Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2024-01-01 2024-12-31 2023-01-01 2023-12-31 38389912 A. Espersen A/S Amager Strandvej 403 2770 Kastrup 1945-02-23 Kastrup +45 5690 6000 www.espersen.com EY Godkendt Revisionspartnerselskab 30700228 Værkmestergade 25 8100 Aarhus C Danmark +45 73 23 30 00 2025-05-21 Lene Ørum Lauridsen Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2025-04-29 2025-04-29 CaseWare Working Papers Kastrup Tino Bendix CEO Martin Busk Andersen CFO Flemming Nyenstad Enevoldsen Chairman Peter Kjær Ulrich Witt Christopher Thomas Jacek Migrala Bettina Simone Fürstenberg Mette Bendix Nielsen René Kofod Preben Vagn Finne Aarhus Morten Friis Tobias Oppermann State Authorised Public Accountant mne32732 State Authorised Public Accountant mne46362 3236000000 2708000000 2858000000 -57000000 70000000 -92000000 35000000 40000000 Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) -36000000 74000000 -81000000 56000000 49000000 Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) -46000000 -42000000 -16000000 -37000000 -50000000 -103000000 28000000 -107000000 1000000 -8000000 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -81000000 8000000 -8000000 463000000 460000000 418000000 432000000 404000000 Fixed assets Fixed assets Fixed assets Fixed assets Fixed assets 1322000000 1294000000 1423000000 1041000000 1059000000 Non-fixed assets Non-fixed assets Non-fixed assets Non-fixed assets Non-fixed assets 1841000000 1473000000 1463000000 50000000 66000000 53000000 54000000 59000000 42000000 42000000 39000000 39000000 39000000 Share capital Share capital Share capital Share capital Share capital 285000000 353000000 310000000 1269000000 1135000000 1555000000 1116000000 1146000000 Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions -353000000 12000000 0 -43000000 -61000000 -58000000 382000000 49000000 67000000 14000000 12000000 -14000000 0 9000000 Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows -19.7 6.3 -25.4 2.4 -2.6 28.4 34.1 15.5 24 21.2 Solvency ratio Solvency ratio Solvency ratio Solvency ratio Solvency ratio 3284 3150 2990 3303945000 3465369000 3066170000 3240824000 23964000 8826000 7912000 90000 2335797000 2438966000 2631625000 2786514000 464419000 466364000 412706000 390751000 527693000 568865000 29751000 63649000 498890000 449700000 89903000 82768000 57597000 48753000 5770000 5389000 13288000 0 4621000 0 14816000 0 5881000 0 -56898000 70412000 -76424000 -24508000 0 0 -28532000 88604000 -620000 2587000 -620000 2587000 28335000 32437000 25185000 21872000 73764000 77205000 50022000 75576000 -102947000 28231000 -130413000 12979000 5691000 612000 -21342000 -14203000 -108638000 27619000 -109071000 27182000 38016000 38428000 34691000 33287000 18009000 19670000 0 0 56025000 58098000 34691000 33287000 179792000 186837000 4090000 5420000 165245000 173502000 1346000 1892000 17002000 12758000 1464000 2114000 32378000 15292000 3288000 1869000 394417000 388389000 10188000 11295000 0 0 782761000 663856000 10605000 11794000 10605000 11794000 1953000 1953000 1953000 1953000 78000 21000 78000 21000 12636000 13768000 795397000 677624000 463078000 460255000 840276000 722206000 431837000 408677000 110795000 79443000 428538000 347381000 141723000 140749000 860375000 756058000 252518000 220192000 302771000 395497000 221917000 254159000 0 0 171772000 131545000 27467000 26129000 14295000 4940000 9937000 12607000 9437000 12416000 34343000 51630000 17088000 19936000 27636000 7077000 6078000 5635000 402154000 492940000 440587000 428631000 59237000 45063000 4629000 1992000 1321766000 1294061000 697734000 650815000 1784844000 1754316000 1538010000 1373021000 41500000 41500000 41500000 41500000 6422000 7611000 240107000 257535000 19226000 2406000 -4611000 -9571000 438318000 545036000 228470000 307089000 2132000 1697000 0 0 507598000 598250000 505466000 596553000 756000 0 0 0 756000 0 0 0 7032000 21493000 0 0 7032000 21493000 0 0 5021000 0 0 0 3455000 107084000 0 101851000 0 8446000 0 0 255361000 301084000 68108000 92477000 877399000 599469000 947614000 568215000 7752000 0 71000 0 9606000 63000 0 0 96689000 103398000 16751000 13925000 14175000 15029000 0 0 1269458000 1134573000 1032544000 776468000 1276490000 1156066000 1032544000 776468000 1784844000 1754316000 1538010000 1373021000 41500000 7611000 2406000 545036000 1697000 -620000 0 -108018000 435000 0 262000 -11860000 0 0 0 993000 4960000 0 0 -1300000 1300000 41500000 6422000 19226000 438318000 505466000 2132000 41500000 257535000 -9571000 307089000 -29152000 0 -79919000 0 -9200000 0 0 0 3824000 4960000 0 -1300000 1300000 41500000 240107000 -4611000 228470000 -108638000 27619000 134942000 83700000 -60454000 178074000 -34150000 289393000 43542000 43621000 21281000 -34470000 -98973000 280242000 4777000 4314000 986000 189000 50144000 28098000 52000 0 0 9000 1300000 507000 9316000 0 -43267000 -31725000 0 92205000 174301000 0 17887000 0 0 367000 0 327983000 156414000 -236145000 14174000 12372000 45063000 32694000 0 -3000 59237000 45063000 2810000 5259000 1964000 4180000 1441000 1423000 763000 757000 220000 1399000 68000 987000 1149000 2437000 1133000 2436000 376525000 376068000 79829000 73188000 58425000 51770000 8542000 7264000 63940000 21862000 1532000 