761290102024-01-012024-12-31761290102024-12-31761290102023-12-31fsa:ContributedCapitalMember761290102023-12-31fsa:ReserveForCurrentValueOfHedgingMember761290102023-12-31fsa:RetainedEarningsMember761290102023-12-31761290102024-01-012024-12-31fsa:ReserveForCurrentValueOfHedgingMember761290102024-01-012024-12-31fsa:RetainedEarningsMember761290102024-12-31fsa:ContributedCapitalMember761290102024-12-31fsa:ReserveForCurrentValueOfHedgingMember761290102024-12-31fsa:RetainedEarningsMember761290102024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember761290102024-01-012024-12-31cmn:ConsolidatedMember761290102024-01-012024-12-31cmn:ConsolidatedMember1761290102024-01-012024-12-31cmn:ConsolidatedMember1761290102024-01-012024-12-31cmn:ConsolidatedMember2761290102024-01-012024-12-31cmn:ConsolidatedMember3761290102024-01-012024-12-31cmn:ConsolidatedMember1761290102024-12-31cmn:ConsolidatedMember761290102023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember761290102023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueOfHedgingMember761290102023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember761290102023-12-31cmn:ConsolidatedMember761290102024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueOfHedgingMember761290102024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember761290102024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember761290102024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueOfHedgingMember761290102024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember761290102024-01-012024-12-31cmn:ConsolidatedMember1761290102024-01-012024-12-31cmn:ConsolidatedMember2761290102024-01-012024-12-31cmn:ConsolidatedMember3761290102023-01-012023-12-31761290102023-01-012023-12-31cmn:ConsolidatedMember761290102023-01-012023-12-31cmn:ConsolidatedMember1761290102023-01-012023-12-31cmn:ConsolidatedMember2761290102023-01-012023-12-31cmn:ConsolidatedMember3761290102022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure76129010Årsrapport7633441220499975365198699646632288The Board of Directors and the Executive Board have today considered and approved the annual report of Jeka Fish A/S for the financial year 01.01.2024 - 31.12.2024.41294671412946714871930The annual report is presented in accordance with the Danish Financial Statements Act.443656250165940In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.286972869724830194We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.4237606564703418916We recommend the annual report for adoption at the Annual General Meeting.124642911901851090487Lemvig102961410296144880755Halldór Arnarson4978108504037818877868Dennis Kim Willer-5236877672274808851chairman-8411619988414069017René Eghammer-439571567343340000Halldór Arnarson3800003800002637000To the shareholders of Jeka Fish A/S294500029450002977000We have audited the consolidated financial statements and the parent financial statements of Jeka Fish A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.3325000332500023573022We 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 financial statements" section of this auditor’s
report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.237983102982989339407876Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.37038780383866261206980Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.7095177095176075367065696892603664795414Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.6225317616000003190000319000016000001630000Copenhagen1600000738510364820000Claus Jorch Andersen47900002904381472592414mne33712703681761002968233745931State Authorised Public Accountant2904381487093565696505Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'000Key figuresGross profit/loss78,32651,98747,94378,18759,439Operating profit/loss26,1235,647(3,456)28,24715,261Net financials(6,034)(4,880)(6,206)(7,227)(5,026)Profit/loss for the year15,013567(7,589)14,6487,919Profit for the year excl
.
minority interests15,013567(7,589)15,4597,955Balance sheet total165,330158,124158,319118,025113,420Investments in property, plant and equipment7,0665,2095,27623,5965,645Equity26,18710,8529,67118,50319,290Equity excl. minority interests26,18710,8529,67118,42220,648RatiosReturn on equity (%)81.075.53(54.03)79.1347.11Equity ratio (%)15.846.866.1115.6118.20Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.
Jeka Fish A/S have merged with it’s parrent company Jeka Fish Holding ApS with effect from 1. January 2021. According to the accounting principles the merger has incorporated in the figures with effect from 1. January without adjusting the figures from prior years.
For the annuel report of 2021 a consolidated financial statements has been prepared. There has been no adjustment to the figures from 2019 and back and therefore these figures only consits of the parent company Jeka Fish A/S. Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total1002968201566758Primary activitiesThe Company’s activity is to purchase, process and resell whitefish and shellfish. Production takes place at the Company’s processing plant in Lemvig.8709356477828528857793Development in activities and finances2024 has been a year with continued focus on the existing product portfolio, efficiency improvements and reduction of costs and debts. Despite challenging market conditions caused by fall in cod quotas and increase in raw material prices, the focus on the core business resulted in improved operations compared to 2023.
