33353170 2022-10-01 2023-09-30 33353170 2023-09-30 33353170 2021-10-01 2022-09-30 33353170 2022-09-30 33353170 2020-10-01 2021-09-30 33353170 2021-09-30 33353170 2019-10-01 2020-09-30 33353170 2020-09-30 33353170 2018-10-01 2019-09-30 33353170 2019-09-30 33353170 2022-09-30 fsa:ContributedCapitalMember 33353170 2023-09-30 fsa:ContributedCapitalMember 33353170 2022-09-30 fsa:RetainedEarningsMember 33353170 2022-10-01 2023-09-30 fsa:RetainedEarningsMember 33353170 2023-09-30 fsa:RetainedEarningsMember 33353170 2022-09-30 fsa:ProposedDividendRecognisedInEquityMember 33353170 2022-10-01 2023-09-30 fsa:ProposedDividendRecognisedInEquityMember 33353170 2023-09-30 fsa:ProposedDividendRecognisedInEquityMember 33353170 2021-09-30 fsa:ContributedCapitalMember 33353170 2021-09-30 fsa:RetainedEarningsMember 33353170 2021-10-01 2022-09-30 fsa:RetainedEarningsMember 33353170 2021-09-30 fsa:ProposedDividendRecognisedInEquityMember 33353170 2021-10-01 2022-09-30 fsa:ProposedDividendRecognisedInEquityMember 33353170 2022-10-01 2023-09-30 1 33353170 2022-10-01 2023-09-30 1 33353170 2022-10-01 2023-09-30 2 33353170 2022-10-01 2023-09-30 3 33353170 2022-10-01 2023-09-30 1 33353170 2022-10-01 2023-09-30 2 33353170 2022-10-01 2023-09-30 3 33353170 2022-10-01 2023-09-30 2 iso4217:DKK xbrli:pure 33353170 Britta Veis Jensen DAT-Schaub A/S Vesterbrogade 4A, 2. 1620 Copenhagen V +45 33 26 66 00 info@dat-schaub.dk www.dat-schaub.dk PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Statement by Management on the annual reportThe Board of Directors and the Executive Board have today considered and approved the annual report of DAT-Schaub A/S for the financial year 1 October 2022 to 30 September 2023. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30 September 2023 and of the results of its operations for the financial year 1 October 2022 to 30 September 2023. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Jan Roelsgaard Managing Director, CEO Lars Brynningsen CFO Jesper Agte Johansen COO Jais Valeur Thomas Ahle Casper Runge Albæk Chairman Independent Auditor’s Report To the Shareholders of DAT-Schaub A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 September 2023, and of the results of the Company’s operations and cash flows for the financial year 1 October - 30 September 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of DAT-Schaub A/S for the financial year 1 October - 30 September 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company 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. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Management’s Responsibilities for the Financial Statements 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 as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the 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. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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. Hellerup 33771231 Tue Stensgård Sørensen Jakob Thisted Binder State Authorised Public Accountant State Authorised Public Accountant mne32200 mne42816 Management commentary Primary activities The main activity of DAT-Schaub A/S is collecting and cleaning high quality hog casings from Danish Crowns hog abattoirs in Denmark. The hog casings are sold along with traded sheep casings on the world market. The company also sells hog stomachs, mucosa and other related products. Development in activities and finances Turnover in 2022/23 ended at DKK 1,518 million, which was 4.7% lower than the turnover in 2021/22. Operating profit decreased from DKK 453 million to DKK 397 million mainly due to the lower turnover and decrease in gross profit margin. As DAT-Schaub A/S is the parent company of a versatile international group of companies a significant part of the income is coming from investment in subsidiaries which has been stable and went from DKK 163 million to DKK 170 million. The net profit of the year ended at DKK 469 million which is regarded as satisfactory. The total assets amount to DKK 1,897 million against last year DKK 1,978 million. Equity decreased from DKK 1,003 million to DKK 972 million. Uncertainty relating to recognition and measurement When preparing the annual report in accordance with the DAT-Schaub A/S’ accounting policies the management is required to make estimates and assumptions that affect the assets and liabilities recognised, including information on any contingent assets and liabilities. The management’s estimates are based on historical experience and other assumptions which are deemed relevant at the time. These estimates and assumptions form the basis for the recognised carrying amounts of assets and liabilities and the related