2316000 498890000 449700000 89903000 82768000 3218 3339 121 118 17576000 9812000 17576000 9812000 129000 120000 129000 120000 17705000 9932000 17705000 9932000 0 0 2604000 2478000 734000 1785000 403000 1173000 0 0 2235000 0 18600000 30637000 14240000 18206000 9001000 15000 5703000 15000 31683000 56081000 31726000 56082000 14429000 13540000 13153000 12256000 750000 0 0 0 0 22000 0 22000 26902000 7562000 5143000 7216000 13332000 -1032000 -9437000 -12416000 -11452000 5333000 -11905000 -1857000 3811000 -3689000 0 70000 -29152000 0 -79919000 27182000 47737000 52634000 0 235000 0 0 128000 0 4649000 986000 15000000 0 4649000 0 -4649000 51763000 37634000 0 9309000 32964000 0 34000 0 0 4404000 1661000 0 0 15000000 0 13747000 19625000 0 38016000 18009000 0 39190000 15000000 0 0 0 4649000 0 15000000 0 4649000 0 -4649000 43839000 0 0 5903000 15000000 0 3245000 0 0 0 15000000 0 9148000 0 0 34691000 0 0 385056000 593128000 37352000 15292000 240000 -2895000 -62000 518000 916000 6911000 2736000 39581000 67000 6022000 2627000 104000 6450000 10318000 6141000 -22909000 392595000 601440000 43540000 32378000 198219000 419626000 24594000 0 -2736000 -6003000 -232000 0 17312000 29014000 4559000 0 0 -5564000 -3253000 0 -8000 878000 -870000 0 212803000 436195000 26538000 0 179792000 165245000 17002000 32378000 33739000 14607000 5394000 3642000 1869000 0 0 0 1442000 0 0 0 23000 14607000 5394000 3642000 3288000 0 0 0 0 0 0 9187000 3502000 1528000 0 1330000 546000 650000 0 10517000 4048000 2178000 0 4090000 1346000 1464000 3288000 4183000 69000 21000 4183000 69000 21000 7611000 1884000 0 -262000 0 57000 1300000 -620000 993000 6422000 1884000 57000 10605000 1953000 78000 Scanfish Norway AS Norway 49 Sweryb International AB Sweden 50 EsPan Sp. z.o.o. Poland 50 413932000 4183000 69000 21000 135252000 0 0 0 108000 0 0 0 549076000 4183000 69000 21000 249924000 7611000 1884000 0 9462000 -262000 0 57000 0 1300000 -28532000 -620000 3021000 0 0 993000 190000 0 0 0 6422000 1884000 57000 782761000 10605000 1953000 78000 Espersen Poland Sp z o o. Poland 100 UAB Espersen Lietvua Lietvua 100 Espersen UK Limited UK 100 Espersen Asia Ltd. Hong Kong 100 Espersen France SAS France 80 Espersen Limited UK 100 Espersen Sweden AB Sweden 100 Espersen Germany GmbH Germany 100 1000 A 41500000 41500000 39000000 39000000 39000000 39000000 2500000 0 0 0 41500000 39000000 39000000 39000000 -26129000 -14307000 -4940000 -2628000 12053000 5021000 7032000 0 57597000 48753000 -620000 2587000 -38165000 -32437000 -83594000 -77205000 6273000 -1032000 -582000 5333000 0 -3689000 25605000 -7846000 104317000 -67276000 97149000 81037000 53286000 -29761000 59237000 45063000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of A. Espersen A/S for the financial year 1 January - 31 December 2024. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2024 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholders of A. Espersen A/S We have audited the consolidated financial statements and the parent company financial statements of A. Espersen A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We 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 consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that 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. In preparing the financial statements, Management is responsible 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 in preparing the financial statements 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. 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 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 decisions of users taken on the basis of the 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 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 Group's and the Parent 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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group 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. 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. Espersen is a global supplier of frozen and chilled seafood products for the retail and foodservice markets, supplying international customer groups like Aldi, Lidl, Nomad, Tesco and McDonald’s as well as other international and large retail chains, foodservice chains and B2B customers, with whom Espersen have a long-lasting business relationship. Espersen's own brand Rahbek is sold in Denmark and the Nordic countries. Espersen operates manufacturing plants in Denmark, Lithuania, Poland, Vietnam, and the United Kingdom. The main raw material for Espersen products is frozen fish sourced globally. Espersen has now completed one full fiscal year, after the acquisition of the Grimsby facility in the United Kingdom in September 2023, adding a factory inside one of the core markets with a primary focus on consumer and chilled products to Espersen customers. The factory is undergoing a turnaround and has not delivered according to the original business plan. In 2024 Espersen restructured the management as well as the production flow and updated the business plan to be in line with the current market realities. In 2024 Espersen has a management change with a new CEO (5 August 2024) and a newly defined Group Management consisting of