15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 15960205 2023-01-01 2023-12-31 cmn:ConsolidatedMember 15960205 2024-12-31 cmn:ConsolidatedMember 15960205 2023-12-31 cmn:ConsolidatedMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:HedgeFundMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ReserveFundMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:TransferredToFromReservesAvailableMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:HedgeFundMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:ReserveFundMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:TransferredToFromReservesAvailableMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 15960205 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:HedgeFundMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:ReserveFundMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:TransferredToFromReservesAvailableMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 15960205 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 15960205 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 15960205 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 15960205 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 15960205 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 15960205 2022-12-31 cmn:ConsolidatedMember 15960205 2024-01-01 2024-12-31 15960205 2023-01-01 2023-12-31 15960205 2024-12-31 15960205 2023-12-31 15960205 2023-12-31 fsa:ContributedCapitalMember 15960205 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 15960205 2023-12-31 fsa:RetainedEarningsMember 15960205 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 15960205 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 15960205 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 15960205 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 15960205 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 15960205 2024-12-31 fsa:ContributedCapitalMember 15960205 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 15960205 2024-12-31 fsa:RetainedEarningsMember 15960205 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:DKK Thor Stadil The Executive and Supervisory Boards have today considered and adopted the Annual Report of Thornico A/S for the financial year 1 January – 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and the Group and of the results of the Company and Group operations and cash flows for 2024. In our opinion, management's review includes a fair review of the matters dealt with in the man-agement's review. We recommend that the Annual Report be adopted at the Annual General Meeting. Odense, Christian Nicholas Rosenkrantz Stadil Thor Stadil Marianne Schelde Christian Nicholas Rosenkrantz Stadil To the Shareholders of Thornico A/S Opinion We have audited the consolidated financial statements and the parent financial statements of Thornico A/S for the financial year 1 January - 31 December 2024, which comprise income state-ment, 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 accord-ance 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 December 2024 and of the re-sults of their operations and the consolidated cash flows for the financial year 1 January - 31 Decem-ber 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and addi-tional requirements applicable in Denmark. Our responsibilities under those standards and re-quirements 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 Account-ants’ 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 Responsibilities for the consolidated financial statements and parent financial statements Management is responsible for the preparation of consolidated financial statements and parent fi-nancial 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 parent financial statements, Management is responsible for assessing the Group’s and the Entity’s ability to continue as a going concern for dis-closing, as applicable, matters related to going concern and for using the going concern basis of ac-counting in preparing the consolidated financial statements and parent financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alterna-tive but to do so. Auditor’s Responsibilities for the Audit of the consolidated financial statements and parent financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial state-ments 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 assur-ance 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 mis-statement 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 deci-sions 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 judgment and maintain professional skepticism 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 appropri-ate to provide a basis for our opinion. The risk of not detecting a material misstatement result-ing from fraud is higher than for one resulting from error, as fraud may involve collusion, for-gery, intentional omissions, misrepresentations, or the override of internal control.  Obtain an understanding of internal control relevant to the audit in order to design audit proce-dures that are appropriate in the circumstances, but not for the purpose of expressing an opin-ion 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 atten-tion in our auditor’s report to the related disclosures in the consolidated financial statements and 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 contents of the consolidated financial state-ments and parent financial statements, including the disclosures, and whether the consolidated financial statements and parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view.  Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direc-tion, supervision and review of the audit work performed. 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. Statement on the management commentary Management 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. Odense, Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Gert Rasmussen Abdul Wahab Ashraf State Authorised Public Accountant State Authorised Public Accountant mne35430 mne46664 Thornico A/S Havnegade 36 DK 5000 Odense C +45 65 48 02 00 15960205 32 Odense Tværkajen 5 5100 Odense C The company is included in the group annual report of the Parent Company Thornico Holding A/S, CVR No. 35258000, Denmark (smallest and largest group). Financial Highlights of the Group2024 2023 2022 2021 2020DKK '000 DKK '000 DKK '000 DKK '000 DKK '000Profit/lossRevenue 10.072.144 9.472.780 12.131.316 10.099.657 8.575.274Gross profit 3.313.283 2.883.379 2.810.378 2.660.609 2.215.605EBITDA 1.455.130 1.116.471 1.152.775 1.228.922 931.394Profit/loss before financial income and expenses1.094.640681.366 717.929 967.185 748.174Net financials-124.882 -173.623 -171.559 49.150 -43.126Net profit/loss for the year 739.510 643.962 311.377 830.281 535.575Balance sheetBalance sheet total 9.246.061 8.806.917 9.411.803 8.322.504 7.093.249Equity 4.431.493 3.780.258 4.014.305 3.600.559 2.657.681Investment in property, plant and equipment590.933 434.273 462.224 588.839 403.967Cash flowsCash flows from:- operating activities 807.051 961.067 378.977 645.845 751.717- investing activities -644.125 -479.373 -510.989 -709.185 -718.106- financing activities-199.129 -1.091.109 