The Group income statement for 2024 show a profit after tax of DKK 15,013 against a profit after tax of DKK 0,567 in previous year. The performance is better than expected and considered satisfactory.
03255393149866987Profit/loss for the year in relation to expected developmentsThe result is better than the expectations expressed in the annual report for 2023
. The main reasons for that are better sales mix, and more rational operation than expected. 47782852315141937943254OutlookThe market conditions are still challenging due to the war in Ukraine, as Russia holds a significant share of the world quota for cod causing uncertainty about raw-material prices and availability. Cod quotas have been reduced in 2025, causing lower global supply.
Despite the current market conditions and based on the current available information the Company expects a positive consolidated result after tax for 2025 between 6,5 to 10,5 mio. DKK.
325539310988791
Use of financial instrumentsPrice risks
Cod accounts for more than 80% of the Company’s commodity base. The Company purchases commodities in a global commodity market subject to global competition. The activities of the Company may therefore be affected positively or negatively by the purchase of commodities as well as by the development in the commodity prices.
Liquidity risks
Jeka Fish has made an agreement on the operating finance for the calendar year 2025 with the Company’s bank.
Currency risks
The Company’s foreign currency transactions are primarily related to purchase in USD, and sales in EUR and GBP. The Company hedges its currency risk on a current bases through forward exchange contracts.
Interest rate risks
It is the Company policy to hedge interest rate risks by concluding interest agreements.2678181784169816653Events after the balance sheet dateAfter the balance sheet date, the activity regarding the production of fish cakes was transferred by a group grant from the company to Nordisk Fiske Kompagni A/S.
No further events have occurred after the balance sheet date, which would influence the evaluation of this annual report. 314799936489519412023783258030893765759466322887841698427326440926480544819939164280158124300232551224078933500000908167222612290986948025016340913601573162017352473350000010910033500000108524733213784943199034450021229849200887077160832344500250512275076024106608324995363470000150126831302500034700003400001302500741431202637000499536015799720297700001768557453853402920285074143129483596474760404821750381026113975657120698017685575233422080838307089200594835964122749938961551630000381026130899481860537163000021063305767785849475999754990054099961023740242964013633745931300858404322477156965055667830821191780153623701566758237207451056998282700676885779301469273271448395749866987209456221581243008541191037943254104353259501659413488790982021314535286911535340163409136412023157316201286973500000765759912222766503994124921292511190185716083223255-439571606999289831491-8236164120231653304961817147403500000350000041202332137849333679064522365156220000261865340906452363000-841136702363000-97601071406901700157997204166666350000053853402033043321378474760-9679159212298491397617120534718083830-97593111 Staff costs2024
DKK2023
DKKWages and salaries41,121,26136,660,714Pension costs4,243,7693,486,801Other social security costs1,267,2581,147,15646,632,28841,294,671Average number of full-time employees9691Remunerationof
Manage- ment
2024
DKKRemunerationof Manage- ment
2023
DKKTotal amount for management categories2,250,8962,129,2512,250,8962,129,251Special incentive programmesThe Executive Board's remuneration includes a bonus that depends on achieved performance targets.389615579696200706797Remunerationof
Manage- ment
2024
DKKRemunerationof Manage- ment
2023
DKKTotal amount for management categories2,250,8962,129,2512,250,8962,129,2514962304389322508969721500912 Other financial income2024
DKK2023
DKKFinancial income from group enterprises18,91656,244Exchange rate adjustments01,190,18518,9161,246,4294423849321292513 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax2,610,0310Change in deferred tax1,545,200566,225Adjustment concerning previous years622,300(21)Refund in joint taxation arrangement31,320(650,320)4,808,851(84,116)153873675673434 Proposed distribution of profit and loss2024DKK2023DKKRetained earnings14,069,017(439,571)14,069,017(439,571)30938401406901714716719871579195 Intangible assetsAcquired trademarks
DKKGoodwill
DKKCost beginning of year400,0003,100,000Cost end of year400,0003,100,000Amortisation and impairment losses beginning of year(20,000)(155,000)Amortisation for the year(40,000)(308,000)Amortisation and impairment losses end of year(60,000)(463,000)Carrying amount end of year340,0002,637,0001367809626 Property, plant and equipmentLand and buildings
DKKPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year39,084,68798,942,1312,014,227999,058Transfers00(156,263)0Additions44,6816,213,966807,5190Disposals0(60,118)00Cost end of year39,129,368105,095,9792,665,483999,058Depreciation and impairment losses beginning of year(15,286,377)(61,903,351)(1,304,710)(292,489)Transfers00156,2630Depreciation for the year(269,969)(3,844,870)(310,056)(99,033)Reversal regarding disposals060,11800Depreciation and impairment losses end of year(15,556,346)(65,688,103)(1,458,503)(391,522)Carrying amount end of year23,573,02239,407,8761,206,980607,536Recognised assets not owned by entity011,772,460558,33401653304967 Financial assetsInvestments in group enterprisesDKKDepositsDKKCost beginning of year3,190,0001,600,000Additions030,000Cost end of year3,190,0001,630,000Carrying amount end of year3,190,0001,630,000A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.35000008 Receivables from group enterprisesThe primary part of receivables with group enterprise is not expected to be settled within the next 12 months, of
which DKK 500k relates to a deposit to Nordisk Krabbe Kompagni A/S.09Derivative financial instrumentsDerivative fnancial instruments contains fair value on forward exchange contracts with a carrying amount of DKK 412k. The
company has signed forward exchange contracts to partially cover the exchange risk of trade payables in
USD by USD 2,500k. (DKK 17,857k). The forward exchange contracts are due within 1-6 months. All forward exchange contracts are conducted with the company’s bank. 735247310 PrepaymentsPrepayments consists of prepaid interest, insurance and other expenses.11 Deferred tax2024
DKK2023
DKKIntangible assets0(447,500)Property, plant and equipment5,570,0004,581,500Receivables140,0000Tax losses carried forward(2,240,000)(2,831,500)Deferred tax3,470,0001,302,500
Changes during the year2024
DKK2023
DKKBeginning of year1,302,500563,000Recognised in the income statement1,545,200566,225Recognised directly in equity0173,275Adjustment concerning previous years622,3000End of year3,470,0001,302,50041202312 Bank loansAs of 31.12.2024, the company has a bank loan of DKK 7,946 presented as none-current liability debt. The bank loan is a temporary loan that the company has received from the bank until the time when a new mortgage debt is established. The temporary credit provided by the bank is not to be repaid within one year, which is why this is presented as none-current liability as of 31.12.2024.
Management expects that the mortgage debt will be in place before the end of 2025. 14 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue within 12
months
2023
DKKDue after
more than 12
months
2024
DKKOutstanding
after 5 years
2024
DKKMortgage debt499,536733,82400Bank loans1,365,840015,799,7202,390,360Lease liabilities2,028,9722,028,9725,385,3400Debt to other credit institutions00474,7600Payables to group enterprises3,973,000013,975,6570Payables to owners and management 1,527,00008,083,8300Holiday pay obligation003,896,1553,227,622Deferred income245,788245,7881,860,537877,3859,640,1363,008,58449,475,9996,495,367As of 31.12.2024, the company has a loan of DKK 3,973 n DKK 1,527 presented as current liability in accordance with the original loan agreement. After the balance date, a change to the original agreement has been made. As a result of this, the liability that is due within 12 months is to be a total off DKK 2,750.013 Deferred incomeThe company have received subsidies from Danish and EU Authorities. These subsidies and projects is an
important part of the company and will be part of the company’s balance sheet until depreciated in full.4120239064515
Fair value informationHedging instruments
DKKFair value end of year412,023Unrealised fair value
adjustments recognised in
the fair value reserve in
equity412,023016 Unrecognised rental and lease commitments2024DKK2023DKKTotal liabilities under rental or lease agreements until maturity 3,965,7321,803,748Of this, liabilities under rental or lease agreements with group enterprises 1,008,1931,008,1939064517 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement in which Jysk Industri Holding A/S serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.018 Assets charged and collateralDebt to Realkredit Danmark A/S is secured by buildings with a carrying amount of DKK 23,573k at December 31, 2024.
Debt to Nykredit is secured by buildings (maximum DKK 17,100k) with a carrying amount of DKK 23,573k at December 31, 2024.
Debt to other credit institutions is secured by cars (maximum DKK 384k) with a carrying amount of DKK 558k at December 31, 2024.
Debt to Nykredit is secured by way of general floating charges of DKK 15,000k corresponding to an asset value of DKK 75,097k at December 31, 2024.
Debt to Nykredit is secured by way of general floating charges of DKK 53,000k corresponding to an asset value of DKK 106,966 k at December 31, 2024.Collateral provided for group enterprisesThe Entity has guaranteed the group enterprises’ debt with Nykredit Bank. The guarantee is unlimited. Bank loans of group enterprises amount to DKK 1,014k.
