESRS 2 SBM-2  
ESRS 2 IRO-1  
ESRS 2 MDR-P/E1-2  
S1-2  
48  
√
√
√
√
√
√
√
ESRS 2 IRO-1  
ESRS 2 SBM-3-E1  
ESRS 2 SBM-3-S1  
ESRS 2 SBM-3-S2  
ESRS 2 SBM-3-G1  
E1-1  
57  
√
√
√
48  
64  
c) Identifying and assessing  
adverse impacts  
55  
91  
√
√
√
a) Embedding due diligence  
in governance, strategy and  
business model  
65  
100  
109  
61  
92  
√
√
√
√
√
√
√
√
√
100  
109  
48  
√
√
√
√
√
ESRS MDR-A/E1-3  
ESRS MDR-A/S1-4  
ESRS MDR-A/S2-4  
G1-1  
67  
104  
104  
109  
110  
73  
√
√
√
√
d) Taking actions to address  
those adverse impacts  
53  
57  
√
√
66  
G1-3  
b) Engaging with affected  
stakeholders in all key steps  
of the due diligence  
93  
√
√
√
√
√
ESRS MDR-M/E1-5  
G1-4  
e) Tracking the effectiveness  
of these efforts and  
communicating  
S2-1  
101  
103  
93  
110  
68  
√
√
√
√
S2-2  
MDR-T/E1-4  
MDR-T/S1-5  
S1-2  
93  
ESRS 2 MDR-P/G1-1  
109  
√
 
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
ESRS2 IRO-2  
List of datapoints that derive from  
other EU legislation  
Disclosure requirement ESRS 2 IRO-2 paragraph 56 & ESRS 2 Appendix B  
Disclosure Requirement and  
related datapoint  
SFDR  
reference  
Pillar 3  
reference  
EU Climate Law  
reference  
Page  
reference  
Benchmark Regulation reference  
Comment  
General  
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)  
Indicator number 13 of Table #1 of  
Annex 1  
Commission Delegated Regulation (EU)  
2020/1816 (27), Annex II  
107  
36  
ESRS 2 GOV-1 Percentage of board members who are  
independent paragraph 21 (e)  
Delegated Regulation (EU) 2020/1816,  
Annex II  
ESRS 2 GOV-4 Statement on due diligence paragraph 30  
Indicator number 10 Table #3 of Annex 1  
Indicators number 4 Table #1 of Annex 1  
113  
ESRS 2 SBM-1 Involvement in activities related to fossil fuel  
activities paragraph 40 (d) i  
Article 449a Regulation (EU) No  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 (28) Table 1:  
Qualitative information on Environmental  
risk and Table 2: Qualitative information  
on Social risk  
Delegated Regulation (EU) 2020/1816,  
Annex II  
Not relevant  
ESRS 2 SBM-1 Involvement in activities related to chemical  
production paragraph 40 (d) ii  
Indicator number 9 Table #2 of Annex 1  
Indicator number 14 Table #1 of Annex 1  
Delegated Regulation (EU) 2020/1816,  
Annex II  
Not relevant  
Not relevant  
ESRS 2 SBM-1 Involvement in activities related to  
controversial weapons paragraph 40 (d) iii  
Delegated Regulation (EU) 2020/1818  
14, Article 12(1) Delegated Regulation  
(EU) 2020/1816, Annex II  
ESRS 2 SBM-1 Involvement in activities related to cultivation  
and production of tobacco paragraph 40 (d) iv  
Delegated Regulation (EU) 2020/1818,  
Article 12(1) Delegated Regulation (EU)  
2020/1816, Annex II  
Not relevant  
 
Management reviewꢀꢀ  
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
Disclosure Requirement and  
related datapoint  
SFDR  
reference  
Pillar 3  
reference  
EU Climate Law  
reference  
Page  
reference  
Benchmark Regulation reference  
Comment  
Environment  
ESRS E1-1 Transition plan to reach climate neutrality by  
2050 paragraph 14  
Regulation (EU) 2021/1119, Article 2(1)  
61  
61  
ESRS E1-1 Undertakings excluded from Paris-aligned  
Benchmarks paragraph 16 (g)  
Article 449a Regulation (EU) No  
Delegated Regulation (EU) 2020/1818,  
Article 12.1 (d) to (g), and Article 12.2  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 Template 1:  
Banking book Climate Change transition  
risk: Credit quality of exposures by sector,  
emissions and residual maturity  
ESRS E1-4 GHG emission reduction targets paragraph 34  
Indicator number 4 Table #2 of Annex 1  
Article 449a Regulation (EU) No  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 Template 3:  
Banking book – Climate change transition  
risk: alignment metrics  
Delegated Regulation (EU) 2020/1818,  
Article 6  
68  
ESRS E1-5 Energy consumption from fossil sources  
disaggregated by sources (only high climate impact sectors)  
paragraph 38  
Indicator number 5 Table #1 and Indicator  
n. 5 Table #2 of Annex 1  
73  
ESRS E1-5 Energy consumption and mix paragraph 37  
Indicator number 5 Table #1 of Annex 1  
Indicator number 6 Table #1 of Annex 1  
73  
73  
ESRS E1-5 Energy intensity associated with activities in high  
climate impact sectors paragraphs 40 to 43  
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions  
paragraph 44  
Indicators number 1 and 2 Table #1 of  
Annex 1  
Article 449a; Regulation (EU) No  
Delegated Regulation (EU) 2020/1818,  
Article 5(1), 6 and 8(1)  
70  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 Template 1:  
Banking book - Climate change transition  
risk: Credit quality of exposures by sector,  
emissions and residual maturity  
ESRS E1-6 Gross GHG emissions intensity paragraphs 53  
to 55  
Indicators number 3 Table #1 of Annex 1  
Article 449a Regulation (EU) No  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 Template 3:  
Banking book - Climate change transition  
risk: alignment metrics  
Delegated Regulation (EU) 2020/1818,  
Article 8(1)  
69  
ESRS E1-7 GHG removals and carbon credits paragraph 56  
Regulation (EU) 2021/1119, Article 2(1)  
Not relevant  
Not material  
ESRS E1-9 Exposure of the benchmark portfolio to climate-  
related physical risks paragraph 66  
Delegated Regulation (EU) 2020/1818,  
Annex II Delegated Regulation (EU)  
2020/1816, Annex II  
 
Management reviewꢀꢀ  
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
Disclosure Requirement and  
related datapoint  
SFDR  
reference  
Pillar 3  
reference  
EU Climate Law  
reference  
Page  
reference  
Benchmark Regulation reference  
Comment  
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).  
Article 449a Regulation (EU) No  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 paragraphs  
46 and 47; Template 5: Banking book -  
Climate change physical risk: Exposures  
subject to physical risk.  
Not material  
ESRS E1-9 Breakdown of the carrying value of its real estate  
assets by energy- efficiency classes paragraph 67 (c).  
Article 449a Regulation (EU) No  
Not material  
575/2013; Commission Implementing  
Regulation (EU) 2022/2453 paragraph  
34; Template 2: Banking book  
-Climate change transition risk: Loans  
collateralised by immovable property -  
Energy efficiency of the collateral  
ESRS E1-9 Degree of exposure of the portfolio to climate-  
related opportunities paragraph 69  
Delegated Regulation (EU) 2020/1818,  
Annex II  
Not relevant  
ESRS E2-4 Amount of each pollutant listed in Annex II of the  
EPRTR Regulation (European Pollutant Release and Transfer  
Register) emitted to air, water and soil, paragraph 28  
Indicator number 8 Table #1 of Annex 1  
Indicator number 2 Table #2 of Annex 1  
Indicator number 1 Table #2 of Annex 1  
Indicator number 3 Table #2 of Annex 1  
78  
ESRS E3-1 Water and marine resources paragraph 9  
ESRS E3-1 Dedicated policy paragraph 13  
Indicator number 7 Table #2 of Annex 1  
Indicator number 8 Table 2 of Annex 1  
Indicator number 12 Table #2 of Annex 1  
Indicator number 6.2 Table #2 of Annex 1  
Indicator number 6.1 Table #2 of Annex 1  
Not material  
Not material  
Not material  
Not material  
Not material  
ESRS E3-1 Sustainable oceans and seas paragraph 14  
ESRS E3-4 Total water recycled and reused paragraph 28 (c)  
ESRS E3-4 Total water consumption in m 3 per net revenue  
on own operations paragraph 29  
ESRS 2- IRO 1 - E4 paragraph 16 (a) i  
ESRS 2- IRO 1 - E4 paragraph 16 (b)  
ESRS 2- IRO 1 - E4 paragraph 16 (c)  
Indicator number 7 Table #1 of Annex 1  
Indicator number 10 Table #2 of Annex 1  
Indicator number 14 Table #2 of Annex 1  
Indicator number 11 Table #2 of Annex 1  
Not material  
Not material  
Not material  
Not material  
ESRS E4-2 Sustainable land / agriculture practices or policies  
paragraph 24 (b)  
ESRS E4-2 Sustainable oceans / seas practices or policies  
paragraph 24 (c)  
Indicator number 12 Table #2 of Annex 1  
Not material  
ESRS E4-2 Policies to address deforestation paragraph 24 (d)  
ESRS E5-5 Non-recycled waste paragraph 37 (d)  
Indicator number 15 Table #2 of Annex 1  
Indicator number 13 Table #2 of Annex 1  
Indicator number 9 Table #1 of Annex 1  
Not material  
Not material  
Not material  
ESRS E5-5 Hazardous waste and radioactive waste  
paragraph 39  
 
Management reviewꢀꢀ  
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
Disclosure Requirement and  
related datapoint  
SFDR  
reference  
Pillar 3  
reference  
EU Climate Law  
reference  
Page  
reference  
Benchmark Regulation reference  
Comment  
Social  
ESRS 2- SBM3 - S1 Risk of incidents of forced labour  
paragraph 14 (f)  
Indicator number 13 Table #3 of Annex I  
Indicator number 12 Table #3 of Annex I  
91  
91  
92  
92  
ESRS 2- SBM3 - S1 Risk of incidents of child labour  
paragraph 14 (g)  
ESRS S1-1 Human rights policy commitments paragraph 20  
Indicator number 9 Table #3 and Indicator  
number 11 Table #1 of Annex I  
ESRS S1-1 Due diligence policies on issues addressed by the  
fundamental International Labor Organisation Conventions 1  
to 8, paragraph 21  
Delegated Regulation (EU) 2020/1816,  
Annex II  
ESRS S1-1 processes and measures for preventing trafficking  
in human beings paragraph 22  
Indicator number 11 Table #3 of Annex I  
Indicator number 1 Table #3 of Annex I  
Indicator number 5 Table #3 of Annex I  
Indicator number 2 Table #3 of Annex I  
Indicator number 3 Table #3 of Annex I  
Indicator number 12 Table #1 of Annex I  
92  
92  
94  
97  
97  
ESRS S1-1 workplace accident prevention policy or  
management system paragraph 23  
ESRS S1-3 grievance/complaints handling mechanisms  
paragraph 32 (c)  
ESRS S1-14 Number of fatalities and number and rate of  
work-related accidents paragraph 88 (b) and (c)  
Delegated Regulation (EU) 2020/1816,  
Annex II  
ESRS S1-14 Number of days lost to injuries, accidents,  
fatalities or illness paragraph 88 (e)  
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)  
Delegated Regulation (EU) 2020/1816,  
Annex II  
Not material  
Not material  
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)  
ESRS S1-17 Incidents of discrimination paragraph 103 (a)  
Indicator number 8 Table #3 of Annex I  
Indicator number 7 Table #3 of Annex I  
99  
99  
ESRS S1-17 Non-respect of UNGPs on Business and Human  
Rights and OECD paragraph 104 (a)  
Indicator number 10 Table #1 and  
Indicator n. 14 Table #3 of Annex I  
Delegated Regulation (EU) 2020/1816,  
Annex II Delegated Regulation (EU)  
2020/1818 Art 12 (1)  
ESRS 2- SBM3 – S2 Significant risk of child labour or forced  
labour in the value chain paragraph 11 (b)  
Indicators number 12 and n. 13 Table #3  
of Annex I  
93  
ESRS S2-1 Human rights policy commitments paragraph 17  
Indicator number 9 Table #3 and Indicator  
n. 11 Table #1 of Annex 1  
51  
ESRS S2-1 Policies related to value chain workers paragraph  
18  
Indicator number 11 and n. 4 Table #3 of  
Annex 1  
101  
93  
ESRS S2-1 Non-respect of UNGPs on Business and Human  
Rights principles and OECD guidelines paragraph 19  
Indicator number 10 Table #1 of Annex 1  
Delegated Regulation (EU) 2020/1816,  
Annex II Delegated Regulation (EU)  
2020/1818, Art 12 (1)  
 
Management reviewꢀꢀ  
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Sustainability statementꢁꢁGeneralꢁꢁEnvironmentꢁꢁSocialꢁꢁGovernanceꢁꢁ→ Additional information  
Disclosure Requirement and  
related datapoint  
SFDR  
reference  
Pillar 3  
reference  
EU Climate Law  
reference  
Page  
reference  
Benchmark Regulation reference  
Comment  
ESRS S2-1 Due diligence policies on issues addressed by the  
fundamental International Labor Organisation Conventions 1  
to 8, paragraph 19  
Delegated Regulation (EU) 2020/1816,  
Annex II  
101  
102  
ESRS S2-4 Human rights issues and incidents connected to  
its upstream and downstream value chain paragraph 36  
Indicator number 14 Table #3 of Annex 1  
ESRS S3-1 Human rights policy commitments paragraph 16  
Indicator number 9 Table #3 of Annex  
1 and Indicator number 11 Table #1 of  
Annex 1  
Not material  
Not material  
ESRS S3-1 non- respect of UNGPs on Business and Human  
Rights, ILO principles or and OECD guidelines paragraph 17  
Indicator number 10 Table #1 Annex 1  
Delegated Regulation (EU) 2020/1816,  
Annex II Delegated Regulation (EU)  
2020/1818, Art 12 (1)  
ESRS S3-4 Human rights issues and incidents paragraph 36  
Indicator number 14 Table #3 of Annex 1  
Not material  
Not material  
ESRS S4-1 Policies related to consumers and end-users  
paragraph 16  
Indicator number 9 Table #3 and Indicator  
number 11 Table #1 of Annex 1  
ESRS S4-1 Non-respect of UNGPs on Business and Human  
Rights and OECD guidelines paragraph 17  
Indicator number 10 Table #1 of Annex 1  
Delegated Regulation (EU) 2020/1816,  
Annex II Delegated Regulation (EU)  
2020/1818, Art 12 (1) 31  
Not material  
Not material  
ESRS S4-4 Human rights issues and incidents paragraph 35  
Indicator number 14 Table #3 of Annex 1  
Governance  
ESRS G1-1 United Nations Convention against Corruption  
paragraph 10 (b)  
Indicator number 15 Table #3 of Annex 1  
109  
ESRS G1-1 Protection of whistle-blowers paragraph 10 (d)  
Indicator number 6 Table #3 of Annex 1  
Indicator number 17 Table #3 of Annex 1  
110  
110  
ESRS G1-4 Fines for violation of anti-corruption and anti-  
bribery laws paragraph 24 (a)  
Delegated Regulation (EU) 2020/1816,  
Annex II  
ESRS G1-4 Standards of anti-corruption and anti-bribery  
paragraph 24 (b)  
Indicator number 16 Table #3 of Annex 1  
110  
 
Financial StatementsꢀꢀConsolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ119  
Financial  
Statements  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ120  
Income Statement  
Statement of Other Comprehensive Income  
(DKKm)  
Note  
2024  
2023  
(DKKm)  
Note  
2024  
335
2023  
407
Net revenue  
Direct costs  
Gross profit  
2.2  
2.3  
9,352
-7,379
1,973
8,338
-6,472
1,866
Profit for the year  
Items that may be reclassified to the income statement:  
Foreign exchange adjustments of subsidiaries  
37
1
Other external expenses  
Staff costs  
2.4  
2.5  
-247
-942
-171
-842
Items will not be reclassified to the income statement:  
Actuarial adjustments on retirement benefit obligations  
Other comprehensive income  
Operating profit before amortisation, depreciation and  
special items  
8.3  
-7
-7
784
853
30
-6
Amortisation and depreciation of intangible and  
tangible fixed assets  
2.6  
-260
-223
Total comprehensive income  
365
401
Operating profit before special items  
524
630
Attributable to:  
Special items, net  
Financial income  
Financial costs  
2.7  
2.8  
2.8  
-16
29
-11
22
Shareholders in NTG Nordic Transport Group A/S  
Non-controlling interests  
328
37
370
31
-97
440
-127
514
Profit before tax  
Tax on profit for the year  
3.1  
-105
-107
Profit for the year  
335
407
Attributable to:  
Shareholders in NTG Nordic Transport Group A/S  
Non-controlling interests  
297
38
374
33
Earnings per share  
Earnings per share (DKK)  
6.2  
6.2  
13.93
13.92
17.40
17.21
Diluted earnings per share (DKK) for the period  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ121  
Cash Flow Statement  
(DKKm)  
Note  
2024  
2023  
(DKKm)  
Note  
2024  
2023  
Operating profit before special items  
Depreciation and amortisation  
Share-based payments  
524
260
-11
630
223
-38
63
Repayment of lease liabilities  
5.3  
4.5  
-234
123
-211
-17
Proceeds and repayments of other financial liabilities  
8.2  
Shareholders and non-controlling interests:  
Purchase of treasury shares  
Change in working capital  
Change in provisions  
-143
-48
6.1  
6.1  
-
-34
-77
-
-301
-41
-6
-73
22
Dividends paid to non-controlling interests  
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the year  
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
29
5.3  
2.7  
-48
-37
-90
-96
-11
593
3
-49
-222
-179
-573
13
-127
-16
Special items  
Cash flow from operating activities  
371
Cash and cash equivalents at 1 January  
Cash flow for the year  
276
-179
5
253
13
Purchase of property, plant and equipment  
Disposal of intangible assets, property, plant and equipment  
Acquisition of business activities  
5.2  
5.2  
7.1  
-34
26
-25
10
Currency translation adjustments  
Cash and cash equivalents at 31 December*  
10
102
276
-327
7
-3
Changes in other financial assets  
11
*ꢀCash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 147 million (2023: DKK 0 million).  
