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cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2023-01-01 2023-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key figures</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial ratios</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The financial ratios stated in the financial highlights overview have been calculated as follows</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x 100 / Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Result for the year after tax x 100 / Average equity</td></tr></table> 3465369000 70409000 -45000000 28228000 27616000 280239000 -31725000 -66000000 -236145000 12369000 3339 42797000 8826000 2596238000 266298000 568862000 449700000 48753000 0 0 2587000 44768000 612000 27183000 433000 48753000 -7846000 -67276000 81037000 -29761000 289390000 43621000 -34470000 9000 507000 367000 327983000 92205000 0 0 250437000 -115000 37504000 -6086000 3979000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Segment note</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Fish products - domestic market</td><td width="17%" align="right" valign="middle" >87.597</td><td width="11%" align="right" valign="middle" >88.400</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Fish products - export markets</td><td width="17%" align="right" valign="middle" >3.377.772</td><td width="11%" align="right" valign="middle" >3.148.053</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Segment note total</td><td width="17%" align="right" valign="middle" ><b>3.465.369</b></td><td width="11%" align="right" valign="middle" ><b>3.236.453</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr></table> 376068000 51770000 21862000 167000 4314000 230000 0 319000 0 5017000 59279000 65877000 3492000 -63000 38563000 -3107000 43736000 45073000 97009000 37504000 1661000 -8119000 66495000 45064000 -2035000 73182000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Nærtstående parter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="4%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="35%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td><td width="11%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Financial income and expenses</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" ></td><td width="16%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Interest income</td><td width="16%" align="right" valign="middle" >1.785</td><td width="11%" align="right" valign="middle" >107</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Interest income from group enterprises</td><td width="16%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Unrealized foreign exchange adjustments, net</td><td width="16%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Realized foreign exchange adjustments, net</td><td width="16%" align="right" valign="middle" >30.637</td><td width="11%" align="right" valign="middle" >13.952</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="16%" align="right" valign="middle" >15</td><td width="11%" align="right" valign="middle" >28</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" ><b>Financial income i alt</b></td><td width="16%" align="right" valign="middle" ><b>32.437</b></td><td width="11%" align="right" valign="middle" ><b>14.087</b></td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Interest expense</td><td width="16%" align="right" valign="middle" >13.540</td><td width="11%" align="right" valign="middle" >1.180</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Interest expense to group enterprises</td><td width="16%" align="right" valign="middle" >56.081</td><td width="11%" align="right" valign="middle" >22.564</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >FORealized foreign exchange adjustments, net</td><td width="16%" align="right" valign="middle" >22</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Capital losses on securities and adjustments</td><td width="16%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >3.173</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Other financial costs</td><td width="16%" align="right" valign="middle" >7.562</td><td width="11%" align="right" valign="middle" >2.896</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" ><b>Financial expenses i alt</b></td><td width="16%" align="right" valign="middle" ><b>77.205</b></td><td width="11%" align="right" valign="middle" ><b>29.813</b></td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" ><b>Financial income and expenses, net</b></td><td width="16%" align="right" valign="middle" ><b>-44.768</b></td><td width="11%" align="right" valign="middle" ><b>-15.726</b></td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr></table> -1032000 0 5333000 -3689000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Other securities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Cost at 1 January and 31 December</td><td width="17%" align="right" valign="middle" >69</td><td width="11%" align="right" valign="middle" >69</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Value adjustment to fair value at 1 January</td><td width="17%" align="right" valign="middle" >1.231</td><td width="11%" align="right" valign="middle" >1.231</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Value adjustments for the year</td><td width="17%" align="right" valign="middle" >653</td><td width="11%" align="right" valign="middle" >0</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Value adjustments to fair value at 31 December</b></td><td width="17%" align="right" valign="middle" ><b>1.884</b></td><td width="11%" align="right" valign="middle" ><b>1.231</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31 December</b></td><td width="17%" align="right" valign="middle" ><b>1.953</b></td><td width="11%" align="right" valign="middle" ><b>1.300</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="4%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="35%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td><td width="11%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" ></td><td width="16%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Falling due between 2 and 5 years</td><td width="16%" align="right" valign="middle" >21</td><td width="11%" align="right" valign="middle" >1.244</td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" colspan="1" align="left" valign="middle" >Other reciavbles total</td><td width="16%" align="right" valign="middle" ><b>21</b></td><td width="11%" align="right" valign="middle" ><b>1.244</b></td><td width="17%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2023, the Group recognised a deferred tax asset of DKK -26,129k (2022: DKK -14,796k). The tax asset include tax losses carry forward of DKK 56,912k (2022: DKK 3,074k). 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.</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >The changes for the year are specified as follows</td><td width="17%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Deferred tax liabilities at 1 January</td><td width="17%" align="right" valign="middle" >489</td><td width="11%" align="right" valign="middle" >2.430</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Deferred tax assets at 1 January</td><td width="17%" align="right" valign="middle" >-14.796</td><td width="11%" align="right" valign="middle" >-21.312</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Deferred tax (asset)/liability, net at 1 January</td><td width="17%" align="right" valign="middle" ><b>-14.307</b></td><td width="11%" align="right" valign="middle" ><b>-18.882</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Opening adjustment, foreign exchange rates</td><td width="17%" align="right" valign="middle" >-985</td><td width="11%" align="right" valign="middle" >-248</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Adjustments in respect of previous years</td><td width="17%" align="right" valign="middle" >-4.910</td><td width="11%" align="right" valign="middle" >3.403</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Movement for the year, equity items</td><td width="17%" align="right" valign="middle" >-594</td><td width="11%" align="right" valign="middle" >610</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Movement for the year, income statement</td><td width="17%" align="right" valign="middle" >-5.333</td><td width="11%" align="right" valign="middle" >810</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Deferred tax (asset)/liability, net at 31 December</td><td width="17%" align="right" valign="middle" ><b>-26.129</b></td><td width="11%" align="right" valign="middle" ><b>-14.307</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Deferred tax liabilities at 31 December</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >489</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Deferred tax assets at 31 December</td><td width="17%" align="right" valign="middle" >-26.129</td><td width="11%" align="right" valign="middle" >-14.796</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" align="right" valign="middle" ><b>-26.129</b></td><td width="11%" align="right" valign="middle" ><b>-14.307</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Consists of various minor prepayments, mainly rent, license and insurance.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 41,500 shares of DKK 1.000 each and has developed as follows the last 5 years</td></tr><tr><td colspan="6"></td></tr><tr><td width="33%" ></td><td width="15%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td><td width="16%" ></td><td width="13%" ></td><td width="13%" align="right" valign="middle" >2019</td></tr><tr><td colspan="6"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Beginning of the year</td><td width="15%" align="right" valign="middle" >39.000</td><td width="10%" align="right" valign="middle" >39.000</td><td width="16%" align="right" valign="middle" >39.000</td><td width="13%" align="right" valign="middle" >39.000</td><td width="13%" align="right" valign="middle" >35.000</td></tr><tr><td colspan="6"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Share capital i alt</b></td><td width="15%" align="right" valign="middle" >41.500</td><td width="10%" align="right" valign="middle" ><b>39.000</b></td><td width="16%" align="right" valign="middle" ><b>39.000</b></td><td width="13%" align="right" valign="middle" ><b>39.000</b></td><td width="13%" align="right" valign="middle" ><b>39.000</b></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="31%" ></td><td width="15%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td><td width="16%" ></td><td width="12%" ></td><td width="9%" ></td><td width="7%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Falling due between 1 and 5 years</td><td width="15%" align="right" valign="middle" >21.493</td><td width="10%" align="right" valign="middle" >164</td><td width="16%" ></td><td width="12%" ></td><td width="9%" ></td><td width="7%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" ><b>Non-current liabilities total</b></td><td width="15%" align="right" valign="middle" ><b>21.493</b></td><td width="10%" align="right" valign="middle" ><b>164</b></td><td width="16%" ></td><td width="12%" ></td><td width="9%" ></td><td width="7%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Lease commitments</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="31%" ></td><td width="15%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2023</td><td width="16%" align="right" valign="middle" >2023</td><td width="12%" align="right" valign="middle" >2022</td><td width="9%" align="right" valign="middle" >2022</td><td width="7%" align="right" valign="middle" >2022</td></tr><tr><td width="31%" ></td><td width="15%" colspan="1" align="left" valign="middle" >Lease payment</td><td width="10%" colspan="1" align="left" valign="middle" >Interes</td><td width="16%" colspan="1" align="left" valign="middle" >Carrying Amount</td><td width="12%" colspan="1" align="left" valign="middle" >Lease payments</td><td width="9%" colspan="1" align="left" valign="middle" >Interest</td><td width="7%" colspan="1" align="left" valign="middle" >Carrying Amount</td></tr><tr><td colspan="7"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >0-1 Years</td><td width="15%" align="right" valign="middle" >9261</td><td width="10%" align="right" valign="middle" >815</td><td width="16%" align="right" valign="middle" >8.446</td><td width="12%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >1-5 Years</td><td width="15%" align="right" valign="middle" >22293</td><td width="10%" align="right" valign="middle" >800</td><td width="16%" align="right" valign="middle" >21.493</td><td width="12%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >>5 Years</td><td width="15%" align="right" valign="middle" >0</td><td width="10%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="90%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" ><b>Cash pool</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >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.