1501268319 Related parties with controlling interestJysk Industri Holding A/S, Bymose Park 6, 3200 Helsinge, Denmark owns all shares in the Entity, thus exercising control. 20 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.3500000Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.321378223651565448199-13067605
Accounting gain/loss on fixed assets-96001849390306034204543291240537007066166960030000-7086566-53188046320001554196263597Chance bankloans-4765077Incurrence of debt to company participants and management127234-529644222362232551 Staff costs2024
DKK2023
DKKWages and salaries41,121,26136,660,714Pension costs4,243,7693,486,801Other social security costs1,267,2581,147,15646,632,28841,294,671Average number of full-time employees9691Remunerationof management
2024
DKKRemunerationof management
2023
DKKTotal amount for management categories2,250,8962,129,2512,250,8962,129,251Special incentive programmesThe Executive Board's remuneration includes a bonus that depends on achieved performance targets.96Remunerationof management
2024
DKKRemunerationof management
2023
DKKTotal amount for management categories2,250,8962,129,2512,250,8962,129,25122508962 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax3,003,1950Change in deferred tax1,396,200850,225Adjustment concerning previous years622,300(21)Refund in joint taxation arrangement54,329(650,320)5,076,024199,8843 Proposed distribution of profit/loss2024
DKK2023
DKKRetained earnings15,012,683567,34315,012,683567,343150126834 Intangible assetsAcquired trademarks
DKKGoodwillDKKCost beginning of year400,0003,100,000Cost end of year400,0003,100,000Amortisation and impairment losses beginning of year(20,000)(155,000)Amortisation for the year(40,000)(308,000)Amortisation and impairment losses end of year(60,000)(463,000)Carrying amount end of year340,0002,637,0005 Property, plant and equipmentLand and buildings
DKKPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKCost beginning of year47,715,552102,233,8172,014,227Transfers00(156,263)Additions44,6816,213,966807,519Disposals0(60,118)0Cost end of year47,760,233108,387,6652,665,483Depreciation and impairment losses beginning of year(17,885,659)(63,847,191)(1,304,710)Transfers00156,263Depreciation for the year(671,724)(4,118,417)(310,056)Reversal regarding disposals060,1180Depreciation and impairment losses end of year(18,557,383)(67,905,490)(1,458,503)Carrying amount end of year29,202,85040,482,1751,206,980Recognised assets not owned by Entity011,772,460558,3346 Financial assetsDeposits
DKKCost beginning of year1,600,000Additions30,000Cost end of year1,630,000Carrying amount end of year1,630,0007 Derivative financial instrumentsDerivative fnancial instruments contains fair value on forward exchange contracts with a carrying amount of DKK 412k. The
company has signed forward exchange contracts to partially cover the exchange risk of trade payables in
USD by USD 2,500k. (DKK 17,857k). The forward exchange contracts are due within 1-6 months. All forward exchange contracts are conducted with the company’s bank. 8 PrepaymentsPrepayments consists of prepaid interest, insurance and other expenses.9 Deferred tax2024
DKK2023
DKKIntangible assets0(447,500)Property, plant and equipment5,526,0004,664,000Receivables140,0000Tax losses carried forward(3,303,000)(3,872,000)Deferred tax2,363,000344,500
Changes during the year2024
DKK2023
DKKBeginning of year344,500(679,000)Recognised in the income statement1,396,200850,225Recognised directly in equity0173,275Adjustment concerning previous years622,3000End of year2,363,000344,50010 Bank loansAs of 31.12.2024, the company has a bank loan of DKK 7,946 presented as none-current liability debt. The bank loan is a temporary loan that the company has received from the bank until the time when a new mortgage debt is established. The temporary credit provided by the bank is not to be repaid within one year, which is why this is presented as none-current liability as of 31.12.2024.