The cash and cash equivalents at 31 December disclosed in the cash flow statement include DKK 6 million (2023: DKK 5  
million) which are held on deposit accounts with some limitations in use.  
Cash flow from investing activities  
Free cash flow  
-328
43
-7
586
Statement of adjusted free cash flow**  
(DKKm)  
2024  
2023  
Free cash flow  
43  
16  
586  
11  
Special items  
Acquisition of business activities reversed  
Repayment of lease liabilities  
Adjusted free cash flow  
327  
-234  
152  
3
-211  
389  
**ꢀAdjusted free cash flow excludes one-off items in terms of special items and acquisition of business activities, but includes  
cash outflows from leasing contracts under IFRS 16. The measure is shown as a representation of cash flows from continuing  
operational activities.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ122  
Balance Sheet  
(DKKm)  
Note 31.12.2024 31.12.2023  
(DKKm)  
Note 31.12.2024 31.12.2023  
Assets  
Equity and liabilities  
Intangible assets  
5.1  
5.2  
5.3  
4.2  
3.2  
1,762
128
1,377
74
Share capital  
6.1  
7.2  
453
805
453
566
Property, plant and equipment  
Right-of-use assets  
Other receivables  
Deferred tax assets  
Total non-current assets  
Reserves  
1,098
69
817
62
NTG Nordic Transport Group A/S shareholders' share of equity  
1,258
1,019
28
36
Non-controlling interests  
86
78
3,085
2,366
Total equity  
1,344
1,097
Trade receivables  
4.1  
4.2  
4.3  
1,525
103
1,115
88
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
3.2  
8.3  
5.4  
4.5  
4.6  
34
91
13
79
Other receivables  
Cash and cash equivalents  
Corporation tax  
249
276
3
22
1
27
Financial liabilities  
503
902
1,552
228
668
989
Total current assets  
1,904
1,482
Lease liabilities  
Total non-current liabilities  
Total assets  
4,989
3,848
Provisions  
5.4  
4.5  
4.6  
4.4  
4.4  
36
175
29
151
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total current liabilities  
Total liabilities  
261
196
1,320
248
1,114
208
53
64
2,093
3,645
1,762
2,751
Total equity and liabilities  
4,989
3,848
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ123  
Statement of Changes in Equity  
Shareholders'  
Non-  
Share Treasury share  
Translation  
reserve  
Retained  
earnings  
share of  
equity  
controlling  
interests  
Total  
equity  
(DKKm)  
capital  
reserve  
2024  
Equity at 1 January  
Profit for the year  
453
-
-28
-
-6
-
600
297
1,019
297
78
38
1,097
335
Net exchange differences recognised in OCI  
Actuarial gain/-loss  
-
-
-
-
-
-
-
-
38
-
-
-7
38
-7
-1
-
37
-7
Other comprehensive income, net of tax  
Total comprehensive income for the year  
38
38
-7
31
-1
37
30
290
328
365
Transactions with shareholders:  
Share-based payments  
-
1
-
-
-
-12
-5
-11
-5
-
-
-11
-5
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-34
4
-34
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 31 December  
-
-
1
-
-79
5
-78
5
-74
-
-
1
6
-
2
-
-91
799
-89
1,258
-29
86
-118
1,344
453
-26
32
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ124  
Statement of Changes in Equity  
Shareholders'  
Non-  
Share Treasury share  
Translation  
reserve  
Retained  
earnings  
share of  
equity  
controlling  
interests  
Total  
equity  
(DKKm)  
capital  
reserve  
2023  
Equity at 1 January  
Profit for the year  
453
-
-16
-
-9
-
539
374
967
374
97
33
1,064
407
Net exchange differences recognised in OCI  
Actuarial gain/-loss  
-
-
-
-
-
-
-
-
3
-
-
-7
3
-7
-2
-
1
-7
Other comprehensive income, net of tax  
Total comprehensive income for the year  
3
3
-7
-4
-2
31
-6
367
370
401
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
-38
1
-38
1
-
-
-38
1
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-41
-
-41
Purchase of treasury shares  
-
-16
4
-
-279
2
-295
6
-295
-6
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 31 December  
-
-
-
-12
3
-
-
8
8
11
-
-12
-28
-
-306
600
-318
1,019
-50
78
-368
1,097
453
-6
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ126  
Notes  
1. Basis for preparation  
This section provides an overview of the financial accounting policies and key  
accounting estimates applied in the preparation of the Group’s consolidated  
financial statements. The accounting policies set out in section 1.1. below have  
been applied consistently with respect to the financial year and comparative  
figures from previous year.  
Non-controlling interests  
Non-controlling interests’ share of profit/loss for the year and of equity in  
subsidiaries is included in the Group’s profit/loss for the year and of the equity  
of subsidiaries, respectively, but shown as separate items. Net profit for the year  
is allocated to non-controlling interests using the ownership interests present on  
the reporting date.  
Transactions with non-controlling interests that do not result in a change of con-  
trol are recognised directly in equity. Such transactions result in an adjustment  
between the carrying amounts of the controlling and non-controlling interests  
to reflect their relative interests in the subsidiary. Any difference between the  
amount of the adjustment to non-controlling interests and the consideration paid  
or received is recognised directly in retained earnings attributable to owners of  
NTG Nordic Transport Group A/S.  
the issued standards and amendments not yet in effect will not have a significant  
impact on the Group's recognition and measurement policies. The Group has  
begun analyzing the impact of IFRS 18 on its financial statements and accompa-  
nying notes but has not yet completed the assessment.  
Consolidation principles  
The consolidated financial statements comprise NTG Nordic Transport  
Group A/S (Parent Company) and its subsidiaries.  
The consolidated financial statements of NTG Nordic Transport Group A/S have  
been prepared in accordance with IFRS Accounting Standards as adopted by the  
EU and further requirements in the Danish Financial Statements Act relevant for  
class D companies.  
Subsidiaries  
Subsidiaries are all 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 can affect those returns through its power  
to direct the activities of the entity. Subsidiaries are fully consolidated from the  
date on which control is transferred to the Group. They are deconsolidated from  
the date that control ceases.  
The Annual Report for 2024 was approved by Executive Management and the  
Board of Directors on 5 March 2025 and will be presented for approval at the  
subsequent Annual General Meeting on 28 March 2025.  
Foreign currency translation  
Functional and presentation currency  
Items in the financial statements of each reporting entity of the Group are meas-  
ured in the currency of the primary economic environment in which the entity  
operates (the functional currency).  
The functional currency of the Parent Company, NTG Nordic Transport  
Group A/S is Danish Kroner (DKK).  
The financial statements are presented in Danish Kroner (DKK), and all amounts  
have been rounded to the nearest million.  
1.1 Accounting policies, estimates and judgements  
The Annual Report for the period 1 January – 31 December 2024 comprise the  
consolidated financial statements of the Parent Company NTG Nordic Transport  
Group A/S and subsidiaries controlled by the Parent Company (the Group).  
The acquisition method of accounting is used to account for business combina-  
tions by the Group (note 7.1).  
Consolidation is performed by summarising the financial statements of the  
Parent Company and its subsidiaries. Intercompany transactions, balances,  
and unrealised gains on transactions between Group entities are eliminated.  
Unrealised losses are also eliminated unless the transaction provides evidence of  
an impairment of the transferred asset. Accounting policies of subsidiaries have  
been changed where necessary to ensure consistency with the policies adopted  
by the Group.  
Acquired or sold subsidiaries are recognised in the consolidated income state-  
ment for the period in which the Parent controls such entities. Comparative  
figures are not restated for recently acquired or sold entities.  
The Annual Report has been prepared on a going concern basis and in accord-  
ance with the historical cost convention, except where IFRS explicitly requires  
use of other values.  
New and amended standards adopted by the Group  
Accounting policies have been applied consistently with those applied in the  
consolidated financial statements for 2023.  
The Group has implemented all new EU-approved standards, interpretations,  
and amendments effective on 1 January 2024. The amendments did not have  
any impact on the amounts recognised in prior periods and are not expected to  
significantly affect the current or future periods.  
Transactions and balances  
Foreign currency transactions are translated into the functional currency using  
the exchange rates at the dates of the transactions. Foreign exchange gains and  
losses resulting from the settlement of such transactions and from the transla-  
tion of monetary assets and liabilities denominated in foreign currencies at year  
end exchange rates are generally recognised on a net basis in the statement of  
profit or loss, within financial items.  
Associates  
Associates are all entities over which the Group has significant influence, but not  
control or joint control. This is generally the case when the Group holds between  
20% and 50% of the voting rights. Investments in associates are accounted for  
using the equity method of accounting, after initially being recognised at cost.  
New standards and interpretations not yet adopted  
Certain new accounting standards and interpretations have been published but  
are not mandatory for 31 December 2024 reporting. Management expects that  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ127  
Notes  
1.1 Accounting policies, estimates and judgements – continued  
Cash flows from financing activities comprise cash flows from the raising and  
repayment of long-term debt, including servicing of leasing liabilities, as well as  
payments to and from shareholders.  
Cash and cash equivalents include cash on hand and short-term liquid assets that  
are readily convertible to cash.  
Group entities  
The results and financial position of all Group entities that have a functional cur-  
rency different from the presentation currency are translated into the presenta-  
tion currency as follows:  
1. Assets and liabilities for each entity’s balance sheet are translated at the clos-  
ing rate at the date of that balance sheet;  
2. Income and expenses for each entity’s income statement are translated at  
average exchange rates; and  
3. All resulting exchange differences are recognised as other comprehensive  
income.  
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. Exchange differences arising are recognised in other comprehensive  
income.  
Materiality  
The financial statements separately present items which are considered individ-  
ually material. Individually immaterial items are aggregated with other items of  
similar nature in the statements or in the notes. All required disclosures by IFRS  
are presented unless the information is considered immaterial to the economic  
decision-making of the users of the financial statements.  
Accounting estimates and judgements  
The Group makes estimates, judgements and assumptions concerning the future.  
The resulting accounting estimates rely on Management judgement and will, by  
definition, seldom equal the related actual results.  
Estimates, judgements and assumptions are based on historical experience and  
other factors that Management considers to be reliable, but which by their very  
nature are associated with uncertainty and unpredictability. These assumptions  
may prove incomplete or incorrect, and unexpected events or circumstances may  
arise. The estimates and assumptions deemed most significant to the preparation  
of the consolidated financial statements are addressed below:  
·
Acquisition and disposal of entities (note 7.1)  
·
Accrued revenue and accrued cost of services (note 2.2)  
Refer to the specific notes for details on relevant accounting policies and further  
description of significant estimates and assumptions used.  
Risk factors specific to the Group are described in the management report from  
pages 31-35 and in note 6.4.  
Statement of cash flow  
The cash flow statement shows the Group's cash flows during the year distribut-  
ed on operating, investing, and financing activities, including changes in cash and  
cash equivalents at the beginning and at the end of the year. The cash flow state-  
ment cannot be derived directly from the balance sheet and income statement.  
Cash flows from operating activities are calculated using the indirect method  
and as operating profit before special items (EBIT) for the year adjusted for  
changes in working capital and non-cash operating items such as depreciation,  
amortisation and impairment losses, and provisions. Working capital comprises  
current assets less short-term debt excluding items included in cash and cash  
equivalents.  
Cash flows from investing activities comprise cash flows from acquisitions and  
disposals of intangible assets, property, plant and equipment as well as fixed  
asset investments.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ128  
Notes  
2. Profit for the year  
This section includes disclosures on components of consolidated profit for the year.  
Road & Logistics  
Air & Ocean  
Total  
(DKKm)  
2024  
2023  
2024  
2023  
2024  
2023  
Segment revenue  
6,640  
6,238  
2,745  
2,133  
9,385  
8,371  
Revenue (between segments)  
-22  
-26  
-11  
-7  
-33  
-33  
Revenue (external)  
6,618  
6,212  
2,734  
2,126  
9,352  
8,338  
Gross profit  
1,447  
1,386  
526  
480  
1,973  
1,866  
Amortisation and depreciation  
-239  
-205  
-21  
-18  
-260  
-223  
Operating profit before special items  
393  
467  
131  
163  
524  
630  
Gross margin %  
21.9%  
22.3%  
19.2%  
22.6%  
21.1%  
22.4%  
Note: Total assets and liabilities for each segment is not reported because such amounts are not regularly provided to the Chief Operating Decisions Maker.  
2.1 Segment information  
Accounting policies  
Management monitors the operating results of its business units separately for  
the purpose of making decisions about resource allocation and performance  
assessment. Segment performance is evaluated based on operating profit or loss  
before special items and is measured consistently with operating profit or loss in  
the consolidated statement of income.  
Operating segments  
The Group’s business operations are carried out by two divisions, forming the  
basis for the Group’s segment reporting. Information on business segments is  
based on the Group’s risk and returns and its internal financial reporting system.  
The segmentation is a direct match to the Group’s management structure, with a  
responsible CEO for each of the two operating segments. Business segments are  
regarded as the primary segments.  
Geographical information  
The following table present information regarding the Group’s geographical seg-  
ments on revenue, and non-current assets, both of which are allocated according  
to the country in which the individual consolidated entity is based.  
All intersegment transactions and settlements are carried out on an arm’s length  
basis.  
Road & Logistics  
The Road & Logistics division provides transport and warehousing solutions with  
a geographical focus on Europe.  
Air & Ocean  
The Air & Ocean division provides international air and ocean freight services,  
including project transports.  
Major customers  
The Group has no customers contributing revenue of more than 10 % of total  
revenue and the Group is therefore not reliant on any major customers.  
Net revenue per country  
(DKKm)  
2024  
2023  
Denmark  
3,489  
2,884  
USA  
1,357  
1,124  
Sweden  
1,270  
1,440  
Germany  
665  
499  
Finland  
582  
620  
Other  
1,989  
1,771  
Total  
9,352  
8,338  
Non-current assets per country*  
(DKKm)  
2024  
2023  
Denmark  
1,272  
1,210  
Germany  
721  
59  
USA  
559  
531  
Sweden  
168  
182  
Finland  
78  
89  
Other  
259  
259  
Total  
3,057  
2,330  
*ꢀNon-current assets less tax assets  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ129  
Notes  
2.2 Net revenue  
Accounting policies  
The Group derives revenue primarily from freight forwarding services related to  
transport of goods throughout Europe and worldwide by road, rail, ocean and air.  
Revenue from contracts with customers is recognised when control of freight  
forwarding services are transferred to the customer at an amount that reflects  
the consideration to which the Group expects to be entitled in exchange for  
those services. Freight forwarding services and other services are generally char-  
acterised by short delivery times except for ocean transports that takes longer  
due to the nature of the service delivered.  
Timing of revenue recognition reflects when fulfilment of performance obliga-  
tions towards customers take place and follows the over-time principle because  
the customer receives and uses the benefits simultaneously.  
Revenue generated by providing other logistic services is recognised in the  
reporting period in which the service is rendered.  