</td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >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.</td></tr><tr><td colspan="2"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Cash and Cash equivalent at year-end - Consolidated</b></td></tr><tr><td width="55%" ></td><td width="26%" align="right" valign="middle" >2023</td><td width="19%" align="right" valign="middle" >2022</td></tr><tr><td colspan="3"></td></tr><tr><td width="55%" ></td><td width="26%" align="right" valign="middle" >45.063</td><td width="19%" align="right" valign="middle" >32.694</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cash according to the balance sheet</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent liabilities and collateral</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Consolidated</b></td><td width="17%" colspan="1" align="left" valign="middle" ><b>Buildings</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Cars</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Equipment</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due within one year</td><td width="17%" align="right" valign="middle" >5.951</td><td width="11%" align="right" valign="middle" >1.808</td><td width="18%" align="right" valign="middle" >7.208</td><td width="18%" align="right" valign="middle" >14.967</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due between 1-5 years</td><td width="17%" align="right" valign="middle" >19.501</td><td width="11%" align="right" valign="middle" >2.313</td><td width="18%" align="right" valign="middle" >15.790</td><td width="18%" align="right" valign="middle" >37.604</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due after more than 5 years</td><td width="17%" align="right" valign="middle" >8.101</td><td width="11%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >8.101</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Consolidated total</b></td><td width="17%" align="right" valign="middle" ><b>33.553</b></td><td width="11%" align="right" valign="middle" ><b>4.121</b></td><td width="18%" align="right" valign="middle" ><b>22.998</b></td><td width="18%" align="right" valign="middle" ><b>60.673</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Parent company</b></td><td width="17%" colspan="1" align="left" valign="middle" ><b>Buildings</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Cars</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Equipment</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due within one year</td><td width="17%" align="right" valign="middle" >2.746</td><td width="11%" align="right" valign="middle" >1.064</td><td width="18%" align="right" valign="middle" >273</td><td width="18%" align="right" valign="middle" >4.083</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due between 1-5 years</td><td width="17%" align="right" valign="middle" >10.963</td><td width="11%" align="right" valign="middle" >881</td><td width="18%" align="right" valign="middle" >57</td><td width="18%" align="right" valign="middle" >11.902</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due after more than 5 years</td><td width="17%" align="right" valign="middle" >7.979</td><td width="11%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >7.979</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Parent company total</b></td><td width="17%" align="right" valign="middle" ><b>21.688</b></td><td width="11%" align="right" valign="middle" ><b>1.946</b></td><td width="18%" align="right" valign="middle" ><b>330</b></td><td width="18%" align="right" valign="middle" ><b>23.964</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The company is comprised by the Danish rules on compulsory joint taxation of INSEPA A/S and its Danish subsidiaries.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Accordingly, the company is jointly liable for corporate and withholding taxes in the Danish joint taxation.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >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.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >As collateral for the company's mortgage lending, amounting to DKK 0k (2022: DKK 367k) A. Espersen has provided guarantees in its buildings with a carrying amount of DKK 3,117k at 31 December 2023 (2022: DKK 4,335k).</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >A.Espersen has given a support letter to the subsidiary, Espersen UK Limited to support the subsidiary to trade and to discharge its debt and liabilities for at least 2024.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Bank guarantee for customs duty</td><td width="17%" align="right" valign="middle" >5.500</td><td width="11%" align="right" valign="middle" >5.500</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Bank guarantee for Lease deposit</td><td width="17%" align="right" valign="middle" >1.554</td><td width="11%" align="right" valign="middle" >0</td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Collateral total</b></td><td width="17%" align="right" valign="middle" ><b>7.054</b></td><td width="11%" align="right" valign="middle" ><b>5.500</b></td><td width="18%" ></td><td width="18%" ></td></tr><tr><td colspan="5"></td></tr></table> 1423000 1399000 2437000 5259000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="62%" colspan="1" align="right" valign="middle" ><b></b></td><td width="31%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Currency and interest rate risks and the use of derivative financial instruments</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Currency risks</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Most revenues are invoiced in foreign currencies, mainly GBP, USD & EUR. A significant part of raw material purchases are made in USD, EUR and NOK.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >To mitigate impact of changes in exchange rates on short/mid term performance future cash flows are hedged in accordance with the Company's finance policy. All hedging of currency risks in the Group is carried out in the Parent Company.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >At 31 December 2023 the Company and the Group had the following open currency forward contracts</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Currency</b></td><td width="31%" colspan="1" align="left" valign="middle" ><b>Fair value</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >GBP</td><td width="31%" align="right" valign="middle" >-191</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >-71</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >-5.065</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >NOK</td><td width="31%" align="right" valign="middle" >4.471</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >PLN</td><td width="31%" align="right" valign="middle" >5.511</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >2.882</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Total</b></td><td width="31%" align="right" valign="middle" ><b>7.537</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >At 31 December 2022 the Company and the Group had the following open currency forward contracts</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Currency</b></td><td width="31%" colspan="1" align="left" valign="middle" ><b>Fair value</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >GBP</td><td width="31%" align="right" valign="middle" >440</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >SEK</td><td width="31%" align="right" valign="middle" >383</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >8.387</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >-16.160</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >NOK</td><td width="31%" align="right" valign="middle" >-107</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >PLN</td><td width="31%" align="right" valign="middle" >10.845</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Total</b></td><td width="31%" align="right" valign="middle" ><b>3.788</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Interest rate risks</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >As of 31 December 2023 there are no external interest bearing debt in the Group and the parent company (2022: DKK 0) is related to mortgage and bank loans with a fixed interest rate.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Interest bearing financing provided by INSEPA A/S is based on an ordinary bank credit facility which is renegotiated yearly by INSEPA.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Fair value disclosures</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >The Group has the following assets and liabilities measured at fair value</td><td width="31%" colspan="1" align="left" valign="middle" ><b>Derivative financial instruments</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Fair value at year end</td><td width="31%" align="right" valign="middle" >7.537</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Unrealised fair value adjustments for the year, recognised in the income statement</td><td width="31%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Unrealised fair value adjustments for the year, recognised in hedging reserve</td><td width="31%" align="right" valign="middle" >4.144</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Fair value level</td><td width="31%" align="right" valign="middle" >2</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="6%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="52%" colspan="1" align="right" valign="middle" ><b></b></td><td width="24%" colspan="1" align="right" valign="middle" ><b></b></td><td width="18%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >A. Espersen A/S is wholly-owned subsidiary of</td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >INSEPA A/S</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Amager Strandvej 403</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >DK-2770 Kastrup</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Denmark</td></tr><tr><td width="6%" ></td><td width="52%" ></td><td width="24%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="52%" ></td><td width="24%" align="right" valign="middle" >599.469</td><td width="18%" align="right" valign="middle" >1.150.452</td></tr><tr><td width="6%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Payables to parent company</td><td width="24%" align="right" valign="middle" >57.052</td><td width="18%" align="right" valign="middle" >33.949</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Purchase of services from parent enterprises</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The Board of Directors and the Executive Board have today discussed and approved the annual report of A. Espersen A/S for the financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's financial position at 31 December 2023 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Further, in our opinion, the Management review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters and the results of the Group's and the Parent Company's operations and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>We recommend that the annual report be approved at the annual general meeting. Kastrup, 11th of April 2024</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of A. Espersen A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">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 2023, 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.