xbrli:pureiso4217:DKK174126122021-01-012021-12-31174126122021-01-012021-12-311174126122021-01-012021-12-312174126122021-01-012021-12-313174126122021-01-012021-12-314174126122021-01-012021-12-315174126122021-01-012021-12-311174126122021-01-012021-12-311174126122020-01-012020-12-31cmn:PreviousYearMember174126122019-01-012019-12-31cmn:TwoYearsAgoMember174126122018-01-012018-12-31cmn:ThreeYearsAgoMember174126122017-01-012017-12-31cmn:FourYearsAgoMember174126122020-01-012020-12-31174126122021-01-012021-12-31fsa:RetainedEarningsMember174126122020-01-012020-12-31fsa:RetainedEarningsMember174126122021-01-012021-12-31fsa:ContributedCapitalMember174126122020-01-012020-12-31fsa:ContributedCapitalMember174126122021-01-012021-12-31fsa:RetainedEarningsMember174126122020-01-012020-12-31fsa:RetainedEarningsMember174126122021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember174126122020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember174126122021-12-31174126122020-12-31cmn:PreviousYearMember174126122019-12-31cmn:TwoYearsAgoMember174126122018-12-31cmn:ThreeYearsAgoMember174126122017-12-31cmn:FourYearsAgoMember174126122020-12-31174126122021-01-01fsa:ContributedCapitalMember174126122020-01-01fsa:ContributedCapitalMember174126122021-12-31fsa:ContributedCapitalMember174126122021-01-01fsa:RetainedEarningsMember174126122020-01-01fsa:RetainedEarningsMember174126122021-12-31fsa:RetainedEarningsMember174126122021-01-01fsa:ProposedDividendRecognisedInEquityMember174126122020-01-01fsa:ProposedDividendRecognisedInEquityMember174126122021-12-31fsa:ProposedDividendRecognisedInEquityMember174126122021-01-01174126122020-01-01174126122021-01-012021-12-311174126122020-01-012020-12-311cmn:PreviousYearMember174126122019-01-012019-12-311cmn:TwoYearsAgoMember174126122018-01-012018-12-311cmn:ThreeYearsAgoMember174126122017-01-012017-12-311cmn:FourYearsAgoMember174126122021-01-012021-12-312174126122020-01-012020-12-312cmn:PreviousYearMember174126122019-01-012019-12-312cmn:TwoYearsAgoMember174126122018-01-012018-12-312cmn:ThreeYearsAgoMember174126122017-01-012017-12-312cmn:FourYearsAgoMember174126122021-01-012021-12-313174126122020-01-012020-12-313cmn:PreviousYearMember174126122019-01-012019-12-313cmn:TwoYearsAgoMember174126122018-01-012018-12-313cmn:ThreeYearsAgoMember174126122017-01-012017-12-313cmn:FourYearsAgoMember174126122021-01-012021-12-314174126122020-01-012020-12-314cmn:PreviousYearMember174126122019-01-012019-12-314cmn:TwoYearsAgoMember174126122018-01-012018-12-314cmn:ThreeYearsAgoMember174126122017-01-012017-12-314cmn:FourYearsAgoMember174126122021-01-012021-12-3121174126122020-01-012020-12-3121cmn:PreviousYearMember174126122019-01-012019-12-3121cmn:TwoYearsAgoMember174126122018-01-012018-12-3121cmn:ThreeYearsAgoMember174126122017-01-012017-12-3121cmn:FourYearsAgoMemberAnnual reportAuditor's report on audited financial statementsfalseReporting class C, large enterprisefalsefalseBASF A/SKalvebod Brygge451560CopenhagenDK+45 32 66 07 00https://www.basf.com/dk/en.html17412612Copenhagen2021-01-012021-12-312020-01-012020-12-312022-05-20Mark MeierHarald PflanzlMark MeierSusanne KniggeJørgen HolmBettina NyborgChairmanManaging DirectorBoard MemberEmployee representativeEmployee representativeMark MeierKPMG Statsautoriseret RevisionspartnerselskabDampfærgevej282100CopenhagenDK25578198KPMG Statsautoriseret RevisionspartnerselskabDampfærgevej 282100 Copenhagen25578198The Board of Directors and the Executive Board have today discussed and approved the annual report of BASF A/S for the financial year 1 January – 31 December 2021. The Annual Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting.Copenhagen2022-05-20To the shareholders of BASF A/SOpinionWe have audited the financial statements of BASF A/S for the financial year 1 January – 31 December 2021 comprising income statement, balance sheet, statement of changes in equity and notes including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January – 31 December 2021 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also — identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. — obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. — evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. — conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. — evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.Copenhagen2022-05-20David OlafssonStatsaut. Revisor State Authorised Public Accountantmne19737Main activities BASF A/S is a subsidiary of BASF Societe Europe, Ludwigshafen, Germany. The Company's headquarter is situated in Copenhagen. The Company sells a broad range of chemical products from BASF's broad product range. The Company's