When determining the transaction price for the sale of services, the Group con-  
siders the effect of variable consideration and any other significant factors af-  
fecting the transaction price. The Group’s ordinary course of business is to agree  
a price (transaction price) with the customer for performing the specific service  
(price allocation) before booking a haulier/carrier and delivering the service. No  
material effect of variable consideration is present, and no material uncertainty is  
therefore associated with the contract price on an individual transport level. No  
significant financing component is included in the transaction price, as sales are  
generally made with credit terms between 14-60 days from the delivery date, in  
coherence with market practice. Consequently, no adjustments to the transac-  
tion prices for the time value of money is carried out.  
Estimates of revenues, costs or extent of progress toward completion are revised  
if circumstances change. Any resulting increases or decreases in estimated rev-  
enues or costs are reflected in profit or loss in the period in which the circum-  
stances that give rise to the revision become known by management. Change of  
circumstances relating to individual transports will ordinarily have a non-material  
effect on the Group’s consolidated revenue.  
2.5 Staff costs  
Accounting policies  
Staff costs include salaries, bonuses, pensions, social security costs, vacation pay  
and other benefits, but exclude terminal-related staff costs recognised as Direct  
costs.  
Staff costs are recognised in the financial year in which the associated services  
are rendered by the employees. Costs related to long-term employee benefits,  
e.g., defined benefit pension plans, are recognised in the periods in which they  
are earned.  
Accrued revenue and accrued costs of services in progress at 31 December 2024  
are presented on the line items trade receivables and trade payables, respective-  
ly. Accrued revenue is estimated and recognised when a sales transaction fulfils  
the criteria for revenue recognition, but no final invoice has yet been issued to  
the customer at the end of the reporting period. Accrued costs are estimated  
and recognised when supplier invoices relating to recognised revenue for the  
reporting period have yet to be received.  
2.3 Direct costs  
Accounting policies  
Direct costs comprise costs incurred to achieve the year’s revenue. Direct costs  
mainly comprise costs for hauliers, shipping companies and airlines. Costs related  
to staff fulfilling customer orders and other costs of terminal operations are also  
included.  
Please refer to note 8.1 for detailed information on remuneration of Manage-  
ment and note 8.2 for detailed information on the Group's share option schemes  
and 8.3 for detailed information on pension plans.  
(DKKm)  
2024  
2023  
Wages and salaries  
943  
815  
Defined contribution pension plans  
46  
35  
Defined benefit pension plans  
2
3
Other social security costs  
115  
98  
Share-based payments  
13  
10  
Other staff costs  
30  
23  
Total  
1,149  
984  
Recognised in the income statement as:  
Direct costs (terminal-related employees)  
207  
142  
Staff costs (other employees)  
942  
842  
Total  
1,149  
984  
Average full time employees  
2,197  
1,971  
Number of full-time employees at year-end  
2,723  
1,970  
2.4 Other external expenses  
Accounting policies  
Other external expenses include expenses related to IT, training and education,  
office facilities, travelling and other costs of operations and maintenance. Costs  
transferred to direct costs are excluded.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ130  
Notes  
2.6 Amortisation and depreciation for the year  
Accounting policies  
Amortisation and depreciation relate to the following fixed assets in  
the balance sheet:  
·
Intangible assets (excluding goodwill),  
·
Property, plant and equipment, and  
·
Right-of-use assets  
Amortisation and depreciation profiles depend on the underlying assets  
(see notes 5.1, 5.2 and 5.3). Amortisation and depreciation for the year are  
comprised as follows:  
2.7 Special items  
Accounting policies  
Special items are reported in the income statement and comprise significant  
income and expenses of an exceptional nature relative to the Group’s ordinary  
operations or costs related to investments in future activities.  
The items are stated separately to give a true and fair view of the Group’s oper-  
ating profit.  
Special items for the year are comprised as follows:  
(DKKm)  
2024  
2023  
Transaction and integration costs from  
business combinations  
15  
5
Restructuring costs  
-
6
Other costs  
1
-
Total  
16  
11  
(DKKm)  
2024  
2023  
Amortisation of intangible assets  
1
1
Depreciation of tangible assets  
17  
9
Depreciation of right-of-use assets  
244  
214  
Termination settlements  
-2  
-1  
Total  
260  
223  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ131  
Notes  
2.7 Special items – continued  
2.8 Financial income and expenses  
Accounting policies  
Financial income and expenses comprise interest income and expenses, realised  
and non-realised capital gains/losses on transactions in foreign currency, amorti-  
sation of financial assets and liabilities etc.  
Accounting policies  
Special items impact the income statement items as specified in the table below:  
2024  
2023  
Special  
Reported  
income  
statement  
Adjusted  
income  
statement  
Reported  
income  
statement  
Adjusted  
income  
statement  
Financial income  
(DKKm)  
2024  
2023  
Interest income  
10  
13  
Exchange differences  
9
-
Other financial income  
10  
9
Total  
29  
22  
Special  
items  
(DKKm)  
items  
Net revenue  
Direct costs  
Gross profit  
9,352  
-7,379  
1,973  
-
-
-
9,352  
-7,379  
1,973  
8,338  
-6,472  
1,866  
-
-
-
8,338  
-6,472  
1,866  
Other external expenses  
-247  
-942  
784  
-16  
-
-263  
-942  
768  
-171  
-842  
853  
-6  
-5  
-177  
-847  
842  
Staff costs  
Operating profit before amortisation and depreciation  
-16  
-11  
Financial expenses  
(DKKm)  
2024  
2023  
Interest expense  
38  
39  
Calculated interest on pension plan assets (note 8.3)  
2
3
Exchange differences  
-
28  
Other financial expenses  
9
20  
Interest on lease liabilities  
48  
37  
Total  
97  
127  
Amortisation and depreciation  
-260  
-
-260  
-223  
-
-223  
Operating profit  
524  
-16  
508  
630  
-11  
619  
Special items, net  
Financial income  
Financial expenses  
Profit before tax  
-16  
29  
16  
-
-
29  
-11  
22  
11  
-
-
22  
-97  
440  
-
-97  
440  
-127  
514  
-
-127  
514  
-
-
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ132  
Notes  
3. Tax  
This section contains relevant disclosures and details regarding tax recognised in  
the financial statements. The total tax on Group profit for the year amounts to  
DKK 105 million.  
(DKKm)  
2024  
2023  
Tax for the year:  
Tax on profit/loss for the year  
105  
107  
Tax on other changes in equity  
5
-1  
Total tax for the year  
110  
106  
3.1 Income tax  
Accounting policies  
The income tax expense or credit for the period is the tax payable on the current  
period’s taxable income based on the applicable income tax rate for each juris-  
diction adjusted by changes in deferred tax assets and liabilities attributable to  
temporary differences and to unused tax losses.  
The current income tax charge is calculated on the basis of the tax laws enacted  
or substantively enacted at the balance sheet date in the countries where the  
Group operates and generates taxable income. Management periodically evalu-  
ates positions taken in tax returns with respect to situations in which applica-  
ble tax regulation is subject to interpretation. It establishes provisions, where  
appropriate, on the basis of amounts expected to be paid to the tax authori-  
ties. Management’s judgements in this respect are based on assumptions and  
estimates, which carry a degree of uncertainty with respect to actual outcomes.  
Non-taxable items mainly relate to individual Group companies, where tax losses  
are non-capitalised.  
Tax on other changes in equity concerns corporation tax and deferred tax and  
relates to the excess tax value between actual and expected tax deduction com-  
pared to the cumulative share-based payments cost recognised in the income  
statement. Based on a preliminary analysis for 2023, the vast majority of entities  
qualify for the transitional safe harbour, and for entities that do not qualify for  
the transitional safe harbour, no material impact was estimated from Pillar II tax-  
es on the Group. 2024 was the first tax year subject to the Pillar II rules and the  
exception to the accounting for deferred taxes was applied. A similar preliminary  
analysis for 2024 did not indicate any material impact from Pillar II taxes. Top-up  
tax for 2024, if any, will be filed to the Danish Tax Authorities by 30 June 2026 as  
part of the filing of the GloBE Information Return.  
(DKKm)  
2024  
2023  
Tax on profit/loss for the year:  
Current tax  
109  
104  
Adjustment of deferred tax  
-4  
6
Adjustment of tax from prior periods  
-
-3  
Tax on profit/loss for the year  
105  
107  
(DKKm)  
2024  
2023  
Parent Company's income tax rate  
22.0%  
22.0%  
Tax effect of:  
Higher/lower tax rate in subsidiaries  
0.8%  
0.6%  
Other non-taxable items  
1.6%  
-1.2%  
Adjustments of tax from prior periods  
-0.1%  
-0.5%  
Revaluation of deferred tax assets and liabilities  
-0.4%  
-0.1%  
Effective tax rate  
23.9%  
20.8%  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ133  
Notes  
3.2 Deferred tax  
Accounting policies  
Deferred income tax is recognised on temporary differences arising between the  
tax bases of assets and liabilities and their carrying amounts in the consolidated  
financial statements. However, deferred tax liabilities are not recognised if they  
arise from the initial recognition of goodwill; deferred income tax is not account-  
ed for if it arises from the 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 income tax is determined  
using tax rates and laws that have been enacted or substantively enacted by the  
balance sheet date and are expected to apply when the related deferred income  
tax asset is realised, or the deferred income tax liability is settled.  
Deferred income tax assets are recognised only to the extent that it is probable  
that future taxable profit will be available, against which the temporary differ-  
ences can be utilised.  
Deferred income tax assets and liabilities are offset when there is a legally en-  
forceable right to offset current tax assets against current tax liabilities and when  
the deferred income tax assets and liabilities relate to income taxes 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.  
(DKKm)  
2024  
2023  
Temporary tax differences specified per type:  
Intangible assets  
-20  
-9  
Property, plant and equipment  
5
15  
Provisions  
1
-
Taxable losses from previous years  
7
7
Other items*  
1
10  
Deferred tax at 31 December  
-6  
23  
Recognised as follows:  
Deferred tax assets  
28  
36  
Deferred tax liabilities  
-34  
-13  
* Other items primarily relate to share-based payment programs  
The Group has non-recognised tax assets totalling DKK 512 million at year-end  
(2023: DKK 474 million), of which DKK 456 million relates to tax loss carry for-  
wards. DKK 427 million of the tax loss carry forwards have no expiry date, and  
the remaining amount expires within 5 and 10 years.  
Non-recognised tax loss carry forwards include pre-tax DKK 1,722 million (2023:  
DKK 1,722 million) acquired from the transaction with former Neurosearch A/S.  
There is no assurance that the Group will be able to utilise the acquired tax loss  
carry forwards, and no deferred tax asset has therefore been recognised.  
(DKKm)  
2024  
2023  
Movement on deferred tax, net:  
Deferred tax at 1 January  
23  
30  
Deferred tax for the year  
4
-6  
Tax on changes in equity  
-7  
-2  
Additions from business combinations  
-24  
-
Other adjustments  
-2  
1
Deferred tax at 31 December  
-6  
23  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ134  
Notes  
4. Financial assets and liabilities  
This note provides information about the Group’s financial instruments, including:  
·
Overview of all financial instruments held by the Group  
·
Specific information about each type of financial instrument  
·
Accounting policies  
·
Information about determining the fair value of the instruments, including  
judgements and estimation uncertainty involved.  
4.3 Cash and cash equivalents  
Accounting policies  
Cash and cash equivalents presented in the balance sheet statement comprise  
deposits on bank accounts.  
Cash and cash equivalents presented in the balance sheet statement also include  
DKK 6 million which are held on deposit accounts with some limitations in use.  
Deposits are subject to regulatory restrictions and are therefore not available for  
general use by other entities within the Group.  
Cash and cash equivalents presented in the cash flow statement includes DKK  
147 million (2023: DKK 0 million) on short-term bank overdraft accounts, which  
form an integral part of the Group’s cash management activities.  
4.1 Trade receivables  
Accounting policies  
Trade receivables are measured at amortised cost less allowance for bad debt  
based on expected credit losses.  
Trade receivables are amounts due from customers for services performed in the  
ordinary course of business. They are generally due for settlement on a short-  
term basis and therefore are classified as current.  
Due to the short-term nature of the current receivables, their carrying amounts  
are considered to be the same as their fair value. Trade receivables have been  
offset in accordance with the criteria set out in IAS 32. The gross amounts as of  
31 December 2024 are DKK 1,551 million (2023: DKK 1,132 million) offset by a  
netting impact of DKK 26 million (2023: DKK 17 million).  
Information about the impairment of trade receivables and the Group’s exposure  
to credit risk, foreign currency and interest risk can be found in note 6.4.  
The Group holds the following financial instruments:  
Financial assets (amortised cost)  
(DKKm)  
2024  
2023  
Trade receivables  
1,525  
1,115  
Other financial assets  
172  
150  
Cash and cash equivalents  
249  
276  
Financial liabilities (amortised cost)  
(DKKm)  
2024  
2023  
Trade and other payables  
1,568  
1,322  
Other financial liabilities  
678  
379  
Lease liabilities  
1,163  
864  
4.4 Trade and other payables  
Accounting policies  
Trade payables represents liabilities for services provided to the Group prior  
to the end of financial year, which are unpaid at the balance sheet date. The  
amounts are unsecured and are usually paid on a short-term basis. Trade and oth-  
er payables are presented as current liabilities unless payment is due more than  
12 months after the reporting period. They are recognised initially at their fair  
value and subsequently measured at amortised cost using the effective interest  
method. Carrying amounts of trade and other payables are considered to be the  
same as their fair values, due to their short-term nature. Trade payables have  
been offset in accordance with the criteria set out in IAS 32. The gross amounts  
as of 31 December 2024 are DKK 1,346 million (2023: DKK 1,131 million) offset  
by a netting impact of DKK 26 million (2023: DKK 17 million).  
Trade receivables  
(DKKm)  
2024  
2023  
Trade receivables  
1,602  
1,174  
Less provision for impairment  
-77  
-59  
Trade receivables net  
1,525  
1,115  
Financial assets and financial liabilities are measured at amortised cost. The  
carying amounts of these financial assets and financial liabilities are not cosi-  
dered to differ from their fair value. The fair values are measured using Level 2  
inputs.  
4.2 Other financial assets  
Accounting policies  
Other financial assets consist of receivables other than trade receivables. These  
other receivables generally arise from transactions outside the usual operating  
activities of the Group. The non-current part of other receivables mainly con-  
sists of deposits, which are measured at cost less repayments and impairment  
(amortised cost).  
The Group’s exposure to various risks associated with the financial instruments  
is discussed in note 6.4. The maximum exposure to credit risk at the end of  
the reporting period is the carrying amount of each class of financial assets  
mentioned above.  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ135  
Notes  
4.5 Other financial liabilities  
Accounting policies  
Other financial liabilities consist of individually immaterial positions related to  
short-term bank overdrafts and other borrowing arrangements outside of credit  
institutions. Other financial liabilities are measured at amortised cost, which  
corresponds to the net realisable value. Other financial liabilities are classified as  
current liabilities unless the Group has an unconditional right to defer settlement  
of the liability for at least 12 months after the reporting period.  
Financial liabilities  
2024  
Carrying  
(DKKm)  
amount  
0-1 year  
1-5 years  
> 5 years  
Trade and other payables  
1,568  
1,568  
-
-
Other financial liabilities  
678  
175  
503  
-
Lease liabilities  
1,163  
261  
594  
308  
Total, discounted  
3,409  
2,004  
1,097  
308  
Interest  
293  
64  
188  
41  
Total, undiscounted  
3,702  
2,068  
1,285  
349  
2023  
Carrying  
(DKKm)  
amount  
0-1 year  
1-5 years  
> 5 years  
Trade and other payables  
1,322  
1,322  
-
-
Other financial liabilities  
379  
151  
228  
-
Lease liabilities  
864  
196  
446  
222  
Total, discounted  
2,565  
1,669  
674  
222  
Interest  
163  
43  
85  
35  
Total, undiscounted  
2,728  
1,715  
759  
257  
On 14 February 2025, NTG entered into a new facility agreement with a  
consortium of four banks. This facility includes a revolving credit facility  
amounting to DKK 750 million with a maturity of three years, and a term loan  
facility of DKK 1,200 million with a maturity of two years, both of which have  
an option to extend for two additional years. The loan has a variable interest  
rate linked to CIBOR. The agreement also features an uncommitted accordion  
option, allowing the company to increase the facility amount by up to DKK 1  
billion. The facility agreement provides the capacity and flexibility to act on  
the Group's M&A ambitions and secures a reliable financing source for the  
years ahead.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ136  
Notes  
5. Non-financial assets and liabilities  
This section provides information about the Group’s non-financial assets and  
liabilities: Intangible assets, tangible assets and provisions.  
