33957378 2025-01-01 2025-12-31 c:ContributedCapitalMember 33957378 2025-01-01 2025-12-31 33957378 2025-01-01 2025-12-31 1 33957378 2025-01-01 2025-12-31 2 33957378 2025-01-01 2025-12-31 1 33957378 2024-01-01 2024-12-31 33957378 2025-12-31 33957378 2024-12-31 33957378 2025-01-01 c:ContributedCapitalMember 33957378 2025-01-01 c:RetainedEarningsMember 33957378 2025-01-01 2025-12-31 c:RetainedEarningsMember 33957378 2025-12-31 c:ContributedCapitalMember 33957378 2025-12-31 c:RetainedEarningsMember iso4217:DKK xbrli:pure 0 true BDO Statsautoriseret Revisionspartnerselskab Roms Hule 4, 1. sal DK-7100 Vejle 45719375 Årsrapport 2026-04-21 Mikael Wædeled Sigvardsen SØLVBAKKEGÅRD OPFORMERING ApS Tustrupvej 5 8585 Glesborg Den uafhængige revisors erklæring 33957378 2011-10-04 Norddjurs 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Roms Hule 4, 1. sal 7100 Vejle Djursland Bank Today the Executive Board have discussed and approved the Annual Report of SØLVBAKKEGÅRD OPFORMERING ApS for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Glesborg 2026-04-21 Mads Hans Kring Mikael Wædeled Sigvardsen To the Shareholder of SØLVBAKKEGÅRD OPFORMERING ApS Konklusion med forbehold We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of SØLVBAKKEGÅRD OPFORMERING ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Ex­cept for the pos­sib­le ef­fects of the mat­ter des­cri­bed in the ''Ba­sis for Qua­li­fi­ed O­pi­ni­on'' pa­ra­graph, it is our o­pi­ni­on that the Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for Qualified OpinionGrundlag for konklusion med forbehold We were appointed as the company’s auditors during 2025 and were therefore unable to observe the counting of the company’s inventories at the beginning of the financial year.  We have not otherwise been able to obtain sufficient and appropriate audit evidence regarding the existence of the company’s inventories at the beginning of the financial year as of 31 December 2024. Since the opening inventories are included in the calculation of cost of goods sold, we were unable to determine whether adjustments might have been necessary to the year’s result. For this reason, we express a qualification regarding the possible impact of the above matter.   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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. In our o­pi­ni­on, the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­pro­pri­ate to pro­vi­de a ba­sis for our qua­li­fi­ed con­clu­si­on.   Grundlag for konklusion med forbehold Emphasis of matters related to the audit With effect for the current financial year, the company has transitioned from extended review to audit in accordance with international standards. The comparative figures have not been audited in accordance with international standards, but have been audited under the assurance standard for small enterprises (extended review).   Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Da­nish Fi­nan­ci­al State­ments Act and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Com­pa­ny or to cease operations, or has no realistic alternative but to do so.   Our objectives are to obtain reasonable assurance about whether the Fi­nan­ci­al Sta­te­ments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Fi­nan­ci­al Sta­te­ments.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, 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 Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry 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 of Ma­na­ge­ment Com­men­ta­ry.   Vejle 2026-04-21 BDO Statsautoriseret Revisionspartnerselskab 45719375 Lasse Bjerregaard Pedersen Den uafhængige revisors erklæring State Authorised Public Accountant mne47803 Principal activities The company's activities consist of producing pigs for breeding and multiplication.   Unusual matters The Company’s biological assets and livestock were previously measured at fair value through income statement. The accounting policy is being changed so that these items are now recognized and measured at cost.  Furthermore, the company's accounting policy for investment in equity which were previously measured at equity value . The accounting policy is being changed so that these items are now recognized and measured at cost. The comparative figures for last year have been adjusted in accordance with the new practice.  Reference is made to the description under accounting policies, including the description of the impact on the annual report of the change in accounting policies and classification.   Significant events after the end of the financial year The company is expected to be merged during 2026 with the sister breeding companies under Danish Genetics Holding ApS as part of the group’s ongoing structural consolidation. 5473018 1520177 7995655 7888002 220882 317109 -2743519 -6684934 0 -2242 2298311 34046 129945 2023598 -575153 -8676728 12085 -1459650 -587238 -7217078 -587238 -7217078 -587238 -7217078 285804 308076 694827 629502 2097185 2244729 3077816 3182307 339251 449145 0 81667 339251 530812 3417067 3713119 1137071 2981851 8710079 8646395 9847150 11628246 971487 2034307 3413877 5865275 0 3615 798951 1005532 1751429 4236260 0 1336647 0 42914 6935744 14524550 1814412 0 18597306 26152796 22014373 29865915 166667 166667 16437439 -8537160 16604106 -8370493 0 33402454 186330 0 2976796 1308130 1469766 2466133 0 889734 5410267 38236408 5410267 38236408 22014373 29865915 DKKSha­re ca­pi­talRetained earningsTotal Equity at 1 January 2025166.667-290.565-123.898Change of equity due to change of policy-8.246.595-8.246.595Adjusted equity at 1 January 2025166.667-8.537.160-8.370.493 Proposed profit allocation -587.238-587.238Contribution from Group 25.561.83725.561.837 Equity at 31 December 2025166.66716.437.43916.604.106 166667 -290565 -8246595 -587238 25561837 166667 16437439 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees2224 Wages and salaries 7.435.8447.370.017 Pensions 337.949316.638 Social security costs 190.939195.139 Other staff costs 30.9236.208 7.995.6557.888.002 22 24 7435844 7370017 337949 316638 190939 195139 30923 6208 7995655 7888002 2 | Income from investments in equities Income from investments in subsidiaries 0-2.242 0-2.242 3 | Other financial income Interest income from group enterprises 034.046 Other interest income 2.298.3110 2.298.31134.046 0 34046 2298311 0 2298311 34046 4 | Other financial expenses Interest expenses to group enterprises 22.596865.505 Other interest expenses 107.3491.158.093 129.9452.023.598 22596 865505 107349 1158093 129945 2023598 0 -1033316 206580 -426334 -194495 0 Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Hendrix Genetics Swine ApS, which serves as management Company for the joint taxation. 