effects recognised in the income statement. The actual results may deviate from such estimates and assumptions. Inventories Inventories are valuated taking into account marketability, obsolescence and development in expected selling price. The development in prices on the world market may be affected by access to distribution in the major markets. Outlook for 2023/24 Our net profit for the year 2023/24 is expected to decrease due to lower activity and pressure on profitability. Our expectation are a net profit of approximately DKK 350-450 million. Particular risks Veterinary matters The greatest threat to DAT-Schaub A/S is related to veterinary matters that may cut off or disrupt the sourcing, production and/or selling in specific markets. It is therefore crucial for the company to participate actively in fora discussing, veterinary issues and to draw on all relevant industry related veterinary advisory to ensure that the markets are open for the products. Market conditions Due to the long production time for natural casings changed market conditions may affect DAT-Schaub A/S both positively and negatively. Currency risk DAT-Schaub A/S has a Cash flow risk in foreign currency due to the fact that DAT-Schaub A/S buys and sells in foreign currency, which gives rise to uncertainty as to the DKK value of the future cash flow. The company seeks to counter this risk by using hedging instruments and by seeking to match receivables and debt in the same currency. Interest risk DAT-Schaub A/S has both interest-bearing debt and receivables and is as such exposed to interest rate risks. The interest risk is sought to be reduced through the use of interest rate swaps and fixed versus variable debts and receivables with varying maturity. Environmental performance As part of Danish Crown, we are focused on reducing the environmental footprint in our value-chain. Large volumes of water are used for the cleaning of casings. Developing new water savings methods is a strategic focus area for DAT-Schaub A/S whilst always ensuring that veterinary conditions are considered. Further information about the Danish Crowns’ Sustainability initiatives we refer to the Annual Report of “Leverandørselskabet Danish Crown AmbA”, which is public available at Erhvervsstyrelsen on www.cvr.dk under the CVR-number 21 64 39 39. Corporate social responsibility The statement of social responsibility is an integrated part of the Annual Report for “leverandørselskabet Danish Crown AmbA”, which we are required to publish, in accordance with section 99a of the Danish Financial Statements Act. We refer to the Annual Report of “Leverandørselskabet Danish Crown AmbA”, which is public available at Erhvervsstyrelsen on www.cvr.dk under the CVR-number 21 64 39 39. Report on gender composition of management Danish Crown has a group policy for diversity and inclusion and defined goals for gender representation at different management levels. In DAT-Schaub, we recognize the value of a diverse and inclusive management. In 2015/16 we thus adopted a target to have 10% of women in the board of directors. Regrettably, the goal has not yet been achieved, primarily because it has not been possible to attract candidates with the required competences. We will maintain our efforts and actions to achieve the target. Data ethics DAT-Schaub’s values are to be reflected in the way in which we collect, process and use data, and we have established a Data Ethics Policy with applicable principles. The policy describes how data ethics are considered and employed in the use of data, as well as the design and implementation of technologies used for the processing of data in the group. Training in data ethics dilemmas is provided for employees working on data and IT. 1517839000 1591958000 1366187000 1300022000 1317796000 397496000 452613000 349959000 241620000 129033000 155307000 170786000 141464000 123505000 108283000 552803000 623399000 491423000 365125000 237316000 468901000 521072000 417775000 317387000 212869000 1896550000 1977882000 1861068000 1791666000 1873573000 5516000 5283000 10413000 14346000 3192000 971634000 1002733000 931661000 813886000 696499000 0.51 0.51 0.50 0.45 0.37 0.49 0.54 0.51 0.42 0.30 561 567 527 512 531 The financial highlights and key ratios have been defined and calculated in accordance with "Recommendations and Financial Ratios 2015" issued by the Danish Association of Financial Analysts. Solvency rate in % of total assets Equity x 100 Total assets Solvency rate in % of total assets, Equity, including subordinate loan x 100 including subordinate loan Total assets Return on Equity Net profit for the year x 100 Average equity 1018363000 1025368000 499476000 566590000 