</td></tr><tr><td colspan="1">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 2023 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2023 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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" (hereinafter 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management 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.</td></tr></table> Aarhus 2024-04-11 A. Espersen A/S Amager Strandvej 403 DK-2770 Kastrup Denmark 4556906000 4556906001 www.espersen.com espersen@espersen.com 38389912 1945-02-23 Kastrup, Denmark 2024-04-18 Lena Ørum Lauridsen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Principal activities of the Group</td></tr><tr><td colspan="1">Espersen is a global supplier of frozen and chilled seafood products for the retail and foodservice markets, supplying international customer groups like Aldi, Lidl, Tesco and McDonald’s as well and other international and large retail chains, foodservice chains and B2B customers, with whom Espersen have a long-lasting business relationship. Espersen operates manufacturing plants in Denmark, Lithuania, Poland, Vietnam, and United Kingdom (acquired in 2023). The main raw material for Espersen products is frozen fish sourced globally.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial position</td></tr><tr><td colspan="1">In September 2023 Espersen concluded the acquisition of the Grimsby facility in the United Kingdom from the Icelandic ISI group, adding a factory inside one of the core markets with primary focus on consumer and chilled products to the Espersen customers. The acquisition is adding a capacity 11,000 tonnage and approximately 180 employees to Espersen and currently has a split of 75% sales to retail and 25% sales to foodservice. The financial impact of the acquisition is included in the last 4 month of 2023.</td></tr><tr><td colspan="1">The final liquidation and closure of the Hong Kong sales office was carried out in 2023, so all activities are now handed over to the Vietnamese and Copenhagen organizations and legally the entity is now closed.</td></tr><tr><td colspan="1">Espersen saw a revenue growth of DKK 228,9m including the acquisition of the Grimsby plant and DKK 136,8m or 4.2% excluding the impact from the Grimsby plant acquisition. The positive revenue development is driven by high focus on protecting our profit margins by maintaining our sales prices. Espersen had an average decline in weighted raw material prices of -12% in 2023 compared to 2022 and a growth in utility cost of 16% in 2023 compared to 2022. Despite the growth in revenue compared to 2022 we experienced a drop in the external volume due to slower demand impacted by the global macro-economic situation with high inflation, the ongoing war in Ukraine and unstable situation in the Middle East in 4th quarter of 2023.</td></tr><tr><td colspan="1">The sum of the above-mentioned factors combined with a very tight cost control resulted in a very positive profit result for the year of 2023 compared to 2022 improving the result before tax with DKK 135m including the acquisition of the Grimsby plant. In the annual report for 2022 an annual revenue of DKK 3600m – DKK 4400m was expected for the financial year of 2023, based on lower demand and lower average sales prices we ended at DKK 3465m in revenue. The operating result before special items was expected in the range of DKK 30m – DKK 60m for the financial year of 2023 and based on the above-mentioned factors resulted in an actual result of DKK 70m.</td></tr><tr><td colspan="1">The operating result for the financial year 2023 is satisfactory.</td></tr><tr><td colspan="1">Espersen has improved the cash position with DKK 208m in 2023 compared to 2022 based on strong focus on reducing working capital helped by falling raw material prices, improved inventory levels and the utilization of the vendor financing program for the Nomad customer group.</td></tr><tr><td colspan="1">The Group’s solvency increased to 34% at 31 December 2023 compared to 16% at the end of 2022. The increase is mainly due to a DKK 250m capital injection and the above-mentioned improvement activities for the cash position as well as the higher profit margins generated through the sales activities in 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">Our outlook for 2024 shows topline, and bottom-line growth based on the focus on core activities done in 2023 and the new strategy accelerate building upon core set out for 2024. The strategy and investments will enable 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 global macro-economic situation.</td></tr><tr><td colspan="1">One aspect potentially impacting the raw material situation are 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 EU at present, the situation has already led to further focus for non-Russian alternatives.</td></tr><tr><td colspan="1">Various contingency and efficiency plans have been worked out and implemented in 2023 and these will continue to be rolled out in the future to ensure we optimize the internal cost and efficiency base for Espersen.</td></tr><tr><td colspan="1">The positive development in the cash position for Espersen 2023 is expected to continue in the financial year of 2024 and will leave the company in a stronger situation and higher degree of freedom to support and develop the business.</td></tr><tr><td colspan="1">Expected development</td></tr><tr><td colspan="1">With current knowledge we estimate 2024 revenue in the range DKK 3,600m – 4,400m and operating result before special items of DKK 70m - 100m.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Particular risks</td></tr><tr><td colspan="1">General risk</td></tr><tr><td colspan="1">Espersen's main exposure is its dependence on raw material procurement. Espersen depends on a good development of whitefish stocks, especially 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.</td></tr><tr><td colspan="1">Currency and financial risks</td></tr><tr><td colspan="1">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 use of foreign exchange forwards.</td></tr><tr><td colspan="1">Espersen is predominantly financed through the parent company, INSEPA A/S, which has sufficient funding in place to secure operations.</td></tr><tr><td colspan="1">Credit risk</td></tr><tr><td colspan="1">The credit risks of the Company primarily relates to trade receivables. As a rule, an international credit insurance institution insures all trade receivables in order to minimize credit risks.</td></tr><tr><td colspan="1">Intellectual capital</td></tr><tr><td colspan="1">Espersen’s employees have high seniority and industry insight.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Environmental issues</td></tr><tr><td colspan="1">It is important for Espersen to act in an ethical correct way, to support and work for sustainable fishing and to have a good image towards our business partners and in the local communities.</td></tr><tr><td colspan="1">96% of our seafood is sourced with a third-party certification scheme such as MSC, ASC or GlobalG.A.P.</td></tr><tr><td colspan="1">2023 initiatives on environmental issues</td></tr><tr><td colspan="1">Moving forward, Espersen will focus on supporting the development of new technologies to better understand the effect of fishing patterns using data captured from onboard, ‘live’ monitoring systems to improve the efficiency of fuel use and rocurement of raw material. In the coming years, we will collaborate heavily across the supply chain to obtain more supplier-specific data for our carbon accounting. The fuel consumption of fishing vessels accounts for most of Espersen’s emissions. Collaboration is crucial to achieving our Scope 3 target. A further lever could be sourcing a greater proportion of our fish species with lower emission intensity.</td></tr></table> http://www.espersen.com/commitment/sustainability-reports. <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Social responsibility</td></tr><tr><td colspan="1">Espersen’ s sustainability report constitutes our compliance with the Danish statutory disclosure on corporate social responsibility see the Danish Financial Statements Act. Access our sustainability report here: http://www.espersen.com/commitment/sustainability-reports.</td></tr><tr><td colspan="1">Gender distribution in management</td></tr><tr><td colspan="1">We strive to ensure that our board members and managers have the necessary range of perspectives, experience and expertise required to achieve effective stewardship and management. At director, senior manager and manager level, 45% are women (49 women out of 108 posts – Group level) and 61% of all employees are women (1,744 women out of 2,860 employees – Group level). One of the five appointed board members is a woman - A. Espersen level (20%). 5 of the Senior Managers are women - A. Espersen level (31%) and 0 of the directors are women – A. Espersen level (0%)</td></tr><tr><td colspan="1">Our ambition is that our board will become more diverse in gender — In 2023 we once again agreed that we will seek female candidates to help us achieve this goal when recruiting occurs. Develop a strategy to improve a more even gender distribution at all levels of management, hereby</td></tr><tr><td colspan="1">Ensure that both genders are represented with at least 25% by 2025 of appointed board members.</td></tr><tr><td colspan="1">Ensure that both genders are represented with 35% by 2025 of other managerial positions, senior managers reporting directly to directors.</td></tr><tr><td colspan="1">In 2023, we enhanced our strategy to improve a more even gender distribution at all levels of management, hereby</td></tr><tr><td colspan="1">Gender-based reporting for alle employees and levels of management across the company (This also includes board of directors and Other managerial positions as defined below).</td></tr><tr><td colspan="1">We were seeking female candidates when recruiting occurred.</td></tr><tr><td colspan="1">Empower all women, hereby ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making</td></tr><tr><td colspan="1">No new board members were elected to the Board of Directors during 2023 and there were no changes in the other levels of management.