customers are mainly industrial companies in Denmark. Companies working within the plastic, paper, chemicals industries as well as the agricultural industry use the BASF products. The site in Ballerup develops, formulates and produces vitamins for the food and pharmaceutical industries throughout the world. Marketing is effected through the BASF Group's worldwide network of agencies and sales companies. The leased tank storage facility in Kalundborg has been transferred to BASF in Norway and the related crude oil inventory has been sold - also to BASF in Norway in 2021. These final transactions concluded the Company's activities in Kalundborg. For the Divestment of the Company's Construction Chemicals business, the Company received an additional cost for the share deal of 10M DKK. This is recognised as Other Operating expense. Development in activities and financial position The revenue from the agricultural business increased by 43%. We received a new registration of BALAYA in 2021, a cereal fungicide product which represented 80% of the total increase in 2021. The Net Sales from the Nutrition production decreased 8% from 2020 - 2021. Vitamin A accounted for the main part of the decrease as the market was somewhat saturated, following a year of significant growth, driven by Covid-19. Vitamins A and D are deemed to boost the immune system and sales remain at a high level. Finished goods production volumes decreased 14% compared to last year in part because of a bottleneck in the process and utilization rate in 2021 reached 82%. In 2022 sales volumes are expected to grow 18% mainly driven by Vitamin A. The Company no longer receives commissions as the agency business has dissapeared due to changes in the invoicing model for the agency business. Therefore, the commissions paid by the Company to other group companies has also dissapeared. Overall, the gross profit decreased by 63 MDKK in 2021 compared to 2020. The Company distributed dividends in years 2021 of 65 MDKK concerning 2020. The loss before tax amounted to 9.5 MDKK compared to a profit of 86.6 MDKK in 2020 and is considered unsatisfactory. Compared to earlier given information, the turnover was as expected, but profit was lower than expected. Special risks Operating risks The Company's main operating risk lies in being a raw material supplier to the export industry. The sale of agricultural products depends to a wide extent on the weather. Financial risks The parent company, BASF SE, manages the financial risks centrally and coordinates the Group's liquidity including financing and excess liquidity. Currency risks The purchase and sale of goods are mainly carried out in DKK or EUR. As the Danish National Bank pegs the Danish Krone close to the euro, the currency risk is moderate. The Company, follows a policy to hedge currency where the net position exceeds the equivalent to 2 MEUR by using financial instruments such as forward exchange contracts, and those contracts are only entered into through the German parent company BASF SE. By the end of the fiscal year 2021, the Company had four forward exchange contracts. Interest rate risks The Company's net interest-bearing position is interest-bearing deposits, which was a net receivable of 809 MDKK in 2021 compared to a net receivable of 688 MDKK in 2020. The net interest-bearing debt is mainly designated in EUR and DKK. Based on the net outstanding balance at the end of the fiscal year 2021, an increase by one percentage point in the general interest rate level will cause an increase in the annual interest income before tax of approximately 8.1 MDKK. The Company does not hedge interest rate risks as these solely relate to the German parent company BASF SE's area of responsibility. Credit risks Credit risks in respect of financial assets equal the value included in the balance sheet. The Company's policy for undertaking credit risks entails that all major customers are credit rated regularly. Intellectual capital resources The Company's products are based on high-technology production facilities. Production is performed in accordance with the GMP rules. The Company operates in a competitive market that is demanding in terms of product development, flexibility and quality. This calls for staff with thorough knowledge of the Company's business processes, products and customers. In addition, particular requirements for knowledge resources exist in relation to development of products. In order to live up to these demands and requirements, the Company needs to be able to recruit, develop and retain staff with a high level of experience, training and education in the area of