48451000 57723000 53529000 56254000 397496000 452613000 229661000 206924000 74354000 36138000 83902000 102327000 60909000 69311000 60909000 69311000 46505000 50151000 10408000 11144000 2559000 3675000 36908000 42295000 4424000 3539000 100804000 110804000 719480000 677137000 0 0 4000000 4000000 723480000 681137000 885193000 861252000 125447000 82381000 283051000 274647000 408498000 357028000 339183000 548798000 79425000 70407000 155848000 92370000 25000 21000 23230000 41799000 3554000 4258000 1558000 1903000 602823000 759556000 36000 46000 1011357000 1116630000 50739000 50739000 420895000 451994000 500000000 500000000 34037000 38609000 650000000 650000000 684037000 688609000 4490000 4962000 3000 2000 56875000 52804000 5991000 7605000 15345000 6750000 27170000 32720000 86824000 102456000 240879000 286540000 924916000 975149000 1896550000 1977882000 50739000 451994000 500000000 468901000 500000000 500000000 500000000 -500000000 0 50739000 420895000 500000000 50739000 430922000 450000000 521072000 450000000 450000000 500000000 -500000000 0 Ownership Danish Crown A/S has controlling influence of DAT-Schaub A/S. InformationinaccordancewithTheDanishCompanyAccountsActsection71The Company is included in the consolidated financial statements for Leverandørselskabet Danish Crown AmbA, Danish Crown vej 1, 8960 Randers. The consolidated financial statements for Leverandørselskabet Danish Crown Amba can be acquired by contacting the Company. 2022/2023 2021/2022 T. DKK T. DKK 1. Turnover Distribution by markets Sales to Denmark 249,938 312,761Sales outside Denmark 383,425 452,485Sales to affiliated companies 884,476 826,7121,517,839 1,591,958 External sales outside Denmark in % 61%59% Sales of natural casings etc. 1,401,098 1,458,588Sales of other product groups 116,741 133,3701,517,839 1,591,958 2. StaffcostsThe total salaries and wages etc. of DKK 288,131 thousand can be specified as follows: Salariesandwages 254,106 263,769Defined contribution plans 19,893 18,500Other employment and social security costs 14,132 7,479288,131 289,748 The staff costs are distributed as follows: Production costs 229,962 230,792Distribution costs 17,853 18,008Administrative expenses 40,316 40,948288,131 289,748 The Board of Directors and the management in DAT-Schaub A/S have received the following payment: The Board of Directors 0 121 The management 12,19913,217Management is part of a short-term incentive program based on yearly performance and part of a long-term incentive program based on long-term value creation targets on group level. Number of employees at the balance sheet date 529 580 3.Depreciation,amortisationandimpairmentlossesIntangible assets 8,402 8,401Tangible assets 15,516 17,09923,918 25,500 Depreciation, amortisation and impairment losses are distributed as follows: Production costs 9,06410,691Distribution costs 8,9368,896Administrative expenses 5,9185,91323,918 25,500 4.FinancialincomeDividends received from subsidiaries 170,333162,556Interest income from affiliated companies 14,61010,510Gain on foreign exchange rate 44,71833,858229,661 206,924 5.FinancialexpensesInterest expense to affiliated companies 28,33222,812Interest expenses, financial leasing 906 969 Interest expenses etc. 201 202 Loss on foreign exchange rate 44,91512,15574,354 36,138 6. Tax The corporate tax stated in the financial statement is calculated on the basis of the prevailing Danish and foreign tax legislation. The corporation tax payable amounts to DKK 86,032 thousand (DKK 102,456 thousand in 2021/2022). DKK 86,032 thousand is to be paid in April 2024. The value of deferred tax Asset totals DKK 3,554 thousand ( DKK 4,258 thousand in 2021/22) and is calculated on the basis of income and expenses which in the company taxation is not included in the same period in the tax return and the profit and loss account. 2022/2023 2021/2022 T. DKK T. DKK Tax on the profit for the year -86,032-102,603Change in deferred tax -704276 Adjustments re. previous years 2,8340 -83,902 -102,327 -31099000 21072000 Goodwill T. DKK 8.IntangibleassetsCost as at 30 September 2022 168,025Costasat30September2023168,025 Amortisation at 30 September 2022 98,714Amortisation recognised for the year 8,402Amortisationat30September2023107,116 Carrying amount as at 30 September 202360,909 Amortisation rate 5% The amortization period for goodwill is assessed individually on the basis of a concrete assessment of the acquired activity, including customer composition, the expected life of contracts and synergies. Based on this long-term earnings profile, goodwill is estimated to have an expected useful life of up to 20 years. Other Total Land and Plant and tangibleRight-of- Assets under tangiblebuildings