Management expects that the mortgage debt will be in place before the end of 2025. 12 Non-current liabilities other than provisionsDue within 12
months2024DKKDue within 12
months2023DKKDue after
more than 12
months2024DKKOutstanding
after 5 years2024DKKMortgage debt499,536733,82400Bank loans1,365,840015,799,7202,390,360Lease liabilities2,028,9722,028,9725,385,3400Debt to other credit institutions00474,7600Payables to group enterprises3,973,000013,976,1710Payables to owners and management 1,527,00008,083,8300Holiday pay obligation003,896,1553,227,622Deferred income327,152327,1522,007,067877,3859,721,5003,089,94849,623,0436,495,367As of 31.12.2024, the company has a loan of DKK 3,973 n DKK 1,527 presented as current liability in accordance with the original loan agreement. After the balance date, a change to the original agreement has been made. As a
result of this, the liability that is due within 12 months is to be a total off DKK 2,750. 11 Deferred incomeThe company have received subsidies from Danish and EU Authorities. These subsidies and projects is an important part of the company and will be part of the company’s balance sheet until depreciated in full.13 Changes in working capital2024
DKK2023
DKKIncrease/decrease in inventories(2,084,135)12,098,884Increase/decrease in receivables4,463,725(8,326,344)Increase/decrease in trade payables etc.(15,447,195)7,762,800(13,067,605)11,535,34014
Fair value informationHedging instruments
DKKFair value end of year 412,023Unrealised fair value
adjustments recognised in
the fair value reserve in
equity412,02315 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 2,967,539795,55516 Assets charged and collateralIn Jeka Fish A/S debt to Realkredit Danmark A/S is secured by buildings with a carrying amount of DKK 23,573k at December 31, 2024.
In Jeka Fish A/S debt to Nykredit is secured by buildings (maximum DKK 17,100k) with a carrying amount of DKK 23,573k at December 31, 2024.
In Jeka Fish A/S debt to other credit institutions is secured by cars (maximum DKK 384k) with a carrying amount of DKK 558k at December 31, 2024.
In Jeka Fish A/S debt to Nykredit is secured by way of general floating charges of DKK 15,000k corresponding to an asset value of DKK 75,097k at December 31, 2024.
In Jeka Fish A/S debt to Nykredit is secured by way of general floating charges of DKK 53,000k corresponding to an asset value of DKK 106,966 k at December 31, 2024.
In Nordisk Krabbe Kompagni A/S debt to Nykredit is secured by way of general floating charges of DKK 5,000k corresponding to an asset value of DKK 1,074k at December 31, 2024.
17 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.18 SubsidiariesRegistered inCorporate
formOwnership
%Equity
DKKProfit/loss
DKKNordisk Fiske Kompagni A/SLemvigA/S100.004,325,307943,666This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,with net assets having been calculated at fair value.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and
subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised in other receivables or other payables.
Changes in the fair value of derivative financial instruments classified as and complying with the
requirements
for hedging future transactions are recognised directly in the reserve for fair value adjustments of hedging instruments in equity. When the hedged transactions
are realised, the accumulated changes are recognised as part of cost of the relevant financial statement
items.
For derivative financial instruments that do not comply with the requirements for being treated as hedging
instruments, changes in fair value are recognised currently in the income statement as financial income or
financial expenses.Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable
that
the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement
as earned.
Grants awarded for acquisition of assets are recognised as deferred income in the balance sheet,
which is taken
to income on a straight-line basis over the useful life of the asset.Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of sales and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including gains from the sale of property, plant and equipment Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair
and maintenance costs, property tax and electricity, water and heating, which are not charged directly from
the lessee.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities, including losses from the sale of property, plant and equipment Other financial incomeOther financial income comprisesinterest income, interest income on receivables from group enterprises, payables and transactions in foreign currencies etc.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group
enterprises.Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area.
Useful
lives are reassessed annually. The amortisation periods
used are 10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise acquired trademarksIntellectual property rights acquired are measured at cost less accumulated amortisation. Acquired trademarks is amortised straight-line over its estimated useful life.
Useful
lives are reassessed annually. The amortisation periods
used are 10 years.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation. For assets held under
finance
leases, cost is the lower of the asset’s fair value and present value of future lease payments.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful lifeResidual valueBuildings20-35 years0-52%Plant and machinery2-15 years0-11%Other fixtures and fittings, tools and equipment2-5 years0-12%Leasehold improvements5-15 years0%For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
on machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds
to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at
amortised
cost. This means that the difference between the proceeds at the time of borrowing and the nominal
repayable
amount of the loan is recognised in the income statement as a financial expense over the term
of the loan
applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as
liabilities
other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease
payments. Subsequent to initial recognition, lease liabilities are measured at amortised
cost. The difference
between present value and nominal amount of the lease payments is recognised in the
income statement as a
financial expense over the term of the leases.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.
trueGrundlag for konklusionKonklusion2025-03-282025-03-2833963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Jeka Fish A/S76129010ÅrsrapportKøbenhavn S23006WeidekampsgadeLemvigLemvig762070Havnen2025-03-28Halldór Arnarson