319.836 114.179 175.881Changes for the year in cash and cash equivalents-36.203 50.158 198.124 45.339 209.492Number of employees5.685 5.175 4.847 4.832 4.335Financial Highlights of the Group2024 2023 2022 2021 2020DKK '000 DKK '000DKK '000 DKK '000 DKK '000RatiosGross margin 32,9% 30,4% 23,2% 26,3% 23,7%Profit margin 10,9%7,2% 5,9% 9,6% 5,7%Return on assets 11,8% 7,7%7,6% 11,6% 7,8%Solvency ratio47,9% 42,9% 42,7% 43,3% 35,7%Return on equity 16,7% 17,0% 7,8% 23,1% 17,5%Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. The Group sold its shipping activitives in 2022 and consequently the financials for 2023 and later years are not fully comparable with 2022 and prior years.Development in activities and financials The Annual Report for the Group shows consolidated sales of DKK 10,072m, an increase of 413m compared to 2023. Consolidated profit before tax is DKK 970m, an increase of 472m compared to 2023, which is considered satisfactory. All verticals of the Group showed growth in revenue and results for the year. The Food & Food Technology Group accounts for 75% of the Group’s activities so improvements in this vertical, and particularly in the Packaging Group, have had a significant effect on the Group results. Also increased activites and improved profitability in Sport & Fashion had a major impact on Group financials. The past year and follow-up on development expectations from last year At the date of the Annual Report for 2023, Management expected results for 2024 in the range of DKK 750m – 850m. Realised profit before tax for 2024 is DKK 970m, exceeding expected maxi-mum profit before tax by DKK 120m. This increase is due in particular to the packaging business exceeding expectations, driven by expanding market share and capacity. Sport & Fashion per-formed as expected on revenue but slightly lower than expected on EBIT. Other verticals performed as expected. Expected development Geopolitical tensions and the uncertainties in the wake of the new administration in the USA are a cause for concern for the Group in 2025, but Management still expect increasing activity and re-sults for 2025, with revenues expected at 10,600m – 11,000m and results before tax expected at DKK 1,000m – 1,050m for 2025. Increased activity is expected mainly for the Food Technology and Packaging Groups. Particular risks Currency risks Due to the global nature of all activities in the Group, the Group is exposed to currency transaction risks and currency translation risks. Transaction risk is generally hedged as concerns the packaging and sport & fashion activities. This is done in accordance with the foreign exchange policy for these activities. For the Group's other activities, hedging is handled within the Thornico Group through balancing of income and expenses in the currencies relevant for these activities. Translation risks are mainly associated with the translation into DKK of earnings and net assets in foreign subsidiaries. Translation risks are not hedged. Interest bearing debt is mainly in DKK and with variable interest rate. Capital resources Via its positive earnings and development, the Group has sound and adequate capital resources available for new investments and growth. Business risks The spreading of the Group’s investments is well balanced between the different main areas, see our comments in the above paragraph Main activities. The Group’s intention is to improve its mar-ket position in the individual areas. The Group is market leading in several areas within foods, and the Group intends to achieve a more dominant role in other areas within the respective industries. Investment properties are measured to fair value. Changes in the determined rate of return will af-fect the fair value in the balance sheet and the fair value evaluation in the income statement (ref. consolidated note 13). Research and development The Group incurs material expenses for both research and development to create a basis for the future positive financial development. The Group places great importance in recruiting and retain-ing competent and highly specialised employees in order to maintain a leading position within all its business activities. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Explanation of financial ratiosGross margin =Profit margin =Return on assets =Solvency ratio =Return on equity = Main activities The Group’s activities comprise food ingredients, food technology and packaging, sport & fashion and real estate in global markets primarily via wholly owned subsidiaries. The Parent company’s activity comprises investments in subsidiaries. Report on Data Ethics policy For the data ethics of Thornico Food & Food Technology Group A/S reference is made to the con-solidated corporate social responsibility report including the Group’s policy on data ethics at: https://www.thornico.com/contact/policies/ Report on Corporate Social Responsibility, cf. Section 99 a of the Danish Financial Statements Act For the statutory corporate social responsibility report of Thornico Food & Food Technology Group A/S reference is made to the consolidated corporate social responsibility report in the Company Karma report of Thornico A/S, CVR no 15960205, at https://thornico.com/company-karma/sustainable-growth/ Basis of Preparation The Annual Report of Thornico A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The Parent Company and the consolidated Financial Statements for 2024 are presented in DKK thousands. Change in accounting policies and classifications Items in the income statement items and non-monetary items in the balance sheet for the Agentin-ian subsidiaries are no longer translated according to rules on restatement for hyperinflation. In-stead, these items follow the translation policies described in the following pages. The changes is due to group alignment. Russian activities are no longer classified as discontinuing activities. Due to EU sanctions and regu-latory constraints imposed by Russian authorities it is no longer assessed as highly probable that a divestment will be finalised within the next 12 months. These activities are now included within continuing operations, and associated assets and liabilities are no longer presented as held for sale. Due to the above changes in accounting policies and classifications, comparative figures for 2023 have been restated: Annual report Hyperinflation Discontinued Restated Annual 2023 operations report 2023 Revenue 9,472,780 96,500 89,700 9,658,980 Profit before tax 507,743 76,900 -41,900 542,743 Net profit 643,962 75,800 0 719,762 Assets 8,806,917 -39,200 0 8,767,717 Equity 3,780,258 -39,200 0 3,741,058 Some reclassifications have been made in the financial statements. In these cases, comparative fig-ures are adapted to the new classification. The reclassifications have not had an effect on the profit or loss for the year, gross profit or the equity per. 31 December 2024. Recognition and measurement The Annual Report has been prepared under the historical cost method. Revenues are recognised in the income statement as earned including value adjustments of fi-nancial assets and liabilities. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised costs are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits at-tributable to the asset will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are meas-ured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recog-nition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions exist-ing at the balance sheet date. Danish kroner are used as the measurement currency. All other currencies are regarded as for-eign currencies. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Thornico A/S, and sub-sidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enter-prises in which the Group holds between 20% and 50% of the votes and exercises significant in-fluence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends, and accounts as well as of realised and unreal-ised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. On acquisition of subsidiaries, the difference between cost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities have been adjusted to fair value (the purchase method). Any remaining positive differences are recog-nised in intangible assets in the balance sheet as goodwill, which is amortised in the income statement on a straight-line basis over its estimated useful life. Any remaining negative differ-ences are immediately recognised in the income statement. Positive and negative differences from enterprises acquired may, due to changes to the recogni-tion and measurement of net assets, be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. In the consolidated financial statements amortisation of goodwill is allocated to the functions to which goodwill is related. Minority interests Minority interests form part of the consolidated equity. In the proposed distribution of profit, the net profit or loss of the year is allocated to minority interests and to equity belonging to the parent company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabili-ties to fair value at the time of acquisition of subsidiaries. On subsequent changes to minority interests, where the Group retains a controlling interest in the subsidiary, the purchase price is recognised directly on equity. Leases Leases in terms of which the Company assumes substantially all the risks and rewards of owner-ship (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an approximated value as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as de-termined for the other fixed assets of the Company. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are rec-ognised in the income statement on a straight-line basis over the lease term. Translation policies On 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 transac-tion date and the rate in effect at the payment date, or the rate at the balance sheet date, are rec-ognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories, and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly de-viate from the rates at the transaction date. Balance sheet items are translated using the ex-change rates at the balance sheet date. Goodwill is considered belonging to the independent for-eign entity and is translated using the exchange rate at the balance sheet date. Exchange differ-ences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of in-come statements from average rates to the exchange rates at the balance sheet date are recog-nised directly in the translation reserve in equity. Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity. When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and lia-bilities are translated at the exchange rate at the time of acquisition or the time of any subse-quent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are trans-lated using the historical rates applicable to the relevant non-monetary items. Derivative financial instruments Derivative financial instruments are initially recognised in the balance sheet at cost and are sub-sequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge account-ing which is consequently recognised directly in the equity statement. Income Statement Revenue Revenue from the sale of goods for resale and finished goods is recognised in the income state-ment when delivery and transfer of risk to the buyer have been made before year end. Revenue is recognised exclusive of VAT and net of discounts relating to sales. Segment information is given on the basis of business areas. The segment allocation is in ac-cordance with the company's internal reporting and areas of responsibility. Revenues have been reported for the following business areas: Food ingredients, food technology and packaging, real estate and sport & fashion. The revenue of each business area has in turn been allocated geo-graphically. Other operating income Other operating income comprises revenue from other operating activities which are not related to the principal activities of the company. Expenses for raw materials and consumables Expenses for raw materials and consumables comprise the raw materials and consumables con-sumed to achieve revenue for the year. Other external expenses Other external expenses comprise expenses for administration, sale, distribution, etc. Staff expenses Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairmentlosses Amortisation, depreciation and impairment losses comprise amortisation, depreciation and im-pairment of intangible assets and property, plant and equipment. Fair value evaluation of investment property Fair value evaluation of investment property comprises adjustments for the financial year of in-vestment properties at fair value. Income from investments in group enterprises and associates The item “Income from investments in group enterprises and associates” in the income state-ment includes the proportionate share of the profit for the year less goodwill amortisation and elimination of internal profits or losses Financial income and expenses Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the year Tax for the year consists of current tax for the year and deferred tax for the year. The tax at-tributable to the profit for the year is recognised in the income statement, whereas the tax at-tributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with Danish subsidiaries. The Danish tax is allocated to the jointly taxed Danish enterprises in proportion to their taxable incomes. Balance Sheet Intangible assets Goodwill On initial recognition, goodwill is recognised at cost in the balance sheet. Goodwill is amortised on a straight-line basis over the estimated useful life of 10-20 years, determined on the basis of Management’s experience with the individual business areas. The amortisation period is usually 20 years for strategically acquired companies with a strong market position. Other intangible assets Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the val-ue in use of future earnings can cover production, distribution and administrative expenses in-volved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are rec-ognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impair-ment losses or at a lower recoverable amount. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3 years. Patents, licences and trademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents, licences and trademarks are amortised over the remaining patent period or a shorter useful life. The periods of amortisation are 3-20 years. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Land is not depreciated. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials, components and sub-suppliers. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction. All indirectly attributable bor-rowing expenses are recognised in the income statement. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Land and buildings 10-50 years Plant and machinery 5-10 years Other fixtures and fittings, tools and equipment 3-10 years Estimated useful lives and residual values are reassessed annually. Investment property Investment properties are properties that the Company holds to earn rental income and/or capi-tal gains. On initial recognition, investment properties are measured at cost consisting of the acquisition price of the properties plus directly related acquisition costs. Subsequent to initial recognition, investment properties are measured at fair value which is equivalent to the amount at which the individual property may be sold to an independent buyer at the balance sheet date. A return-based model is used to determine the fair value of the property. The calculation is based on expected net earnings at full occupancy for the next year that have been adjusted to normal earnings, and using a required rate of return that reflects current market yield rates for similar properties. The value is adjusted for factors not reflected in normal earnings, for exam-ple, actual vacancy rate, major refurbishments etc. Costs incurred after acquisition are added to the acquisition price as improvements to the extent that it is probable that future economic benefits will flow to the Company. No external valuation has been conducted on the Company's properties. For valuation purposes, the Company obtains an external assessment of market rent and required rate of return. These are segmented both by the properties' location and quality level. The financial year’s adjustments of the properties’ fair value are recognised in the income state-ment. Impairment of fixed assets The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that ex-pressed by amortisation and depreciation. If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount, and the asset is written down to its lower recoverable amount. This impairment test is performed on an annual basis for development projects in progress irrespective of any indication of impairment. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be deter-mined based on a total assessment. Goodwill and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in group enterprises and associates Investments in group enterprises and associates are recognised and measured in the parent fi-nancial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprise's equity value plus unamortised goodwill and plus or mi-nus inrealised intra-group profits or losses. Group enterprises and associates with a negative equity value are measured at DKK 0. Any re-ceivables from these enterprises are written down to net realisable value based on a specific as-sessment. If the Parent Company has a legal or constructive obligation to cover the liabilities of the relevant enterprises, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises and asso-ciates is transferred to the reserve for net revaluation according to the equity method in equity. Goodwill is the difference between cost of investments and fair value of the pro rata share of as-sets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimat-ed useful life, which is fixed based on the experience gained by Management for each business area. The amortisation periods used are 15-20 years. Investments in group enterprises and associates are written down to the lower of recoverable amount and carrying amount. Other fixed asset investments Other fixed asset investments consist of long term receivables, etc. Inventories Inventories are measured at the lower of cost under the FIFO method and net realisable value. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation of and impairment losses relating to machinery, factory building and equipment used in the manufacturing process, and costs of factory administration and management. Fi-nance costs are not included in costs. The net realisable value of inventories is calculated at the amount expected to be generated by sale in the process of normal operations with deduction of selling expenses and costs of comple-tion. The net realisable value is determined allowing for marketability, obsolescence and devel-opment in expected sales sum. The cost of goods for resale, raw materials and consumables equals landed cost. Receivables Receivables are measured in the balance sheet at the nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receiv-able, and in respect of trade receivables, a general provision is also made based on the Compa-ny’s experience from previous years. Prepayments Prepayments recognised under “Current Assets” comprise expenses incurred concerning subse-quent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily converted into cash and which are subject only to in-significant risks of changes in value. Equity Dividend Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Pension obligationsPension obligations comprise defined benefit plans where the Group has an obligation to pay a specific benefit (e.g. retirement pension in the form of a fixed proportion of the exit salary). For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan. The present value is calculated based on assumptions about future developments in variables such as salary levels and interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations. The pension costs for the year, based on actuarial esti-mates and financial forecasts at the beginning of the year, are recognised in profit or loss. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in equity statement. If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduction of future contributions to the plan. Other provisions Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred tax assets and liabilities Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acqui-sition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as cur-rent tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities Current tax receivables and liabilities are recognised in the balance sheet at the amount calculat-ed on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Financial debts Fixed-interest loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income Deferred income comprises payments received in respect of income in subsequent years. Cash Flow Statement The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of in-tangible assets, property, plant and equipment and fixed asset investments as well as dividend received from non-consolidated subsidiaries and associates. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents Cash and cash equivalents comprise "Cash at bank and in hand". The cash flow statement cannot be immediately derived from the published financial records. 