machineryfixed assets useassetsconstructionfixed assets T. DKK T. DKK T. DKK T. DKK T. DKK T. DKK 9. Tangible assets Cost as at 30 September 2022 88,469189,13529,69155,9603,539366,794Additions 5,5165,516Disposals -19,220 0 0 -19,220 Transfers 781 3,514337 -4,6310 Costasat30September202389,250 173,429 30,028 55,960 4,424 353,090 Depreciations at 30 September 2022 38,318177,99126,01613,6650 255,990Disposals -19,220 -19,220 Depreciation 4,4274,2501,4535,38715,516Depreciations at 30 September 202342,745 163,021 27,469 19,052 0252,286 Carrying amount as at 30 September 202346,505 10,408 2,559 36,908 4,424 100,804 Depreciation percentage 0-5% 10-50% 20% 5-50% 2022/2023 2021/2022 T. DKK T. DKK 10.InvestmentsinsubsidiariesCost as at 30 September 2022 677,137677,137Additions 42,3430 Disposals 0 0 Costasat30September2023719,480 677,137 Carrying amount as at 30 September 2023719,480 677,137 In accordance with the Danish Financial Statements Act § 97 A net result and equity are only specified for subsidiaries having published annual reports. As the annual reports for 2022/23 have not yet been published, the figures for 2021/22 are included in the table below: Thousands Year Currency Net result Equity DAT-SchaubPortugalIndustriaAlimentarLda2021/22EUR1,8915,241DAT-SchaubFinlandOy2021/22EUR-177 2,713Thomeko Eesti Oü 2021/22EUR111 1,548DAT-SchaubAB2021/22SEK12,46614,053DAT-Schaub(Deutschland)GmbH2021/22EUR9,85127,919DAT-Schaub Polska Sp. z o.o. 2020/21PLN27,96756,505DAT-Schaub(UK)Ltd.2021/22GBP2,6984,304DAT-Schaub Norge AS 2021/22NOK-6,287-4,683Groupstructureisspecifiedbelow:Company name Country Ownership%DAT-SchaubPortugal,IndústriaAlimentarLdaPortugal 100.0DAT-SchaubFranceS.A.S.France 100.0DAT-SchaubFinlandOyFinland 100.0Thomeko Eesti OÜ Estonia 100.0DAT-SchaubABSweden 100.0DAT-Schaub(Deutschland)GmbHGermany 100.0GerhardKüpersGmbHGermany 100.0DIFOrganveredlungGerhardKüpersGmbH&Co.KGGermany 100.0CKWPharma-ExtraktBeteiligungs-undVerwaltungsGmbH Germany 50.0JCKWPharma-ExtraktGmbH&Co.KGGermany 50.0JDAT-Schaub Polska Sp. z o.o. Poland 100.0DAT-Schaub(UK)Ltd.UK100.0OrientalSinoLimitedHong Kong 45.0AYancheng Lianyi Casing Products Co. Ltd. China 73.3AJiangsuChonganPlasticManufacturingCo.Ltd.China 58.8AYancheng Xinyu Food Products Ltd. China 73.3AYancheng Huawei Food Products Ltd. China 73.3ADAT-SchaubHoldingsUSA,Inc.US100.0DCWCasingLLCUS100.0DAT-Schaub Norge AS Norway 100.0DShanghaiNaturalCasingCo.,LtdChina 51.0DAT-Schaub Spain Holding S.L.U. Spain 100.0DAT-SchaubSpainS.L.U.Spain 100.0Procesadora Insuban SpA. Chile 100.0Elaboradora de Subprodutos de Origem Animal do Brasil Ltda. Brazil 100.0BRC Tripas - Comercio de Tripas Ltda. Brazil 100.0Tripas de Colombia S.A.S. Colombia 100.0Procesadora Insuban SpA. Chile 100.0Ventrum Holding B.V. Netherlands 70.0SeloVerpakkingB.V.Netherlands 100.0Selo Belgium BVBA Belgium 100.0A = Associated company D = Dormant J = Joint ventureDanish Crown has prepared the consolidated Annual report, which can be found on the web page www.danishcrown.dk. 11. Loans to affiliates Cost as at 30 September 2022 0136,768Transfer for the year 0-136,768Cost as at 30 September 202300Carryingamountasat30September202300 12.CashpoolShort-term loans to and loans from affiliates include a group cash pool arrangement between the Group´s main bank connections and the cash is available for daily operations according to the Group´s instructions. 13. Prepayments Prepayments recognised under assets comprise incurred costs relating to the subsequent financial year. 15.DeferredtaxChanges in Deferred tax as Deferredtaxasrespect of Recognised in at 30 at 1 Octoberprevious net profit for September 2022/23 2022 years the year 2023 T. DKK T. DKK T. DKK T. DKK Intangible assets -4,91901,850-3,069Tangible assets 4,895-5-4254,465Financial assets 0000Current assets 187-2,166590-1,389Current liabilities 4,0950-5483,5474,258 -2,171 1,467 3,554 Changes in Deferred tax as Deferredtaxasrespect of Recognised in at 30 at 1 Octoberprevious net profit for September 2021/22 2021 years the year 2022 T. DKK T. DKK T. DKK T. DKK Intangible assets -6,76901,850-4,919Tangible assets 4,99767-1694,895Financial assets -606000Current assets 8980-711187Current liabilities 4,9160-8214,0953,982 127 149 4,258 14.ShareCapitalThe share capital consists of 50,738,889 shares at DKK 1. 16.Non-currentliabilitiesDKK 650,000 thousand of the total non-current liabilities of DKK 684,037 thousand (DKK 688,609 thousand in 2021/22) falls due after 5 years from the balance sheet day. 17.FeestotheauditorsIn pursuance of Section 96(3) of the Danish Financial Statements Act, the company has omitted providing information on audit fees as the company is fully consolidated in Danish Crown Amba's consolidated financial statements, in which the audit fees for the Group as a whole are disclosed. 