process-industrial formulation of vitamins etc. In 2021, 1.6 MDKK was spent on staff training. Staff with higher education accounts for about 36% of the salaried employees. Employee turnover was approximately 3.7% in 2021. Research and development activities In 2021 research and development activities were performed in close cooperation with the Parent Company. In 2021, the costs for R&D projects amounted to 3.7 MDKK (2020: 3.5 MDKK). At 31 December, no such development projects have been found which fullfill the criteria for capitalisation and a following recognition in the Company's balance sheet. Data ethics statement The Company has not currently formulated a policy for data ethics. Our collection as well processing of personal data has only taken place to a limited extent, and therefore we have not assessed that there currently was a need for a policy to limit any risks. However in the future we will prepare a policy for data ethics. Environmental performance In 2021, the overall company strategy was founded on environment, health and safety. Operations have been based on sound focus on environment, health and safety policies supporting the objectives that have been developed from the BASF Group's policy in these areas. https://www.basf.com/global/en/who-we-are/sustainability.html Events after the balance sheet date Energy price development The Company has a relatively high energy consumption and is thus negatively affected by the volatile oil and gas prices. The Company will during 2022, do several initiatives to prepare for a potential reduction in gas availability. Expected development For 2022, the turnover is expected to be similar to 2021 and fixed costs are expected to have a stable development. However, the volatile energy will affect The Company in a negative direction. Group structure The Company is included in the consolidated financial statements of BASF SE, Ludwigshafen, Germany. A copy of the consolidated financial statements of the Group can be requested from BASF A/S. BASF SE, Carl-Bosch-Strasse 38, 67056 Ludwigshafen, Germany, Idnr. DE 149 145 247 is registered as owner of the share capital of 1,029.2 MDKK.The Company has not prepared any own description of the politics with regard to social responsibility, including environment, social and staff matters, anticorruption and bribery, climate and human as the Company is included in the BASF group guidelines. A reference to the description in the Group annual report for BASF for 2021 for CSR is therefore made. https://bericht.basf.com/2021/en/https://bericht.basf.com/2021/en/The Board consists of five members; two staff representatives and three members appointed by The Company (two male and one female). The Board of Directors has decided that the target for the participation of the underrepresented gender in the Board should be 33% in 2021. This result was 40% in 2021, so an equal distribution amongst the board members elected by The Company has been achieved. The target at 33% will remain unchanged in for 2022. Policy: The Company has worked out a policy which should assist to increase the participation of the underrepresented gender at the other management levels. This is also incorporated in the Company's Talent Programs to promote leaders from both genders. The Company performs a Job Grading of all positions with salary bands. This prevents anyone being paid below the bands. The Company offers attractive conditions concerning maternity and paternity leave. Actions: We continue to hire the best candidates, but at the same time we try to attract qualified women to management positions. Results: The target for the share of the underrepresented gender at the other management levels in the Company has been set to 40% and increased to 34% by the end of 2021 from 33% in 2020. Comparing to the chemical sectors, The Company performs above average concerning representing both genders more equally.The annual report of BASF A/S is prepared in accordance with the provisions applying to reporting class C (large) entities under the Danish Financial Statements Act. The accounting policies are unchanged compared to last year. Intercompany mergers When applying intercompany mergers, the uniting-of-interests method has been used. Foreign currency translation On initial recognition, transactions in foreign currency are translated at the exchange rate of the transaction date. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rate at the balance sheet date. Currency exchange rate differences occuring between the transaction date rate and the rate on the payment date are included in the income statement as financial income and expenses. Derivative financial instruments On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised as other receivables or other payables. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging of the fair value of a recognised asset or a recognised with the requirements for the income statement together with changes in the value of the hedged asset or the hedged liability. For derivative financial instruments that do not fulfil the hedging requirements, the changes in the fair value are recorded in the income statement as financial income and expenses.Revenue Revenue from the sale of commodities and finished goods is included in the income statement when delivery and transfer of risk to the buyer has taken place. Revenue is included excluding VAT, duties and rebates in connection with the sale. Segment information Disclosures are provided on business segments (primary segment) and geographical markets (secondary segment). The segmental disclosures comply with the Company's accounting policies and internal financial management. Cost of sales Cost of sales includes the directly related consumption of goods sold and landing costs. Cost of sales includes in addition the research and development costs as far as these costs cannot be assessed for recording in the balance sheet. Other external expenses Other external expenses include all other external costs that do not relate to consumption of goods, personnel costs, depreciation and financial expenses, e.g. freight, rent and travel costs. Other operating income Other operating income is any income related to non-typical revenues. Share-based incentive scheme The value of services received as compensation for allocated cash-settled options is recognised at the value of the options' intrinsic value, which is the difference between the option exercise price and the market price of the shares in BASF SE at the balance sheet date. The liability related to the options is adjusted at each balance sheet date and at final settlement. Adjustments of the valuation of the options are included in the income statement under personnel costs pro rata over the vesting period. The counter entry is included under liabilities in the balance sheet. Financial income and expenses Financial income and expenses include interest income and interest expense, realised and unrealised exchange gains and losses regarding payables, receivables and transactions in foreign currencies and surcharges and refunds under the on-account tax scheme. Tax for the year Tax for the year, which includes current tax for the year and changes in deferred tax, is included in the income statement by the tax expense relating to the profit/loss for the year. The tax expense directly relating to items in equity are recognised directly in the equity.Intangible assets Intangible assets include software. Software is recognised as costs at purchase price. Intangible assets are amortised on a straight-line basis over the assets' expected useful lives, which are determined to be 5 years. The carrying value is continuously assessed and written down to a lower realisable value in the income statement if the carrying value exceeds the estimated future net cash flows from the acticvity to which the intangible asset relates. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. The cost comprises of the acquisition price, costs directly attributable to the acquisition, and costs for preparing the asset for intended use. For company-manufactured assets, cost comprises of direct and indirect costs of materials, components, sub-suppliers and labour costs. Interest expenses on loans for financing the manufacturing of property, plant and equipment are included in cost if they relate to the manufacturing period. The basis of depreciation is cost less estimated residual value at the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful life of the assets: Buildings 30 years Production buildings 10-20 years Installations in buildings 10-25 years Plant and machinery 5-10 years Fixtures and fittings, tools and equipment 3-10 years Leasehold improvements 10 years Property, plant and equipment are written down to a lower recoverable amount if this is lower than the carrying amount. Profits and losses from the sale of property, plant and equipment are calculated as the difference between selling price less selling costs and the carrying value at the time of sale. Losses are recognised in the income statement together with depreciation and impairment losses. The net profits thereof are recognised as other operating income. Inventories Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost of goods for resale, raw materials and consumables consist of purchase price plus landing costs. The costs of manufactured goods and work in progress consist of costs of raw materials, consumables and direct labour costs as well as indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of and depreciation and impairment losses on machinery, factory buildings and equipment applied for the manufacturing process as well as costs of factory administration and management. Financing costs are not included. The net realisable value of inventories is calculated as the estimated selling price less costs to complete and cost of sale. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices and credit rating in accordance with the Company's credit risk management policy. The objective indicators used in relation to portfolios are determined on the basis of historical loss experience. Prepayments Prepayments comprise of incurred costs relating to subsequent financial years. Prepayments are measured at amortised cost which usually corresponds to the nominal value. Cash and cash equivalents Cash and cash equivalents include bank deposits. Receivables on the group cash-pool arrangement is not recognised as cash and cash equivalents, but is included in the liability/receivable with group enterprises. Leases Leases concerning fixed assets, where the company has substantially all of the risks and rewards incidental to ownership (finance leases), is initially recognised in the balance to the lower of the market value or the net present value of the future lease payments. In the calculation of the net present value, the discounted interest rate in the lease or the incremental borrowing rate is used. Finance lease assets are presented as other assets owned by the company. The capitalised lease obligation is included in the balance sheet as a liability at amortised cost, where the interest element of the lease payment is included in the income statement over the contractual period. All other leases are treated as operating leases. The lease payments in connection with operating leases and other tenancy agreements are included in the income statement straight-line over the contractual period. The total obligation concerning operating leases and tenancy agreements is explained under contractual obligations etc. in the notes. Dividends Proposed dividends are recognised as a liability at the date on which 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. Provisions Provisions comprise anticipated costs of decided and published restructurings, etc. Provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to fall due more than one year after the balance sheet date are discounted using an average bond yield. Corporation tax and deferred tax Current tax liabilities and tax receivables, respectively, are included in the balance sheet. Deferred tax is measured according to the balance-sheet liability method for all temporary differences between the carrying amount and tax value of assets and liabilities, where the tax value of the assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax value of tax loss carryforwards, are included in the balance sheet at the value at which the asset can be expected to be realised, either by off-setting towards the deferred tax liabilities or as net tax assets. The Company is jointly taxed with the other Danish subsidiaries and branches in the BASF Group and branches. The current Danish corporation tax is distributed between the jointly taxed Danish entities in relation to their taxable income (full allocation with reimbursement regarding tax losses). The Company is the administrative company in the joint taxation. Liabilities other than provisions These liabilities are measured at amortised cost, which usually corresponds to the nominal value.Pursuant to section 86(4) of the Danish Financial Statements Act, a cash flow statement is not prepared.The financial ratios have been calculated as follows: Gross margin = Gross profit or loss Revenue Operating margin = Operating profit or loss Revenue Return on invested capital = Operating profit or loss Average invested capital Return on equity = Profit or loss for the year Average equity Equity ratio = Total equity Total equity and liabilities at year end Invested Capital = Operational intangibles, property, plant, equipment as well as net working capital17766490001051200000897900000116130000011952000001051189000359392000422400000408400000490700000453800000422364000900000-5000000120000020000001100000-103930009160000025300000351000001290000091598000-76740006740000018500000183000001080000067378000-76740006737800000-7674000237800006500000013361680001267000000118420000013059000001265600000126696400082000003100000129000001860000030500000106099400011337000001066300000104780000010404000001133668000102920000010292000001029200000394680003709000031794000650000000011336680001066290000Profit/loss