10072144000 9658980000 -66834000 -40579000 -21051000 0 5909000 7287000 6533000 1353000 4862373000 4882425000 1983749000 1898542000 3313283000 2924526000 1858153000 1791008000 1455130000 1133518000 8867000 235000 369357000 449987000 1094640000 683766000 3660000 -4075000 81510000 73931000 210052000 210879000 969758000 542743000 230248000 197347000 739510000 345396000 0 374366000 739510000 719762000 80942000 87338000 86678000 108245000 64639000 24004000 100229000 116717000 332488000 336304000 956960000 921873000 1307984000 1115023000 207908000 210297000 1133546000 1128314000 246454000 194463000 3852852000 3569970000 45915000 42380000 17869000 19617000 63784000 61997000 4249124000 3968271000 1916249000 1807597000 1691310000 1540394000 0 10221000 6009000 1909000 98767000 186373000 80301000 95787000 283713000 289037000 200718000 138621000 2360818000 2262342000 719870000 729507000 4996937000 4799446000 9246061000 8767717000 1000000 1000000 12408000 4183000 6240000 6240000 -398569000 -315738000 4466964000 3701757000 20000000 20000000 323450000 323616000 4431493000 3741058000 289329000 266201000 10159000 20100000 129400000 137981000 428888000 424282000 356397000 374060000 752447000 967236000 90257000 100215000 20846000 26880000 1219947000 1468391000 23047000 20217000 1029206000 911723000 11613000 9515000 345472000 241312000 928373000 916629000 87024000 75602000 24210000 31895000 114439000 218027000 602349000 709066000 3165733000 3133986000 4385680000 4602377000 9246061000 8767717000 0 -15857000 0 -115000000 91657000 0 -39200000 0 -39200000 1000000 -11674000 6240000 -391538000 3793414000 20000000 3417442000 323616000 3741058000 0 0 0 0 697113000 20000000 717113000 22397000 739510000 0 0 0 0 -8300000 0 -8300000 0 -8300000 0 30303000 0 0 0 0 30303000 30303000 0 6221000 0 -9252000 1900000 0 -1131000 0 -1131000 0 -29963000 -29963000 -29167000 -59130000 0 0 0 0 0 20000000 20000000 0 20000000 1000000 12408000 6240000 -398569000 4466964000 20000000 4108043000 323450000 4431493000 0 0 0 -16283000 0 -16283000 6604000 -9679000 Profit from continuing operations Profit from continuing operations 739510000 311496000 715620000 1462048000 -315818000 302555000 1139312000 2076099000 52897000 37335000 172053000 168339000 213105000 327755000 807051000 1617340000 82322000 54402000 590933000 442473000 0 -1000000 0 157000 29130000 8959000 -644125000 -487073000 14833000 -53107000 97306000 523589000 7860000 0 Acquisitions of minority interests Acquisitions of minority interests -59130000 -713449000 Capital increase, minority interests Capital increase, minority interests 0 112822000 20000000 20000000 -199129000 -1091109000 -36203000 39158000 729507000 767530000 26566000 -77181000 719870000 729507000 Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. RevenueRest of the EurasiaworldTotalDKK '000 DKK '000 DKK '000Business segments:Food ingredients 1.980.266 204.402 2.184.668Food Technology 906.263 670.129 1.576.392Packaging 1.997.300 1.813.000 3.810.300Sport & fashion2.365.278 68.020 2.433.298Real Estate 67.486 0 67.486Total revenue 2024 7.316.593 2.755.551 10.072.144 2024 2023DKK '000 DKK '000Other income on operationsCOVID-19 compensation, salaries 0 96Other income 2.305 3.946Wage reimbursements 3.604 3.2455.909 7.287 Other expenses on operationsProfit/loss on disposals of the year -6.533 -1.353-6.533 -1.353 2024 2023DKK '000 DKK '000Fee to shareholder appointed auditorFee to DeloitteStatutory audit 4.788 3.944Tax and VAT related services 109 144Other services1.7953086.692 4.396Fee to other auditorsStatutory audit 5.305 5.066Tax and VAT related services 905 536Other services420 3836.630 5.985Total fee to auditorsStatutory audit 10.0939.010Tax and VAT related services 1.014 680Other services 2.21569113.322 10.381 Staff expensesSalaries -1.589.016 -1.538.804Pensions -138.859 -124.834Other social security expenses -130.278 -127.370-1.858.153 -1.791.008Tax on profit/loss for the yearCurrent tax for the year -217.924 -164.817Deferred tax for the year -33.125 -21.056Adjustment concerning previous years 20.801 -11.474Total tax for the year -230.248 -197.347 Including remuneration to Executive and Supervisory Boards -1.245 -1.229 5685 5175 2024 2023DKK '000DKK '000Amortisation, depreciation and impairment of property, plant and equipment and intangible assetsIntangible assets -82.616 -67.298Buildings -45.772 -52.636Plant and machinery -170.719 -190.857Other fixtures, fittings, tools and equipment -50.350 -42.196Impairment losses -19.900 -97.000-369.357 -449.987 Income from investments in associates after taxShare of profit or loss in associates 3.660 -4.0753.660 -4.075 Financial incomeExchange adjustmens 28.613 36.596Financial income from group entities 272 351Other financial income 52.625 36.98481.510 73.931 2024 2023DKK '000DKK '000Financial expensesExchange adjustments -37.999 -41.240Financial expense to group entities -5.253 -618Other financial expenses -166.800 -169.021-210.052 -210.879 Acquired Completed Development Goodwillrights development projectsprojects in processDKK '000 DKK '000 DKK '000 DKK '000Intangible assetsCost at 1 January 244.926 276.338 24.004 366.653Transferred from assets held for sale 16.600 0 0 44.600Exchange adjustment -24.131 -349 23 7.242Additions for the year 18.077 23.633 40.612 0Disposals for the year -5.132 -736 0 -153Cost at 31 December 250.340 298.886 64.639 418.342Impairment losses and amortisation at 1 Jan. -157.588 -168.093 0 -249.936Transferred from assets held for sale -16.600 0 0 -44.600Exchange adjustment 21.231 186 0 -6.561Amortisation for the year -21.299 -44.301 0 -17.016Impairm. loss and amortisation on assets sold 4.858 0 0 0Impairment losses and amortisation at 31 Dec. -169.398 -212.208 0 -318.113Carrying amount at 31 December 80.942 86.678 64.639 100.229Amortised over 3-20 years 3-5 years 0 years10-20 yearsManagement is of the opinion that the chosen amortisation period is in accordancewith the value of the acquired companies in view of the profitability and expectationsconcerning the future development of each of these companies. Capitalized development projects are composed of costs related to clearly defined and identifiable projects. These projects are expected to contribute with both new and improved machines and functionalities, hereby contributing to potential market advantages. Development projects in progress composes of projects, without realized sales. Once a development project is finalized and brought to the market, depreciation may begin if it is deemed that the project has the potential for future sales. Development projects in process also include several IT initiatives, which are being developed externally and tailoredspecifically for Sanovo. These projects are designed to create value across the organization by optimizing workflows and and saving time in employees' daily tasks. Once the projects are completed and ready for use, depreciation will commence. Property, plant and equipmentLand Plant Oth. fixtures, Property,andand fittings, tools pland andbuildingsmachinery and equipmentequipmentin progressDKK '000 DKK '000 DKK '000 DKK '000Cost at 1 January 2024 1.627.056 3.200.666 465.691 196.763Transferred from assets held for sale 20.600 40.600 400 10.800Exchange adjustment, beg. -1.026 19.756 531 -6.152Additions during