18.Related parties Control The ultimate parent company of the group is Leverandørselskabet Danish Crown AmbA (CVR No. 21 64 39 39) Danish Crown vej 1, DK-8960 Randers Ownership Danish Crown A/S is the principal shareholder (CVR 26 12 12 64) Danish Crown vej 1, DK-8960 Randers A copy of the consolidated financial report from Danish Crown A/S can be obtained at www.danishcrown.com Other relatedpartiesThe Board of Directors and General Management The company has chosen only to report, related party transactions if not based on market price (arm's lenght) There have not been any of these transactions 19.Contingent liabilities DAT-Schaub A/S has issued a Guarantee in relation to the credit line of an associated company for EUR 1,1mill. (T.DKK 8,180). The company is part of a Danish joint taxation with Danish Crown A/S as managing company. The Company is therefore held liable on income taxes etc. under the Corporation Tax Act rules with effect from the financial year 2012/13, for the jointly taxed companies and from 1 July 2012 for any obligation to withhold tax on interest and dividends, royalities for the jointly taxed companies. 20.Events after the balance sheet dateNo material events have occurred after the balance sheet date. true Reporting class This annual report for DAT-Schaub A/S has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (Big). The Annual Report for 2022/23 is presented in DKK ‘000. General information on recognition and measurement Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Entity, and the value of the relevant asset can be measured reliably. Liabilities are recognised in the balance sheet if DAT-Schaub A/S has a legal or constructive obligation arising from 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. Value adjustments on financial assets and financial liabilities are recognised in the income statement as financial income and financial costs. Foreign currency translation On initial recognition transactions in currencies other than the functional currency are translated at the exchange rates applicable at the transaction date. Receivables, payables and other monetary items in foreign currencies which have not been settled at the balance sheet date are translated using the exchange rates applicable at the balance sheet date. Exchange rate differences arising between the transaction date and the payment date and the balance sheet date, respectively, are recognized in results as net financials. Derivative financial instruments On initial recognition derivative financial instruments are measured at cost and subsequently at fair value at the settlement date. After initial recognition, the derivative financial instruments are measured at the fair value at the balance sheet date. Positive and negative fair values of derivative financial instruments are included in other receivables and other payables, respectively. Changes in the fair value of derivative financial instruments classified as and meeting the requirements for hedging the fair value of a recognised asset, a recognised liability or a firm commitment are recognised in results together with changes in the value of the hedged asset or the hedged liability. For derivative financial statements, which do not meet the requirements for treatment as hedging instruments, changes in fair value are recognised currently in the income statement as financial income or financial expenses. Income statement Turnover Turnover from the sale of goods for resale and finished goods is recognized in the income statement when delivery has taken place and risk has been passed to the buyer in accordance with IFRS 15. Turnover comprises the invoiced sales. Turnover is recognized net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Production costs Production costs comprise costs incurred to earn revenue for the financial year. In production costs trading include cost of sales and the manufacturing include costs relating to raw materials, consumables, production staff as well as maintenance and depreciation, amortization and impairment losses on tangible and intangible assets used in the production process. In addition, the item includes ordinary write-down of inventories. Distribution costs Distribution costs comprise costs incurred for the distribution of goods sold and for sales campaigns including costs for sales and distribution staff, advertising costs as well as depreciation, amortization and impairment losses on tangible and intangible assets used in the distribution process. Administrative expenses Administrative expenses comprise costs incurred for