e heritage, the he people, and s to support the om fossil fuels to energy sources.” Letter to our stakeholders In 2022, the topic of energy efficiency and renewable energy was high on the agenda in all corners of society from regulators to private companies. The energy crisis brought home the urgency of cutting costs and not wasting energy. Regardless of energy source, effective power management plays a vital role in securing sufficient and sustainable energy supplies today and tomorrow. DEIF benefited from this renewed interest in sustainability-focused solutions and proactively advocated the advantages of effective power management to improve energy efficiency. In 2022, our business grew by more than 20% and we served hundreds of new customers with state-of- the-art power management solutions. At the same time, we delivered hundreds of hybrid power management solutions, where renewable sources and energy storage were integrated into older and fossil-based systems in order to stabilize grids and provide security of supplies to end-users. Furthermore, we entered into collaboration with innovative companies excelling in new energy sources like hydrogen. Strong internal empowerment Internally at DEIF, sustainability was a key driver of many activities. All leaders in Denmark participated in three full-day workshops with sustainability in focus. Furthermore, we invited leaders and employees in the Danish organisation to take part in idea generation around sustainability within our own business and in our interaction with the customers. We also established a Young Advisory Board that can inspire our sustainability work, and we initiated global involvement of the organization in topics related to sustainability. The broad involvement generated multiple ideas on what we can do to improve. Some ideas can be implemented right away, but the idea generation and subsequent discussions also brought up some difficult dilemmas. Where can we make the biggest difference? Should we focus more on the footprint of our own activities, even though it only makes up about five percent of our emissions? Or should we focus even more on developing innovative products that can help customers reduce their carbon footprint and accelerate the green transition? Looking ahead, there are important decisions to be made, and we want to choose our path forward on solid ground. Therefore, we will use the coming year to verify and expand the data from the initial scope 1-3 screening of our emissions to make the right decisions and implement the right actions including commitment to SBTi (Science Based Targets initiative). We also intend to focus more on the social dimension of sustainability, where the first step is to prepare a social ambition and define future activities. Unfortunately, after the deadline of this report, there was a tragic traffic accident in India, in which two of our good colleagues lost their lives. We take the incident very seriously and are investigating what corrective actions we can and must take in the future to avoid similar situations. Improve tomorrow We remain strongly committed to sustainable development, and we look forward to improving tomorrow step by step, day by day with our customers and partners around the world. We have quite a lot of work ahead of us and we look forward to it! Christian Nielsen Group CEO 5
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