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">5 years overview</td></tr><tr><td /><td>2023 (Base year)</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The number of employees is calculated as the number of full-time employees registered in Espersens HR system. Employee indicators and the share of women in the board of directors, directors, senior managers and all employees are calculated based on headcounts at end of the reporting period. The company’s other levels of management include the two levels of management which are below the supreme governing body. Other managerial positions includes persons with managerial responsibility, who refer directly to the first level of management below the supreme governing body (e.g., those who handle the day-to-day operations, department managers, team leaders - depending on the company’s managerial structure). Directors are defined as the 3 members of the executive management team and senior managers are defined as direct reports to the Directors.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data Ethics</td></tr><tr><td colspan="1">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, CSR and privacy policy. However, in 2023 there was extra focus on data privacy and cyber security.</td></tr><tr><td colspan="1">During 2023, Espersen hired two cyber security specialists to help get Espersen ready for the EU NIS2 directive and help identify vulnerabilities within the use of digitalization. This has included Espersen addressing cyber hygiene within the company. Regarding GDPR, Espersen updated their privacy policy, provided external GDPR courses for relevant personnel and have focused on spreading awareness through training and further education on the subject. In the future, it is expected that more focus and projects within this area will continue into 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the year-end closing, which could significantly affect the evaluation of the financial position of the Group and the Parent Company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of A. Espersen A/S for 2023 has been prepared in accordance with the provisions applying to reporting class C large enterprises under the Danish Financial Statements Act.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Presentation currency</td></tr><tr><td colspan="1">The financial statements are presented in Danish Kroner (DKK’000).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Control</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent Company A. Espersen A/S and group entities controlled by A. Espersen A/S (control).</td></tr><tr><td colspan="1">Control means the power to exercise decisive influence over a group entity's financial and operating decisions. Moreover, the possibility of yielding a return from the investment is required.</td></tr><tr><td colspan="1">In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into additional voting rights is considered when assessing whether an entity may become empowered to exercise decisive influence over another entity's financial and operating decisions.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant influence</td></tr><tr><td colspan="1">Entities over whose financial and operating decisions the Group can exercise significant influence are classified as associates. Significant influence is deemed to exist when the Parent Company holds or controls, directly or indirectly, more than 20% of the voting rights of an entity but does not control it.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into voting rights is considered when assessing whether significant influence exists.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements have been prepared as a consolidation of the Parent Company's and the individual subsidiaries' financial statements, which are prepared according to the Group's accounting policies. On consolidation, intragroup income and expenses, shareholdings, intercompany balances, and dividends, and realized and unrealized gains on intercompany transactions are eliminated. Unrealized gains on transactions with associates are eliminated in proportion to the Group's interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains in so far as they do not reflect impairment.</td></tr><tr><td colspan="1">In the consolidated financial statements, the items of subsidiaries are recognized in full. Non-controlling interests' share of the profit/loss for the year and of the equity of subsidiaries which are not wholly owned are included in the Group's profit/loss and equity, respectively, but are disclosed separately.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intercompany business combinations</td></tr><tr><td colspan="1">The book value method is applied to business combinations such as acquisition and disposal of investments, mergers, demergers, additions 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 acquired entity are recognized in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business combinations</td></tr><tr><td colspan="1">Recently acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. Entities sold or otherwise disposed of are recognized in the consolidated income statement until the date of disposal. Comparative figures are not restated in respect of recently acquired or sold entities.</td></tr><tr><td colspan="1">Gains or losses on disposal of subsidiaries and associates are made up as the difference between the sales price and the carrying amount of net assets at the date of disposal plus non-amortized goodwill and anticipated selling costs.</td></tr><tr><td colspan="1">Corporate acquisitions are accounted for using the purchase method according to which the acquired entity identifiable assets and liabilities are measured at fair value at the date of acquisition. Restructuring costs recognized in the acquired entity before the date of acquisition and not agreed as part of the acquisition are part of the acquisition balance sheet and, hence, the calculation of goodwill. Costs relating to restructuring decided by the acquiring entity must be recognized in the income statement. The tax effect of the restatement of assets and liabilities is taken into account.</td></tr><tr><td colspan="1">Any excess of the cost over the fair value of the identifiable assets and liabilities acquired (goodwill) is recognized as intangible assets and amortized on a systematic basis in the income statement based on an individual assessment of the useful life of the asset.</td></tr><tr><td colspan="1">Negative differences (negative goodwill) are recognized as income in the income statement at the time of acquisition when the general revenue recognition criteria are met.</td></tr><tr><td colspan="1">Goodwill and negative goodwill from acquired entities may be adjusted until 12 months after the year of acquisition.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Non-controlling interests</td></tr><tr><td colspan="1">On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' ownership share or at the non-controlling interests' proportionate share of the fair value of the acquired entity's identifiable assets, liabilities, and contingent liabilities.</td></tr><tr><td colspan="1">In the former scenario, goodwill relating to the non-controlling interests' ownership share in the acquired entity is thus recognized, while, in the latter scenario, goodwill relating to the non-controlling interests' ownership share is not recognized. Measurement of non-controlling interests is chosen on a transaction-by-transaction basis and is stated in the notes in connection with the description of acquired entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">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 at the date of payment are recognized in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables and 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 at the date at which the receivable or payable arose or was recognized in the latest financial statements is recognized in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Foreign subsidiaries and associates are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of the opening equity of foreign subsidiaries at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates at the balance sheet date are recognized directly in equity.</td></tr><tr><td colspan="1">Foreign exchange adjustments of intercompany balances with independent foreign subsidiaries which are considered part of the investment in the subsidiary are recognized directly in equity. Foreign exchange gains and losses on loans and derivative financial instruments designated as hedges of foreign subsidiaries are also recognized directly in equity.</td></tr><tr><td colspan="1">On recognition of foreign subsidiaries which are integral entities, monetary items are translated at the exchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates 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, although items derived from non-monetary items are translated at the historical exchange rates applying to the non-monetary items.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Derivative financial instruments</td></tr><tr><td colspan="1">Derivative financial instruments are initially recognized in the balance sheet at cost and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are included in other receivables and payables, respectively.</td></tr><tr><td colspan="1">Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the fair value of the hedged asset or liability.</td></tr><tr><td colspan="1">Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of future assets and liabilities are recognized in other receivables or other payables and in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IAS 18 as interpretation for revenue recognition. Income from the sale of goods for resale and finished goods, comprising sale of fish is recognized in the income statement when delivery and transfer of risk to the buyer have taken place and provided that the income can be reliably measured and is expected to be received. Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income</td></tr><tr><td colspan="1">Other operating income comprises items secondary to the activities of the Company, including income from renting out properties.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Raw materials and consumables</td></tr><tr><td colspan="1">Costs of raw materials and consumables comprise purchases for the year and the change in the inventory of raw materials and consumables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external costs</td></tr><tr><td colspan="1">Other external costs comprise all other costs, among these administration, bad debts, fixed costs, and operational leases.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday allowances and pensions, and other social security costs etc. for the Company’s employees. The refund received from public authorities are deducted from staff costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Depreciation, amortization, and impairment losses</td></tr><tr><td colspan="1">Depreciation, amortization, and impairment losses which comprise depreciation, amortization and impairment losses regarding goodwill, intangible assets and property and equipment are provided on a straight-line basis over the expected useful lives of the assets, based on the assessed useful lives.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income from investments in subsidiaries and equity interests</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the individual subsidiaries is recognized in the income statement of the parent company after full elimination of intercompany profits/losses.</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the equity interests is recognized in both the consolidated income statement and the parent company income statement after elimination of the proportionate share of intercompany profits/losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortization of financial assets and liabilities as well as surcharges and refunds under the</td></tr><tr><td colspan="1">on-account tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">The Company is covered by the Danish rules on compulsory joint taxation of INSEPA A/S Group's Danish subsidiaries. Subsidiaries form part of the joint taxation from the date when they are included in the consolidation of the consolidated financial statements and up to the date when they exit the consolidation.