falsefalsefalsefalsetruefalseRalf LarsenÅrsrapport20051094Cargill A/SVandtårnsvej 62 B28602019-06-012020-05-312018-06-012019-05-312020-11-112020-11-1120051094Cargill A/SVandtårnsvej 62B2860SøborgDKDenmark1997-03-15GladsaxeTestBTestKPMG25578198Martin Eilermne32271statsaut. revisorDampfaergevej282100CopenhagenDKDenmark45707077602020-11-11Regnskabsklasse BfalsefalseRevisionspåtegningThe Board of Directors and the Executive Board have today discussed and approved the annual report of Cargill A/S for the financial year 1 June 2019 – 31 May 2020.The annual report has been prepared in accordance with the Danish Financial Statements Act.We recommend that the annual report be approved at the annual general meeting.Gladsaxe,Vagn Nielsen LindRalf Møller LarsenChairmanLudger Georg Te LaakVagn Nielsen LindTo the shareholders of Cargill A/SWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Copenhagen,61060003411000391300078650002193000-4454000440000650001690002172000-4623000-272000-7600002444000-38630002444000-3863000010200001630000265000460004692000599600028900000741000670003300061090008356000101000122000621000087430006210000874300020010002001000305100060700050520002608000850002370000140007600008210003005000238000011580006135000115800061350006210000874300020010006070000244400020010003051000Corporation tax and deferred tax The accounting policies used in the preparation of the financial statements are consistent with those of last year. Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year. adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Deferred net tax assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement and in equity respectively.611Control Cargill AS is owned by Cargill Holdings Denmark A/S and ultimately by Cargill Incorporated.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 May 2020 and of the results of the Company's operations for the financial year 1 June 2019 – 31 May 2020. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We have audited the financial statements of Cargill A/S for the financial year 1 June 2019 – 31 May 2020 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 May 2020 and of the results of the Company's operations for the financial year 1 June 2019 – 31 May 2020 in accordance with the Danish Financial Statements Act.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the 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 in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty 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 Company to cease to continue as a going concern. evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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 deficiencies in internal control that we identify during our audit.Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. The objective of the Company is to carry out commercial fieldwork as well as commercial arrangements to the food industries. The Company has not had any activity in 2019/20 and the financial result comes from the closing of activities sold in 2018/19.The Company's income statement for 2020 shows a profit of DKK 2,444 thousand as against DKK -3,863 thousand in 2019. Equity in the Company's balance sheet at 31 May 2020 stood at DKK 5,052 thousand as against DKK 2,608 thousand at 31 May 2019.No events have occured after the balance sheet date, which would influencne the evaluation of this annual report. The annual report of Cargill A/S for 2019/20 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.Pursuant to Section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross profit.Income from the sale of goods, is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue.Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale.Other external costs comprise administrative expenses.Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from public authorities.Financial income and expenses comprise interest income/expense, value adjustments and fees.Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. The Company is jointly taxed with the Danish entities of the Cargill Group. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full absorption with refunds for tax losses). This means that companies with tax losses receive refunds from the other jointly taxed companies.Receivables are measured at amortised cost.Prepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash comprises bank deposits.Liabilities are measured at net realisable value.DKK'000 2019/20 2018/19 Wages and salaries 3,515 6,731 Pensions 371 567 Other social security costs 17 75 Other staff costs 10 492 3,913 7,865 Average number of full-time employees 6 11Interest expense to group entities 49 131 Other financial costs 16 0 Exchange losses 0 38 65 169 The share capital consists of 2,001 shares of a nominal value of DKK 1,000 each, equivalent to DKK 2,001 thousand. All shares rank equally.The Company has a non-capitalised deferred tax asset of approx. DKK 4.825 thousand.The Company is jointly taxed with the Danish entities of the Cargill Group with Cargill Nordic A/S as the administrative company. The Company has unlimited joint and several liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties under the joint taxation scheme.Cargill A/S is part of the consolidated financial statements of Cargill Incorporated, Minneapolis, MN-55400, Minnesota, USA, which is the smallest group in which the Company is included as a subsidiary.200510942019-06-012020-05-31200510942019-06-012020-05-311200510942018-06-012019-05-31200510942019-06-012020-05-311200510942019-06-012020-05-311200510942019-06-012020-05-312200510942019-06-012020-05-313200510942019-06-012020-05-31d:RetainedEarningsMember200510942018-06-012019-05-31d:RetainedEarningsMember200510942020-05-31200510942019-05-31200510942019-06-012020-05-31d:ContributedCapitalMember200510942019-06-01d:ContributedCapitalMember200510942020-05-31d:ContributedCapitalMember200510942019-06-012020-05-31d:RetainedEarningsMember200510942019-06-01d:RetainedEarningsMember200510942020-05-31d:RetainedEarningsMemberiso4217:DKKxbrli:pure