28996268 2023-01-01 2023-12-31 28996268 2023-01-01 2023-12-31 auditor_1 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_3 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_3 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_4 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_5 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_6 28996268 2023-01-01 2023-12-31 memberOfBoardIdentifier_7 28996268 2022-01-01 2022-12-31 28996268 2021-01-01 2021-12-31 28996268 2020-01-01 2020-12-31 28996268 2019-01-01 2019-12-31 28996268 2023-12-31 28996268 2022-12-31 28996268 2021-12-31 28996268 2020-12-31 28996268 2019-12-31 28996268 2022-12-31 fsa:ContributedCapitalMember 28996268 2022-12-31 fsa:RetainedEarningsMember 28996268 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 28996268 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 28996268 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 28996268 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 28996268 2023-12-31 fsa:ContributedCapitalMember 28996268 2023-12-31 fsa:RetainedEarningsMember 28996268 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 28996268 2022-12-31 fsa:LandAndBuildingsMember 28996268 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 28996268 2023-01-01 2023-12-31 fsa:LandAndBuildingsMember 28996268 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 28996268 2023-12-31 fsa:LandAndBuildingsMember 28996268 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 28996268 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 28996268 2022-12-31 fsa:ParticipatingInterestsMember 28996268 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 28996268 2023-01-01 2023-12-31 fsa:ParticipatingInterestsMember 28996268 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 28996268 2023-12-31 fsa:ParticipatingInterestsMember iso4217:DKK pure Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-05-31 28996268 2024-05-31 2005-08-16 Reporting class C, medium-size enterprise KPMG 7000 Fredericia Vesterballevej 27, 2 25578198 Auditor's report on audited financial statements Fredericia 2024-05-31 KPMG 25578198 true Mr. Parinya Kaarunayadhorn The Board of Directors and the Executive Board have today discussed and approved the annual report for CPF DENMARK A/S for the financial year 1 January - 31 December 2023. 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 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.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. Christian Oxholm Winther Juhl Jan Wolgast Pisit Awnpoon Sujarit Mayalarp Parinya Kaarunayadhorn Ekpiya Ua-wutthikrerk Christian Oxholm Winther Juhl Jan Wolgast Morten Hesselholt Vathana Singhpuck Independent auditor's report To the shareholder of CPF DENMARK A/S Opinion We have audited the financial statements of CPF DENMARK A/S for the financial year 1 January - 31 December 2023, 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 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. 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. Management's responsibility for the financial statementsManagement 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. Auditor's responsibilities for the audit of the financial statementsOur 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 alsoidentify 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. Statement on the Management's reviewManagement 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. Nikolaj Møller Hansen mne33220 CPF DENMARK A/S Svinget 5 DK-6800 Varde 75 26 13 30 Varde 18658000 31184000 38151000 24662000 13224000 10231000 17914000 24885000 13464000 4465000 -1367000 -381000 -306000 -316000 -551000 9636000 14877000 19942000 11847000 4450000 164999000 187625000 90090000 100365000 103131000 0 0 0 26000 0 50155000 47957000 -43051000 -29033000 -19411000 1280 1296 1772 1311 1149 304 256 478 289 188 12000 13000 13000 13000 11000 The financial ratios have been calculated as follows:Current ratioCurrent assets x 100 / Current liabilitiesSolvency ratioEquity ex. non-controlling interests year end x 100 / Total equity and liabilities at year end Principal activities CPF Denmark A/S' principal activities are trading in food, primarily chicken products from CP Foods Thailand. Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The Company's income statement for 2023 shows a profit of DKK 9,636 thousand as against a profit of DKK 14,877 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK 50,155 thousand as against DKK 47,957 thousand at 31 December 2022. The ongoing instability of supply across all channels has improved during the second part of the year bringing more consensus to the business. We have seen a continuous growth in both retail and food service businesses across all markets benefiting from the increased need of easy and convenient food solutions. Thus, insufficient supply in certain markets & categories have caused delay in supply. The profit of the year is not satisfactory and is lower than expected on both gross profit and profit for the year compared to outlook presented in the annual report 2022. Outlook The current instability in Europe caused by the war in Ukraine and the unrest in the Middle East will continue to have effect on our supply chain. It is the company´s overall expectation that 2024 will be 20-30% higher compared with 2023 on both gross profit and result. Developing and bringing new concepts to the market will continue to develop the overall business in a positive way. Further focus on new and improved sales and marketing strategies in Sweden will continue to bring more varied growth across categories. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2023. 18658000 31184000 8318000 13161000 109000 109000 10231000 17914000 2706000 0 0 1666000 65000 19000 1432000 400000 11570000 19199000 1934000 4322000 9636000 14877000 2439000 2542000 9000 14000 2448000 2556000 15516000 0 0 4057000 15516000 4057000 17964000 6613000 76896000 104903000 40010000 28728000 24027000 32880000 0 880000 8000 14000 839000 2116000 198000 255000 65082000 64873000 5057000 11236000 147035000 181012000 164999000 187625000 3729000 3729000 46426000 44228000 50155000 47957000 35106000 14465000 8512000 2817000 63531000 110372000 7695000 12014000 114844000 139668000 164999000 187625000 3729000 44228000 0 0 2198000 7438000 0 -7438000 3729000 46426000 0 The annual report of CPF DENMARK A/S for 2023 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of CPF DENMARK A/S and group entities are included in the consolidated financial statements of Charoen Pokphand Foods Public Co., Ltd, Thailand. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Charoen Pokphand Foods Public Co., Ltd. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Income from the sale of goods is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. The date of transfer of the most significant benefits and risks is determined using standard Incoterms ®2020. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Company. Other external costs Other external costs comprise costs relating to the company’s ordinary activities, including costs for sales, distribution and administration. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Refunds from public authorities and deducted from staff costs. Income from equity investments in subsidiaries and participating interests (including associates) Dividends from investment in participating interests are recognized in the period when the dividends are declared. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividend exceeds profit for the year or if the carrying amount of equity investments exceeds the consolidated carrying amounts of the net assets in the subsidiary. Tax on profit for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Buildings25 yearsFixtures, fittings, tools and equipment3-5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases On initial recognition, leases for fixed assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When the net present value is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other fixed assets. The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease. All other leases are accounted for as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Investments Equity investments in subsidiaries are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised write-downs are reversed when the basis for the write-down no longer exists. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityDividends The expected dividend payment for the year is disclosed as a separate item under equity. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Finance lease obligation comprise the capitalised residual lease obligation of finance leases. 7259000 11911000 797000 804000 262000 446000 12000 13000 Current tax for the year1,9284,317Deferred tax adjustment for the year651,934 4,322 7438000 9971000 2198000 4906000 3520000 874000 0 -227000 3520000 647000 -978000 -860000 -103000 -5000 0 227000 -1081000 -638000 2439000 9000 0 4057000 11459000 0 4057000 -4057000 15516000 0 15516000 0 Kalino Food AB was a participant interest in the period 01.01.2023 - 31.08.2023 (ownership 29%). Ownership has been increased 1st September 2023 to 60% and then reclassified as a subsidiary. 14000 19000 -6000 -5000 Prepayments comprise prepaid expenses regarding office rent and insurance premiums. Contributed capital consists of: 500,000 shares of a nominal value of EUR 500,000 each. No shares carry any special rights. Contingent liabilitiesAs collateral for bank overdraft, the Company has issued a company charge secured upon ordinary claims attributable to trade receivables, receivables from participating interests and finished goods coming in at a total of DKK 30,000 thousand. The carrying amount of the assets comprised by the company charge reached DKK 140,933 thousand at 31 December 2023.The Company has entered into multiple financial futures agreements. At 31 December 2023, the agreements represent a positive market value of DKK 91 thousand.Operating lease obligationsThe Company has entered into operating leases with a remaining term of 55 months and an average monthly lease payment of DKK 32 thousand, totalling DKK 1.756 thousand. Rent liabilities amount to DKK 22 thousand. Control CPF Global Food Solutions Public Company Limited, No 1 C.P. Tower 28th -31st fl., Ratchadapisek Road, Bangkok 10400, Thailand holds more than 50% of the share capital. The ultimate parent company is Chareon Pokphand Foods Public Co., Ltd., Bangkok, Thailand. CPF DENMARK A/S is part of the consolidated financial statements of CPF Global Food Solutions Public Company Limited, No 1 C.P. Tower 28th-31st fl., Ratchadapisek Road, Bangkok 10400, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of CPF Global Food Solutions Public Company Limited can be obtained by contacting the office in Denmark.DKK'00031/12 202331/12 2022 Sale of goods to group entities186,270198,052 Purchase of goods from group entities289,119395,376 Other income to group entities6550 Other expenses to group entities820