the year 84.046 387.249 59.495 412.150Disposals during the year -15.235 -49.311 -24.457 -352.007Cost at 31 December 2024 1.715.441 3.598.960 501.660 261.554Impairment losses and depreciation at 1 January 2024-705.183 -2.085.643 -255.398 0Transferred from assets held for sale -20.600 -40.600 -400 -10.800Exchange adjustment 1.443 -9.364 -596 0Impairment losses-1.200-18.600-100 0Depreciation for the year -45.772 -170.719 -50.350 0Impairment losses and depreciation on assets sold12.831 33.950 13.092 -4.300Impairment losses and depreciation at31. december 2024 -758.481 -2.290.976 -293.752 -15.100Carrying amount at 31. december 2024956.960 1.307.984 207.908 246.454Depreciated over 10-50 years 5-10 years 3-10 yearsLeased assets included at 31. december 2024 0 0 98.984InvestmentpropertyDKK '000Cost at 1 January 2024 609.280Exchange adjustment, beg. 580Transfer 162Additions during the year 811Disposals during the year -5.916Cost at 31 December 2024 604.917Fair value evaluation at1. January 2024 519.034Exchange adjustment, beg. -361Transfer 0Fair value evaluation adjustment 1.089Fair value evaluation for the year 8.867Fair value evaluation at31. December 2024 528.629Carrying amount at 31 December 1.133.546Investment properties are measured at fair value based on an earnings multiple method. Earnings aredetermined as normalised e.g., earnings adjusted for off market rental agreement and vacancy. Fair value is determined as normalised earnings multiplied by the earnings multiple with adjustment of the value for off market rental agreements, rental loss in estimated vacancy periods etc.Investment properties comprise in total 17 residential, retail, logistic and office properties, hereof 13 located in larger cities in Denmark. Earnings multiples applied for measuring the fair value are based on discount rates in the range 2,3 – 9,3 %Investment properties located in larger cities in the rest of the EU comprises of one office property. Earnings multiple applied for measuring the fair value is based on a discount rate of 6,4 %Applied discount rates are determined based on location, nature of property etc.Fair value Weighted average Fair value DKK ’000.000 discount rate m2 per m2Nature of propertyResidential & retail 185 3,4% 5.086 36.443 Logistical 224 7,1% 36.452 5.837 Office 735 6,4% 28.636 25.134 There is uncertainty in determining the return requirements used in determining the fair value of investment properties . An increase in the applied discount rate of 0,5 %-points and a corresponding reduction will reduce the fair value by DKK 95 million, repectively increase the fair value by DKK 113 million.No external valuer has been used in determining fair value. 2024 2023DKK '000DKK '000Investments in associatesCost at 1 January 10.378 10.221Additions during the year 0 157Disposals during the year 0 0Cost at 31 December 10.378 10.378Valuation adjustments at 1 January 32.002 36.796Exchange adjustment, beginning of year -125 281Net profit/loss for the year 3.660 -4.075Impairment losses and depreciation, disposals and dividends 0 -1.000Revaluations at 31 December 35.537 32.002Carrying amount at 31 December 45.915 42.380Specification of investments in associates:Share of Registered ownership and Name:officevotesK/S Generatorvej 4 Denmark 50%Shanghai GI Ovo Packing Co. Ltd. China 25%Ovotrack BV Netherlands 50%2024 2023DKK '000 DKK '000Other fixed asset investmentsCost at 1 January 22.557 21.327Exchange adjustment, beginning of year 577 79Additions during the year 729 1.151Disposals during the year -2.154 0Cost at 31 December 21.709 22.557Valuation adjustments at 1 January -2.940 -10.364Net profit/loss for the year -141 0Other adjustment for the year -759 7.424Revaluations at 31 December -3.840 -2.940Carrying amount at 31 December 17.869 19.617 InventoriesRaw materials and consumables 365.154 321.975Work in progress 107.815 96.635Finished goods and goods for resale 1.443.280 1.386.574Prepayments 0 2.4131.916.249 1.807.597 2024 2023DKK '000 DKK '000Provision for deferred taxProvision for deferred tax at 1 January 170.414 140.479Foreign exchange adjustment 4.358 -8.239Transferred to liabilities related to assets held for sale 0 0Amounts recognized in the income statement for the year33.125 17.456Adjustment previous years0 1.349Amounts recognised in equity for the year 1.131 19.369Provision for deferred tax at 31 December 209.028 170.414Deferred tax asset -80.301 -95.787Provision for deferred tax 289.329 266.201Provision for deferred tax at 31 December 209.028 170.414Provision for deferred tax consists mainly of temporary differences between the carrying amount and thetax base of tangible fixed assets, provisions and inventories. Tax loss carry-forwards and other negativedifferences have been set off against provisions for deferred tax. Deferred tax assets have been set off aginst provisions in the same legal tax entity and jurisdiction.The valuation of deferred tax loss carry-forwards has been performed on the basis of the expectations for future earningsset by the executive board. The executive board expects a continuous stream of positive earnings thenext five years, which will use the positive deferred tax.Deferred tax assets that are not expected to be realised or subject to significant risks of not being utilised are not recognised.Unrecognised deferred tax assets relate to the subsidiaries in Brazil, China, Malaysia, Germany and Spain. PrepaymentsPrepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest. Pension obligationsPension obligations comprise defined benefit plans where the Group has an obligation to pay a specificbenefit (e.g. retirement pension in the form of a fixed proportion of the exit salary). Under these plans the groupcarries the risk in relation to future developments in interest rates, inflation, mortality, etc. Other provisionsOther provisions comprise obligations concerning warranty commitments and legal disputes. 2024 2023DKK '000 DKK '000Mortgage loansAfter 5 years 253.120 277.417Between 1 and 5 years 103.277 96.643Long-term part 356.397 374.060Within 1 year 23.047 20.217379.444 394.277Credit institutionsAfter 5 years 0 0Between 1 and 5 years 752.447 967.236Long-term part 752.447 967.236Within 1 year 1.029.206 911.7231.781.653 1.878.959 Lease liabilitiesAfter 5 years 48.090 0Between 1 and 5 years 42.167 100.215Long-term part 90.257 100.215Within 1 year 11.613 9.515101.870 109.730Other payablesAfter 5 years 9.156 8.977Between 1 and 5 years 11.690 17.903Long-term part 20.846 26.880Within 1 year 602.349 709.066623.195 735.946 20000000 20000000 0 296010000 22397000 54417000 697113000 273535000 739510000 643962000 Financial instrumentsForward exchange contracts are used to hedge future cash flows. The Group's primary currency exposure relates totransactions in other currencies than the functional currency of the individual Group entities.Forward exchange contracts are used to secure future cash flows covering the following net amounts and periods:Recognised inDKK '000notional amount Fair valueCHF/DKK 45.200 200GBP/DKK48.600 (3.300)PLN/DKK18.800 (1.500)USD/CAD56.000 (3.500)USD/DKK70.000 (21.676)(29.776)The fair value of forward exchange contracts is included in other receivables. with a value of