for the year before taxProfit/loss for the year before taxProfit/loss for the year before taxProfit/loss for the year before taxProfit/loss for the year before taxInventoriesInventoriesInventoriesInventoriesInventoriesAccounts receivableAccounts receivableAccounts receivableAccounts receivableAccounts receivableInvested capitalInvested capitalInvested capitalInvested capitalInvested capitalProfit marginProfit marginProfit marginProfit marginProfit margin-9500000866000002410000033200000117000002354000003296000003770000004172000002313000009898000008208000003216000002712000002966000002572000004590000009586000009602000008845000000.2020.4020.4550.4230.3800.7940.8950.9000.8020.822-0.0070.0610.0180.0170.010-0.0290.1290.0260.0380.014-0.0060.0870.0280.0300.011Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation of financial ratios “Recommendations and Financial Ratios".1428990000648833000117330002000800010374000701180001493690001875100002044560001942430001645400019119000988000012000722800018223000637400023196000-953900086626000-186500019248000136800015370001368000153700032309000383340003787700041608000874000094900003812000174500082738000911770008410600092714000702450001709650004702300023552000118141000135069000235409000329586000167553000911150008222020007297090003055000175620002002100043930002855000106900010156860008438480009670008160001252062000117425000010292000001029200000317940003946800006500000057010001379300057010001379300002710000027100000700027583000239020001762620003416600065628000566780000204000026947300011679300026947300011950300013361680001266964000006500000065000000Segmental information 2021 2020 Activities, primary segment KDKK KDKK Agricultural and nutrition 2 73.950 227.889 Pharma/Food 7 50.887 577.073 Other chemicals 1 57.199 2 5.883 Chemicals 3 34.143 5 2.726 Special chemicals 5 1.208 9 .653 Plastics 1 62.056 1 5.398 Not allocated 47.030 4 6.236 Construction chemicals 176 9 6.331 Total revenue 1 .776.649 1 .051.189 For revenue, the secondary segment can be specified as follows: Geography Domestic market 1 .160.765 320.083 EU countries 2 83.224 238.651 NAFTA countries 6 8.330 7 0.573 Other countries 2 64.380 396.364 Total net sales 1.776.699 1 .025.671 Commission regarding sales on the domestic market (Agency sales) ( 50) 2 5.518 Total revenue 1 .776.649 1 .051.189 The total revenue including agency sales can be specified as follows: Own revenue excluding commissions 1 .776.699 1 .025.671 Agency sales 1 26.414 685.234 Total revenue including agency sales 1 .903.113 1 .710.905The 2020 reimbursement from BASF Norway for the expenses related to the Kalundborg site and the 2020 divestment of the Construction Chemicals Business are booked here. 2021 2020 Other operating income KDKK KDKK Divestment of Construction Chemicals activities - 3 6.971 Depreciation and expenses for Kalundborg site reinvoiced to group companies - 2 4.687 Other revenue from non-typical business 6 .799 8 .460 Leasing assets contracts divested to sister company 3 .575 - Total Other operating income 1 0.374 7 0.118Wages and salaries 1 86.612 175.085 Pensions 14.941 1 6.365 Other social security costs 2 .903 2 .793 Total staff costs 2 04.456 194.243 Certain executive officers or previous employees of the Company are entitled to receive cash-settled share options in BASF SE. The Company's liability relating to this scheme is included in the other payables.Total remuneration for Executive Management and Board of Directors 4 .999 4 .941239263Amortisation on intangible assets Software Amortisation ( 908) ( 1.979) Total amortisation on intangible assets ( 908) ( 1.979) Depreciation on property, plant and equipment 2021 2020 Land & Buildings ( 6.012) (7.272) Plant & Machinery (7.378) (8.005) Fixtures, fittings, tools & equipment ( 2.156) (1.863) Property & plant under construction - - Total depreciation on property, plant and equipment ( 15.546) (17.140)Additional charge in 2021 for the Share divestment of the Construction Chemicals Business from 2020 ( 9.880) - Miscellaneous expenses - -12 Total Other Operating Costs (9.880) (12)Foreign exchange gains 7.228 1 8.214 Other financial income from group enterprises - 9 Total financial income 7.228 1 8.223Interest and charges, bank loans ( 280) (116) Other financial expenses from group enterprises ( 6) - Foreign exchange losses (5.988) (22.763) Other financial expenses (leasing) ( 100) (316) Total financial expenses ( 6.374) (23.195)Calculated tax of the year's taxable income 7 .190 (1.845) The year's adjustment of deferred tax ( 8.092) 2 2.225 Adjustment of tax, previous years ( 963) ( 1.132) Tax on profit for the year ( 1.865) 1 9.248Pursuant to Section 96 of the Danish Financial Statement Act, audit fee is not disclosed.Software 2021 2020 KDKK KDKK Cost at 1 January 2021 5.937 5 .937 Additions 740 - Cost at 31 December 2021 6 .677 5 .937 Amortisation and impairment losses at 1 January 2021 ( 4.401) (2.422) Amortisation for the year (908) (1.979) Amortisation and impairment losses at 31 December 2021 ( 5.309) (4.401) Book value at 31 December 2021 1 .368 1 .537Fixtures, Property Land and Plant and tools and under buildings machinery equipment construction Total KDKK KDKK KDKK KDKK KDKK Acquisitions at 1 January 2021 182.792 2 01.488 4 4.701 1 .745 4 30.726 Additions - acquisitions - 2 .210 1 .496 3 .738 7.444 Disposals - (65) ( 17.876) - (17.941) Transfers (13) 1 .434 2 50 (1.671) - Acquisitions at 31 December 2021 182.779 2 05.067 2 8.571 3 .812 4 20.229 Depreciation and impairment losses at 1 Jan 2021 (144.458) ( 159.877) ( 35.212) - (339.547) Depreciation for the year (6.012) ( 7.378) ( 2.156) - ( 15.546) Depreciation regarding the year's disposals - 6 5 1 7.537 - 1 7.602 Depreciation and impairment losses at 31 Dec 2021 ( 150.470) ( 167.190) ( 19.831) - ( 337.491) Book value at 31 December 2021 32.309 3 7.877 8 .740 3.812 8 2.738 Book value at 31 December 2020 38.334 4 1.608 9 .490 1 .745 9 1.177The item primarily consists of prepaid insurance.Receivables from / Payables to group entities The item receivable includes an intra-group cash-pool of 809 MDKK (2020: 688 MDKK) Income tax receivable/payable Calculated tax of the year's taxable income ( 7.190) 1 .845 Prepaid tax during the year 8 .366 1 5.046 Tax related to previous year 1 .879 671 Total Income tax receivable/payable 3 .055 1 7.562The share capital consists of 94,420 shares of 10 KDKK each, 8 shares of 10 MDKK each and 1 share of 5 MDKK each. The shares are not divided into classes. The latest changes in the share capital are: 2021 KDKK Share capital at 1 January 2012 9 5.500 Capital increase at 2 December 2013 9 33.700 Share capital at 31 December 2021 1.029.200Deferred tax at 1 January ( 13.793) 8 .433 Adjustment of deferred tax, beginning of year - (1) The year's adjustment of deferred tax 8 .092 (22.225) Deferred tax at 31 December ( 5.701) (13.793) Provisions for deferred tax relate to: Intangible assets (628) ( 1.537) Property, plant and equipment ( 9.804) (6.536) IRnevceenitvoaribelses ( 5 4 . 5 -37) ( 6 6 . 0 -57) Provisions 3 9.056 1 1.436 Total (25.913) (62.694) Tax rate 22% 22% Deferred tax (5.701) (13.793Current and non-current liabilities other than provisions 2021 2020 KDKK KDKK Finance lease due between 0-1 years - 2.040 Finance lease due between 1-5 years - 2.710 Non-current liabilities other than provisions - 4.750VAT and duties 661 1 4.429 Other taxes - 42 Wages and salaries, social security costs, holiday allowance 6 4.967 4 2.207 Total other payables 6 5.628 5 6.678Companies Related parties exercising control: The parent company BASF SE, Ludwigshafen, Germany. BASF SE holds 100 % of the shares in BASF A/S. BASF A/S is part of the consolidated financial statements of BASF SE. The consolidated financial statements of BASF SE can be obtained on https://www.basf.com/en/company/investor-relations.html Related parties also include group enterprises, Executive Board and the Board of Directors, management employees as well as their close family members. Moreover, related parties include companies in which the above-mentioned list of persons have major interests. Main related parties with whom the Company had postings at the end 2021: Company Street name Town Country BASF AB Haraldsgatan 5 SE-41314 Gothenburg Sweden BASF AS Lilleakerveien 2B NO-1327 Lysaker Norway BASF OY Tammasaarenkatu 3 FIN-00180 Helsinki Finland BASF Coatings Services AB Transportgatan 37 S-42502 Hisings Kärra Sweden BASF UAB Spaudos g. 6-1 LT05132 Vilnius Lithuania BASF SIA Lambertu iela 33B Rigas Raj Latvia BASF PLC 2 Stockport Exchange Stockport, SK1 3GG England BASF Nederland BV Groningensingel 1 6835 EA Arnhem Netherlands Related party transactions 2021 2020 KDKK KDKK Net Sales T angible Products 6 04.580 546.920 Commission Revenue - 25.518 Sales Other Operating Revenue 8 6.093 89.153 Total sales to BASF Group companies 6 90.673 661.591 Payments for Tangible Products 1 .033.142 333.113 Commission Expenses 5 0 - Royalty Expenses - 1.110 Other Operating Expenses 5 1.735 43.815 Cost Sharing Agreements - 906 Comparable uncontrolled price in