2024  
2023  
Acquired  
Customer  
Acquired  
Customer  
(DKKm)  
rights relationships  
Goodwill  
Total  
rights relationships  
Goodwill  
Total  
Cost at 1 January  
2
7
1,372  
1,381  
2
7
1,386  
1,395  
Aquisitions through business combinations  
-
3
349  
352  
-
-
4
4
Disposals at cost  
-2  
-
-
-2  
-
-
-
-
Currency translation adjustments  
-
-
34  
34  
-
-
-18  
-18  
Cost at 31 December  
-
10  
1,755  
1,765  
2
7
1,372  
1,381  
Impairment losses and amortisation at 1 January  
2
2
-
4
2
1
-
3
Amortisation for the year  
-
1
-
1
-
1
-
1
Disposals during the year  
-2  
-
-
-2  
-
-
-
-
Impairment losses and amortisation at 31 December  
-
3
-
3
2
2
-
4
Carrying amount at 31 December  
-
7
1,755  
1,762  
-
5
1,372  
1,377  
5.1 Intangible assets  
Accounting policies  
Goodwill  
Goodwill acquired in business combinations is recognised and measured as the  
difference between the total of the fair value of the consideration transferred  
and the fair value of the identifiable net assets on the date of acquisition. Good-  
will is not amortised. The carrying amount of goodwill is tested for impairment  
annually. Impairment losses are recognised directly for the year and are not  
subsequently reversed.  
Acquired other rights  
Acquired other similar rights are measured at cost less accumulated amortisation  
and less any accumulated impairment losses or at a lower value in use.  
Customer relationships  
On initial recognition, customer relationships identified from business combina-  
tions are recognised in the balance sheet at fair value. Subsequently, customer  
relationships are measured at cost less accumulated amortisation and impairment  
losses. Customer relationships are amortised on a straight-line basis based on  
the estimated customer life, usually up to 7 years.  
Impairment  
Goodwill is tested for impairment once a year, other intangible assets are tested  
when there is indication of impairment.  
When performing the impairment test, an assessment is made as to the ability of  
individual cash generating units (CGUs) to generate sufficient positive net cash  
flow in the future to support the value of the unit in question.  
Impairment testing is performed for each cash-generating unit to which consol-  
idated goodwill is allocated, as defined by Management. The cash-generating  
units thereby follow the Group’s divisional structure:  
·
Road & Logistics, and  
·
Air & Ocean  
Goodwill is written down to its recoverable amount through the income state-  
ment, if this is lower than the carrying amount.  
The recoverable amount is determined as the present value of the discounted  
future net cash flow from the cash-generating unit to which the goodwill relates.  
In calculating the present value, discount rates are applied reflecting the risk-free  
interest rate with the addition of risks relating to the individual cash-generating  
units, such as geographical and financial exposure.  
The carrying amount of goodwill at 31 December 2024 equals DKK 1,755 million.  
For goodwill impairment testing, a number of estimates are made in connection  
to the development in revenues, operating profits, future capital expenditures,  
discount rates and growth expectations in the terminal period.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ137  
Notes  
5.1 Intangible assets – continued  
5.2 Property, plant and equipment  
Accounting policies  
Property, plant and equipment are measured at cost less accumulated  
depreciation and accumulated impairment. Property, plant and equipment are  
depreciated on a straight-line basis over the estimated useful lives of the assets,  
which are as follows:  
·
Land is not depreciated  
·
Warehouses and other productions buildings 20-30 years  
·
Office buildings 40-50 years  
·
Other fixtures and fittings, tools and equipment 3-7 years  
The basis of depreciation is calculated with due consideration to the residual  
value and any prior impairment write down. The estimated useful life and residual  
value of each asset is determined at the date of acquisition and reassessed  
annually.  
These estimates are based on assessments of the current cash-generating units  
Road & Logistics and Air & Ocean, and are based on historical data and assump-  
tions of future expected market developments, including expected long-term  
average market growth rates.  
The Road & Logistics division primarily operates in the Northern, Eastern and  
Central European markets. Future net cash flows of the division are affected  
by market development and growth rates in these regions. Development in the  
gross profit generated per shipment, efforts in cost management, and improve-  
ments in internal productivity measured by the number of shipments all play  
crucial roles in influencing the division's cash flow.  
The Air & Ocean division operates internationally, and its future cash flows are  
therefore exposed to developments in global trade and economy. Development  
in gross profit per shipment, cost management, and improvements in internal  
productivity impacts the cash flow of the division. Additionally, fluctuations in  
freight rates impacts the overall financial dynamics of the division.  
Future cash flows in both divisions are also affected by the development of inter-  
nal factors, such as network synergies and productivity improvements.  
The expected future net cash flow is based on budgets and business plans  
approved by Management for the year 2025 and projections for subsequent  
years up to and including 2029. Projections in the budget period are derived  
from the Group's historical above-industry growth rates. From 2029, NTG Nordic  
Transport Group A/S expects the growth rate to remain in line with the expected  
long-term average growth rate for the industry.  
Goodwill impairment  
2024  
Road &  
Air &  
(DKKm)  
Logistics  
Ocean  
Carrying amount of goodwill  
1,042  
713  
Budget period  
Annual growth  
3.0%  
3.0%  
Operating margin  
5.5%  
3.5%  
Terminal period  
Growth  
1.5%  
1.5%  
Pretax discount rate  
10.1%  
13.1%  
2023  
Road &  
Air &  
(DKKm)  
Logistics  
Ocean  
Carrying amount of goodwill  
740  
632  
Budget period  
Annual growth  
3.0%  
3.0%  
Operating margin  
5.5%  
4.5%  
Terminal period  
Growth  
1.5%  
1.5%  
Pretax discount rate  
10.2%  
12.2%  
Impairment  
Assets are tested for impairment, if indications of impairment are present. In  
case a need for impairment is identified, the assets' carrying amount is written  
down immediately to its recoverable amount if the assets' carrying amount is  
greater than its estimated recoverable amount. Any resulting impairment loss is  
recognised in the income statement when the impairment is identified.  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ138  
Notes  
5.2 Property, plant and equipment – continued  
5.3 Leases  
Contracts are assessed at inception to determine whether the Group is entering  
into a lease. If a lease is identified, a right-of-use asset and a corresponding lease  
liability are recognised in the balance sheet at the contract’s commencement date.  
Lease liabilities are initially measured at the present value of future leasing pay-  
ments under the contract, discounted using either the interest rate implicit in the  
contract, or (if the implicit interest rate is not available) an incremental borrowing  
rate appropriate for the Group. Future variable lease payments are not recognised  
in the lease liabilities, as they have no material impact on recognition.  
Subsequent to recognition, lease liabilities are measured at amortised cost using  
the effective interest method, adjusted for any remeasurements or contract  
modifications. Lease payments are allocated between reduction of the liability and  
interest expenses. Interest expenses are charged to the income statement over  
the lease period to produce a constant periodic rate of interest on the remaining  
balance of the liability for each period.  
Right-of-use assets are initially measured at cost, equivalent to the relevant  
recognised lease liability adjusted for any leasing payments made on or before the  
commencement date, any initial costs associated to the lease and other directly  
related costs including dismantling and restoration costs.  
Subsequent to recognition, right-of-use assets are depreciated on a straight-line  
basis over the shorter of each asset’s useful life and the relevant lease term and  
adjusted for any remeasurements of the lease liability.  
Right-of-use assets and lease liabilities are not recognised for low value lease  
assets or leases with a lease term of 12 months or less. These are recognised as an  
expense on a straight-line basis over the term of the lease. Any service elements  
separable from a capitalised lease contract are accounted for following same  
principle.  
In accounting for lease contracts, various judgements are applied in determining  
right-of-use assets and lease liabilities. Judgements include assessment of lease  
periods, utilisation of extension options and applicable discount rates.  
2024  
2023  
Other  
Other  
fixtures  
fixtures  
and fittings,  
and fittings,  
Land and  
tools and  
Land and  
tools and  
(DKKm)  
buildings  
equipment  
Total  
buildings  
equipment  
Total  
Cost at 1 January  
26  
82  
108  
32  
64  
96  
Additions through business combinations  
51  
12  
63  
-
2
2
Additions for the year  
1
33  
34  
-
25  
25  
Disposals at cost  
-
-34  
-34  
-5  
-9  
-14  
Currency translation adjustments  
-
-
-
-1  
-
-1  
Cost at 31 December  
78  
93  
171  
26  
82  
108  
Impairment losses and depreciation at 1 January  
1
33  
34  
1
26  
27  
Depreciation for the year  
1
16  
17  
-
9
9
Disposals during the year  
-
-8  
-8  
-
-4  
-4  
Currency translation adjustments  
-
-
-
-
2
2
Impairment losses and depreciation at 31 December  
2
41  
43  
1
33  
34  
Carrying amount at 31 December  
76  
52  
128  
25  
49  
74  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ139  
Notes  
5.3 Leases - continued  
Extension options are only included in the lease term if the lease is reasonably  
certain to be extended. The majority of extension and termination options held are  
exercisable only by the Group and not by the respective lessor.  
All right-of-use assets are presented in the balance sheet in the line item Right-of-  
use assets.  
Right-of-use assets classified as land and buildings mainly relate to leases of ware-  
houses, terminals and office buildings, whereas assets recognised as other plant  
and equipment mainly relate to leases of trailers, trucks, company cars, forklifts,  
and other office equipment.  
Contractual maturity of lease liabilities  
(DKKm)  
2024  
2023  
<1 year  
325  
239  
1 > 5 years  
782  
531  
> 5 years  
349  
257  
Total undiscounted lease liabilities at 31 december  
1,456  
1,027  
Cash flow related to leasing contracts  
(DKKm)  
2024  
2023  
Expense relating to short-term leases (included in  
direct costs and other external expenses)  
16  
27  
Expense relating to leases of low-value assets  
that are not short-term leases (included in direct costs  
and other external expenses)  
6
1
Interest expenses on lease liabilities  
48  
37  
Lease repayments  
234  
211  
The total cash outflow for leases  
304  
276  
2024  
2023  
Right-of-use assets  
Other  
Other  
Land &  
Plant &  
Land &  
Plant &  
(DKKm)  
Buildings  
Equipment  
Total  
Buildings  
Equipment  
Total  
Opening balance 1 January  
515  
302  
817  
471  
265  
736  
Additions from business combinations  
274  
50  
324  
-
-
-
Additions during the period  
81  
153  
234  
162  
188  
350  
Disposals during the period  
-1  
-32  
-33  
-16  
-40  
-56  
Depreciations  
-126  
-118  
-244  
-102  
-112  
-214  
Currency translation adjustments  
-
-
-
-
1
1
Carrying amount at 31 December  
743  
355  
1,098  
515  
302  
817  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ140  
Notes  
5.4 Provisions  
Accounting policies  
Provisions are recognised when the Group has a present legal or constructive  
obligation as a result of past events, it is probable that an outflow of resources  
will be required to settle the obligation and the amount can be reliably estimated.  
Provisions are not recognised for future operating losses.  
Where there are a number of similar obligations, the likelihood that an outflow  
will be required in settlement is determined by considering the class of obliga-  
tions as a whole. A provision is recognised even if the likelihood of an outflow  
with respect to any one item included in the same class of obligations may be  
small.  
Provisions are measured at the present value of Management’s best estimate  
of the expenditure required to settle the present obligation at the end of the  
reporting period. Provisions are in all material aspects short term and as such, no  
interest expense pertaining to the passage of time is recognised.  
The Group’s provisions are divided into two categories: 1) legal claims and  
restructuring and 2) other provisions. The latter mainly consists of provisions  
relating to onerous contracts and refurbishment of premises.  
Movement in provisions  
Movements during the year are mainly related to additions through business  
combinations.  
2024  
Legal  
claims and  
Other  
(DKKm)  
restructuring  
provisions  
Total  
Carrying amount at 1 January  
8
22  
30  
Additions through business  
combinations  
-
29  
29  
Additional provisions recognised  
1
2
3
Unused amounts reversed  
-
-1  
-1  
Amounts used during the year  
-2  
-1  
-3  
Currency translation  
1
-
1
Carrying amount at 31 December  
7
51  
58  
2024  
(DKKm)  
Current Non-current  
Total  
Legal claims and restructuring  
7
-
7
Other provisions  
29  
22  
51  
Total  
36  
22  
58  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ141  
Notes  
6. Capital and financial risks  
The section describes the shareholders’ equity composition and capital manage-  
ment, including risks related to the financing structure of the Group.  
6.1 Equity  
Share capital  
At 31 December 2024, the share capital of NTG Nordic Transport Group A/S was  
DKK 453 million consisting of 22.6 million shares with a nominal value of DKK  
20 each.  
Shares consist of only one share class and include no special rights, preferences,  
or restrictions. All shares are fully paid up. Shares are issued in multiples of 20.  
The share capital is specified as follows:  
(DKKm)  
2024  
2023  
2022  
2021  
2020  
Share capital at 1 January  
453  
453  
453  
453  
449  
Capital increase  
-
-
-
-
4
Share capital at 31  
December  
453  
453  
453  
453  
453  
Treasury shares  
Treasury shares are bought back to enable swaps of minority shareholders’  
shares in NTG subsidiaries under the ‘Ring-the-Bell’ concept and to cover obli-  
gations arising under future share-based incentive programs and potentially for  
other purposes such as payment in relation to M&A transactions.  
The treasury share reserve contains the nominal value of treasury shares, where  
any difference to the market price is recognised directly in retained earnings in  
equity.  
The reserve is a distributable reserve.  
Dividends  
Dividends are recognised as a liability when approved by the shareholders at the  
Annual General Meeting. Dividends recommended to be paid for the year are  
stated as a separate line item under equity until approved at the Annual General  
Meeting. No dividends have been proposed for 2024.  
Nominal value  
Part of share  
Market value  
Number of shares  
(DKKm)  
capital  
(DKKm)  
Treasury shares at 1 January  
1,387,472  
28  
6.1%  
408  
Ring-the-Bell consideration paid  
-40,730  
-1  
-0.2%  
-14  
Other transactions  
-55,639  
-1  
-0.2%  
-16  
Value adjustment  
-47  
Treasury shares at 31 December  
1,291,103  
26  
5.7%  
331  
Translation reserve  
Exchange differences arising on translation of foreign controlled entities are rec-  
ognised in other comprehensive income and accumulated in a separate reserve  
within equity. The cumulative amount is reclassified to profit or loss when the net  
investment is disposed of.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ142  
Notes  
6.2 Earnings per share  
Earnings per share (EPS) is calculated according to IAS 33, as shown below.  
Earnings per share  
(DKKm)  
2024  
2023  
Profit attributable to shareholders in NTG Nordic  
Transport Group A/S  
297  
374  
(‘000 shares)  
Average number of shares  
22,649  
22,649  
Average number of treasury shares  
-1,336  
-1,155  
Average number of shares in circulation  
21,313  
21,494  
Dilutive effect of outstanding share-based payment  
programs  
28  
236  
Diluted average number of shares in circulation  
21,341  
21,730  
Earnings per share  
13.93  
17.40  
Diluted earnings per share  
13.92  
17.21  
6.3 Capital management  
Objectives of capital management are to safeguard the Group’s ability to contin-  
ue as a going concern, to provide returns for shareholders and benefits for other  
stakeholders by maintaining an optimal capital structure and reducing costs of  
capital.  
Free cash flows are allocated in the priority below:  
·
Maintain a leverage ratio in line with the target.  
·
Secure a sufficient capital buffer for investments in organic growth, acquisi-  
tions, and other strategic initiatives.  
·
Cover obligations in relation to acquisition of minority shareholders’ shares in  
subsidiaries and obligations under share-based incentive programs.  
·
Distribute excess capital to shareholders through share buyback programs.  
Executive Management and the Board of Directors monitor the share and  
capital structure to ensure the Group’s capital resources support strategic goals.  
Through a close dialogue with its main lenders, the Group can secure funding  
of strategic initiatives within a short time frame. Change of control clauses are  
generally included in NTG’s credit agreements.  
The Group’s target leverage ratio (measured as NIBD including IFRS 16 relative  
to adj. EBITDA) is below 3.0x. This level may be temporarily exceeded imme-  
diately after significant acquisitions. The Group’s leverage ratio was 2.0x at 31  
December 2024.  
6.4 Financial risks  
The overall financial risk management framework is laid down in the Group’s finance  
policy, investment policy and policies regarding credit risks. The Group’s finance  
functions manage financial risk at centralised level. Thus, the Group’s financial  
management is aimed solely at managing and reducing the financial risks directly  
associated with the Group’s operations and financing.  
Disclosures in this note concern financial risks most significant for the Group,  
which are:  
·
Currency risk  
·
Interest risk  
·
Liquidity risk  
·
Credit risk  
Currency risk  
Foreign currency risk is the risk that the fair value of future cash flows of an ex-  
posure will fluctuate because of changes in foreign exchange rates. The Group’s  
exposure to the risk of changes in foreign exchange rates relates primarily to the  
Group’s operating activities due to the international activities of the Group. The  
Group’s revenues are mainly denominated in EUR, USD, DKK and SEK. Expenses  
have a pattern in line with revenue. The EUR rate is fixed to the DKK and is  
therefore not perceived to present a significant currency risk.  