positive DKK 200k.The fair value of forward exchange contracts is included in other payables. with a value of negative DKK 29976k.The contracts have a maturity within 1-5 years.Recognised inOther financial instruments: notional amount Fair valueInterest cap. EUR 447.500 (4.700)Energy contracts 25.600 7.700SubsidiariesSpecification of investments in subsidiaries:Registered Ownership VotingName: rightsofficesharesThornico Food & Food Technology Group A/S Denmark 100% 100%Lactosan A/S Denmark 100% 100%Lactosan Japan Ltd, Japan 100% 100%Lactosan Holdings Ltd. UK 100% 100%Lactosan-Sanovo UK UK 100% 100%Lactosan UK UK 100% 100%Lactosan Uruguay S.A. Uruguay 100% 100%Deltanir S.A. Uruguay 100% 100%Lactosan Russia Ltd, Russia 100% 100%Lactosan China Ltd, China 100% 100%Sanovo Technology A/S Denmark 100% 100%Sanovo Technology USA Inc. USA 100% 100%Sanovo Technology Japan Ltd. Japan 100% 100%Sanovo Technology Italia S.r.l. Italy 100% 100%Ramé-Hart Inc. USA 100% 100%Staalkat Beheer B.V. Netherlands 100% 100%Sanovo Technology Netherlands B.V. Netherlands 100% 100%Sanovo Process Solutions A/S Denmark 100% 100%Sanovo Technology Robotics A/S Denmark 100% 100%Sanovo Technology Asia SDN BHD Malaysia 100% 100%Sanovo Technology Mexico S.A. DE C.V. Mexico 100% 100%Nikro s.r.o. Slovakia 100% 100%Sanovo Logistic ApS Denmark 100% 100%Sanovo Technology Comercio de Maquinas Ltda. Brazil 100% 100%Investeringsselskabet af 1. september Aps Denmark 100% 100%Foodcraft Equipment Co., Inc. USA 100% 100%Foodcraft Inc. USA 100% 100%Sanovo Capital A/S Denmark 100% 100%Sanovo Technology Process A/S Denmark 100% 100%Shanghai Sanovo Machinery Technology Co. Ltd. China 100% 100%Sanovo Plastic Logistics ApS Denmark 100% 100%Danish Ovo Investment ApS Denmark 100% 100%El Dorado C.A. Venezuela 100% 100%Productos Danimex C.A. Venezuela 100% 100%West-Star Foods BV Netherlands 100% 100%Dominium II Denmark 100% 100%Derivados del Huevo S.A. Spain 100% 100%Danovo Aps Denmark 100% 100%China Egg Products Aps Denmark 100% 100%Ovodan Foods (China) Ltd China 66% 66%Taiyo Foods Tianjin Ltd China 66% 66%Guangdong Ovodan Foods China 66% 66%Sichuan Ovodan Foods Ltd. China 66% 66%Ovodan Egg Co. Ltd China 100% 100%Ovodan Europe ApS Denmark 100% 100%Ovodan Egg Products UK Ltd UK 100% 100%Ovodan Foods A/S Denmark 100% 100%Ovodan International A/S Denmark 100% 100%Ovodan Biotech A/S Denmark 100% 100%Specification of investments in group enterprises:Registered Ownership VotingName: rightsofficesharesSanovo Pharmtech GmbH Germany 100% 100%Ovodan Eiprodukte GmbH & Co. K.G. Germany 100% 100%Eiproduktegesellschaft Ovodan Eiprodukte GmbH Germany 100% 100%Sanovo Greenpack K/S Denmark 100% 100%Martech Aps Denmark 100% 100%Hartmann East Asia ApS Denmark 100% 100%Sanovo Egg Packaging Chuzhou China 100% 100%Hartmann Packaging A/S Denmark 100% 100%Hartmann Canada Inc. Canada 100% 100%Hartmann d.o.o. Serbia 100% 100%Hartmann Finance A/S Denmark 100% 100%Hartmann France S.a.r.l., Denmark 100% 100%Hartmann Hungary Kft. Hungary 100% 100%Hartmann Italiana S.r.l. Italy 100% 100%Hartmann Mai Ltd. Israel 100% 100%Hartmann Papirna Ambalaza d.o.o. Croatia 100% 100%Hartmann Pólska Sp.z.o.o. Poland 100% 100%Hartmann Verpackung GmbH Germany 100% 100%Hartmann (UK) Ltd. UK 100% 100%Hartmann US Inc. USA 100% 100%Hartmann Verpackung AG Swizerland 100% 100%Hartmann India Ltd. India 100% 100%Molarsa Chile SPA Chile 100% 100%Moldeados Argentinos S.A.I.C.M. Argentina 100% 100%Projects A/S Denmark 100% 100%Sanovo Greenpack Argentina S.A. Argentina 100% 100%Sanovo Greenpack Embalagens do Brasil Ltda Brazil 100% 100%JSC Hartmann-Rus Russia 100% 100%OOO EKU Holding Russia 100% 100%Danfiber A/S Denmark 100% 100%Siangpack Sdn. Bhd. Malaysia 100% 100%Mätfoods A/S Denmark 100% 100%Kaz Foods ApS Denmark 100%100%Thornico IT A/S Denmark 100% 100%I3 Ibero S.A. Spain 100% 100%Dominium K/S Denmark 100% 100%West-Star Italy A/S Denmark 100% 100%Emery LLC USA 100% 100%Thornico building K/S Denmark 100% 100%West-Star Management BV Netherlands 100% 100%West-Star ApS Denmark 100% 100%Stanico A/S Denmark 100% 100%Stanico South A/S Denmark 100% 100%Jonstrupvej 117-119 ApS Denmark 100% 100%Red Swan ApS Denmark 100% 100%West-Star International A/S Denmark 100% 100%West-Star Holland A/S Denmark 100% 100%West-Star Real Estate A/S Netherlands 100% 100%Specification of investments in group enterprises:Registered Ownership VotingName:officesharesrightsEjendomsselskabet Harridslev A/S Denmark 100% 100%Ejendomsselskabet Jerstrup A/S Denmark 100% 100%Apocalypse Now ApS Denmark 100% 100%hummel Holding A/S Denmark 1% 100%hummel A/S Denmark 1% 100%hummel International A/S Denmark 1% 100%Bee Sport Aps Denmark 1% 100%hummel Bodh Gaya Aps Denmark 1% 100%hummel North America Aps Denmark 1% 100%hummel Sport & Leisure Warenhandelsgesellschaft mbH Germany 1% 100%hummel UK Ltd. UK 1% 100%hummel Sweden AB Sweden 1% 100%Bumblebee ApS Denmark 1% 100%hummel France France 1% 100%hummel Spor Malzemeleri San. Ve Ticaret A.S. Turkey 1% 100%hummel Iberica Sport & Fashion Spain 1% 51%Performance Group Scandinavia A/S Denmark 1% 100%Markon A/S Denmark 1% 51%hummel Sport and Leisure CH GmbH Switzerland 1% 100%hummel India Private Ltd. India 1% 100%hummel North America, Inc. USA 1% 100%Cella Logistik GmbH Germany 1% 100%hummel Cenozoic ApS Denmark 1% 100%hummel Distribution Center ApS Denmark 1% 100%Havnegade Capital Aps Denmark 100% 100%Thorco Projects A/S Denmark 100% 100%Thorco Capital III ApS Denmark 100% 100%TS Lease Corp Ltd. Panama 100% 100%Cargo Captains A/S Denmark 100% 100% Contingent liabilities and other financial obligationsSecurityThe following assets have been placed as security for mortgage debt:- Mortgage deeds in the amount of DKK 411 million in property valued at 671 million.- Indemnity letter covering security for DKK 45 million in land and buildings.- An indemnity letter of T.DKK 77.920 has been issued covering security in plant and machinery. The accounting value of plant and machinery in question is T.DKK 115.432.As part of its ordinary activities, the Group has issued guarantees concerning deliveries, refunds received, letter of credit obligations, current credits, etc.Unrecognized rental and lease commitmentsUnrecognised rental and lease commitments amoount to DKK 202 million. Maximum period ofnon-terminability is 96 months.Contingent liabilitiesIn autumn 2019, the Brazilian tax authorities raised a claim of BRL 56 million against a subsidiary's company in Brazil concerning non-payment of industrial products tax (IPI) on sales of the company’s productsin 2015 and 2016. Accumulated calculated interests and fines related to the claim up until December 2024not claimed by the tax authorites is estimated to BRL 21 million leading to a total estimated claim of BRL77 million, corresponding to DKK 89 million. The tax authorities have not raised any claims against the Braziliansubsidiary for the subsequent years 2017-2024.Based on judicial practice and statements from its legal advisers, the subsidiary is of the opinion that the company's products are not liable to IPI tax and accordingly considers the claim to be unjustified and therefore disputes the claim but acknowledges that the case is complicated and that the legal proceedings