</td></tr><tr><td colspan="1">The parent company INSEPA A/S is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.</td></tr><tr><td colspan="1">The current Danish corporation tax is allocated by settlement of joint taxation contribution between the jointly taxed companies in proportion to their taxable income. In this relation, companies with tax loss carry forwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.</td></tr><tr><td colspan="1">Tax for the year comprises joint taxation contributions for the year and changes in deferred tax for the year – due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognized in the income statement, and the tax expense relating to amounts directly recognized in equity is recognized directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Acquired rights.</td></tr><tr><td colspan="1">Acquired rights are measured at cost amortized over the remaining period and adjusted for impairment losses. Useful life is 5 years.</td></tr><tr><td colspan="1">Software</td></tr><tr><td colspan="1">Software is measured at cost and amortized over the expected useful live and adjusted for impairment losses. Useful vary between 3-15 years.</td></tr><tr><td colspan="1">Goodwill</td></tr><tr><td colspan="1">Goodwill is amortized over the expected economic life of the asset, measured by reference to Management's experience in</td></tr><tr><td colspan="1">the individual business segments. Goodwill is amortized on a straight-line basis over the amortization period, which is between 5 and 20 years. The amortization period is fixed based on the expected repayment horizon, longest for strategically acquired business enterprises with strong market positions and long-term earnings profiles.</td></tr><tr><td colspan="1">Development projects in progress</td></tr><tr><td colspan="1">Development projects in progress include expenses, salaries, and amortization, which can be directly attributed to development projects.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Tangible assets</td></tr><tr><td colspan="3">Land and buildings, plant and machinery and other fixtures and operating equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.</td></tr><tr><td colspan="3">The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives are as follows</td></tr><tr><td>Buildings</td><td /><td>5-50 years</td></tr><tr><td>Plant and machinery</td><td /><td>3-20 years</td></tr><tr><td>Other fixtures and operating equipment</td><td /><td>3-10 years</td></tr><tr><td colspan="3">Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognized in other operating income.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries and equity interests</td></tr><tr><td colspan="1">Investments in subsidiaries and equity interests are measured according to the equity method.</td></tr><tr><td colspan="1">Investments in subsidiaries and equity interests are measured at the proportionate share of the entities' net asset value calculated in accordance with the Group's accounting policies minus or plus unrealized intercompany profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the purchase method of accounting.</td></tr><tr><td colspan="1">Investments in subsidiaries and equity interests with negative net asset values are measured at DKK 0 (nil), and any amounts owed by such entities are written down in so far as the amount receivable is considered irrecoverable. If the Parent Company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under provisions.</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries and equity interests is recognized in the reserve for net revaluation according to the equity method in equity where the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be declared before the annual report of A. Espersen A/S is adopted are not taken to the net revaluation reserve.</td></tr><tr><td colspan="1">The purchase method of accounting is applied to corporate acquisitions, see the above description under "Consolidated financial statements".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Securities and other investments</td></tr><tr><td colspan="1">Listed securities and other investments are measured at fair value at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment and investments in subsidiaries and equity interests is subject to an annual test for indications of impairment other than the decrease in value reflected by amortization or depreciation.</td></tr><tr><td colspan="1">Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the expected net cash flows from the use of the asset or the group of assets and expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost in accordance with the weighted average cost method. Where the net realizable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is determined as the selling price less any discounts, costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</td></tr><tr><td colspan="1">Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs.</td></tr><tr><td colspan="1">Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td colspan="1">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 country of domicile and credit ratings of the debtors in accordance with the credit risk management policy of the Parent Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td colspan="1">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 of the individual receivable or portfolio is used as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise costs concerning to subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr><tr><td colspan="1">Reserve for net revaluation according to the equity method</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries and equity interests is recognized at cost in the reserve for net revaluation according to the equity method.</td></tr><tr><td colspan="1">The reserve may be eliminated in case of losses, realization of investments or a change in accounting estimates. The reserve cannot be recognized at a negative amount.</td></tr><tr><td colspan="1">Translation and hedging reserve</td></tr><tr><td colspan="1">The Translation reserve comprise the share of exchange rate adjustments arising from the translation into Danish Kroner at consolidation of the results and net assets in foreign group entities with a functional currency other than Danish Kroner.</td></tr><tr><td colspan="1">Further, currency exchange rate adjustments of receivables and liabilities, which are deemed part of the Company’s net investment in such foreign group entities, are also recognized directly in the Translation reserve in the equity. The Translation reserve is dissolved at disposal of such foreign group entities.</td></tr><tr><td colspan="1">In the parent company's accounts, the exchange rate adjustments of such foreign group entities will instead be included as part of the Reserve for revaluation under the equity method.</td></tr><tr><td colspan="1">More elaborate explanation of “Foreign currency translation” and “Derivative financial instruments” are provided in separate sections elsewhere in these accounting policies.</td></tr><tr><td colspan="1">Dividends</td></tr><tr><td colspan="1">Proposed dividends are recognized as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payable and receivable is recognized 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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">The Company has chosen IAS 39 Financial instruments: Recognition and measurement as interpretation for recognition and measurement of liabilities.</td></tr><tr><td colspan="1">Financial liabilities are recognized at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Financial liabilities also include the capitalised residual lease commitment in respect of finance leases.</td></tr><tr><td colspan="1">Other liabilities are measured at net realizable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr><tr><td colspan="1">The Company has chosen IAS 17 Leases as interpretation for classification and recognition of leases.</td></tr><tr><td colspan="1">On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of future lease payments. In calculating the present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for as the Company's other assets.</td></tr><tr><td colspan="1">The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.</td></tr><tr><td colspan="1">Leases that do not transfer substantially all the risks and rewards incident to ownership to the entity are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Fair value</td></tr><tr><td colspan="2">Fair value is determined based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that maximises the price of the asset or liability.</td></tr><tr><td colspan="2">All assets and liabilities that are measured at fair value or whose fair value is disclosed are classified based on the fair value hierarchy, see below</td></tr><tr><td>Level 1</td><td>Value based on the fair value of similar assets/liabilities in an active market.</td></tr><tr><td>Level 2</td><td>Value based on generally accepted valuation methods on the basis of observable market information.</td></tr><tr><td colspan="2">Level 3</td></tr><tr><td /><td>Value based on generally accepted valuation methods and reasonable estimates based on non-observable market information.</td></tr><tr><td colspan="2">If a reliable fair value cannot be stated according to the above levels, the asset or liability is measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flows from operating, investing, and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">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 corporation tax paid.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of enterprises and activities and of intangible assets, property, plant and equipment and investments.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related costs as well as the raising of loans and repayment of interest-bearing debt.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are subject to only minor risks of changes in value.</td></tr><tr><td colspan="1">Due to the nature of the cash pool, balances in the Group's cash pool are not regarded as cash and cash equivalents, but are included in the payables to group enterprises.