Own Risk Manufacturing 1 1.417 1.723 Comparable uncontrolled price in Merchandise business as Own risk manufacturing 1 .046 - Total purchases and expenses from BASF Group companies 1 .097.390 380.667 The Company has most of its sales, purchases and commissions regarding agency sales with its holding company BASF SE. All the Nordic-Baltic BASF companies act as one organisation within areas such as business management, order handling, sales and technical customer advice and of services administration between the companies. The Company has a cooperation with BASF AB BASF AS BASF OY BASF SIA BASF UAB BASF Coatings Services AB The Company has an agreement within cash handling with BASF Belgium Coordination Center The Company buys IT services and hardware from BASF Digital Solutions GmbH The Company receives admin and financial services from BASF Shared Services GmbH The Company has a limited number of transactions with other group enterprises regarding commission agency business. Complete list of BASF companies with whom the Company has had transactions with during 2021 Company name Country EU Country Non-EU Country BASF SE Germany x BASF Digital Solutions GmbH Germany x BASF Services Europe GmbH Germany x BASF Polyurethanes GmbH Germany x BASF Personal Care and Nutrition GmbH Germany x BTC Europe GmbH Germany x BASF Espanola S.L. Spain x BASF Schweiz AG Switzerland x BASF AB Sweden x BASF plc Great Britain x BASF France S.A.S. France x BASF AS Norway x BASF SIA Latvia x BASF Agro B.V. Arnhem (NL) Freienbach Branch Switzerland x BASF Coatings Services AB Sweden x BASF Nederland B.V. Netherlands x BASF Österreich GmbH Austria x BASF Italia S.p.A. Italy x BASF Oy Finland x BASF SE Germany x BASF Schwarzheide GmbH Germany x BASF UAB Lithuania x BASF Belgium Coordination Center CommV Belgium x Chemetall AB, (Finland Branch) Finland x Chemetall AB (Denmark Branch) Denmark x Chemetall AB Sweden x Nunhems Netherlands B.V. Netherlands x BASF Ireland Ltd. Ireland x BASF Battery Materials Finland Oy Finland x BASF Corporation USA xCurrency and interest rate exposure, credit risks and financial instruments Liabilities Currency exposure - recognised transactions Receivables other than Hedged Net position Net position and cash provisions portion 2021 2020 KDKK KDKK KDKK KDKK KDKK USD - ( 79) - (79) (78) EUR 217.660 ( 32.921) ( 175.535) 9 .204 17.823 SEK 904 ( 87) - 8 17 1.841 NOK 652 - - 6 52 1.473 Other 274 ( 62) - 2 12 274 Total 219.490 ( 33.149) ( 175.535) 1 0.806 21.333 The Company uses hedging instruments such as forward contracts to hedge recognised transactions. Hedging of recognised transactions includes receivables and liabilities other than provisions. At 31 December 2021, The Company had four active hedging contracts. At 31 December 2021, unrealised net gains on derivative financial instruments for currency hedging totalled 25 KDKK Currency exposure - recognised transactions Contract Contract gains/ gains/ value value (losses) (losses) 2021 2020 2021 2020 KDKK KDKK KDKK KDKK Currency bought on future deals 1 75.535 1 10.614 2 5 (189) Total currency exposure on futures 1 75.535 1 10.614 2 5 (189) Forward contracts concern hedging of receivables from sale and payables from purchase of goods, see BASF accounting policies. At 31 December 2021, The Company had four active forward contracts. Currency and interest rate exposure, credit risks and financial instruments Interest rate exposure from Group Companies 2021 2020 Contractual dates reassessment and repayment of financial assets KDKK KDKK Receivables from group entities 808.595 687.666 None of the above assets and liabilities fall due after more than one year. For further description of the interest risks, please refer to the Management's review. 2021 2020 Credit exposure KDKK KDKK Trade receivables 167.553 9 1.115 The customers are mainly large domestic and foreign companies. The Company has experienced very few losses on its receivables.No subsequent events relevant to mention.The Company is a part of the compulsary joint taxation with the Danish BASF companies and branches. The companies have unlimited joint and several liability for Danish corporation taxes and withholding taxes with in the joint taxation group. Operating leases 2021 2020 Operating leases have been entered into for the period 2021 to 2025 concerning rental KDKK KDKK of office premises, warehouses, servers, land and leasing cars: 24.024 2 1.591 The contracts have termination periods between 3 to 48 months. Furthermore, The Company has a guarantee commitment on company credit cards issued to the employees of 5.6 MDKK The Company has no relevant running warranty claims.