are totake place in a complex judicial environment. Based on this, the outcome is subject to a degree of uncertainty.There has been no significant development in the case in 2024. A lengthy process is expected before the casewill be finally settled. No provision has been recognized.The Group is party to a limited number of other disputes. In management's opinionthese disputes will not significantly affect the financial position of the Group.The Group has received a claim in the amount of DKK 100 million in relation to he shipping Group.Management considers the claim unjustified and therefore disputes the claim. The Group does not expectthe claim to materially affect the financial position of the Group.The Group is party to a limited number of other disputes. In management's opinion these disputes will not significantly affect the financial position of the Group.Contingent liabilities in relation to jointly taxed income.Thornico A/S is jointly taxed with its Danish group related companies in which Thornico Holding A/S servesas the administration company.The company thus has secondary liability with respect to income taxes etc. and any obligations towithhold taxes on interest, royalties and dividends applying to the jointly taxed companies. Such secondaryliability is, however, capped at an amount equal to the portion of the share capital in the company helddirectly or indirectly by the ultimate parent. Related parties and ownershipBasisControlling interestThornico Holding A/S, Odense Controlling shareholderChristian Nicholas Rosenkrantz Stadil, non-public address Ultimate ownerOther related partiesSupervisory and Executive BoardsManagement controlIn accordance with the Danish Financial Statements Act the company has chosen toonly disclose transactions that have not been completed under normal marketconditions. Management believes that all related party transactions take place onmarket terms. 2024 2023DKK '000 DKK '000Cash flow statement - adjustmentsFinancial income -81.510 -73.931Financial expenses 210.052 243.479Depreciation and impairment losses, incl. gain and loss on sale 369.357 435.340Fair value evaluation of investment property -8.867 -235Income on investments in associates -3.660 4.075Income tax in income statement 230.248 193.747715.620 802.475Cash flow statement - change of working capitalChange in inventories -108.652 248.043Change in receivables -201.568 263.395Change in other provisions -18.522 2.578Change working capital moved to discontinuing operations 0 -293.873Change in suppliers etc 12.924 82.412-315.818 302.555 6862428 6043031 10035158 9237809 211010 95784 15446399 11979191 -18408119 -15078185 692943827 572186800 56623392 40557870 9494273 4092442 721664827 593574043 4551151 4029643 717113676 589544400 1900000 1900000 1900000 1900000 3289042302 2664803015 919160206 827807238 4208202508 3492610253 4210102508 3494510253 101808224 200470207 1149398 878248 61025903 105357962 163983525 306706417 3309735 5931656 167293260 312638073 4377395768 3807148326 1000000 1000000 2787048286 2222808999 1299993789 1212833289 20000000 20000000 4108042075 3456642288 85693510 75601740 85693510 75601740 3883513 6141800 163762518 246235401 16014152 22527097 183660183 274904298 269353693 350506038 4377395768 3807148326 1000000 2222808999 1212833289 20000000 3456642288 0 -39200000 0 0 -39200000 0 27055000 0 0 27055000 0 0 0 20000000 20000000 0 -13403420 0 0 -13403420 0 29962960 17009348 0 46972308 0 100000000 -100000000 0 0 0 692943827 4169849 20000000 717113676 1000000 2787048286 1299993789 20000000 4108042075 2024 2023Staff DKK DKKSalaries -9.127.220 -8.197.602Pensions-816.583 -968.746Other social security expenses-91.355 -71.461-10.035.158 -9.237.809 Incl. remuneration to Executive and Supervisory Boards 1.245.372 1.228.697 9 8 Investments in group enterprisesCost at 1 January 441.994.016 551.994.016Additions during the year 60.000.000 0Additions / Disposals during the year -122.398.884 -110.000.000Cost at 31 December379.595.132 441.994.016Revaluation at 1 January 2.222.808.999 3.041.090.772Disposals during the year122.398.884 -186.010.000Net profit/loss for the year after tax 692.943.827 572.186.800Exchange 1.258.420 -125.824.693Dividend -100.000.000 -834.444.500Effect of purchase and sale of minority shares-29.962.960-244.189.380Revaluation at 31 December2.909.447.170 2.222.808.999Carrying amount at 31 December3.289.042.302 2.664.803.015Specification of investments in group enterprises:For a full list of subsidiaries including share of ownership and registered office,please refer to the group notes on page 44-46 in this annual report. 2024 2023Financial income DKK DKKInterest income, group enterprises 52.812.432 29.022.321Interest income, bank 86.283 2.145.687Income, foreign exchange 3.724.677 9.389.86256.623.392 40.557.870 Financial expensesInterest, group enterprises -9.001.213 -3.581.082Interest, others -493.060 -511.360-9.494.273 -4.092.442 Tax on profit/loss for the yearTax on profit/loss for the year is specified as follows:Adjustment conc. previous years, Parent 1.770.919 684.395Tax on taxable income, Parent -6.322.070-4.714.038-4.551.151 -4.029.643No corporation tax has been paid in the financial year. 2024 2023Other tangible fixed assetsCost at 1 January 1.900.000 800.000Additions during the year 0 1.100.000Cost at 31 December 1.900.000 1.900.000 Receivables from group enterprisesReceivables at 1 January 827.807.238 102.055.500Additions during the year 91.352.968 725.751.738919.160.206 827.807.238Maturity between 1 and 5 years Payables to group enterprisesPayables at 1 January 75.601.740 17.020.924Amounts for the year 10.091.770 58.580.81685.693.510 75.601.740Maturity between 1 and 5 years 20000000 20000000 692943827 572186800 4169849 -2642400 717113676 589544400 Security/Contingent liabilitiesThe company guarantees debts and guarantees of group enterprises of DKK 142,100k.Contingent liabilities in relation to jointly taxed income.Thornico A/S is jointly taxed with its Danish group related companies in which Thornico Holding A/S serves as the administration company.The company thus has secondary liability with respect to income taxes etc. and any obligations towithhold taxes on interest, royalties and dividends applying to the jointly taxed companies. Such secondaryliability is, however, capped at an amount equal to the portion of the share capital in the company helddirectly or indirectly by the ultimate parent. Related parties and ownershipBasisControlling interestThornico Holding A/S, Odense Controlling shareholderChristian Nicholas Rosenkrantz Stadil, non-public address Ultimate ownerOther related partiesSupervisory and Executive BoardsManagement controlIn accordance with the Danish Financial Statements Act the company has chosen toonly disclose transactions that have not been completed under normal marketconditions. Management believes that all related party transactions take place onmarket terms. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-16 Reporting class C, large enterprise 2025-06-16 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Tværkajen 5 5100 Odense C Opinion Basis for Opinion 2025-06-16 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Tværkajen 5 5100 Odense C