2025 DKK Other financial commitments The company has entered into a lease agreement with a non-cancellable period of 10 years. The total other financial commitments as of the balance sheet date amount to: 34.852.281 7 | Charges and securities As security for bank debt of DKK 0 thousand, the company has provided a floating charge over its assets (enterprise charge) with a nominal value of DKK 7,000 thousand. The floating charge comprises the following assets, the carrying amount of which as at the balance sheet date amounts to:   Inventories9.847.150 Biological assets2.097.185 Receivables6.935.744 Production plant and machinery285.804 Leasehold improvements694.827 8 | Consolidated Financial Statements The Company is included in the consolidated financial statements of Hendrix Genetics Holding B.V., Spoorstraat 69 5831 CK Boxmeer, Holland.   The Annual Report of SØLVBAKKEGÅRD OPFORMERING ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B  and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrue Regnskabsklasse B true The Annual Report is prepared consistently with the accounting principles applied last year, except for the following changes.   Change in accounting policies and classification The accounting policies have been changed in the following areas:   The company has, during the financial year, changed its accounting policy for the measurement of biological assets. Biological assets, which were previously measured at fair value, are now measured at cost less accumulated depreciation and impairment. The company has, during the financial year, changed its accounting policy for the measurement of Livestock. Livestock, which were previously measured at fair value, are now measured at cost. The company has, during the financial year, changed its accounting policy for the measurement of Investments in equity. Investments in equity where previously measured at equity value, are now measured at cost. The changes has been made as a result of a modification in group policy following the company’s entry into a new group. The change in accounting policy has been applied retrospectively, and comparative figures have been adjusted accordingly. The accumulated impact of the changes in practice, compared to the previous accounting policies, has affected the financial statements as follows:   The changes related to Biological assets and Livestock have been incorporated into the annual report and has resulted in the income statement item “gross loss” for the financial year 2024 has been decreased by DKK 1.938 thousand.  The changes related to Investment in equity has been incorporated into the annual report and has resulted in the income statement item "Income from investments in equity" has been decreased by DKK 315 thousand.  The accumulated effect of the above change in accounting policies results in an decrease in profit for the year before tax of DKK 2.253 thousand. The tax impact of the change in accounting policies amounts to DKK 426 thousand, resulting in an decrease in profit for the year after tax of DKK 1.827 thousand. Total assets have been reduced by DKK 10.572 thousand, consisting of DKK 4.860 thousand relating to biological assets and DKK 4.526 thousand relating to livestock and DKK 1.186 thousand relating to investment in equity. The overall change in accounting policy has impact the calculation of defered tax with an increase of DKK 2.325 thousand. Equity has been reduced by DKK 8.247 thousand.   Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Costs of raw materials and consumables Raw materials and consumables comprises the costs of raw materials and consumables used to reach the revenue for the year. Additionally, decrease or increase of inventories of raw materials and consumables for the year is included, as well as normal impairment of inventories of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible assets and property, plant and equipment, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Income from investments in equities Dividend from e­qui­ti­es is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies , as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeProduction plant and machinery 5-15 år0-20 %Biological assets 1-2 årSlaughter value Biological assets, which is consisting of livestock, are meassured at cost. Breeding animals are measured at cost less accumulated depreciation and impairment to reflect biological aging.   Entry animals’ represent the value of a highly pregnant gilt/heifer. The value of entry animals is determined based on either the purchase price or the production costs incurred over the replacement period.    Financial non-current assets Investments in e­qui­ti­es are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value.   Impairment of fixed assets The carrying amount of pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of livestock includes the cost of raw materials, consumables, direct payroll cost and other direct and other indirect production costs include indirect mate­rials and payroll and maintenance and depreci­ation of the machines, factory buildings and equipment used in the production process, the cost of factory administration and management and capitalised development costs relating to the products.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.