Sensitivity analysis of currency exposure based on the net exposure of the  
Group, the hypothetical impact of exchange rate fluctuations on profit for the  
year and equity, is as follows:  
Sensitivity analysis  
Change in  
Impact on  
Impact on  
(DKKm)  
exchange rate  
profit/loss  
equity  
USD/DKK  
-5%  
-15  
-42  
SEK/DKK  
-5%  
-6  
-
PLN/DKK  
-5%  
2
-5  
The Group is not significantly exposed to foreign currency risk from items in  
other comprehensive income.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ143  
Notes  
6.4 Financial risks – continued  
During 2024, the Group expensed DKK 21 million on expected losses on trade  
receivables, corresponding to 0.22% of the Group’s net revenue.  
Due to insignificant historic realised losses on trade receivables, the Group  
applies a simplified approach in calculating expected credit losses. Therefore,  
the Group does not track changes in credit risk, but instead recognises a loss  
allowance based on lifetime expected credit losses at each reporting date. The  
Group has established a provision matrix that is based on its historical credit loss  
experience, adjusted for forward-looking factors specific to the debtors and the  
economic environment.  
Expected losses on trade receivables, based on weighted loss percentages, are  
as follows:  
The closing loss allowances for trade receivables as of 31 December 2024 recon-  
cile to the opening allowances as follows:  
Interest risk  
Interest rate risk is the risk that the fair value of future cash flows of a finan-  
cial instrument will fluctuate because of changes in market interest rates. The  
Group’s exposure to interest risk arises mainly from the revolving credit facility  
held by Group. The material amount relates to short-term facilities and manage-  
ment expects to repay the credit facility in the short term. Therefore, exposure  
to interest rate risk is considered immaterial.  
The Group regularly monitors its interest rate risk and considers it to be insignifi-  
cant, therefore an interest rate sensitivity analysis is not deemed necessary.  
Movement in allowance for doubtful trade receivables  
(DKKm)  
2024  
2023  
Carrying amount at 1 January  
59  
63  
Additions through business combinations  
8
-
Impairments realised during the year  
-11  
-24  
Allowances for losses during the year  
21  
20  
Carrying amount at 31 December  
77  
59  
Liquidity risks  
The Group is exposed to liquidity risk in relation to meeting future obligations  
associated with its financial liabilities, which mainly include trade payables, other  
payables and credit facility. The Group ensures adequate liquidity through the  
management of cash flow forecasts and close monitoring of cash inflows and  
outflows and through inter-Group treasury accounts. In addition to cash flow  
from operations, the Group’s liquidity position is secured through committed  
credit facilities with the Group’s primary banks. At 31 December 2024, the un-  
drawn amount of committed credit facilities totalled DKK 378 million.  
At 31 December 2024 trade receivables were written down by DKK 77 million  
(2023: DKK 59 million). Individual assessments mainly cover specific debtors,  
where settlement of accounts is assumed to be unlikely.  
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are  
credited against the same line item.  
Credit risks in trade receivables  
2024  
2023  
Gross carrying  
Expected  
Gross carrying  
Expected  
(DKKm)  
amount  
loss rate  
Loss allowance  
amount  
loss rate  
Loss allowance  
Not overdue  
1,102  
0.2%  
2
804  
0.2%  
2
1-30 days  
331  
0.5%  
2
246  
0.5%  
1
31-180 days  
101  
2.0%  
2
71  
2.0%  
1
181 - 360 days  
14  
50.0%  
7
14  
50.0%  
7
More than 360 days  
54  
100.0%  
54  
39  
100.0%  
39  
Loss allowance  
1,602  
67  
1,174  
50  
Individual assessments  
10  
9
Loss allowance  
1,602  
77  
1,174  
59  
Credit risks  
The Group’s credit risks are partly linked to receivables and cash at bank and in  
hand. The maximum credit risk linked to financial assets corresponds to the val-  
ues recognised in the balance sheet. The Group has no significant risk regarding  
one individual customer or partner.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ144  
Notes  
7. Composition of the Group  
This section provides information how the composition of the Group affects the  
financial position and performance for the year.  
Where settlement of any part of a cash consideration is deferred, the amounts  
payable in the future are discounted to their present value as at the date of  
exchange. The discount rate used is the entity’s incremental borrowing rate, being  
the rate at which a similar borrowing could be obtained from an independent  
financier under comparable terms and conditions.  
Contingent considerations are classified either as equity or financial liabilities.  
Amounts classified as financial liabilities are subsequently remeasured to fair value  
with changes in fair value recognised in profit or loss.  
If measurement of the identifiable net assets is uncertain at the date of acquisition,  
initial recognition is done based on provisional amounts. Measurement period ad-  
justments to the provisional amounts may be done for up to 12 months following  
the date of acquisition.  
On 31 December 2024, the discounted maximum earn-out of EUR 4 million (DKK  
29 million) was recognised.  
Adjusted for the fair value of acquired cash and cash equivalents of DKK 16 mil-  
lion, the net cash flow in 2024 amounted to DKK 289 million (outflow).  
7.1 Acquisition and disposal of entities  
Accounting policies  
Enterprises acquired or formed during the year are recognised in the consolidat-  
ed financial statements from the date of acquisition or formation. Enterprises  
disposed of are recognised in the consolidated financial statements up to the  
date of disposal. Discontinued operations and assets held for sale are presented  
separately. The acquisition method of accounting is used to account for all business  
combinations, regardless of whether equity instruments or other assets are ac-  
quired. The consideration transferred for the acquisition of a subsidiary comprises:  
Non-controlling interests are recognised using the same principles  
·
fair values of the assets transferred  
·
liabilities incurred to the former owners of the acquired business  
·
equity interests issued by the Group  
Identifiable assets acquired, and liabilities and contingent liabilities assumed in a  
business combination are, with limited exceptions, measured initially at their fair  
values at the acquisition date.  
Earnings impact  
During the period after the acquisition, SSH contributed DKK 243 million to the  
Group’s net revenue and DKK 7 million to the Group’s adj. EBIT. If the acquisition  
had taken place 1 January 2024 the Group’s net revenue would have amounted to  
DKK 10,149 million and the Group's adj. EBIT would have amounted to DKK 557  
million.  
Transaction cost  
Transaction costs relating to the SSH acquisition amount to DKK 6 million. Trans-  
actions costs are accounted for in the income statement as special items.  
Acquisitions closed during the year  
Schmalz+Schön Logistics GmbH Region Stuttgart  
On 1 October 2024, NTG completed the acquisition of 100% of the shares in  
Schmalz+Schön Logistics GmbH Region Stuttgart (“SSH”). SSH, a well-established  
German provider specialising in customised transport and logistics solutions, brings  
decades of expertise, a team of 330 employees, and a strong reputation for quality  
and reliability.  
Fair value of acquired net assets and recognised goodwill  
Provisional fair values of acquired assets and liabilities at the acquisition date are  
given in the table on the next page. The fair value of acquired trade receivables and  
other receivables amounts to DKK 177 million. The collectability of receivables has  
been assessed based on Group credit assessment policies. In total DKK 7 million  
has been provided for as doubtful trade receivables.  
Goodwill is primarily related to synergy effects from integration with NTG’s exist-  
ing infrastructure and network.  
The integration of SSH is still ongoing, and consequently net assets, including  
goodwill and other intangible assets, may be adjusted, and off-balance sheet items  
may be recognised for up to 12 months after the acquisition date.  
Accounting estimates and judgments  
Estimates and assumptions are an integrated part of assessing fair values etc. in  
accordance with the acquisition method of accounting, as observable market prices  
are seldom available for the acquired assets and liabilities. Assessments are carried  
out using Management’s judgement with regards to future cash flows and other  
input factors to the valuation models used.  
The excess of the consideration transferred over the fair value of the net identi-  
fiable assets acquired is recorded as goodwill. If those amounts are less than the  
fair value of the net identifiable assets of the business acquired, the difference is  
recognised directly in profit or loss as a bargain purchase.  
Consideration transferred  
The total consideration consists of a contingent consideration and a cash payment  
of DKK 406 million, of which DKK 305 million was settled in 2024. The remaining  
amount of DKK 101 million was settled in early 2025 following the fulfilment  
of two corporate conditions set out in the SPA. The contingent consideration is  
determined based on the performance on a key customer in the period from 2025  
to 2029. A sustained level of financial performance will result in payment of the  
maximum amount of EUR 5 million (DKK 37 million). The consideration transferred,  
including the earn-out arrangement, has been measured at fair value. The earn-out  
has been discounted to reflect its present value in accordance with IFRS 3.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ145  
Notes  
7.1 Acquisition and disposal of entities – continued  
RTC Transport A/S  
On 14 February 2024, NTG completed the acquisition of 75% of the shares in RTC  
Transport A/S (RTC). RTC was founded in 2006 in Brøndby, Denmark, and special-  
ises in home deliveries of furniture and domestic appliances as well as value added  
services including carry-ins, installations, and return handling. RTC has a strong  
presence in the Danish market, from where it also serves customers with home  
deliveries in the southern part of Sweden.  
The integration of RTC is still ongoing, and consequently net assets, including  
goodwill and other intangible assets, may be adjusted, and off-balance sheet items  
may be recognised for up to 12 months after the acquisition date.  
Schmalz+Schön  
Fair values  
at date of  
(DKKm)  
acquisition  
Property, plant and equipment  
56  
Right-of-use assets  
291  
Other receivables  
39  
Assets held for sale  
71  
Trade receivables  
138  
Corporation tax  
14  
Cash and cash equivalents  
16  
Total assets  
625  
Deferred tax  
24  
Pensions  
12  
Provisions  
29  
Lease liabilities  
291  
Trade payables  
73  
Other payables  
58  
Total liabilities  
487  
Non-controlling interests' share of acquired net assets  
3
Acquired net assets  
135  
Fair value of consideration  
435  
Goodwill arising from the acquisition  
300  
RTC Transport A/S  
Fair values  
at date of  
(DKKm)  
acquisition  
Property, plant and equipment  
5
Right-of-use assets  
24  
Other receivables  
2
Trade receivables  
21  
Cash and cash equivalents  
5
Total assets  
57  
Provisions  
2
Lease liabilities  
31  
Trade payables  
10  
Other payables  
9
Corporation tax  
1
Total liabilities  
53  
Non-controlling interests' share of acquired net assets  
1
Acquired net assets  
3
Fair value of consideration  
37  
Goodwill arising from the acquisition  
34  
Consideration transferred  
The total consideration consists of a cash payment of DKK 26 million in addition  
to a contingent consideration. The contingent consideration is determined based  
on the performance of RTC in 2024. A sustained level of financial performance will  
result in earn-out payments of maximum DKK 11 million. On 31 December 2024,  
the maximum earn-out consideration of DKK 11 million was recognised. Adjusted  
for the fair value of acquired cash and cash equivalents of DKK 5 million, the net  
cash flow amounted to DKK 21 million (outflow).  
Earnings impact  
During the period after the acquisition, RTC contributed with DKK 170 million  
to the Group’s net revenue and DKK 14 million to the Group’s adj. EBIT. If the  
acquisition had taken place 1 January 2024 the Group’s net revenue would have  
amounted to DKK 9,368 million and the Group's adj. EBIT would have amounted to  
DKK 526 million.  
Transaction costs  
Transaction costs relating to the RTC acquisition amount to DKK 1 million. Trans-  
actions costs are accounted for in the income statement as special items  
Fair value of acquired net assets and recognised goodwill  
Provisional fair values of acquired assets and liabilities at the acquisition date are  
given in the table below. The fair value of acquired trade receivables and other  
receivables amounts to DKK 23 million. The collectability of receivables has been  
assessed based on Group credit assessment policies.  
Goodwill is primarily related to synergy effects from integration with NTG’s  
existing infrastructure and network.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ146  
Notes  
7.1 Acquisition and disposal of entities – continued  
Freightzen Logistics Company Limited and Schenker Italiana S.p.A  
On 3 September and 30 September 2024, NTG completed the acquisition of 60%  
of the shares in Asia-based Freightzen Logistics Company Limited (“Freightzen”)  
and 100% of the activities in the land-based funiture logistics division of Schenker  
Italiana S.p.A (“Schenker Italiana”), respectively.  
Freightzen was founded in 2018 in Bangkok, Thailand, and delivers personalised  
and customised logistics solutions by air and ocean, with strategically located  
offices in Thailand, Vietnam, and Malaysia.  
The land-based furniture logistics division of Schenker Italiana, located in Como,  
Italy, is a specialised full-service provider of furniture logistics solutions, focusing  
on handling, storing, and transporting high-end furniture.  
These acquisitions are fundamental to the Group's growth strategy, providing  
a stronger foundation for future expansion within key segments and markets.  
Each transaction aligns with the Group's goal of creating a robust and diversified  
portfolio. Information about the acquisitions of Freightzen and Schenker Italiana  
are disclosed in aggregate.  
Fair value of acquired net assets and recognised goodwill  
Provisional fair values of acquired assets and liabilities at the acquisition date are  
given in the table on the right. The fair value of acquired trade receivables and  
other receivables amounts to DKK 33 million. The collectability of receivables has  
been assessed based on Group credit assessment policies.  
Goodwill is primarily related to synergy effects from integration with NTG’s  
existing infrastructure and network.  
The integration is still ongoing, and consequently net assets, including goodwill  
and other intangible assets, may be adjusted, and off-balance sheet items may be  
recognised for up to 12 months after the acquisition date.  
Freightzen Logistics and Schenker Italiana  
Fair values  
at date of  
(DKKm)  
acquisition  
Intangible assets  
3
Property, plant and equipment  
2
Right-of-use assets  
9
Trade receivables  
31  
Other receivables  
1
Cash and cash equivalents  
13  
Total assets  
59  
Provisions  
2
Lease liabilities  
9
Trade payables  
29  
Other payables  
3
Corporation tax  
1
Total liabilities  
44  
Acquired net assets  
15  
Fair value of consideration  
30  
Goodwill arising from the acquisitions  
15  
Consideration transferred  
The total considerations consist of a cash payment of DKK 30 million, settled in  
connection with the transactions. Adjusted for the fair value of acquired cash and  
cash equivalents of DKK 13 million, the net cash flow amounted to DKK 17 million  
(outflow).  
Earnings impact  
During the period after the acquisitions, Freightzen and Schenker Italiana contrib-  
uted with DKK 40 million to the Group’s net revenue and negative DKK 5 million  
to the Group’s adj. EBIT. If the acquisitions had taken place 1 January 2024 the  
Group’s net revenue would have amounted to DKK 9,482 million and adj. EBIT  
would have amounted to DKK 529 million.  
Transaction cost  
Transaction costs relating to the acquisitions amount to DKK 1 million.  
Transactions costs are accounted for in the income statement as special items.  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ147  
Notes  
7.1 Acquisition and disposal of entities – continued  
Acquisitions closed early 2025  
7.2 Non-controlling interests  
As part of NTG’s governance model, shareholders of non-controlling interests in  
subsidiaries have, upon maturity, a pre-defined concept of swapping their subsid-  
iary shares with shares in the Parent Company (the ‘Ring-the-Bell’ concept). The  
swaps are subject to an offer from non-controlling subsidiary shareholders and  
an acceptance from NTG’s Executive Management.  
A total equity value of DKK 12 million was acquired from non-controlling  
interests in 2024. In addition to various minor transactions with non-controlling  
interests in the course of maintaining the Group’s partnership structure, the only  
noteworthy transactions carried out during 2024 were planned Ring-the-Bell  
tranche acquisitions in Poland, Denmark, Sweden, and Finland.  
On 31 December 2024, no non-controlling interests in any of the Group’s  
subsidiaries are material to the consolidated financial statements.  
ITC Logistic GmbH  
On 18 September 2024, NTG Germany GmbH (“NTG”), a fully owned subsidiary  
of NTG Nordic Transport Group A/S, signed an agreement to acquire 100% of the  
shares of German-based ITC Logistic GmbH (“ITC”). ITC specialises in delivering  
bespoke road and logistics solutions to a portfolio of long-standing customers.  
ITC is well positioned as a full-service, end-to-end solutions provider offering  
groupage, FTL, LTL, comprehensive logistics services, and a suite of value-  
added services to key clients. Operating from five strategic locations in Western  
Germany, with a strong presence in the North Rhine-Westphalia region, ITC  
employs approximately 130 white-collar and 80 blue-collar employees.  
For the financial year ended 31 December 2023, ITC reported revenue of DKK  
600 million and an EBIT of DKK 85 million. The transaction was closed in early  
2025 and ITC's financial performance will be consolidated into the Group from 1  
January 2025.  
Thortrans A/S  
On 29 November 2024, LGT Logistics A/S, a 90% owned subsidiary of NTG Nordic  
Transport Group A/S, signed an agreement to acquire 100% of the activities of  
Danish-based Thortrans A/S.  
Thortrans, a family-owned business established in 1972, has built a strong  
reputation in Denmark, Sweden, and Norway. Renowned for its expertise in  
handling, storage, and transportation of furniture and kitchens.  
The acquisition is expected to contribute approximately DKK 120 million in annual  
revenue. The transaction was closed in early 2025 and Thortrans' financial  
performance will be consolidated into the Group from 1 February 2025.  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ148  
Notes  
8.2 Share-based payment programs  
Accounting policies  
Employee services received in exchange for share-based payments granted corre-  
spond to fair value on the grant date. Share-based payments are either equity or  
cash settled and recognised in the income statement as staff costs over the vesting  
period.  
The fair value is determined using the Black & Scholes valuation model measured  
on the grant date. Valuation assumptions consider terms and conditions applicable  
to the share options and warrants, and Management’s expectations on the input  
variables. Estimated volatility is based on a peer review, adjusted for NTG specific  
factors. A total of 164 employees held share options or warrants on 31 December  
2024 (2023: 120 employees).  
37,000 share options were open for exercise on 31 December 2024. NTG Nordic  
Transport Group A/S has the right to settle share-based payment programs in  
either cash or shares when exercised. During 2024, 308,150 warrants and share  
options were exercised at an average share price of 279. Non-vested share options  
will, in certain circumstances, lapse in connection with a participant’s termination  
of employment.  
Agreements with employees regarding share-based remuneration also include  
provisions that entitle the employee to premature exercise of the instrument in a  
change of control scenario.  
Valuation of the share-based payments granted in 2024 and 2023 is based on  
assumptions disclosed in the following table:  
8. Other disclosures  
This section of the notes includes other information that must be disclosed to  
comply with the accounting standards and other pronouncements.  
8.1 Remuneration of the Executive Board and the Board of Directors  
The composition of the remuneration to the members of the Board of Directors  
and the Executive Management is aimed at contributing to retaining and motivat-  
ing management members and to ensure the maximisation of shareholder value  
by promoting and supporting achievement of strategic objectives for the Group  
following general trends in the society. The remuneration paid in 2024 follows  
the framework defined by the Remuneration Policy, available at investor.ntg.com,  
approved at the Annual General Meeting 21 March 2024. Base salary paid to Key  
Management personnel in 2024 totals DKK 5.3 million (2023: DKK 5.0 million).  
The Board of Directors only receives short-term benefits. Executive Manage-  
ment also receive other remuneration components. Total base salary to the  
Board of Directors and Executive Management was DKK 7.8 million in 2024  
(2023: DKK 7.3 million). Total remuneration to the Board of Directors and Execu-  
tive Management was DKK 12.5 million in 2024 (2023: DKK 12.0 million).  
For the financial year 2024, the Group has published a Remuneration Report,  
investor.ntg.com, in accordance with the requirements of section 139b of the  
Danish Companies Act implementing the Shareholders Rights Directive.  
Remuneration to the Executive Management  
Total remuneration to the Group’s Executive Management is given in the table to  
the right. Employment agreements with members of the Executive Management  
are without time limitation and can generally not exceed 12 months on the part  
of the Company and 6 months on the part of the individual member of Executive  
Management. For further information on remuneration composition etc., refer-  
ence is made to the Group’s Remuneration Report.  
(DKKm)  
2024  
2023  
Base salary  
5.3  
5.0  
Pensions and benefits  
0.5  
0.7  
Short-term cash incentive  
1.2  
1.2  
Share based payments  
2.7  
2.5  
Executive Management Board total  
9.7  
9.4  
Remuneration to the the Board of Directors  
Total remuneration to the Group’s Board of Directors is given below. For further  
information on remuneration composition, reference is made to the Group’s  
Remuneration Report.  
(DKKm)  
2024  
2023  
Fixed annual fee  
2.5  
2.3  
Additional fixed fee  
0.3  
0.3  
Board of Directors  
2.8  
2.6  
Assumptions  
2024  
2023  
Share price  
259  
356  
Volatility  
35.0%  
35.0%  
Risk-free interest rate  
2.4%  
2.5%  
Expected dividends  
0.0%  
0.0%  
Expected duration (years)  
4
4
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ149  
Notes  
8.2 Share-based payment programs – continued  
Expenses arising from share-based payments transactions  
Total expenses arising from share-based payment transactions recognised during  
the year as part of employee benefit expense totaled DKK 13 million (2023: DKK  
10 million).  
Share options programs  
Granted share options generally have a three-year vesting period followed by a  
two-year exercise period. Options are granted to key employees in the organisa-  
tion with the goal of motivation and retention, including alignment of interests  
with NTG Nordic Transport Group A/S’ shareholders.  
2024 LTIP to Executive Management  
Share options awarded under the 2024 LTIP will be granted in 2025. Pursuant to  
Section 5.8.5 of the Remuneration Policy, the exercise price relevant for estab-  
lishing the actual number of share options granted for 2024 shall be determined  
as the average share price of the shares of the Company for the 10-day trading  
period following the publication of the Company’s annual report for 2024. Using  
an estimated exercise price of 243, based on the reference share price (being  
the average closing price in the last 10 days up to and including 3 March 2025),  
indicates that an estimated 31,493 options will be granted to Executive Manage-  
ment under the 2024 LTIP. The expected grant date is 20 March 2025 resulting  
in a 2-year exercise period starting on 20 March 2028. Options expected to be  
granted under the 2024 LTIP will be recognised from the grant date in 2025 and  
are not included in the table above.  
29,797 share options with an exercise price of DKK 259 were granted in 2024 to  
Executive Management under the 2023 LTIP.  
Outstanding programs  
Average  
Share  
exercise price  
Warrants  
options  
Total  
per option  
Outstanding at  
1 January 2023  
650,459  
196,295  
846,754  
197  
Granted  
-
214,901  
214,901  
356  
Exercised  
-230,459  
-
-230,459  
139  
Options waived/expired  
-
-41,376  
-41,376  
344  
Outstanding at  
31 December 2023  
420,000  
369,820  
789,820  
249  
Outstanding at  
1 January 2024  
420,000  
369,820  
789,820  
249  
Granted  
-
222,386  
222,386  
259  
Exercised  
-280,000  
-28,150  
-308,150  
176  
Options waived/expired  
-140,000  
-47,789  
-187,789  
213  
Outstanding at  
31 December 2024  
-
516,267  
516,267  
310  
Share-based payment programs  
Market value at  
Remaining  
Grant year  
Type of program  
Options granted  
Exercise period  
Exercise price  
grant date (DKKm)  
duration (years)  
2021  
Share options  
89,500  
18.11.2023-18.11.2026  
180 to 285  
4
0.1  
2022  
Share options  
127,545  
05.04.2025-28.03.2028  
260 to 377  
8
1.3  
2023  
Share options  
214,901  
24.03.2026-24.03.2028  
356  
25  
2.3  
2024  
Share options  
222,386  
16.03.2027-15.03.2029  
259  
18  
3.3  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ150  
Notes  
8.3 Pension obligations  
Accounting policies  
The pension obligations of most Group entities are covered by independent pen-  
sion funds or insurance contracts (defined contribution plans) to which Group com-  
panies pay regular contributions. For a few Group companies, pension obligations  
are not covered or only partly covered by insurance (defined benefit plans).  
For defined-benefit plans, the net present value is only calculated for those  
benefits by employees up until the balance sheet date. The present value of future  
pension payments is estimated actuarially and shown net of the fair value of any  
plan assets in the balance sheet as pension obligations.  
Differences between estimated pension assets and liabilities and their realised val-  
ues are termed actuarial gains and losses. Actuarial gains and losses are recognised  
in the statement of other comprehensive income.  
Changes in benefits earned to date are actuarially calculated and expensed imme-  
diately when the employees have already earned the right to the changed benefits.  
Otherwise, they are recognised in the income statement over the period during  
which the employees earn the right to the benefits.  
inflation, and mortality rates. Assumptions are assessed at the reporting date and  
changes in these assumptions may significantly affect the liabilities and pension  
cost under defined benefit plans.  
Pensions liabilities  
(DKKm)  
2024  
2023  
Present value at 1 January  
161  
155  
Foreign exchange adjustment  
-1  
3
Contributions to the plan  
7
3
Expensed in the income statement  
3
3
Calculated interest  
4
5
Actuarial loss/-gain change in financial assumptions  
11  
9
Actuarial loss/-gain experience adjustments  
3
-1  
Benefits paid through pension assets  
-16  
-16  
Present value at 31 December  
172  
161  
Sensitivity analysis on reported pension liabilities  
(DKKm)  
2024  
2023  
Discount rate +0,5%  
-10  
-6  
Discount rate -0,5%  
9
7
Future remuneration +0,5%  
-1  
-
Future remuneration -0,5%  
-1  
-
Below is shown the most important assumptions made when determining the net  
present value of the defined benefit plans and a sensitivity analysis relating to  
these assumptions.  
Most important assumptions for actuarial calculations  
Weighted  
Germany  
Switzerland  
average  
2024  
Discount rate  
3.41%  
0.80%  
1.89%  
Future salary increase  
2.00%  
2.00%  
1.99%  
Mortality prognosis table RT Heubeck 2018 G  
BVG 2020 GT  
Weighted  
Germany  
Switzerland  
average  
2023  
Discount rate  
3.47%  
1.50%  
2.36%  
Future salary increase  
2.00%  
2.00%  
2.00%  
Mortality prognosis table RT Heubeck 2018 G  
BVG 2020 GT  
Under defined benefit plans, the employer is obliged to pay a defined benefit (for  
example a fixed percentage of an employee’s final salary) to the employee after  
retirement. The Group thereby carries a risk with respect of future developments  
in interest rates, inflation, mortality and disability.  
Net value of pension plans  
(DKKm)  
2024  
2023  
Present value of pension liabilities  
172  
161  
Fair value of plan assets  
-81  
-82  
Net value of pension plans at 31 December  
91  
79  
Defined benefit plans in the Group are only related to Germany and Switzerland.  
The pension plan in Germany accounts for 83% of the net liability at year-end  
and is closed for further accrual of benefits by the company’s employees.  
Remaining plan participants in Germany receive benefit based on past service. In  
Switzerland, the pension plan is a result of the Swiss pensions system’s “second  
pillar”, and offers old age pensions, survivors’ and invalidity insurance. The plan is  
a fully insured BVG plan according to Swiss Federal Law on Occupational  
Accounting estimates and judgments  
Generally, pension plans within the Group are defined contribution plans, where  
contributions are recognised in the income statement on an accrual basis. These  
types of pension plans do not require material estimates.  
For defined benefit plans, annual actuarial calculations are made of the net  
present value of future benefits to be paid under the plan. The net present value  
is calculated based on assumptions of the future developments of salary, interest,  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ151  
Notes  
8.4 Fees to auditors appointed at the Annual General Meeting  
(DKKm)  
2024  
2023  
Statutory audit  
6
6
Other assurance services  
2
-
Other services  
-
1
Total fees to auditors appointed at the Annual  
General Meeting (PwC)  
8
7
(DKKm)  
2024  
2023  
Statutory audit  
1
1
Total fees to other auditors  
1
1
8.3 Pension obligations – continued  
Benefits, meaning that the full actuarial risk is re-insured with a third-party  
life-insurance company.  
The Group’s plans are funded in accordance with applicable local legislation.  
At 31 December 2024, the Group has covered 41.6% of the pension liability.  
2024  
Defined  
Defined  
contribution  
benefit  
(DKKm)  
plans  
plans  
Total  
Staff cost  
46  
2
48  
Financial expenses  
-
2
2
Total costs recognised  
46  
4
50  
2023  
Defined  
Defined  
contribution  
benefit  
(DKKm)  
plans  
plans  
Total  
Staff cost  
35  
2
37  
Financial expenses  
-
3
3
Total costs recognised  
35  
5
40  
Fair value of pension plan assets  
(DKKm)  
2024  
2023  
Fair value at 1 January  
82  
81  
Foreign exchange adjustment  
-1  
4
Calculated interest  
1
2
Return on plan assets in addition to calculated interest  
1
1
Contributions to the plan  
9
6
Benefits paid through pension assets  
-11  
-12  
Fair value at 31 December  
81  
82  
Specification of pension plan assets  
(DKKm)  
2024  
2023  
Insurance contract  
81  
82  
Pension plan assets at 31 December  
81  
82  
The expected contributions to the Group’s plans for 2024 are DKK 11 million and  
the expected average duration of the obligations is 8.5 years.  
Non-audit services provided by PwC Denmark to the Group amounted to DKK  
2 million in 2024. This includes limited assurance on the 2024 sustainability  
statement, limited assurance on mergers and various tax advisory services and other  
advisory services. Non-audit services provided by PwC Denmark did not exceed  
70% of the audit fees in accordance with the EU audit legislation.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ152  
Notes  
8.5 Related party transactions  
The Group’s related parties include the Group’s Board of Directors, Executive  
Board, and close family members of these persons. Related parties also include  
companies in which this circle of persons has significant interests. The Group has  
no related parties with control of the Group.  
Management remuneration is disclosed in note 8.1.  
The Group had no transactions with related parties in 2024 or 2023. The Group  
had no outstanding balances towards related parties at 31 December 2024 or 31  
December 2023.  
8.6 Commitments and contingent liabilities  
A contingent liability is a potential liability that may occur depending on the  
outcome of an uncertain future event. A contingent liability is recognised in the  
balance sheet if the contingency is probable and the amount of the liability can  
be reasonably estimated.  
The Group had commitments and contingent liabilities at 31 December 2024 of:  
Claims  
The Group is party to legal proceedings and inquiries from authorities when  
investigating various issues. The outcome of such is not expected to have a  
significant effect on profit for the year and assessment of the Group’s financial  
position.  
Charges and security  
The Group has provided bank guarantees to authorities and suppliers related to  
customs bond and rental agreements.  
As of 31 December 2024, all liabilities related to bank guarantees amounted to  
DKK 196 million (2023: DKK 158 million*) whereof DKK 26 million (2023: DKK  
31 million) is already recognised in the balance sheet or described in note 4.3.  
8.7 Events after the reporting period  
Acquisitions closed early 2025  
Two acquisitions closed early 2025. For further details, please refer to note 7.1  
New facility agreement  
On 14 February 2025, NTG entered into a new facility agreement with a con-  
sortium of four banks. This facility includes a revolving credit facility amounting  
to DKK 750 million with a maturity of three years, and a term loan facility of  
DKK 1,200 million with a maturity of two years, both of which have an option  
to extend for two additional years. The loan has a variable interest rate linked to  
CIBOR. The agreement also features an uncommitted accordion option, allowing  
the company to increase the facility amount by up to DKK 1 billion. The facility  
agreement provides the capacity and flexibility to act on the Group's M&A ambi-  
tions and secures a reliable financing source for the years ahead.  
* The figures for 2023 have been updated to ensure comparability.  