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1244.0, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 3236453000 -92129000 -16000000 -107486000 -80769000 -352826000 -42683000 -53000000 381980000 -13529000 3284 -150126000 19948000 2799234000 219097000 388196000 411678000 46640000 22007000 0 369000 15726000 -26717000 -81262000 493000 46640000 24514000 302558000 -102944000 -58018000 -368459000 -2975000 -12658000 -9667000 1068000 435000 -378376000 4039000 354790000 46453000 10435000 0 76543000 4649000 765000 -12063000 37379000 0 0 36882000 -24390000 -1862000 810000 -1275000 1304000 632000 2336000 4272000 2708000000 35000000 -37000000 1000000 8000000 12000000 -61000000 -59000000 49000000 1000000 3150 2858000000 40000000 -50000000 -8000000 -8000000 0 -58000000 -59000000 67000000 10000000 2990 2788000000 41000000 -31000000 9000000 1000000 77000000 -30000000 -45000000 -51000000 -4000000 2929 Operating profit before special items (Note 2) 74000000 Operating profit before special items (Note 2) -81000000 Operating profit before special items (Note 2) 56000000 Operating profit before special items (Note 2) 49000000 Operating profit before special items (Note 2) 53000000 460254000 1294061000 1754315000 41500000 598251000 1135000000 19670000 38427000 0 58097000 186837000 173502000 12758000 15292000 388389000 0 11794000 1953000 21000 13768000 408677000 347381000 756058000 395497000 0 51630000 26129000 12607000 7077000 492940000 45063000 545036000 7611000 2406000 1698000 0 0 21493000 0 21493000 0 8446000 107084000 301081000 63000 103399000 15029000 599469000 1134571000 1754315000 45063000 95546000 37449000 1030828000 642439000 413932000 249924000 663856000 5 0.2 0.25 2025 0.26 0.35 2025 417535000 1423325000 1840860000 39000000 285349000 1555000000 21663000 37357000 162000 59182000 162226000 156273000 8996000 18485000 345980000 0 9829000 1300000 1244000 12373000 433156000 390178000 823334000 465137000 0 61804000 14796000 24362000 1198000 567297000 32694000 272433000 5646000 -32988000 1258000 489000 489000 0 164000 164000 367000 0 14879000 310641000 47000 63914000 14558000 1150452000 1555022000 1840860000 32694000 465868000 129622000 595490000 432000000 1041000000 1473000000 39000000 353000000 1116000000 404000000 1059000000 1463000000 39000000 310000000 1146000000 409000000 1083000000 1492000000 39000000 384000000 1095000000 Solvency ratio 0.341 Solvency ratio 0.155 Solvency ratio 0.24 Solvency ratio 0.212 Solvency ratio 0.257 Return on equity 0.063 Return on equity -0.254 Return on equity 0.024 Return on equity -0.023 Return on equity 0.003 3240824000 29372000 90000 2757142000 390751000 63649000 82768000 5389000 0 -24508000 88604000 2587000 53704000 12979000 -14204000 27183000 27183000 0 250000000 0 -115000 37504000 -6086000 3976000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>NOTES</b></td></tr><tr><td width="10%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="90%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >No events have occurred after the year-end closing which could significantly affect the evaluation of the financial position of the Group and the Parent Company.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="36%" ></td><td width="17%" align="right" valign="middle" >2023</td><td width="11%" align="right" valign="middle" >2022</td><td width="18%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Special items</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Special items comprise significant income and expenses of a special nature relative to the Group's ordinary recurring activities such as costs of comprehensive structuring of processes and basic structural adjustments as well as any disposal gains and losses related thereto and which over time are of significance to the Group's development. Special items also comprise significant one-off items which in the opinion of Management do not form part of the Group's recurring operating activities.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Special items for the year are specified below, and also the line items under which they are recognised in the income statement.</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Direct costs incurred due to Covid-19 (salaries to employees in quarantine and costs to keep employees safe (facemasks; Covid-19 tests; establishing extra space in production etc.))</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-3.929</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-3.929</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Direct Covid-19 costs in connection with temporarily closure of Vietnam factory on 12 July 2021, including extra storage costs etc. The Vietnam factory was not Covid-19 impacted in 2020.</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-5.571</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-5.571</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Advisor costs and other costs in connection with acquisitions, sale of buildings etc</td><td width="17%" align="right" valign="middle" >3.179</td><td width="11%" align="right" valign="middle" >2.500</td><td width="18%" align="right" valign="middle" >2.212</td><td width="18%" align="right" valign="middle" >2.500</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Moving to new Headoffice</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >9.205</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >9.205</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Divestment of Russia</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >9.389</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >9.389</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Total special items</b></td><td width="17%" align="right" valign="middle" ><b>3.179</b></td><td width="11%" align="right" valign="middle" ><b>11.594</b></td><td width="18%" align="right" valign="middle" ><b>2.212</b></td><td width="18%" align="right" valign="middle" ><b>11.594</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Reported in the Income Statement as below</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Other external costs</td><td width="17%" align="right" valign="middle" >3.179</td><td width="11%" align="right" valign="middle" >11.705</td><td width="18%" align="right" valign="middle" >2.212</td><td width="18%" align="right" valign="middle" >11.705</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Other operating expences</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >9.389</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >9.389</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-9.500</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-9.500</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Total special items</b></td><td width="17%" align="right" valign="middle" ><b>3.179</b></td><td width="11%" align="right" valign="middle" ><b>11.594</b></td><td width="18%" align="right" valign="middle" ><b>2.212</b></td><td width="18%" align="right" valign="middle" ><b>11.594</b></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Segment note</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" ></td><td width="11%" ></td><td width="18%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Fish products - domestic market</td><td width="18%" align="right" valign="middle" >87.597</td><td width="18%" align="right" valign="middle" >88.400</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Fish products - export markets</td><td width="18%" align="right" valign="middle" >3.153.227</td><td width="18%" align="right" valign="middle" >3.010.382</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Segment note total</td><td width="18%" align="right" valign="middle" ><b>3.240.824</b></td><td width="18%" align="right" valign="middle" ><b>3.098.782</b></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table> 73188000 7264000 2316000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The Group had 3,339 full-time employees in 2023 (2022: 3,284) of which 118 were employed in the parent company (2022: 128).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Remuneration Executive Board</td><td>9.812</td><td>8.378</td><td>9.812</td><td>8.378</td></tr><tr><td /><td>Remuneration Board of Directors</td><td>120</td><td>120</td><td>120</td><td>120</td></tr><tr><td /><td>Remuneration total</td><td>9.932</td><td>8.498</td><td>9.932</td><td>8.498</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr></table> 521000 230000 0 0 2830000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tangible assets</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment include assets held under finance leases with a carrying amount totalling</td><td>10868</td><td>19.071</td><td /><td /><td>29.939</td></tr><tr><td /><td>Interest recognised in the year and borrowing costs</td></tr><tr><td /><td /><td>180</td><td>69</td><td /><td /><td>249</td></tr><tr><td /><td>Depreciated over</td><td>4 Years</td><td>5 Years</td></tr></table> 2434000 0 0 0 2559000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments in subsidiaries</td><td>2023</td><td>2022</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments in equity interests</td><td>2023</td><td>2022</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidated and Parent</td></tr></table> 0 -115000 0 507000 2587000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Nærtstående parter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="4%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="35%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td><td width="11%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Financial income and expenses</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" ></td><td width="16%" ></td><td width="11%" ></td><td width="17%" align="right" valign="middle" >2023</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Interest income</td><td width="17%" align="right" valign="middle" >1.173</td><td width="17%" align="right" valign="middle" >114</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Interest income from group enterprises</td><td width="17%" align="right" valign="middle" >2.478</td><td width="17%" align="right" valign="middle" >661</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Unrealized foreign exchange adjustments, net</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Realized foreign exchange adjustments, net</td><td width="17%" align="right" valign="middle" >18.206</td><td width="17%" align="right" valign="middle" >22.243</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Other financial income</td><td width="17%" align="right" valign="middle" >15</td><td width="17%" align="right" valign="middle" >28</td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" ><b>Financial income i alt</b></td><td width="17%" align="right" valign="middle" ><b>21.872</b></td><td width="17%" align="right" valign="middle" ><b>23.046</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Interest expense</td><td width="17%" align="right" valign="middle" >12.256</td><td width="17%" align="right" valign="middle" >193</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Interest expense to group enterprises</td><td width="17%" align="right" valign="middle" >56.082</td><td width="17%" align="right" valign="middle" >22.564</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >FORealized foreign exchange adjustments, net</td><td width="17%" align="right" valign="middle" >22</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Capital losses on securities and adjustments</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >3.173</td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Other financial costs</td><td width="17%" align="right" valign="middle" >7.216</td><td width="17%" align="right" valign="middle" >2.374</td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" ><b>Financial expenses i alt</b></td><td width="17%" align="right" valign="middle" ><b>75.576</b></td><td width="17%" align="right" valign="middle" ><b>28.304</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" ><b>Financial income and expenses, net</b></td><td width="17%" align="right" valign="middle" ><b>-53.704</b></td><td width="17%" align="right" valign="middle" ><b>-5.258</b></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Corporation tax</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax analysis</td></tr><tr><td /><td>Result before tax</td><td>28.228</td><td>-107.486</td><td>12.979</td><td>-111.982</td></tr><tr><td /><td>Adjustments previous years</td><td>-16.768</td><td>-5.795</td><td>318</td><td>-305</td></tr><tr><td /><td>Other</td><td>-6.091</td><td>-7.790</td><td>13.330</td><td>9.136</td></tr><tr><td /><td>Share of result in subsidiaries and equity interests</td><td>-2.587</td><td>-369</td><td>-91.191</td><td>-36.486</td></tr><tr><td /><td>Result before tax, adjusted</td><td>2.782</td><td>-121.441</td><td>-64.564</td><td>-139.636</td></tr><tr><td /><td>Implied tax rate of the above</td><td>22%</td><td>22%</td><td>22%</td><td>22%</td></tr><tr><td /><td>1) Relates to financial instruments (hedging), which accounting wise is recognised directly in equity, and accordingly the tax impact should also be recognised directly in equity. At 31 December 2023 it is a tax payable of DKK 0k</td></tr><tr><td /><td>(31 December 2022: tax payable of DKK 1.862k), which is recognised directly in the equity.