the management and administration of DAT-Schaub A/S including costs for the administrative staff and the management as well as office expenses and depreciation, amortization and impairment losses on tangible and intangible assets used in the administration of DAT-Schaub A/S. Financial income and Financial expenses Dividends from investments in subsidiaries are recognized as income in the income statement in the financial year in which the dividend is declared. Investments in subsidiaries written down to the lower of recoverable amount and carrying amount are recognized as expenses in the income statement. Financials comprise interest income and expenses, the interest portion of finance lease payments, realized and unrealized capital gains and losses on securities, payables and transactions in foreign currencies, amortization premiums/deductions concerning mortgage debt etc. Interest income and interest expenses are accrued on the basis of the principal amount and the effective rate of interest. The effective rate of interest is the discount rate used to discount the expected future payments which are related to the financial asset or the financial liability in order for the present value of these to correspond to the carrying amount of the asset and the liability, respectively. Income taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity. DAT-Schaub A/S is jointly taxed with all Danish entities in the Danish Crown Group. 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). The tax rules and rates applicable at the balance sheet date are used to compute the current tax. Balance sheet Goodwill Goodwill is measured at cost less accumulated amortization and impairment losses. Goodwill is amortized straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. The amortization period is 20 years for strategically acquired activities with a strong market position and a long-term earnings profile as the amortization period is considered to reflect the benefit from the relevant resources. Goodwill is written down to the lower of recoverable amount and carrying amount. Tangible assets Land and buildings, plant and machinery and other tangible fixed assets are measured at cost less accumulated depreciations and impairment losses. Land and assets under construction are not depreciated. Cost comprises the acquisition price, costs directly related to the acquisition and the costs of preparing the asset until such time as the asset is ready to be put into operation. Interest expenses on loans for financing the construction of property, plant and equipment are included in cost if they relate to the construction period. Other loan costs are recognized in the income statement. The cost of an aggregate asset is divided into separate components, which are depreciated separately if the useful lives of the individual components are different. If the acquisition or use of the asset requires DAT-Schaub A/S to incur costs for the demolition or re- establishment of the asset the estimated costs of such measures are recognized as a provision and a part of the cost of the asset concerned, respectively. The basis of depreciation is the cost less estimated residual value after the end of the useful life. The residual value is re-estimated yearly. Straight-line depreciation is carried out based on the following assessment of the expected useful lives of the assets: Buildings: 20 years Plant and machinery: 2-10 years Other tangible fixed assets: 5 years Right-of-use assets 2-21 years Property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Investments in subsidiaries Investments in subsidiaries are recognized and measured at cost and are written down to the lower of recoverable amount and carrying amount. Investments in subsidiaries are assessed annually for indications of impairment. Where cost exceeds the recoverable amount, the investments are written down to this lower amount. Any write-downs are recognized in the profit and loss account under write-down of financial assets. Inventories Inventories are measured at the lower of cost using the FIFO method and net realizable value. The cost of goods for resale, raw materials and consumables comprises the purchase price plus landing costs. The cost of manufactured goods and work in progress comprises costs of raw materials, consumables and direct laborcosts as well as fixed and variable production overheads. Variable production overheads comprise indirect materials and labor and are distributed on the basis of estimates of the goods actually produced. Fixed production overheads comprise costs relating to maintenance and depreciation of the machinery, factory buildings and equipment used in the production process as well as general costs for factory administration and management. Fixed production costs are distributed based on the normal capacity of the technical plant. The net realizable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute the sale. Receivables Receivables comprise trade receivables and other receivables. On initial recognition receivables are measured at fair value and subsequently at amortized cost, which usually corresponds to the nominal value less write-downs for bad debts. Income tax payable or receivable Current tax payable or receivable is recognized in the balance sheet, stated as tax calculated on the taxable income for the year, adjusted for prepaid tax. Prepayments Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash Cash comprises cash in hand and bank deposits. Dividend Dividend is recognized as a liability at the time of adoption at the general meeting. The proposed dividend for the financial year is disclosed as a separate item in equity. Other provisions Provisions are recognized when DAT-Schaub A/S has a legal or actual obligation resulting from events in the financial year or previous years, and it is likely that fulfilling the obligation will draw on DAT-Schaub A/S’ financial resources. Provisions are measured as the best estimate of the costs necessary to discharge the liabilities at the balance sheet date. Provisions falling due more than one year after the balance sheet date are measured at discounted value. Pension obligations etc. DAT-Schaub A/S has entered into pension agreements with a significant proportion of its employees. Under the defined-contribution plans, the company makes regular, defined contributions to independent pension companies and the like. The contributions are recognized in the income statement in the period in which the employees have performed the work entitling them to the pension contribution. Payments due are recognized in the balance sheet as a liability. Leases If a contract conveys the right to control the use of an identified asset for a period in exchange for consideration, the contract is or contains a lease. Each contract is assessed at inception whether it is or contains a lease. If the contract is a lease, the Company, as a lessee, recognizes in accordance with IFRS 16 Leases the right-of-use assets and lease liabilities for the rights and obligations created by leases. The Company applies the recognition exemptions allowed by IFRS 16. This means that low value asset leases and short-term leases are recognized as expenses in the statement of profit or loss. The recognition exemptions allow that leases, where the lease term is initially 12 months or less and the leases do not contain any purchase options, are recognized as rental expenses on straight-line basis in the statement of profit or loss. Gains arising from modifications in lease contracts are recognized as other operating income and losses as other operating expenses. Deferred tax Deferred tax is recognized on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the balance sheet at their estimated realizable value, either as a set-off against deferred tax liabilities or as net tax assets. At each balance sheet date, it is estimated whether it is likely that sufficient taxable income will be generated in future to enable utilization of the deferred tax asset. Other financial liabilities Other financial liabilities comprise subordinate loans, bank debt, trade payables and other payables to public authorities etc. Other financial liabilities are measured at amortized cost, which usually corresponds to nominal value. Deferred income Deferred income comprises income received in respect of subsequent financial years. Deferred income is measured at cost. Consolidated financial statements DAT-Schaub A/S has not prepared consolidated financial statements as the company has used the exemption rules in §112 of the Danish Financial Statements Act saying that a parent company being a subsidiary owned by more than 90% of a parent company is not obliged to prepare consolidated financial statements. DAT-Schaub A/S is included in the consolidated financial statements for Leverandørselskabet Danish Crown AmbA. Cash flow statement The consolidated financial statements of Leverandørselskabet Danish Crown AmbA contain a cash flow statement for the group, and a separate statement for the entity is therefore not included as per the exemption section 86(4) of the Danish Financial Statements Act. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-10-01 2023-09-30 2021-10-01 2022-09-30 2023-11-30 Regnskabsklasse C, stor virksomhed 2023-11-21 Opinion Basis for Opinion 2023-11-21 44181000 79241000