Pledges  
No property, plant and equipment were pledged as security at either 31 Decem-  
ber 2024 or 31 December 2023.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ153  
Notes  
8.8 Group structure  
Ownership %  
by the ultimate  
Company  
Country parent company  
Parent  
NTG Nordic Transport Group A/S  
Denmark  
N/A  
Subsidiaries  
Nordic Transport Group A/S  
Denmark  
100.0%  
NTG Road A/S  
Denmark  
100.0%  
NTG Frigo A/S  
�
Denmark  
74.6%  
NTG Air & Ocean A/S  
�
�
Denmark  
90.2%  
NTG Projects A/S  
�
�
Denmark  
80.4%  
NTG Terminals I A/S  
�
Denmark  
82.6%  
NTG Terminals II A/S  
�
Denmark  
88.0%  
NTG Ocean International A/S  
�
�
Denmark  
88.2%  
NTG Domestic A/S  
�
Denmark  
71.0%  
NTG Nielsen & Sørensen A/S  
�
Denmark  
90.2%  
NTG Neptun Transport A/S  
�
Denmark  
91.7%  
LGT Logistics A/S  
�
Denmark  
89.8%  
NTG Care A/S  
�
Denmark  
67.0%  
RTC Transport A/S  
�
�
Denmark  
65.0%  
NTG Ocean Line A/S  
Denmark  
100.0%  
NTG Road AB  
Sweden  
100.0%  
NTG Domestics AB  
�
Sweden  
82.6%  
NTG Växjö AB  
�
Sweden  
96.2%  
NTG Services AB  
Sweden  
100.0%  
Ownership %  
by the ultimate  
Company  
Country parent company  
NTG Air & Ocean AB  
�
�
Sweden  
79.0%  
NTG Ebrex Sweden AB  
Sweden  
100.0%  
LGT Base AB  
Sweden  
100.0%  
LGT Logistics AB  
�
Sweden  
92.7%  
NTG Logistics AB  
�
Sweden  
77.5%  
NTG Continent Escrow Holding AB  
�
Sweden  
80.4%  
LGT Åkeri AB  
�
Sweden  
92.7%  
RTC Transport AB  
�
�
Sweden  
65.0%  
NTG Air & Ocean GmbH  
Germany  
100.0%  
NTG FTS GmbH  
Germany  
100.0%  
NTG Road GmbH  
Germany  
100.0%  
NTG Multimodal GmbH  
Germany  
100.0%  
NTG Ebrex GmbH  
Germany  
100.0%  
NTG Packaging Solutions GmbH  
Germany  
100.0%  
S.A. Trucking GmbH  
Germany  
89.8%  
NTG Supply Chain Solutions GmbH  
Germany  
100.0%  
NTG Germany GmbH  
Germany  
100.0%  
Schmalz+Schön Logistics GmbH Region  
Stuttgart  
Germany  
100.0%  
Schmalz+Schön Eastcargo GmbH  
Germany  
100.0%  
TEFRA Terminfracht GmbH  
Germany  
100.0%  
TEFRA Travel Logistics GmbH  
Germany  
51.0%  
Schmalz+Schön Logistics GmbH Region  
Bautzen  
Germany  
100.0%  
Ownership %  
by the ultimate  
Company  
Country parent company  
Schmalz+Schön Logistics GmbH  
Germany  
100.0%  
Schmalz+Schön Industrial Logistics GmbH  
Germany  
100.0%  
Schmalz+Schön Logistics GmbH Region Berlin  
Germany  
100.0%  
Schmalz+Schön Air & Sea GmbH  
Germany  
100.0%  
SABLE Air & Sea Transport International GmbH  
Germany  
75.0%  
AxsysNET AG  
Germany  
75.1%  
Schmalz+Schön Services GmbH  
Germany  
100.0%  
Schmalz+Schön Next Level GmbH  
Germany  
100.0%  
NTG Road Oy  
Finland  
100.0%  
NTG Air & Ocean Oy  
�
�
Finland  
73.5%  
LGT Logistics Oy  
Finland  
100.0%  
Sp/F Frakta  
Faroe Islands  
100.0%  
NTG Eood  
Bulgaria  
100.0%  
NTG Road EOOD  
Bulgaria  
100.0%  
NTG Holding AG  
Switzerland  
100.0%  
Gondrand International AG  
Switzerland  
100.0%  
NTG Gondrand Customs AG  
Switzerland  
100.0%  
NTG Road AG  
Switzerland  
100.0%  
NTG Air & Ocean AG  
Switzerland  
100.0%  
NTG Air & Ocean (Shanghai) Limited  
China  
100.0%  
NTG Air & Ocean (Shenzhen) Limited  
China  
100.0%  
NTG Air & Ocean s.r.o.  
Czech Republic  
70.0%  
Schmalz+Schön Logistics s.r.o.  
Czech Republic  
100.0%  
�
�
In respect of the Danish Financial Statements Act section 107, it is above designated which non-100% owned subsidiaries where Mathias Jensen-Vinstrup ( ) and Christian D. Jakobsen ( ) hold Board positions.  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ154  
Notes  
8.8 Group structure – continued  
Ownership %  
by the ultimate  
Company  
Country parent company  
NTG Transport OÜ  
�
Estonia  
76.2%  
NTG Road, S.L.  
Spain  
100.0%  
Go Trans SAS  
France  
100.0%  
NTG Customs France SAS  
France  
100.0%  
NTG Air & Ocean (Hong Kong) Limited  
Hong Kong  
100.0%  
Neptune Logistics (Worldwide) Limited  
Hong Kong  
100.0%  
Golden Ocean Line Limited  
Hong Kong  
100.0%  
Freightzen Logistics (Hong Kong) Limited  
Hong Kong  
60.0%  
NTG Gondrand Kft.  
Hungary  
100.0%  
LGT Logistics SRL  
Italy  
100.0%  
NTG Air & Ocean Japan Inc.  
�
Japan  
85.0%  
NTG Lithuania, UAB  
�
Lithuania  
63.0%  
UAB "NTG Logistics LT"  
Lithuania  
63.0%  
NTG Latvia SIA  
Latvia  
51.0%  
Freightzen Logistics (Malaysia) Sdn. Bhd.  
Malaysia  
60.0%  
NTG Logistics B.V.  
�
Netherlands  
86.0%  
NTG Air & Ocean Netherlands B.V.  
� �  
Netherlands  
85.5%  
NTG Road B.V.  
�
Netherlands  
74.0%  
Ebrex Packaging Solutions B.V.  
Netherlands  
100.0%  
NTG Road Norway AS  
�
Norway  
82.0%  
NTG Air & Ocean AS  
�
�
Norway  
90.0%  
NTG Road Sp. z o.o.  
Poland  
100.0%  
NTG Air & Ocean Sp. z o.o.  
�
�
Poland  
73.0%  
Ownership %  
by the ultimate  
Company  
Country parent company  
NTG Ebrex Polska Sp. z o.o.  
Poland  
100.0%  
NTG Ebrex Transport Sp. z o.o.  
Poland  
100.0%  
NTG Ebrex Logistics Sp. z o.o.  
Poland  
100.0%  
NTG Logistics Sp. z o.o.  
Poland  
100.0%  
NTG APAC Holding Pte. Ltd.  
�
�
Singapore  
60.0%  
NTG Services, s.r.o.  
Slovakia  
85.0%  
Freightzen Logistics Company Limited  
�
�
Thailand  
60.0%  
NTG Uluslararası Lojistik A.Ş.  
Türkiye  
100.0%  
NTG Air & Ocean A.Ş.  
Türkiye  
100.0%  
Ebrex Logistics Tasimacilik ve Tic. Ltd. Sti.  
Türkiye  
100.0%  
LLC "Nordic Transport Group Ukraine"  
Ukraine  
100.0%  
NTG Road UK Limited  
�
United Kingdom  
80.5%  
NTG Air & Ocean (UK) Ltd  
�
�
United Kingdom  
85.0%  
Ebrex Business Solutions Limited  
United Kingdom  
100.0%  
NTG Ebrex UK Ltd  
�
United Kingdom  
88.5%  
NTG Air & Ocean USA, Inc.  
�
�
United States  
99.8%  
NTG Air & Ocean, LLC  
United States  
99.8%  
NTG Supply Chain Solutions LLC  
�
�
United States  
77.3%  
NTG Air & Ocean Vietnam Company Limited  
Vietnam  
51.0%  
Freightzen Logistics Vietnam Company Limited  
Vietnam  
54.0%  
Associates  
DTG Verpackungslogistik GmbH  
Germany  
49.0%  
�
�
In respect of the Danish Financial Statements Act section 107, it is above designated which non-100% owned subsidiaries where Mathias Jensen-Vinstrup ( ) and Christian D. Jakobsen ( ) hold Board positions.  
 
Financial Statementsꢀꢀ→ Consolidated financial statementsꢁꢁParent Company financial statementsꢁꢁManagement's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ155  
Financial ratios  
Gross profit x 100  
Gross margin  
=
Net revenue  
Operating profit before special items x 100  
Operating margin  
=
Net revenue  
Operating profit before special items x 100  
Conversion ratio  
=
Gross profit  
Tax on profit for the year  
Effective tax rate  
=
Profit before tax  
Return on invested  
Operating profit (EBIT) before speical items x 100  
capital (ROIC)  
=
Average invested capital  
before tax  
Profit for the year x 100  
Return on equity  
=
Average equity  
Equity at year end x 100  
Solvency ratio  
=
Total assets at year end  
Net interest-bearing debt  
Leverage ratio  
=
Operating profit before amortisation and depreciation  
(EBITDA), before special items  
Profit attributable to shareholders in  
NTG Nordic Transport Group A/S  
Earnings per share  
=
Average number of shares in circulation  
Profit attributable to shareholders in  
NTG Nordic Transport Group A/S  
Diluted earnings  
=
per share  
Diluted average number of shares in circulation  
Definition of financial highlights  
Financial ratios and key figures are prepared in accordance with recommendations and  
guidelines issued by the Danish Society of Financial Analysts with the addition of other  
financial ratios deemed relevant for understanding the Group’s financial performance and  
situation. Environmental, social and governmental key figures and ratios are defined in  
NTG sustainability report 2024 to which reference is made.  
Key figures for financial position  
Net working capital  
Receivables and other current operating assets less trade paya-  
bles and other current operating liabilities  
Net interest-bearing debt  
Interest bearing debt less cash and cash equivalents  
Interest bearing debt less cash and cash equivalents  
Net interest-bearing debt less effects of lease liabilities recog-  
nised under IFRS 16  
Invested capital  
NWC with the addition of property, plant and equipment,  
right-of-use assets, intangible assets including goodwill less  
long-term provisions, pensions and similar obligation.  
Net financial expenses  
Financial income less financial expenses  
Special items  
Comprise significant income and expenses of an exceptional na-  
ture relative to the Group’s ordinary operations or costs related  
to investment in future activities. See note 2.7 for additional  
details on items included  
Adjusted free cash flow  
Free cash flow adjusted for net acquisition, lease liability repay-  
ments and special items  
Non-controlling interests’ share of adj. EBIT  
Share of individual subsidiaries’ contribution to the Group’s adj.  
EBIT allocated to non-controlling interests for the given sub-  
sidiary calculated using ownership percentages at the balance  
sheet date.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ165  
Statement of the Board of Directors  
and the Executive Board  
The Board of Directors and Executive Board have considered  
and adopted the Annual Report of NTG Nordic Transport Group  
A/S for the financial year 1 January - 31 December 2024.  
Statements Act. This includes compliance with the European  
Sustainability Reporting Standards (ESRS) including that the  
process undertaken by Management to identify the reported  
information (the “Process”) is in accordance with the descrip-  
tion set out in the subsection "Description of the processes to  
identify and assess material impacts, risks and opportunities" in  
the "General" section of the Sustainability statement. Fur-  
thermore, disclosures in the subsection "EU taxonomy" in the  
"Environment" section of the Sustainability statement are, in all  
material respects, in accordance with Article 8 of EU Regulation  
2020/852 (the “Taxonomy Regulation”).  
Hvidovre, 5 March 2025
Executive Board
The Consolidated Financial Statements have been prepared in  
accordance with International Financial Reporting Standards  
as adopted by the EU and further requirements in the Danish  
Financial Statements Act, and the Parent Company Financial  
Statements have been prepared in accordance with the Danish  
Financial Statements Act. Management’s Review has been pre-  
pared in accordance with the Danish Financial Statements Act.  
Mathias Jensen-Vinstrup
Group CEO
Christian D. Jakobsen
Group CFO
In our opinion, the Consolidated Financial Statements and the  
Parent Company Financial Statements give a true and fair view  
of the financial position at 31 December 2024 of the Group  
and the Parent Company and of the results of the Group and  
Parent Company operations and consolidated cash flows for the  
financial year 1 January - 31 December 2024.  
The year 2024 marks the initial implementation of paragraph  
99a of the Danish Financial Statements Act concerning compli-  
ance with the ESRS. As such, more clear guidance and practice  
are anticipated in various areas, which are expected to be issued  
in the coming years. Furthermore, the sustainability state-  
ment includes forward-looking statements based on 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.  
Board of Directors
Eivind Kolding
Chairman
Jørgen Hansen
Finn Skovbo Pedersen
Karen-Marie Katholm
In our opinion, Management’s Review includes a true and fair  
account of the development in the operations and financial  
circumstances of the Group and the Parent Company, of the  
results for the year and of the financial position of the Group  
and the Parent Company as well as a description of the most  
significant risks and elements of uncertainty facing the Group  
and the Parent Company.  
Deputy chairman
In our opinion, the Annual Report of NTG Nordic Transport  
Group A/S for the financial year 1 January to 31 December  
2024 with the file name NTG-2024-12-31-en.zip is prepared, in  
all material respects, in compliance with the ESEF Regulation.  
Carsten Krogsgaard Thomsen Jesper Præstensgaard
Additionally, the Sustainability statement, which is part of  
Management review, has been prepared, in all material respects,  
in accordance with paragraph 99a of the Danish Financial  
Louise Knauer
We recommend that the Annual Report be adopted at the  
Annual General Meeting.  
 
Financial StatementsꢀꢀConsolidated financial statementsꢁꢁParent Company financial statementsꢁꢁ→ Management's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ166  
Independent Auditor’s Reports  
To the shareholders of  
NTG Nordic Transport Group A/S  
Independence  
Report on the audit of the Financial Statements  
What we have audited  
We are independent of the Group in accordance with the Inter-  
national Ethics Standards Board for Accountants’ International  
Code of Ethics for Professional Accountants (IESBA Code) and  
the additional ethical requirements applicable in Denmark. We  
have also fulfilled our other ethical responsibilities in accord-  
ance with these requirements and the IESBA Code.  
The Consolidated Financial Statements (pp. 119-154) and the  
Parent Company Financial Statements (pp. 156-163) of NTG  
Nordic Transport Group A/S for the financial year 1 January to  
31 December 2024 comprise income statement, balance sheet,  
statement of changes in equity and notes, including material  
accounting policy information for the Group as well as for the  
Parent Company and statement of comprehensive income and  
cash flow statement for the Group. Collectively referred to as  
the “Financial Statements”.  
In our opinion, the Consolidated Financial Statements give a  
true and fair view of the Group’s financial position at 31 Decem-  
ber 2024 and of the results of the Group’s operations and cash  
flows for the financial year 1 January to 31 December 2024 in  
accordance with IFRS Accounting Standards as adopted by the  
EU and further requirements in the Danish Financial Statements  
Act.  
To the best of our knowledge and belief, prohibited non-au-  
dit services referred to in Article 5(1) of Regulation (EU) No  
537/2014 were not provided.  
Moreover, in our opinion, the Parent Company Financial  
Statements give a true and fair view of the Parent Company’s  
financial position at 31 December 2024 and of the results of the  
Parent Company’s operations for the financial year 1 January  
to 31 December 2024 in accordance with the Danish Financial  
Statements Act.  
Basis for opinion  
Appointment  
We conducted our audit in accordance with International  
Standards on Auditing (ISAs) and the additional requirements  
applicable in Denmark. Our responsibilities under those stand-  
ards and requirements are further described in the Auditor’s  
responsibilities for the audit of the Financial Statements section of  
our report.  
We were first appointed auditors of NTG Nordic Transport  
Group A/S on 16 April 2020 for the financial year 2020. We  
have been reappointed annually by shareholder resolution for a  
total period of uninterrupted engagement of five years including  
the financial year 2024.  
Our opinion is consistent with our Auditor’s Long-form Report  
to the Audit Committee and the Board of Directors.  
We believe that the audit evidence we have obtained is suffi-  
cient and appropriate to provide a basis for our opinion.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ167  
Key audit matters  
Key audit matter  
Key audit matters are those matters that, in our profession-  
al judgement, were of most significance in our audit of the  
Financial Statements for 2024. These matters were addressed in  
the context of our audit of the Financial Statements as a whole,  
and in forming our opinion thereon, and we do not provide a  
separate opinion on these matters.  
Accrued revenue and accrued cost of services  
How our audit addressed the key audit matter  
The Group’s revenue consists primarily of services, i.e. transportation of  
goods between destinations, which by nature is rendered over a period of  
time. The determination of timing of revenue recognition is dependent on  
the application of the Group’s accounting policies and terms in customer  
contracts.  
We performed risk assessment procedures in order to obtain an  
understanding of IT systems, business processes and relevant controls  
regarding revenue and accrued costs. For the controls, we assessed whether  
they were designed and implemented to effectively address the risk of  
material misstatement.  
The process of accruing for services rendered around the balance sheet  
date is complex and dependent on IT controls in certain operational IT  
systems due to a substantial number of transactions. Moreover, in the Air &  
Ocean division, a higher estimation uncertainty exists regarding recognising  
revenue in the right period at year end due to the services being rendered  
over a lengthier period of time.  
Our audit procedures included considering the appropriateness of the  
accounting policies for revenue recognition applied by Management and  
assessing compliance with IFRS.  
For accrued revenue and accrued cost of services, we tested input data over  
Management’s run-off analysis to evaluate the precision in the estimates  
made.  
We focused on this area because, at year end, accrued revenue and accrued  
cost of services involve significant accounting estimates which are complex  
by nature and which rely on methods and data applied and assumptions  
determined by Management.  