</td></tr></table> -12416000 0 -1858000 70000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Other securities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" ></td><td width="11%" ></td><td width="18%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Cost at 1 January and 31 December</td><td width="18%" align="right" valign="middle" >69</td><td width="18%" align="right" valign="middle" >69</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Value adjustment to fair value at 1 January</td><td width="18%" align="right" valign="middle" >1.231</td><td width="18%" align="right" valign="middle" >1.231</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Value adjustments for the year</td><td width="18%" align="right" valign="middle" >653</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" ><b>Value adjustments to fair value at 31 December</b></td><td width="18%" align="right" valign="middle" ><b>1.884</b></td><td width="18%" align="right" valign="middle" ><b>1.231</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" ><b>Carrying amount at 31 December</b></td><td width="18%" align="right" valign="middle" ><b>1.953</b></td><td width="18%" align="right" valign="middle" ><b>1.300</b></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="4%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="35%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td><td width="11%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="5" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="35%" ></td><td width="16%" ></td><td width="11%" ></td><td width="17%" align="right" valign="middle" >2023</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Falling due between 2 and 5 years</td><td width="17%" align="right" valign="middle" >21</td><td width="17%" align="right" valign="middle" >1.199</td></tr><tr><td colspan="6"></td></tr><tr><td width="4%" ></td><td width="62%" colspan="3" align="left" valign="middle" >Other reciavbles total</td><td width="17%" align="right" valign="middle" ><b>21</b></td><td width="17%" align="right" valign="middle" ><b>1.199</b></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2023, the Group recognised a deferred tax asset of DKK -26,129k (2022: DKK -14,796k). The tax asset include tax losses carry forward of DKK 56,912k (2022: DKK 3,074k). 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.</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >The changes for the year are specified as follows</td><td width="18%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Deferred tax liabilities at 1 January</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >1.942</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Deferred tax assets at 1 January</td><td width="18%" align="right" valign="middle" >-2.628</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Deferred tax (asset)/liability, net at 1 January</td><td width="18%" align="right" valign="middle" ><b>-2.628</b></td><td width="18%" align="right" valign="middle" ><b>1.942</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Opening adjustment, foreign exchange rates</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Adjustments in respect of previous years</td><td width="18%" align="right" valign="middle" >140</td><td width="18%" align="right" valign="middle" >-75</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Movement for the year, equity items</td><td width="18%" align="right" valign="middle" >-594</td><td width="18%" align="right" valign="middle" >610</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Movement for the year, income statement</td><td width="18%" align="right" valign="middle" >-1.858</td><td width="18%" align="right" valign="middle" >-5.105</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Deferred tax (asset)/liability, net at 31 December</td><td width="18%" align="right" valign="middle" ><b>-4.940</b></td><td width="18%" align="right" valign="middle" ><b>-2.628</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Deferred tax liabilities at 31 December</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Deferred tax assets at 31 December</td><td width="18%" align="right" valign="middle" >-4.940</td><td width="18%" align="right" valign="middle" >-2.628</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" ></td><td width="11%" ></td><td width="18%" align="right" valign="middle" ><b>-4.940</b></td><td width="18%" align="right" valign="middle" ><b>-2.628</b></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Consists of various minor prepayments, mainly rent, license and insurance.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 41,500 shares of DKK 1.000 each and has developed as follows the last 5 years</td></tr><tr><td colspan="6"></td></tr><tr><td width="33%" ></td><td width="15%" ></td><td width="10%" ></td><td width="16%" align="right" valign="middle" >2021</td><td width="13%" align="right" valign="middle" >2020</td><td width="13%" align="right" valign="middle" >2019</td></tr><tr><td colspan="6"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Increase of share capital</td><td width="15%" align="right" valign="middle" >2.500</td><td width="10%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >4.000</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="31%" ></td><td width="15%" ></td><td width="10%" ></td><td width="16%" align="right" valign="middle" >2023</td><td width="12%" align="right" valign="middle" >2022</td><td width="9%" ></td><td width="7%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="56%" colspan="3" align="left" valign="middle" >Falling due between 1 and 5 years</td><td width="16%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >164</td><td width="9%" ></td><td width="7%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="56%" colspan="3" align="left" valign="middle" ><b>Non-current liabilities total</b></td><td width="16%" align="right" valign="middle" ><b>0</b></td><td width="12%" align="right" valign="middle" ><b>164</b></td><td width="9%" ></td><td width="7%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Lease commitments</b></td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="90%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" ><b>Cash pool</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >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.</td></tr><tr><td colspan="2"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >A. Espersen A/S' accounts in the cash pool arrangement, which are recognized under payables to group enterprises, amounts to DKK 328.969k at 31 December 2023 (31 December 2022: 618.982k)</td></tr><tr><td colspan="2"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Cash and Cash equivalent at year-end - Consolidated</b></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent liabilities and collateral</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Consolidated</b></td><td width="17%" colspan="1" align="left" valign="middle" ><b>Buildings</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Cars</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Equipment</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due within one year</td><td width="17%" align="right" valign="middle" >5.951</td><td width="11%" align="right" valign="middle" >1.808</td><td width="18%" align="right" valign="middle" >7.208</td><td width="18%" align="right" valign="middle" >14.967</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due between 1-5 years</td><td width="17%" align="right" valign="middle" >19.501</td><td width="11%" align="right" valign="middle" >2.313</td><td width="18%" align="right" valign="middle" >15.790</td><td width="18%" align="right" valign="middle" >37.604</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due after more than 5 years</td><td width="17%" align="right" valign="middle" >8.101</td><td width="11%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >8.101</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Consolidated total</b></td><td width="17%" align="right" valign="middle" ><b>33.553</b></td><td width="11%" align="right" valign="middle" ><b>4.121</b></td><td width="18%" align="right" valign="middle" ><b>22.998</b></td><td width="18%" align="right" valign="middle" ><b>60.673</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Parent company</b></td><td width="17%" colspan="1" align="left" valign="middle" ><b>Buildings</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Cars</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Equipment</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due within one year</td><td width="17%" align="right" valign="middle" >2.746</td><td width="11%" align="right" valign="middle" >1.064</td><td width="18%" align="right" valign="middle" >273</td><td width="18%" align="right" valign="middle" >4.083</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due between 1-5 years</td><td width="17%" align="right" valign="middle" >10.963</td><td width="11%" align="right" valign="middle" >881</td><td width="18%" align="right" valign="middle" >57</td><td width="18%" align="right" valign="middle" >11.902</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Falling due after more than 5 years</td><td width="17%" align="right" valign="middle" >7.979</td><td width="11%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >7.979</td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Lease commitments - Parent company total</b></td><td width="17%" align="right" valign="middle" ><b>21.688</b></td><td width="11%" align="right" valign="middle" ><b>1.946</b></td><td width="18%" align="right" valign="middle" ><b>330</b></td><td width="18%" align="right" valign="middle" ><b>23.964</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The company is comprised by the Danish rules on compulsory joint taxation of INSEPA A/S and its Danish subsidiaries.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Accordingly, the company is jointly liable for corporate and withholding taxes in the Danish joint taxation.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >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.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >As collateral for the company's mortgage lending, amounting to DKK 0k (2022: DKK 367k) A. Espersen has provided guarantees in its buildings with a carrying amount of DKK 3,117k at 31 December 2023 (2022: DKK 4,335k).</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >A.Espersen has given a support letter to the subsidiary, Espersen UK Limited to support the subsidiary to trade and to discharge its debt and liabilities for at least 2024.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="17%" ></td><td width="11%" ></td><td width="18%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Bank guarantee for customs duty</td><td width="18%" align="right" valign="middle" >5.500</td><td width="18%" align="right" valign="middle" >5.500</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Bank guarantee for Lease deposit</td><td width="18%" align="right" valign="middle" >1.554</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" ><b>Collateral total</b></td><td width="18%" align="right" valign="middle" ><b>7.054</b></td><td width="18%" align="right" valign="middle" ><b>5.500</b></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Fees paid to the statutory auditor appointed at the general meeting</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other audit companies</td><td>1.329</td><td>504</td><td>0</td><td>0</td></tr><tr><td /><td>Total</td><td>6.588</td><td>4.776</td><td>4.180</td><td>3.411</td></tr><tr><td /><td>* Mainly due diligence advisory work on acquisition of UK factory.