CEO, CFO and four Senior Vice Presidents: Production, Supply chain, Commercial and HR. End of 2024 Espersen was searching for a new CFO and the SVP HR started on 15 October 2024. Espersen realized a revenue of DKK 3,304 for 2024 or a decline of DKK 162 m. (4.7%) compared to 2023. The revenue development was positively impacted by a full year of ownership of the Grimsby business. In 2024 we experienced a drop in the external volume due to slower demand impacted by the global macroeconomic situation with the ongoing war in Ukraine, and the unstable situation in the Middle East. This was particularly enforced in the third quarter where price increases began to be reflected in consumer prices and during the fourth quarter as raw material prices for Espersen’s main species, Atlantic Cod, from the Barents Sea, increased due to lower quotas. The profit before net financials was expected in the range of DKK 70m – DKK 100m for the financial year of 2024. The realized profit before ne financials came out at DKK -57m. The much poorer performance was due to a lower volume, higher prices on raw materials and a negative development of the newly acquired business in the UK The profit before net financials for the financial year 2024 is unsatisfactory. The Group’s solvency decreased to 28% at 31 December 2024 compared to 34% at the end of 2023. The decrease is mainly due to a lower equity caused by the poor result of 2024. Our outlook for 2025 shows both topline and bottom-line stability. The global macroeconomic situation requires a strategy with the flexibility to adapt to rapidly changing market conditions. Espersen focuses on profitability and during 2024 the company carried out several initiatives which will show results during 2025. The Consumer Production analysis showed the efficiency gains of combining the two consumer productions in Poland and relocating two lines. This task started in March 2025 and will be finished by July 2025. In the Primary Platform, it was in February 2025 announced to close Espersen’s facility in Klaipeda and move the production to the facility in Poland. In connection with these two optimisations in production, all support functions to our production, incl. office functions, have been analysed and will the adjusted during 2025 enabling Espersen to continue the journey we started in 2023 by focusing on people first, customer priority and operational excellence and thereby set Espersen in a strong position to be able to adapt to the developing business environment. An important factor in 20205 is the reduced quotas on Atlantic cod from the Barents Sea, which is Espersen's main species. The cut is 25-30% and according to prospects, the quotas will not be lifted for the next 2-3 years. One aspect potentially impacting the raw material situation is further sanctions imposed on Russian fish or customer groups deliberately walking away from fish products based on Russian fish. Russia holds a significant share of the world quota for cod and haddock, which are important fish species used by Espersen. Although there are not any sanctions on fish or other food products in the EU at present, the situation has already led to further focus on non-Russian alternatives. Also, a potential trade war with increased tariffs between the US and Europe and the US and China might impact business in 2025. As for the US and China situation, that can potentially have a positive impact on Espersen’s facility in Vietnam. Various contingency and efficiency plans have been worked out and implemented in 2024 and these will continue to be rolled out in the future to ensure we optimize the internal cost and efficiency base for Espersen. Expected development With current knowledge, we estimate 2025 revenue in the range of DKK 3,000 – 3,500 and a profit-margin before interest and tax (EBIT) before special items within an interval of -3.0% and 0.0%. Particular risks: General risk: Espersen's main exposure is its dependence on raw material procurement. Espersen depends on the good development of whitefish stocks, especially Atlantic Cod, and is working both locally and globally to ensure sustainable fishing. A further risk could be an environmental disaster and its consequences for global fishing. Currency and financial risks: A considerable part of Espersen's purchases and sales are performed in foreign currencies, and fluctuations in the rates of exchange may have a short-term effect on the Group's results; in the long-term, these fluctuations are, however, included in the market. A defined policy is in place to mitigate significant short-term impacts of changes in exchange rates. Hedging of currency risks is mainly by the use of foreign exchange forwards. Espersen is predominantly financed through the parent company, INSEPA A/S. Credit risk: The credit risks of the Company primarily relate to trade receivables. As a rule, an international credit insurance institution insures all trade receivables to minimize credit risks. Intellectual capital: Espersen's main activities are processed on standard production equipment, and the high seniority of the employees is a contributing factor to higher yields and profits. Environmental issues: It is important for Espersen to act in an ethically correct way, to support and work for sustainable fishing and to have a good image towards our business partners and in the local communities. In 2024, 99% of our seafood is sourced with a third-party certification scheme such as MSC, ASC or GlobalG.A.P. Espersen’s seafood products rely on natural resources. Safeguarding the environment is key to protect our business and ensure food for the future.Continuous dialogue and collaboration with NGOs, scientists, and research institutions. The sustainability department is responsible, with support from other departments when needed. Espersen's sustainability report constitutes our compliance with the Danish statutory disclosure on corporate social responsibility 99a, see the Danish Financial Statements Act. The report includes matters of: Environmental matters Climate Impacts Social responsibility and Human Resources Respect for Human Rights Anti-Corruption and Bribery. Access our sustainability report here: https://www.espersen.com/sustainability/sustainability-reports The Group has not expressed a specific Data Ethics policy, as the subject has been found sufficiently covered by the Group's general corporate culture, Code of conduct and privacy policy. However, in 2023 there was extra focus on data privacy and cyber security.The Group have initiated various actions regarding awareness, training, and updates around file storage and access. Our primary focus has been on raising employee awareness around protection against potential data leaks, GDPR, and other IT security topics. This has been achieved through training sessions, both virtual and as part of global onboarding sessions. Other initiatives have addressed data “clean-up”. During the year, we initiated a groupwide “old file" clean-up before transferring to a new cloud storage service. In addition, we updated our intranet, simultaneously reviewing user privileges and ensuring users only have access to files they need. During 2024, Espersen elevated focus on cyber security with training for all employees. Also, Espersen has prepared for the EU NIS2 directive which will take effect from July 2025. Espersen will be ready with policies and training has been conducted to management. Regarding GDPR, Espersen has continued providing external GDPR courses for relevant personnel. In the future, it is expected that more focus and projects within the data area will continue into 2025 After the year-end closing, Espersen has decided to cease production in Lithuania and move the volume to Poland. By doing this Espersen is taking out excess capacity and improving efficiency. No other significant events have occured. The annual report of A. Espersen A/S for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK'000). Control The consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company. Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment. In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions. Significant influence Entities over whose financial and operating policy decisions the group exercises significant influence are classified as associates. Significant influence is assumed to exist if the Parent Company directly or indirectly holds or controls 20% or more of the voting power of the investee, but does not control the investee. The existence of potential voting rights which may presently be exercised or be converted into additional voting rights in considered when assessing if significant influence exists. Preparation of consolidated financial statements The consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment. In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately. Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders. Investments in associates and joint ventures are recognised in the consolidated financial statements using the equity method. The group's activities in joint operations are recognised on a line-by-line basis. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest. Goodwill relating to the non-controlling interests' share of the acquiree is recognised. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below. The date of acquisition is the date when the group actually obtains control of the acquiree. The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset. Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date. The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement. Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred. Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements. Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. Intra-group business combinations The book value method is applied to business combinations such as acquisition and disposal of investments, mergers, demergers, contributions of assets and share conversions, etc. in which entities controlled by the parent company are involved, provided that the combination is considered completed at the time of acquisition without any restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquiree are recognised directly in equity. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. Foreign group entities Foreign group entities and associates are considered separate entities. Items in such entities' income statements are translated at an average exchange rate for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign group entities to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity. On recognition of foreign group entities which are integral entities, monetary items are translated at closing rates. Non monetary items are translated at the exchange rate at the acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income statement items are translated at the exchange rates at the transaction date. However, items derived from non monetary items are translated at historical exchange rates for the non monetary item. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet. Fair value adjustments of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognised asset or liability are recognised in the income statement along with changes in the fair value of the hedged asset or liability. The Company has chosen IAS 18 as interpretation for revenue recognition. Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Changes in inventories of finished goods and work in progress comprise reduction or increase of inventories due to due to cost of raw materials and consumables as well as staff costs, but does not include changes in inventories of raw materials or prepayments for goods. Raw materials and consumables include expenses relating to raw materials and consumables used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration, bad debts, fixed costs and operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. Impairment losses in respect of non-fixed assets exceeding usual impairment losses comprise impairment losses on inventories and trade receivables, which are considered unusual compared to those considered normal write-downs for obsolescence or normal write-downs for bad debts. Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. In associates, only proportional elimination of profit and loss is carried out, taking into account ownership shares. The proportionate share of the individual group entities' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Goodwill: Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is between 5 and 20 years. The amortisation period is fixed based on the expected repayment horizon, longest for strategically acquired business enterprises with strong market positions and long-term earnings. Software: Sofware is measured at cost and amortized over the expected useful live and adjusted for impairment losses. Usefuld vary between 3-15 years. Development projects in progress: Development projects in progress include expenses, salaries, and amortization, which can be directly attributed to development projects. Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases. Equity investments in group entities and associates are measured according to the equity method. Equity investments in joint ventures are also measured according to the equity method in the consolidated financial statements. On initial recognition, equity investments in group entities and associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. Dividend received is deduced from the carrying amount. Equity investments in group entities and associates measured at net asset value are subject to impairment test requirements if there is any indication of impairment. Securities which the Company intends to hold to maturity are measured at amortised cost, using the effective interest rate method at the date of acquisition. Value adjustments are recognised in the income statement under "Net financials". Securities and investments consisting of listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. The carrying amount of intangible assets, property, plant and equipment, investments in group entities and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in group entities and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Translation reserve and hedging reserve The translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in group entities and associates in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead. The hedging reserve comprises the cumulative net change in the fair value of hedging transactions that qualify for recognition as a cash flow hedge and where the hedged transaction has not yet been realised. The reserve is dissolved when the hedged transaction is realised, if the hedged cash flows are no longer expected to be realised or if the hedging relationship is no longer effective. The reserve does not represent a limitation under company law and may therefore be negative. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to 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. Deferred tax assets are recognised at the expected value of their utilisation; 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. Lease liabilities Lease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. Deferred income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year. Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments. Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. After the year-end closing, Espersen has decided to cease production in Lithuania and move the volume to Poland. By doing this Espersen is taking out excess capacity and improving efficiency. No other significant events have occured. Breakdown of revenue by geographical segment: Fish products - domestic market 93,278 87,597 93,278 87,597 Fish products - export markets 3,210,667 3,377,772 2,972,892 3,153,227 3,303,945 3,465,369 3,066,170 3,240,824 Note 23 provides more details on security for loans, etc. as regards property, plant and equipment. Fair value at 31 December 2024 16,172 Out of the group's total other receivables, other receivables totalling t.DKK 78 fall due for payment after more than 2-5 years after the balance sheet date. Out of the parent's total other receivables, other receivables totalling t.DKK 78 fall due for payment after more than 2-5 years after the balance sheet date. At 31 December 2024, the Group recognised a deferred tax asset of t.DKK 27,467 (2023: t.DKK 26,129). The tax asset include tax losses carry forward of t.DKK 87,293 (2023: t.DKK 56,912) Based on the Group's budget, Management expect that the Group in the nearest future will generate possible taxable income against which the tax losses carry forward can be utilised. Out of the group's total receivables, trade receivables totalling t.DKK 0 and other receivables totalling DKK 0 fall due for payment after more than one year after the balance sheet date. Out of the group's total receivables, trade receivables totalling DKK 0 and other receivables totalling DKK 0 fall due for payment after more than one year after the balance sheet date. Consists of various minor prepayments, mainly rent, license and insurance. The INSEPA group has entered into an agreement on a cash pool arrangement with Jyske Bank A/S, where INSEPA A/S is the group account owner and A. Espersen A/S is sub-account holder together with the group's other enterprises. The agreed conditions in the cash pool arrangement gives Jyske Bank A/S the right to be able to settle withdrawals and deposits between the companies in the INSEPA group, whereby only the net balance of the total cash pool accounts constitutes INSEPA A/S' balance with the bank. A. Espersen A/S' accounts in the cash pool arrangement, which are recognized under payables to group enterprises, amounts to DKK 461m. at 31 December 2024 (31 December 2023: DKK 439m.) The parent's share capital has remained DKK 41,500 thousand in the past year. At 31 December 2024, the Group recognised a deferred tax asset of t.DKK -27,467 (2023: t.DKK -26,129). The tax asset include tax losses carry forward of t.DKK 87,293 (2023: t.DKK 56,912). Based on the Group's budget, Management expect that the Group in the nearest future will generate possible taxable income against which the tax losses carry forward can be utilised. Rent and lease liabilities vis-à-vis the parent company and its other group entities: Group Parent company DKK'000 2024 2023 2024 2023 Rent and lease liabilities 44,111 60,673 26,926 23,964 The Company is jointly taxed with its parent, INSEPA A/S, which acts as management company, and other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes and withholding taxes in the group of jointly taxed entities. As security for the Group's debt to banks, the Group has provided bank guarantee for customs duty of t.DKK 0 as of 31 December 2024 (2023: t.DKK 5,500). As security for the Group's debt to banks, the Group has provided bank guarantee for lease deposit as of t.DKK 1,554 as of 31 December 2024 (2023: t.DKK 1,554). The company is dependent upon financing from the parent company (INSEPA A/S) who is the Principal in the agreements with the Group's main bank. The company is unlimited and jointly liable for any obligations INSEPA A/S has with its main bank. As collateral for the company's mortage lending, amounting to t.DKK 0 (2023: t.DKK 367), A. Espersen A/S has provided guarantees in its buildings with a carrying amount of t.DKK 4,090 at 31 December 2024 (2023: t.DKK 5,420). As security for the Company's debt to bank, the Company has provided security or other collateral in its assets for a total amount of DKK 50 million. The total carrying amount of these assets is DKK 484 million and consists of trade receivables, inventory and operating equipment. Parties exercising control Related party Domicile Basis for control INSEPA A/S Denmark Participating interest Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements INSEPA A/S Denmark www.cvr.dk Related party transactions DKK'000 2024 2023 Group Payables to parent company 877,399 599,469 Sale of services to parent 278 -952 Parent Company Sale of goods to group enterprises 817,296 706,902 Purchase of goods from group enterprises 1,965,211 2,323,014 Sale of services to group enterprises 28,973 18,903 Purchase of services from group enterprises 3,249 2,560 Receivables from group enterprises 171,772 131,545 Payables to group enterprises 0 31,254 Payables to parent company 877,399 568,215 TP Adjustment 31,726 56,082 Capital debt -119,397 -110,430 Dividend paid from group enterprises 1,298 507 38389912 2024-01-01 2024-12-31 d:ConsolidatedMember 38389912 2024-01-01 2024-12-31 38389912 2024-01-01 38389912 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