We also selected a sample of transactions at year end and traced these  
to underlying evidence, including proof of delivery, to determine whether  
revenue and the related costs are recognised in the right period.  
In addition, we applied data analysis in our testing of revenue transactions  
in order to identify and assess transactions outside the ordinary transaction  
flow.  
Reference is made to notes 2.1 and 2.2 to the Consolidated Financial  
Statements, and note 1 of the Parent Company Financial Statements.  
Business combinations  
During the year, the Group completed four business combinations with a  
total purchase price of DKK 502 million, of which the most significant was  
the acquisitions of Schmalz+Schön Logistics GmbH Region Stuttgart.  
Our audit procedures included assessing the appropriateness of the  
accounting policies for business combinations applied by Management and  
assessing compliance with IFRS.  
Accounting for business combinations is complex and subject to significant  
estimates, including the identification and valuation of assets, liabilities,  
and contingent consideration. In order to determine the fair value of  
the separately identified assets and liabilities in a business combination,  
valuation methodologies are applied which require input based on  
assumptions about the future. These assumptions comprise e.g. future cash  
flow forecasts based on expected market developments and discount rates.  
We performed audit procedures related to the opening balance sheets of  
the acquired businesses. Furthermore, we reconciled the purchase price to  
the Share Purchase Agreements and to the transferred cash considerations.  
We involved our valuation specialist in the assessment of the valuation  
methodologies and discount rates applied by Management in their fair  
value assessments of the purchase consideration and acquired assets and  
liabilities.  
We focused on this area because of the significance to the Consolidated  
Financial Statements, the inherent complexity and high degree of estimation  
in the accounting for acquisitions. Our focus of the area was on the  
acquisition of Schmalz+Schön Logistics GmbH Region Stuttgart.  
Furthermore, we challenged Management’s significant assumptions used to  
determine the fair value of the acquired assets and liabilities in the business  
acquisition.  
Finally, we assessed the adequacy of disclosures relating to the business  
combinations.  
Reference is made to note 7.1 to the Consolidated Financial Statements.  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ168  
Statement on Management’s Review  
Management is responsible for Management’s Review (pp. 2-118  
and p. 155).  
give a true and fair view in accordance with the Danish Financial  
Statements Act, and for such internal control as Management  
determines is necessary to enable the preparation of financial  
statements that are free from material misstatement, whether  
due to fraud or error.  
obtain audit evidence that is sufficient and appropriate to  
provide a basis for our opinion. The risk of not detecting a ma-  
terial 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.  
Our opinion on the Financial Statements does not cover Man-  
agement’s Review, and we do not as part of the audit express any  
form of assurance conclusion thereon.  
In preparing the Financial Statements, Management is responsi-  
ble for assessing the Group’s and the Parent Company’s ability  
to continue as a going concern, disclosing, as applicable, matters  
related to going concern and using the going concern basis of  
accounting unless Management either intends to liquidate the  
Group or the Parent Company or to cease operations, or has no  
realistic alternative but to do so.  
· 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 and the Parent  
Company’s internal control.  
In connection with our audit of the Financial Statements, our  
responsibility is to read Management’s Review and, in doing so,  
consider whether Management’s Review is materially inconsist-  
ent with the Financial Statements or our knowledge obtained in  
the audit, or otherwise appears to be materially misstated.  
· Evaluate the appropriateness of accounting policies used and  
the reasonableness of accounting estimates and related disclo-  
sures made by Management.  
Moreover, we considered whether Management’s Review  
includes the disclosures required by the Danish Financial State-  
ments Act. This does not include the requirements in paragraph  
99 a related to the sustainability statement covered by the sepa-  
rate auditor’s limited assurance report hereon.  
Auditor’s responsibilities for the audit of the  
Financial Statements  
Our objectives are to obtain reasonable assurance about whether  
the Financial Statements as a whole are free from material  
misstatement, whether due to fraud or error, and to issue an audi-  
tor’s report that includes our opinion. Reasonable assurance is a  
high level of assurance, but is not a guarantee that an audit con-  
ducted in accordance with ISAs and the additional requirements  
applicable in Denmark 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 deci-  
sions of users taken on the basis of these Financial Statements.  
· Conclude on the appropriateness of Management’s use of  
the going concern basis of accounting 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 and the Parent Company’s ability to continue  
as a going concern. If we conclude that a material uncertain-  
ty exists, we are required to draw attention in our auditor’s  
report to the related disclosures in the 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 auditor’s report. However, future events or  
conditions may cause the Group or the Parent Company to  
cease to continue as a going concern.  
Based on the work we have performed, in our view, Manage-  
ment’s Review is in accordance with the Consolidated Financial  
Statements and the Parent Company Financial Statements and  
has been prepared in accordance with the requirements of the  
Danish Financial Statements Act, except for the requirements in  
paragraph 99 a related to the sustainability statement, cf. above.  
We did not identify any material misstatement in Management’s  
Review.  
As part of an audit in accordance with ISAs and the additional  
requirements applicable in Denmark, we exercise professional  
judgement and maintain professional scepticism throughout the  
audit. We also:  
Management’s responsibilities for the  
Financial Statements  
Management is responsible for the preparation of consolidated  
financial statements that give a true and fair view in accordance  
with IFRS Accounting Standards as adopted by the EU and  
further requirements in the Danish Financial Statements Act and  
for the preparation of parent company financial statements that  
· Evaluate the overall presentation, structure and content of the  
Financial Statements, including the disclosures, and whether  
the Financial Statements represent the underlying transac-  
tions and events in a manner that gives a true and fair view.  
· Identify and assess the risks of material misstatement of the  
Financial Statements, whether due to fraud or error, design  
and perform audit procedures responsive to those risks, and  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ169  
· Plan and perform the group audit to obtain sufficient appro-  
priate audit evidence regarding the financial information of  
the entities or business units within the group as a basis for  
forming an opinion on the Consolidated Financial Statements.  
We are responsible for the direction, supervision and review  
of the audit work performed for purposes of the group audit.  
We remain solely responsible for our audit opinion.  
the Commission Delegated Regulation (EU) 2019/815 on the Eu-  
ropean Single Electronic Format (ESEF Regulation) which includes  
requirements related to the preparation of the annual report in  
XHTML format and iXBRL tagging of the Consolidated Financial  
Statements including notes.  
· Obtaining an understanding of the company’s iXBRL tagging  
process and of internal control over the tagging process;  
· Evaluating the completeness of the iXBRL tagging of the Con-  
solidated Financial Statements including notes;  
Management is responsible for preparing an annual report that  
complies with the ESEF Regulation. This responsibility includes:  
· Evaluating the appropriateness of the company’s use of iXBRL  
elements selected from the ESEF taxonomy and the creation  
of extension elements where no suitable element in the ESEF  
taxonomy has been identified;  
We communicate with those charged with governance regarding,  
among other matters, the planned scope and timing of the audit  
and significant audit findings, including any significant deficien-  
cies in internal control that we identify during our audit.  
· The preparing of the annual report in XHTML format;  
· The selection and application of appropriate iXBRL tags,  
including extensions to the ESEF taxonomy and the anchoring  
thereof to elements in the taxonomy, for all financial informa-  
tion required to be tagged using judgement where necessary;  
· Evaluating the use of anchoring of extension elements to  
elements in the ESEF taxonomy; and  
We also provide those charged with governance with a statement  
that we have complied with relevant ethical requirements regard-  
ing independence, and to communicate with them all relation-  
ships and other matters that may reasonably be thought to bear  
on our independence and, where applicable, actions taken to  
eliminate threats or safeguards applied.  
· Reconciling the iXBRL tagged data with the audited Consoli-  
dated Financial Statements.  
· Ensuring consistency between iXBRL tagged data and the  
Consolidated Financial Statements presented in human-read-  
able format; and  
In our opinion, the annual report of NTG Nordic Transport Group  
A/S for the financial year 1 January to 31 December 2024 with  
the file name NTG-2024-12-31-en.zip is prepared, in all material  
respects, in compliance with the ESEF Regulation.  
From the matters communicated with those charged with  
governance, we determine those matters that were of most sig-  
nificance in the audit of the Financial Statements of the current  
period and are therefore the key audit matters. We describe  
these matters in our auditor’s report unless law or regulation  
precludes public disclosure about the matter.  
· For such internal control as Management determines nec-  
essary to enable the preparation of an annual report that is  
compliant with the ESEF Regulation.  
Our responsibility is to obtain reasonable assurance on whether  
the annual report is prepared, in all material respects, in compli-  
ance with the ESEF Regulation based on the evidence we have  
obtained, and to issue a report that includes our opinion. The  
nature, timing and extent of procedures selected depend on the  
auditor’s judgement, including the assessment of the risks of ma-  
terial departures from the requirements set out in the ESEF Reg-  
ulation, whether due to fraud or error. The procedures include:  
Hellerup, 5 March 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Report on compliance with the ESEF Regulation  
As part of our audit of the Financial Statements we performed  
procedures to express an opinion on whether the annual report  
of NTG Nordic Transport Group A/S for the financial year 1  
January to 31 December 2024 with the filename NTG-2024-12-  
31-en.zip is prepared, in all material respects, in compliance with  
Tue Stensgård Sørensen
State Authorised
Public Accountant
mne32200
Jacob Brinch
State Authorised
Public Accountant
mne35447
· Testing whether the annual report is prepared in XHTML  
format;  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ170  
Independent auditor’s limited assurance report on  
the Sustainability Statement  
To the Stakeholders of  
NTG Nordic Transport Group A/S  
Limited assurance conclusion  
Basis for conclusion  
have also fulfilled our other ethical responsibilities in accord-  
ance with these requirements and the IESBA Code.  
We have conducted a limited assurance engagement on the sus-  
tainability statement of NTG Nordic Transport Group A/S (the  
“Group”) included in the Management review (the “Sustainabil-  
ity Statement”), pages 44-118, for the financial year 1 January  
– 31 December 2024.  
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)”)  
and the additional requirements applicable in Denmark.  
Our firm applies International Standard on Quality Management  
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.ꢁ  
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 Sustainability Statement is not  
prepared, in all material respects, in accordance with the Danish  
Financial Statements Act paragraph 99 a, including:  
The procedures in a limited assurance engagement vary in na-  
ture and timing from, and are less in extent than for, a reasona-  
ble 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.  
Management’s responsibilities for  
the Sustainability Statement  
Management is responsible for designing and implementing a  
process to identify the information reported in the Sustainabil-  
ity Statement in accordance with the ESRS and for disclosing  
this Process as included in the section titled “Description of  
the processes to identify and assess material impacts, risks and  
opportunities”, page 57. This responsibility includes:  
· compliance with the European Sustainability Reporting  
Standards (ESRS), including that the process carried out by  
the management to identify the information reported in the  
Sustainability Statement (the “Process”) is in accordance with  
the description set out in the section titled “Description of the  
processes to identify and assess material impacts, risks and  
opportunities”, page 57; and  
We believe that the evidence we have obtained is sufficient and  
appropriate to provide a basis for our conclusion. Our responsi-  
bilities under this standard are further described in the Auditor’s  
responsibilities for the assurance engagement section of our  
report.  
· understanding the context in which the Group’s activities and  
business relationships take place and developing an under-  
standing of its affected stakeholders;  
Our independence and quality management  
· compliance of the disclosures in the section “EU taxonomy”,  
pages 79-88, with Article 8 of EU Regulation 2020/852 (the  
“Taxonomy Regulation”).  
We are independent of the Group in accordance with the Inter-  
national Ethics Standards Board for Accountants’ International  
Code of Ethics for Professional Accountants (IESBA Code) and  
the additional ethical requirements applicable in Denmark. We  
· 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  
 
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NTGꢀAnnual Report 2024ꢀ•ꢀ171  
expected to affect, the Group’s financial position, financial  
performance, cash flows, access to finance or cost of capital  
over the short-, medium-, or long-term;  
that may occur in the future and possible future actions by the  
Group. Actual outcomes are likely to be different since antici-  
pated events frequently do not occur as expected.  
Our other responsibilities in respect of the Sustainability State-  
ment include:  
· Identifying where material misstatements are likely to arise,  
whether due to fraud or error; and  
· the assessment of the materiality of the identified impacts,  
risks and opportunities related to sustainability matters by  
selecting and applying appropriate thresholds; and  
Auditor’s responsibilities for the assurance  
engagement  
Our responsibility is to plan and perform the assurance engage-  
ment to obtain limited assurance about whether the Sustainabil-  
ity 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 aggre-  
gate, they could reasonably be expected to influence decisions  
of users taken on the basis of the Sustainability Statement as a  
whole.  
· Designing and performing procedures responsive to disclo-  
sures in the Sustainability Statement where material misstate-  
ments are likely to arise. 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.  
· making assumptions that are reasonable in the circumstances.  
Management is further responsible for the preparation of the  
Sustainability Statement, which includes the information iden-  
tified by the Process, in accordance with the Danish Financial  
Statements Act paragraph 99 a, including:  
Summary of the work performed  
· compliance with the ESRS;  
A limited assurance engagement involves performing proce-  
dures to obtain evidence about the Sustainability Statement.  
The nature, timing and extent of procedures selected depend on  
professional judgement, including the identification of disclo-  
sures where material misstatements are likely to arise, whether  
due to fraud or error, in the Sustainability Statement.  
As part of a limited assurance engagement in accordance with  
ISAE 3000 (Revised) we exercise professional judgement and  
maintain professional scepticism throughout the engagement.  
· preparing the disclosures as included in the section “EU  
taxonomy”, pages 79-88, in compliance with Article 8 of the  
Taxonomy Regulation;  
Our responsibilities in respect of the Process include:  
· designing, implementing and maintaining such internal control  
that management determines is necessary to enable the  
preparation of the Sustainability Statement that is free from  
material misstatement, whether due to fraud or error; and  
· 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;  
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; and reviewing the Group’s internal documenta-  
tion of its Process; and  
· the selection and application of appropriate sustainability re-  
porting methods and making assumptions and estimates that  
are reasonable in the circumstances.  
· Considering whether the information identified addresses the  
applicable disclosure requirements of the ESRS; and  
· Designing and performing procedures to evaluate whether  
the Process is consistent with the Group’s description of its  
Process, as disclosed in the section titled “Description of the  
processes to identify and assess material impacts, risks and  
opportunities”, page 57.  
Inherent limitations in preparing the Sustainability  
Statement  
In reporting forward-looking information in accordance with  
ESRS, management is required to prepare the forward-looking  
information on the basis of disclosed assumptions about events  
· Evaluated whether the evidence obtained from our proce-  
dures about the Process implemented by the Group was  
consistent with the description of the Process set out in the  
section titled “Description of the processes to identify and  
assess material impacts, risks and opportunities”, page 57.  
 
Financial StatementsꢀꢀConsolidated financial statementsꢁꢁParent Company financial statementsꢁꢁ→ Management's statement, auditor's reports, and glossary  
NTGꢀAnnual Report 2024ꢀ•ꢀ172  
In conducting our limited assurance engagement, with respect  
to the Sustainability Statement, we:  
· Evaluated the methods, assumptions and data for developing  
estimates and forward-looking information; and  
· Obtained an understanding of the Group’s reporting process-  
es relevant to the preparation of its Sustainability State-  
ment, including the consolidation processes, by obtaining an  
understanding of the Group’s control environment, processes  
and information systems relevant to the preparation of the  
Sustainability Statement but not evaluating the design of  
particular control activities, obtaining evidence about their  
implementation or testing their operating effectiveness;  
· Obtained an understanding of the Group’s process to identify  
taxonomy-eligible and taxonomy-aligned economic activi-  
ties and the corresponding disclosures in the Sustainability  
Statement.  
Other matter  
The comparative information included in the Sustainability  
Statement was not subject to an assurance engagement. Our  
conclusion is not modified in respect of this limitation of scope.  
· Evaluated whether the information identified by the Process is  
included in the Sustainability Statement;  
· Evaluated whether the structure and the presentation of the  
Sustainability Statement are in accordance with the ESRS;  
Hellerup, 5 March 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
· Performed inquiries of relevant personnel and analytical  
procedures on selected information in the Sustainability State-  
ment;  
Tue Stensgård Sørensen
State Authorised
Public Accountant
mne32200
Jacob Brinch
· Performed substantive assurance procedures on selected  
information in the Sustainability Statement;  
State Authorised
Public Accountant
mne35447
· Where applicable, compared disclosures in the Sustainability  
Statement with the corresponding disclosures in the Financial  
Statements and the Management review;  
 
NTG Nordic Transport Group A/S  
Hammerholmen 47  
DK-2650 Hvidovre  
Denmark  
Phone: +45 7634 0900  
www.ntg.com  
Published 5 March 2025.  
Business Reg. (CVR) no. 12546106