</td></tr></table> 757000 987000 2437000 4180000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="62%" colspan="1" align="right" valign="middle" ><b></b></td><td width="31%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Currency and interest rate risks and the use of derivative financial instruments</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Currency risks</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Most revenues are invoiced in foreign currencies, mainly GBP, USD & EUR. A significant part of raw material purchases are made in USD, EUR and NOK.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >To mitigate impact of changes in exchange rates on short/mid term performance future cash flows are hedged in accordance with the Company's finance policy. All hedging of currency risks in the Group is carried out in the Parent Company.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >At 31 December 2023 the Company and the Group had the following open currency forward contracts</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Currency</b></td><td width="31%" colspan="1" align="left" valign="middle" ><b>Fair value</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >GBP</td><td width="31%" align="right" valign="middle" >-191</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >-71</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >-5.065</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >NOK</td><td width="31%" align="right" valign="middle" >4.471</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >PLN</td><td width="31%" align="right" valign="middle" >5.511</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >2.882</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Total</b></td><td width="31%" align="right" valign="middle" ><b>7.537</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >At 31 December 2022 the Company and the Group had the following open currency forward contracts</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Currency</b></td><td width="31%" colspan="1" align="left" valign="middle" ><b>Fair value</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >GBP</td><td width="31%" align="right" valign="middle" >440</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >SEK</td><td width="31%" align="right" valign="middle" >383</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >8.387</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >USD</td><td width="31%" align="right" valign="middle" >-16.160</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >NOK</td><td width="31%" align="right" valign="middle" >-107</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >PLN</td><td width="31%" align="right" valign="middle" >10.845</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" ><b>Total</b></td><td width="31%" align="right" valign="middle" ><b>3.788</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Interest rate risks</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >As of 31 December 2023 there are no external interest bearing debt in the Group and the parent company (2022: DKK 0) is related to mortgage and bank loans with a fixed interest rate.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Interest bearing financing provided by INSEPA A/S is based on an ordinary bank credit facility which is renegotiated yearly by INSEPA.</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Fair value disclosures</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >The Group has the following assets and liabilities measured at fair value</td><td width="31%" colspan="1" align="left" valign="middle" ><b>Derivative financial instruments</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Fair value at year end</td><td width="31%" align="right" valign="middle" >4.655</td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Unrealised fair value adjustments for the year, ecognised in the income statement</td><td width="31%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Unrealised fair value adjustments for the year, recognised in the hedging reserve</td><td width="31%" align="right" valign="middle" >2.109</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Fair value level</td><td width="31%" align="right" valign="middle" >2</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >The derivative financial instruments are categorised in level 2 in the fair value hierarchy, and no significant unobservable input is included in the valuation.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="6%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="52%" colspan="1" align="right" valign="middle" ><b></b></td><td width="24%" colspan="1" align="right" valign="middle" ><b></b></td><td width="18%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >A. Espersen A/S is wholly-owned subsidiary of</td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >INSEPA A/S</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Amager Strandvej 403</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >DK-2770 Kastrup</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Denmark</td></tr><tr><td width="6%" ></td><td width="52%" ></td><td width="24%" align="right" valign="middle" >2023</td><td width="18%" align="right" valign="middle" >2022</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="52%" ></td><td width="24%" align="right" valign="middle" >706.902</td><td width="18%" align="right" valign="middle" >945.072</td></tr><tr><td width="6%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Sale of goods to group enterprises</td><td width="24%" align="right" valign="middle" >1.889.572</td><td width="18%" align="right" valign="middle" >1.791.809</td></tr><tr><td width="6%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Purchase of goods from group enterprises</td><td width="24%" align="right" valign="middle" >57.052</td><td width="18%" align="right" valign="middle" >33.949</td></tr><tr><td width="6%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Purchase of services from group enterprises</td><td width="24%" align="right" valign="middle" >131.545</td><td width="18%" align="right" valign="middle" >220.568</td></tr><tr><td width="6%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Receivables from group enterprises</td><td width="24%" align="right" valign="middle" >599.469</td><td width="18%" align="right" valign="middle" >1.150.452</td></tr><tr><td width="6%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Payables to parent company</td><td width="24%" align="right" valign="middle" >31.254</td><td width="18%" align="right" valign="middle" >-1</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Payables to group enterprises</td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Remuneration to members of the Executive Board and the Board of Directors of the Parent Company is disclosed in note 4.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Proposed profit/loss appropriation</td></tr><tr><td /><td /><td>2023</td><td>2022</td></tr><tr><td /><td /><td>27.183</td><td>-81.262</td></tr></table> Ledelsespåtegning 3098782000 -75928000 9500000 3086378000 138434000 -40602000 81852000 6500000 14256000 -143210000 36117000 369000 5258000 -111982000 -30720000 -81262000 -81262000 72737000 7656000 1459000 0 -499000 0 1068000 369000 -23686000 -1862000 -5105000 -67000 736000 342000 2333000 3411000 0 33287000 0 33287000 5420000 1892000 2114000 1869000 11295000 663856000 11794000 1953000 21000 677624000 722206000 79443000 140749000 220192000 254159000 131545000 19936000 4940000 12416000 5635000 428631000 1992000 650815000 1373021000 41500000 307089000 257535000 -9571000 0 596553000 0 0 0 0 0 0 0 101851000 92479000 0 13923000 0 568215000 776468000 1373021000 54190000 20903000 25512000 14217000 4183000 7611000 11794000 0 35664000 162000 35826000 6901000 2506000 2013000 0 11420000 595490000 9829000 1300000 1199000 607818000 655064000 24616000 170121000 194737000 304469000 281303000 42127000 2628000 23699000 0 654226000 3927000 852890000 1507954000 39000000 117284000 135268000 -7461000 0 284091000 0 0 0 164000 164000 367000 0 0 109052000 0 24565000 0 1089715000 1223863000 1507954000 4183000 5646000 9829000 Cash flows from operations before changes in working capital 111316000 Cash flows from operations before changes in working capital -20975000 Purchase of tangible and intangible assets -32412000 Purchase of tangible and intangible assets -53631000 Disposal of tangible and intangible assets 189000 Disposal of tangible and intangible assets 213000 32694000 285349000 91295000 32113000 909227000 563247000 465868000 129622000 46223000 542411000 63540000 39000000 5646000 -32988000 272433000 1258000 0 0 2500000 0 0 0 0 0 0 507000 0 2587000 -115000 0 0 0 0 0 0 0 0 37504000 -6086000 3976000 0 -507000 247500000 24596000 0 0 0 0 437000 3000 41500000 7611000 2406000 545036000 1698000 39000000 135268000 -7461000 117284000 284091000 53899000 18073000 23078000 11658000 4183000 5646000 0 2500000 0 0 0 0 0 0 58376000 0 45571000 74108000 -115000 37504000 0 -2035000 0 0 0 0 0 0 -6086000 3976000 -58376000 247500000 -45571000 -46925000 0 0 0 2035000 41500000 257535000 -9571000 307089000 48827000 27164000 42306000 4949000 162000 0 -157000 0 0 0 175000 0 1661000 324000 3793000 0 453000 144000 0 3356000 0 521000 230000 -453000 0 0 0 48670000 29000000 19670000 46876000 8449000 38427000 0 0 0 15000000 15000000 38737000 3073000 162000 0 0 0 0 0 0 0 0 453000 0 2830000 521000 230000 -453000 0 0 15000000 15000000 0 39190000 5903000 33287000 0 0 0 335160000 172934000 525340000 369067000 30242000 21246000 18485000 0 20740000 11834000 0 17322000 10445000 0 14840000 35972000 23637000 2691000 10870000 26750000 -2306000 26115000 1809000 1168000 801000 4934000 1368000 -801000 2781000 758000 29238000 0 -33189000 0 0 0 385056000 198219000 186837000 593128000 419626000 173502000 37352000 24594000 12758000 15292000 0 15292000 14607000 7706000 5394000 2888000 3077000 1064000 0 0 0 0 0 0 1481000 0 0 0 0 614000 565000 0 0 0 464000 1869000 0 0 0 0 14607000 9187000 5420000 5394000 3502000 1892000 3642000 1528000 2114000 1869000 0 1869000 Espersen Poland Sp z o o. Poland TPLN 65,501 68768000 0 545138000 UAB Espersen Lietvua Lithuania TEUR 4,071 18795000 0 75378000 Espersen UK Limited UK TGBP 1 -20387000 0 -22233000 Espersen Vietnam one sole member LLC Vietnam MVND 152,760 2140000 0 29595000 Espersen Asia Ltd. Hong Kong TUSD 17,667 1801000 0 0 Espersen France SAS France TEUR 130 1749000 0 6791000 Espersen Limited UK TGBP 1 254000 0 1344000 Espersen Sweden AB Sweden TSEK 100 -81000 0 129000 Espersen Germany GmbH Germany TEUR 25 143000 0 268000 Total 73182000 636410000 Group goodwill and other surplus values -1661000 27446000 Total 71521000 663856000 The subsidiaries are included in the consolidated group figures. 4183000 6844000 Scanfish Norway AS Norway TNOK 500 670000 0 7147000 Sweryb International AB Sweden TSEK 200 1351000 0 1722000 EsPan Sp. z o.o. Poland TPLN 4,000 566000 0 2925000 Total 2587000 11794000 Klaus B. Nielsen CEO Max Sørensen Claus Nielsen Rosthof CFO Flemming Enevoldsen (Chair) Christopher Thomas Peter Kjær Bettina Fürstenberg Jacek Migrala René Kofod (Employee representative) Mette Bendix Nielsen (Employee representative) Preben Finne (Employee representative) EY Godkendt Revisionspartnerselskab CVR. no. 30 70 02 28 30700228 Morten Friis State Authorised Public Accountant mne32732 Værkmestergade 25 DK-8000 Aarhus C Tobias Oppermann State Authorised Public Accountant mne46362 30700228 EY Godkendt Revisionspartnerselskab