Annual Report 2023

To Our Shareholders
1. To Our Shareholders
The Management Board
Letter from the Management Board
NORMA Group on the Capital Market

Contrary to all expectations, stock markets perform clearly positive in 2023
Performance of the NORMA Group share
Trading turnover down due to lower volumes and lower share prices
Voting rights notifications in 2023
2023 Annual General Meeting
Directors’ Dealings
Sustainable Investor Relations activities
Broadly diversified shareholder structure
Analysts covering NORMA Group
NORMA Group’s Annual Report receives another award
Key issues in capital market communications
Service for shareholders

Supervisory Board Report

Supervisory Board Meetings in 2023
Main Activities of the Audit Committee in 2023
Main activities of the General and Nomination Committee
Main Activities of the Strategy Committee
Attendance of Meetings, Training Activities, No Conflicts of Interest
Information on the auditor for the 2023 fiscal year
Adoption of the 2023 Annual Financial Statements and the Separate Non-Financial Statement for the Group
Declaration of Conformity with the German Corporate Governance Code

Corporate Governance Report and Declaration on Corporate Governance

Declaration of Conformity with the German Corporate Governance Code
Published documents on remuneration and auditor’s opinion
Information on Corporate Governance practices
Compliance
Corporate Responsibility, ESG and Climate Change
Description of the working methods of the Management Board and Supervisory Board as well as the composition and working methods of their committees
Supervisory Board: members, election, independence and length of Supervisory Board tenure
Supervisory Board committees: responsibilities and membership
Shareholders and Annual General Meeting
Shareholdings of the Management and Supervisory Boards
Directors’ Dealings
Security-like incentive systems
Targets for the share of women
Diversity concept
Information on the auditor and internal rotation
Corporate Responsibility Report
1. Corporate Responsibility Report
Corporate Responsibility Strategy

NORMA Group’s Approach to Corporate Responsibility
Stakeholders & Materiality
CR Targets and Sustainable Development Goals
Sustainability Ratings and Sustainable Finance

Governance

Compliance
Human Rights
Product Quality and Safety
Sustainability in purchasing

Environment

Sustainable Products and Innovations
Environmental Strategy and Management Systems
Climate protection
Water
Resource Efficiency and Materials

Social

Employee Satisfaction
Occupational health and safety
Learning and Development
Diversity and equality of opportunity
Social Commitment

Combined Non-Financial Report, EU Taxonomy, GRI and UN Global Compact

Combined Non-Financial Report
EU Taxonomy

CR Performance Indicators
Assurance Report

Independent assurance practitioner's report⁸
Restriction of Use
Condensed Management Report ⁹
1. Condensed Management Report ⁹
Principles of the Group

Business model
Organizational structure
Products and end markets
Market and competitive environment
Strategy and goals
Financial and liquidity management objectives and strategies
Control system and key performance indicators
NOVA = (adjusted EBIT x (1 – s)) – (WACC x capital employed)
Research and Development

Economic Report

External factors of influence
Significant events and developments in fiscal year 2023
Comparison of target and actual values
Earnings, assets and financial position
Production and logistics
Quality management
Purchasing and supplier management
Workforce
Environmental protection and ecological management
Marketing

Condensed Management Report of NORMA Group SE (HGB)

General information
Business development

Forecast Report

Macroeconomic and industry-specific conditions
Future development of NORMA Group

Risk and Opportunity Report

Risk and opportunity management system
Risk and opportunity profile of NORMA Group
Assessment of the overall profile of risks and opportunities by the Management Board

Remuneration Report 2023

Remuneration of the Supervisory Board
Comparative representation of the annual change within the meaning of Section 162 (1) sentence 2 No. 2 AktG (so-called vertical comparison)
Takeover-relevant information
Authorized capital
Conditional capital
Authorization to acquire treasury shares

Report on Transactions with Related Parties
Consolidated Financial Statements
1. Consolidated Financial Statements
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Financial Position
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Notes To The Consolidated Financial Statements

General information
1. Group information
2. Basis of preparation
Accounting standards applied for the first time in the current fiscal year
3. Summary of significant accounting policies
4. Scope of consolidation
5. Financial risk management
6. Critical accounting estimates and judgments
7. Adjustments

Notes to the Consolidated Statement of Comprehensive Income

8. Revenue from contracts with customers
9. Materials and consumables used
10. Other operating income
11. Other operating expenses
12. Employee benefits expense
13. Financial income and costs
14. Net foreign exchange gains / losses
15. Earnings per share (EPS)
16. Income taxes
Additional Information on the Consolidated Statement of Financial Position
17. Deferred income tax
18. Goodwill and other intangible assets
19. Property, plant and equipment
20. Leases
21. Financial instruments
21. (a) Trade and other receivables
21. (b) Trade receivables transferred or available for transfer
21. (c) Cash and cash equivalents
21. (d) Other financial assets
21. (e) Financial liabilities and net debt
21. (f) Derivative financial instruments
21. (g) Financial instruments at fair value
21. (h) Net gains and losses on financial instruments
21. (i) Total interest income and expense from financial instruments
21. (j) Offsetting
22. Inventories
23. Other non-financial assets
24. Equity
25. Share-based payments
26. Retirement benefit obligations
27. Provisions
28. Other non-financial liabilities
Other Notes
29. Information on the Consolidated Statement of Cash Flows
30. Segment reporting
31. Contingent liabilities
32. Other financial obligations
33. Related party transactions
34. Additional disclosures pursuant to Section 315e (1) of the German Commercial Code (HGB)
35. Exceptions under Section 264, (3) of the German Commercial Code (HGB)
36. Events after the balance sheet date

Appendix To The Notes To The Consolidated Financial Statements

Voting rights notifications
Corporate Bodies of NORMA Group SE

Assurance Of Legal Representatives
Independent Auditor’s Report

Report on the Audit of the Consolidated Financial Statements and of the Condensed Management Report
Other legal and regulatory requirements
Other matter – Use of the Auditor’s Report
German Public Auditor Responsible for the Engagement

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Consolidated Financial Statements
Notes To The Consolidated Financial Statements
General information

General information

Legend

These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.

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General information
1. Group information
2. Basis of preparation
Accounting standards applied for the first time in the current fiscal year
3. Summary of significant accounting policies
4. Scope of consolidation
5. Financial risk management
6. Critical accounting estimates and judgments
7. Adjustments

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