36058714 2022-12-31 36058714 2021-12-31 36058714 2020-12-31 36058714 2024-12-31 36058714 2023-12-31 36058714 2024-01-01 fsa:ContributedCapitalMember 36058714 2024-01-01 fsa:ReserveForDevelopmentExpenditureMember 36058714 2024-01-01 fsa:RetainedEarningsMember 36058714 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 36058714 2024-12-31 fsa:ContributedCapitalMember 36058714 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 36058714 2024-12-31 fsa:RetainedEarningsMember 36058714 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 36058714 2024-01-01 fsa:AcquiredTrademarksMember 36058714 2024-01-01 fsa:DevelopmentProjectsInProgressMember 36058714 2024-12-31 fsa:AcquiredTrademarksMember 36058714 2024-12-31 fsa:DevelopmentProjectsInProgressMember 36058714 2024-01-01 fsa:LandAndBuildingsMember 36058714 2024-01-01 fsa:PlantAndMachineryMember 36058714 2024-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 36058714 2024-01-01 fsa:LeaseholdImprovementsMember 36058714 2024-01-01 fsa:PropertyPlantAndEquipmentInProgressMember 36058714 2024-12-31 fsa:LandAndBuildingsMember 36058714 2024-12-31 fsa:PlantAndMachineryMember 36058714 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 36058714 2024-12-31 fsa:LeaseholdImprovementsMember 36058714 2024-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 36058714 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 36058714 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 36058714 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 36058714 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 36058714 2024-12-31 1 fsa:SubsidiaryMember 36058714 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 36058714 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 36058714 2024-01-01 2024-12-31 36058714 2024-01-01 2024-12-31 1 36058714 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 36058714 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_1 36058714 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_2 36058714 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_3 36058714 2024-01-01 2024-12-31 2 36058714 2022-01-01 2022-12-31 36058714 2021-01-01 2021-12-31 36058714 2020-01-01 2020-12-31 36058714 2023-01-01 2023-12-31 36058714 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 36058714 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 36058714 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 36058714 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 36058714 2024-01-01 2024-12-31 fsa:AcquiredTrademarksMember 36058714 2024-01-01 2024-12-31 fsa:DevelopmentProjectsInProgressMember 36058714 2024-01-01 2024-12-31 fsa:LandAndBuildingsMember 36058714 2024-01-01 2024-12-31 fsa:PlantAndMachineryMember 36058714 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 36058714 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 36058714 2024-01-01 2024-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 36058714 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 36058714 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 36058714 2024-01-01 2024-12-31 1 fsa:SubsidiaryMember 36058714 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 36058714 Croda Denmark A/S Elsenbakken 23 3600 Frederikssund 2014-08-01 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-07-02 Jette Kjeldal Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Croda Denmark 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 give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-07-02 Frederikssund Jette Kjeldal CEO David Timothy Cherry Chairman Jette Kjeldal Erik Jan Bartels To the shareholder of Croda Denmark A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Croda Denmark A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2025-07-02 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Ulrik Ræbild State Authorised Public Accountant mne33262 Gösta Gauffin State Authorised Public Accountant mne45821 165405000 136852000 81110000 64467000 54928000 14328000 3150000 2220000 -1049000 53052000 44859000 10941000 494824000 451179000 410456000 13518000 41858000 14107000 24246000 16352000 325901000 272849000 247987000 114 98 85 -0.01 -0.001 0.13 0.122 0.035 0.892 0.905 0.659 0.605 0.604 -0.001 -0.076 0.177 0.172 0.088 Key activities The Company's activity consists of the production and sale of adjuvants.Sales are affected to countries both inside and outside EU. Development in the year The income statement of the Company for 2024 shows a loss of TDKK 192 and at 31 December 2024 the balance sheet of the Company shows a positive equity of TDKK 289,760. The financial results for 2024 were broadly aligned with expectations, reflecting a stable and resilient performance in a year of continued post-pandemic adjustment. While the recovery in sales progressed at a slightly slower pace than initially anticipated, the company successfully achieved its budgeted return on sales (excluding R&D expenses) through disciplined cost control and ongoing operational efficiency improvements. The negative impact on EBITA compared to last years expectations was primarily due to strategic investments in R&D. **Expectations of 2025** The business outlook for 2025 is expected to normalize, supported by stable demand. Sales are projected to increase by 6% compared to the previous year, driven in part by the resumption of sales to the veterinary segment.Cost consciousness will remain a key strategic focus in 2025, both to mitigate the ongoing risk posed by tariff uncertainty and to support the strategic reallocation of capacity toward several major projects expected to deliver long-term commercial benefits.We expect the profit of primary operations to be within a range of 5-10m dkk for the upcoming year. Operating risks The Company produces and sells goods, and the risk is related to Company's production capacity. Market risks The Company is currently subject to the competition and market situation – including customer expectations to the future and thus the demand for products offered by the Company. Credit risks The Company’s credit risks related exclusively to our customers. Internal control systems in the form of tight credit controls and application of external credit information imply that the Company is not subject to any material risks posed by individual customers or business partners, and historically the Company has not realized any major bad debts. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. 96995000 107136000 87743000 95787000 12379000 11716000 -3127000 -367000 9981000 3532000 7389000 27149000 -535000 -23984000 -343000 -35000 -192000 -23949000 15500000 12000000 -15692000 -35949000 4466000 5294000 6824000 6824000 11290000 12118000 66111000 67836000 83851000 89316000 1605000 1472000 0 0 51902000 42876000 203469000 201500000 0 0 893000 915000 893000 915000 215652000 214533000 39952000 29673000 13812000 16629000 32589000 36270000 36000 56000 5902000 0 1377000 940000 53716000 53895000 15483000 35446000 109151000 119014000 324803000 333547000 500000 500000 5323000 5323000 268437000 284129000 15500000 12000000 289760000 301952000 18200000 15132000 18200000 15132000 5996000 7743000 2842000 599000 0 382000 8005000 7739000 16843000 16463000 16843000 16463000 324803000 333547000 500000 5323000 284129000 12000000 0 0 0 12000000 0 0 -15692000 15500000 500000 5323000 268437000 15500000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 79701000 87552000 7544000 7862000 498000 373000 87743000 95787000 119 118 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. The Board of Directors does not receive remuneration. Net impairment of investment in subsidiary 0 25097000 Total 0 25097000 0 1797000 9981000 1735000 9981000 3532000 0 25097000 50000 187000 7339000 1865000 7389000 27149000 -3457000 2400000 3068000 -2347000 46000 -88000 -343000 -35000 8329000 6824000 8329000 6824000 3036000 0 827000 0 3863000 0 4466000 6824000 90049000 162612000 2342000 2626000 44281000 44000 2126000 659000 0 10690000 0 1664000 0 0 -1664000 90093000 166402000 3001000 2626000 53307000 22213000 73296000 870000 2626000 1405000 1769000 9255000 526000 0 0 23982000 82551000 1396000 2626000 1405000 66111000 83851000 1605000 0 51902000 25097000 151657000 0 126560000 25097000 25097000 -25097000 0 0 -25097000 -25097000 -25097000 0 0 MX Adjuvac AB Uppsala, Sweden 100 465 147 915000 22000 893000 893000 Investments in subsidiaries are specified as follows: 9686000 10400000 2600000 2438000 27666000 16835000 39952000 29673000 Deferred tax liabilities at 1 January 15132000 17567000 Amounts recognised in the income statement for the year 3068000 -2435000 Deferred tax liabilities at 31 December 18200000 15132000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 3596000 3921000 Between 1 and 5 years 3596000 4826000 Total 7192000 8747000 Transactions Croda Denmark A/S discloses all transactions with related parties during the year. In 2024 the following transactions have occurred: Purchase of goods from parent company TDKK 7,009 Purchase of service from parent company TDKK 4,137 Purchase of service from sister compaines TDKK 453 Sales of goods to parent company TDKK 1,623 Sales of services to parent company TDKK 1,112 Sales of goods to sister companies TDKK 116,040 Payables to parent company TDKK 1,574 Receivables from parent company TDKK 14,523 Payables to sister companies TDKK 460 Receivables from sister companies TDKK 16,382 Dividend paid to parent company TDKK 12,000 Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Croda International Plc East Yorkshire, England The Group Annual Report of Croda International Plc may be obtained at the following address: Croda International PlcCowick HallSnaithGooleEast Yorkshire DN14 9AAEngland The Annual Report of Croda Denmark A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in TDKK. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2024 of Croda International Plc, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Croda International Plc, the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost 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 attributable to the asset will flow to the Company, 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 Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (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 alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined 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 recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Software is measured at cost with deduction of accumulated amortisation. Software are amortised on a straight line basis over an evaluation of the expected useful life. Usually, the amortisation period is 3-8 years. Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. 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: Production buildings 30-40 years Plant and machinery 10-20 years Other fixtures and fittings, tools and equipment 4-6 years Leasehold improvements 3-8 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. Inventories are measured at the lower of cost based on weighted average prices and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes 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 within the same legal tax entity. 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 current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity