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As approved on the company’s
annual general meeting on
March 24
th
2022
Claus Eskildsen
Chairman of the meeting
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Content
02
Corporate Information
03
Management Statement
04
Independent Auditor’s Report
07
Management’s Review
14
Consolidated Financial Statements
60
Parent Company Financial Statements
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Corporate Information
BioMar Group A/S
Værkmestergade 25, 6.
8000 Aarhus C
Denmark
Phone: (+
45) 86 20 49 70
www.biomar.com
CVR-no.: 38
57 06 17
Financial year: January 1
st
– December 31
st
Board of Directors
Jens Bjerg Sørensen (Chairman)
Asbjørn Reinkind (Deputy Chairman)
J
ør
n Ankær Thomsen
Anders Wilhjelm
Marianne Kirkegaard
Executive management
CEO Carlos Diaz
Shareholders
The G
roup is a 100% subsidiary of:
Aktieselskabet Schouw & Co.
Chr
. Filtenborgs Plads 1
8000 Aarhus C
Denmark
Approval
and publication
Annual general meeting at March
24
th
2022
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Management Statement
The B
oard of Directors and the Executive Management have considered and approved the annual report for
2021 for BioMar Group A/S.
The annual report has been prepared in accordance with the International Financial Reporting Standards as
adopted by the EU and additional Danish disclosure requirements for annual reports.
In our opinion, the consolidated and parent company financial statements give a true and fair view of the
Group’s and the parent company’s assets, liabilities and financial position at December 31
st
2021 and of the
results of the Group’s and the parent company’s operations and cash flows for the financial year ended
December 31
st
2021.
In our opinion, the management’s report includes a fair review of the development and performance of the
Group and the parent company, the financial results and cash flows for the year and of the financial position,
together with a description of the principal risks and uncertainties that the Group and parent company face.
We recommend that the annual report is adopted by the shareholders at the annual general meeting.
Aarhus, February
28
th
2022
Executive Management:
Carl
os Diaz
CEO
Board of Directors:
Jens
Bjerg Sørensen
Chairman
Asbjørn Reinkind
Deputy Chairman
Jørn A
nkær Thomsen
Anders Wilhjelm Marianne Kirkegaard
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Independent Auditor’s Report
To the shareholders of BioMar Group A/S
Opinion
In our opinion, the Consolidated Financial
Statements and the Parent Company Financial
Statements give a true and fair view of the Group’s
and the Parent Company’s financial position at 31
December 2021 and of the results of the Group’s
and the Parent Company’s operations and cash
flows for the financial year 1 January to 31
December 2021 in accordance with International
Financial Reporting Standards as adopted by the
EU and further requirements in the Danish
Financial Statements Act.
We have audited the Consolidated Financial
Statements and the Parent Company Financial
Statements of BioMar Group A/S for the financial
year 1 January - 31 December 2021, which
comprise income statement and statement of
comprehensive income, balance sheet, statement
of changes in equity, cash flow statement and
notes, including a summary of significant
accounting policies, for both the Group and the
Parent Company (“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 Group in accordance with the
International Ethics Standards Board for
Accountants’ International Code of Ethics for
Professional Account-ants (IESBA Code) and the
additional ethical requirements applicable in
Denmark, and we have fulfilled our other ethical
responsibilities in accordance with these
requirements and the IESBA Code. We believe
that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
Statement on the Management's review
Management is responsible for Management’s
Review.
Our
opinion on the financial statements does not
cover Management’s Review, and we do not
express any form of assurance conclusion
thereon.
In
connection with our audit of the financial
statements, our responsibility is to read
Management’s Review and, in doing so, consider
whether Management’s Review is materially
inconsistent with the financial statements or our
knowledge obtained during the audit, or otherwise
appears to be materially misstated.
Moreover, it is our responsibility to consider
whether Management’s Review provides the
information required under the Danish Financial
Statements Act.
Bas
ed on the work we have performed, in our
view, Management’s Review is in accordance with
the Consolidated Financial Statements and the
Parent Company Financial Statements and has
been prepared in accordance with the
requirements of the Danish Financial Statement
Act. We did not identify any material misstatement
in Management’s Review.
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Independent Auditor’s Report
Management's responsibilities for the
financial statements
Management is responsible for the preparation of
Consolidated Financial Statements and Parent
Company Financial Statements that give a true
and fair view in accordance with International
Financial Reporting Standards as adopted by the
EU and further requirements in 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
Group’s and the Parent 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 Group
or the Parent Company or to cease operations, or
has no realistic alternative but to do so.
Auditor's responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs
and the additional requirements applicable in
Denmark will always detect a material
misstatement when it exists. Misstatements can
arise from fraud or error and are considered
material if, individually or in the aggregate, they
could reasonably be expected to influence the
economic decisions of users taken on the basis of
these financial statements.
As
part of an audit conducted in accordance with
ISAs and the additional requirements applicable in
Denmark, we exercise professional judgment and
maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to those
risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a
material misstatement resulting from fraud is
higher than for one resulting from error as
fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the over-ride
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 Group’s and the Parent 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 Group’s and the
Parent 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 Group and the
Parent Company to cease to continue as a
going concern.
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Independent Auditor’s Report
• 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
• Obtain sufficient appropriate audit evidence
regarding the financial information of the
entities or business activities within the Group
to express an opinion on the Consolidated
Financial Statements. We are responsible for
the direction, supervision and performance of
the group audit. 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
Aarhus, February 28th 2022
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Claus Lindh
olm Jacobsen
State Authorised Public Accountant
mne23328
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Management Review
BioMar at a glance
BioMar is one of the world’s leading suppliers of
high-performance quality feed for the aquaculture
industry. Globally BioMar Group supplies
aquaculture feed to more than 45 different fish
species in more than 80 countries. The main
products are feed made for salmon and trout,
seabass and seabream as well as shrimp. The
Group’s activities are based on geography and
business focus divided into four operational
divisions; SALMON, EMEA, LATAM and ASIA.
T
he SALMON division covering operations in
Norway, Scotland, Chile and Australia. The
division supplies high-yielding feed for Atlantic
salmon, Pacific salmon and trout. The EMEA
division covering the EMEA region and involving
all operations other than salmon. The division has
production facilities in Denmark, France, Spain,
Greece and Turkey. The LATAM division covering
Lati
n American shrimp and fish territories other
than salmon, with a special focus on hatchery
products. The division has production facilities in
Ecuador and Costa Rica. The ASIA division
covering a broad range of species relevant for this
region including shrimp. The division has two
production facilities in China and one in Vietnam.
The four operational divisions enable the most
appropriate business models in the individual
markets with the aim to achieve best practice and
positive synergies across the geographical
markets.
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Financial Highlights and Key Ratios
Comparative figures for 2017-2018 have not been restated to include IFRS 16.
2021 2020 2019 2018 2017
Volume aqua feed
Tonnage in 1,000 tons 1,446 1,341 1,250 1,209 1,156
(in million DKK)
Profit and loss
Revenue 13,300 11,649 11,180 10,328 9,955
Operating profit before depreciations (EBITDA) 911 972 966 713 712
Operating profit (EBIT) 559 642 659 533 563
Net financials -58 -68 -33 -35 14
Profit before tax 546 538 676 574 615
Profit for the year 400 396 541 410 470
Invested capital
Investments in property, plant and equipment 133 147 438 224 195
Non-current assets 4,319 3,816 4,260 3,161 2,973
Current assets 5,715 4,693 4,516 3,980 3,322
Total assets 10,034 8,509 8,776 7,141 6,295
Equity 2,945 2,664 2,857 2,583 2,489
Cash flows
Cash flows from operating activities 249 1,028 328 365 296
Cash flows from investing activities -358 -131 -543 -217 -1,027
Cash flows from financing activities 63 -845 198 -108 657
Cash flows for the year -45 52 -17 40 -74
Key ratios
EBIT-margin (%) 4.2 5.5 5.9 5.2 5.7
Return on equity (%) 14.3 14.3 19.9 16.2 19.5
Solvency ratio (%) 29.4 31.3 32.6 36.2 39.5
ROIC excl.goodwill (%) 15.9 18.5 18.9 22.8 30.3
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Definitions of Key Ratios
Reference is made to note 30
Business Development
In
2021 the worldwide pandemic COVID-19
remained a constant challenge affecting many
aspects of both private and government
operations. BioMar is continuously adapting to the
COVID-19 situation in each individual market to
ensure the right measures are in place in each
market to protect our employees and their families
while securing a stable production as part of a
critical sector to ensure food supply to the world.
To date the virus has still not significantly impacted
the consolidated group sales or production but
some markets remain more challenged than
others.
The
most important impact seen is the supply
chain shortage of raw materials and high raw
material price levels on mainly commodities, but
also energy prices and freight rates increase,
impacting at different intensities all our markets
around the world. The significant increases in
costs negatively impact profitability as it is not
possible to fully pass on the increase in variable
cost to customer sales prices.
It is important to highlight that BioMar has taken
the responsibility, as a key part of the value chain,
to continue supplying our customers
worldwide
despite the difficulties, which of course affect our
NWC and debt but we strongly believe is the right
thing to do as a responsible supplier under the
circumstances.
In
September 2021, BioMar announced an
investment plan to construct four new extrusion
lines in the important shrimp market in Ecuador.
T
he investment will when completed increase the
capacity by 200,000 tons of extruded shrimp feed
annually. First phase of the plan, which comprises
an investment of 125m DKK in new land and two
extrusion lines, is expected to be completed in Q4
2022.
The newly established partnership in Vietnam with
shrimp farmer Viet UC is developing promisingly
although at much slower pace due to COVID-19
pandemic which has impacted Vietnam especially
hard in 2021. BioMar still considers the partnership
in Vietnam as a corner stone to establishing a solid
foothold in the important Asian aquaculture
markets.
In December 2019, the Chilean competition
authority indicted four Chilean fish feed producers,
including BioMar Chile, on charges of concerted
practice. The charges are based on isolated
circumstances related to the Chilean fish feed
industry during the period 2003-2015.
BioMar Chile does not acknowledge the charges
and the company intends to rebut the charges that
it has participated in concerted practices so as to
restrict competition in the industry. No significant
new information has emerged during 2021 which
is reflected in the financial statements. Reference
is made to note 21 in the annual report for further
disclosures.
Operating profit
(EBIT-margin)
Return on Equity (%)
Solvency rate (%)
4.2 %
14.3 %
29.4 %
Operating profit
Revenue
Profit for the year
Average equity
Equity
Total assets
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Financial Review
Income Statement
In 2021 revenue was 13,300m DKK, a 14%
increase from 11,649m DKK in 2020 and 11%
higher than the outlook for the year from March
2021. The increase is reflecting an 8% increase in
volumes sold relative to 2020 but as important the
increasing raw material prices, energy prices, and
favorable currency rates increased the revenue.
The increase was primarily driven by the SALMON
division but also the LATAM and EMEA divisions
showed revenue growth as a combination of sales
performance and higher price levels.
Developments in foreign exchange rates had a
positive impact of 232m DKK on revenue.
B
ioMar reported an EBITDA decrease from 972m
DKK in 2020 to 911m DKK in 2021 and lower than
the EBITDA outlook of 950m – 1,020m DKK
expected for the year in March 2021.
The result was driven positively by increased sales
volume and favorable exchange rates but
dramatically increasing raw material and energy
prices were only partially passed on to customers
and that combined with investments in the
organization and some commercial activities
reactivated after a very silent 2020 overall have
negatively impacted EBITDA.
EBIT amounts to 559m DKK being 83m DKK lower
than 2020 which in addition to the EBITDA impacts
comprise higher depreciations on lease assets as
well as full year effect on the deployment of the
factory in Australia in May 2020.
T
he 50%-owned feed businesses in Turkey and
China, which are not consolidated, reported
combined 2021 revenue (100% basis) of 972m
DKK and EBITDA of 60m DKK, compared to
revenue of 682m DKK and EBITDA of 40m DKK in
2020. In both markets BioMar achieved double
digit growth year on year despite the significant
economic turmoil in the Turkish market. The result
was achieved through continuous expansion of the
customer portfolio focusing on value creation and
simultaneously cost control.
The non-consolidated businesses also include the
fish farming company Salmones Austral, LetSea
and ATC Patagonia research centers and LCL
Shipping. These non-consolidated companies are
recognized in the 2021 consolidated financial
statements with a profit of 33m DKK after tax,
compared to a loss of 44m DKK after tax in 2020.
The significant turnaround is due to better results
in Salmones Austral in Chile as salmon prices
have more than recovered from pre-COVID-19
levels.
Profit before tax ended at 546m DKK compared to
538m DKK the year before which is a slight increase
of 8m DKK. The increase is driven by the significant
change in earnings from associated companies
combined with favorable foreign exchange rates
recorded in financial items.
Profit after tax amounts to 400m DKK compared to
396m DKK in 2020.
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Financial Review
Balance Sheet
Non-current assets amounted to 4,319m DKK end
of 2021 compared to 3,816m DKK end of 2020, an
increase of 503m DKK. The increase is mainly
driven by the acquisition in Vietnam in May 2021,
granting of customer loans as well as positive
foreign exchange effects impacting all asset
classes.
Net working capital increased from 955m DKK end
of 2020 to 1,399m DKK end of 2021 mainly driven
by higher activities and rising price levels following
significant higher raw material prices. Due to the
global logistic challenges related to shipping
container shortage and overloaded ports, as well
as supply chain shortage of some important raw
materials, it has been necessary to increase
minimum stock levels in some business units.
Receivables increased, also from pressure on
longer payment terms in some markets.
Inventories increased significantly reflecting the
generally increased raw material prices and higher
volume activity in some markets. Supplier debt
increased with the price and activity increase
impacting the inventory. Utilization of supply chain
financing was increased to 1,058m DKK from
829m DKK last year to cope with the raw material
price increases. Currency fluctuations impacted
the net working capital negatively by approx. 48m
DKK mainly due to higher USD and GBP
BioMar Group facilitates a supply chain financing
program funded by credit institutes. The main
purpose and benefits with the program are to
develop and further improve long-term relationship
with our suppliers of raw materials in a commodity
market. As a company we support long-term
relationships towards customers, suppliers and
other stakeholders. This is one of our guiding
principles to support our Purpose Statement. A
strong cooperation with suppliers enhances supply
chain stability.
The supply chain financing program is reducing
raw material cost and finance cost in our value
chain. The program funds growth and innovation
for suppliers, which is an advantage for BioMar’s
product innovation, and it is securing our supply
chain according to the strategy and future growth.
Non-current liabilities decreased by 200m DKK to
596m DKK end of 2021. The decrease mainly
relates to long-term loan changed to current
liability in December 2021 balanced by recognized
contingent consideration and an increase in
deferred taxes.
Equity amounted to 2,945m DKK end of 2021
equivalent to a solidity of 29% opposed to 31%
end of 2020.
ROIC excluding goodwill decreased from 18.5% in
2020 to 15.9% in 2021 driven mainly by the
weaker earnings (EBITA) as average invested
capital only increased 2% compared to last year.
Cash Flow Statement
Cash flow from operating activities amounts to
249m DKK compared to 1,028m DKK in 2020. The
significant decrease is due to both lower earnings,
higher working capital investments and higher tax
payments.
Cash flow from investment activities amounts to
-358m DKK compared to -131m DKK in 2020, an
increase of 227m DKK. The increase is mainly
driven by the acquisition in Vietnam in May 2021
and investment in customer loans.
Cash flow from financing activities amounts to
63m DKK compared to -845m DKK in 2020. The
cash flow was impacted by substantial drawdowns
on the group financing facilities because of the
need for additional working capital investments.
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Financial Review
Financial Resources
Net interest-bearing debt amounts to 1,932m DKK
compared to 1,532m DKK end of 2020, an
increase of 400m DKK, mainly due to the need to
finance the increase in working capital. BioMar is
partially financed through the parent company with
committed facilities toward third party financial
institutions that exceed 12 months.
Outlook
The long-term demand for farmed fish and shrimp
is generally developing favorably in many markets,
and there are no immediate indications of any
changes to this trend. In most markets the industry
has emerged from the COVID-19 disruptions and
operates with processes and procedures mitigating
significant risks related to this condition.
Focus for 2022 for BioMar will be to leverage and
further expand the strong market position achieved
as well as the strategic investments made in
recent years. Also the management of supply
chain shortage of raw materials and the fluctuating
raw material and energy prices will be key to
achieve the outlook set for 2022.
Against this background, BioMar expects to
generate full-year 2022 revenue in the range of
14b – 15b DKK and EBITDA in the range of 985m
- 1,035m DKK. As it has been the case in 2021,
changes in raw materials prices and forei
gn
exchange rates may impact revenue and earnings
performance.
Associates and joint ventures, which are
recognized at a share of profit after tax, are
expected to contribute with a profit of
approximately 55m DKK in 2022. The outlook
assumes stable Chilean salmon prices at
historically high levels and favorable biological
conditions.
Other statements
Risk Management
The Board of Directors and management in
BioMar assess and monitor on an ongoing basis
the risks to which the company is exposed as well
as management and mitigation of those risks.
Risks are defined as the risk of the company not
achieving its short- and long-term objectives. The
risk management strategy comprises the
implementation of a number of procedures and
policies in order to identify measure and manage
relevant risks. The group is among other exposed
to strategical, operational and financial risks
Reference is made to note 24 for a more detailed
description of the financial risks.
The strategical risks mainly relate to the risk of
BioMar not achieving its long-term objectives but
can also impact the fulfilment of short-term
objectives. BioMar typically classifies the risk
according to two criteria being the likelihood for a
certain event to occur and the financial impact if
that event occurs. Based on an overall
assessment of each risk, actions to mitigate the
risks are prioritised and implemented. It is
assessed that the risks BioMar are exposed to are
common for the industry.
Research & Development and
Knowledge Resources
It is BioMar’s objective to be recognised as an
innovative company which through research and
development activities delivers competitive
products and technical related services to its
customers. BioMar invests annually an amount
equal to 10-15% of the result from operations in
research and development and has engaged
highly educated specialists in this field. In addition,
BioMar has a long tradition for cooperating with
research institutes in several countries as well as
fish farmers are often involved in the development
processes.
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Other statements
Corporate Social Responsibility
In accordance with the Danish Financial Statement
Act § 99a BioMar has not published an individual
report for corporate social responsibility as it has
been incorporated in the consolidated report for
the parent company Schouw & Co., to which
reference is made.
Gender Composition
In accordance with the Danish Financial Statement
Act § 99b BioMar has not published an individual
report on gender composition as it has been
incorporated in the consolidated report for the
parent company Schouw & Co., to which reference
is made.
Data ethics
In accordance with the Danish Financial Statement
Act § 99d BioMar has not published an individual
policy for data ethics as it has been incorporated in
the consolidated report for the parent company
Schouw & Co., to which reference is made.
Information about the account for corporate social
responsibility, gender composition and data ethics
can be retrieved from the parent company’s
website, at;
www.schou
w.dk/media/1889/esg-
report-2021-eng.pdf
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15 Statements of Income and Comprehensive Income
16 Balance Sheet
18 Statement of Change in Equity
19 Cash Flow Statement
20 Notes
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STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(DKK 1,000)
Note
INCOME STATEMENT 2021 2020
1 Revenue 13,300,302 11,648,669
2-5 Production costs -11,861,122 -10,185,127
Gross profit 1,439,180 1,463,542
7 Other operating income and expenses, net 3,744 -6,777
3,4 Distribution costs -597,319 -554,725
3,4,6 Administration costs -286,722 -260,259
Operating profit (EBIT) 558,883 641,781
8 Share of profit after tax, associates 33,017 -43,761
8 Share of profit after tax, joint ventures 12,292 7,905
9 Financial income 28,902 14,069
10 Financial expenses -87,173 -81,716
Profit before tax 545,921 538,278
11 Tax on profit for the year -145,905 -142,048
Profit for the year
400,016 396,230
Profit for the year attributable to:
Shareholders of BioMar 400,101 396,230
Non-controlling interests -85
Profit for the year
400,016 396,230
Other comprehensive income
Items that have been or may subsequently be reclassified to the income statement;
Exchange rate adjustments, foreign entities 232,325 -287,816
Value adjustments of hedging instruments:
- Value adjustments for the year -10,515 -8,168
- Value adjustments tranferred to production costs 8,168 -2,043
Other comprehensive income in subsidiaries, associates and joint ventures -640 -872
11 2,152 1,016
Other comprehensive income after tax 231,490 -297,883
Total comprehensive income
631,506 98,347
Comprehensive income attributable to:
Shareholders of BioMar 630,792 98,347
Non-controlling interests 714 -
Total comprehensive income
631,506 98,347
Tax on items that have been or may subsequently be reclassified to
t
he income statement
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BALANCE SHEET AT DECEMBER 31
st
(DKK 1,000)
Note ASSETS 2021 2020
Goodwill 1,056,277 895,819
Customer relations 71,436 77,537
Brands 18,001 17,668
Technology 166,683 168,199
Other intangible assets 50,069 27,764
12 Intangible assets 1,362,466 1,186,987
Land and buildings 776,340 756,102
Plant and machinery 788,384 806,358
Other plant, fixtures and operating equipment 43,019 39,857
Assets under construction 75,081 22,275
13 Property, plant and equipment 1,682,824 1,624,592
8 Investments in associates 401,057 339,482
8 Investments in joint ventures 148,088 133,526
14 Right of use assets 448,256 465,831
Securities 955 920
18 Deferred tax 49,878 36,866
16 Receivables 225,241 27,618
Other non-current assets 1,273,475 1,004,243
Total non-current assets 4,318,765 3,815,822
15 Inventories 1,976,013 1,516,400
16 Receivables 3,405,475 2,801,389
17 Income tax 54,649 69,248
Prepayments 17,388 13,513
Cash and cash equivalents 261,708 292,799
Total current assets 5,715,233 4,693,349
Total assets
10,033,998 8,509,171
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STATEMENT OF CHANGES IN EQUITY
(DKK 1,000)
Share
capital
Hedge
transaction
reserve
Exchange
rate
adjustment
r
eserve
Retained
income
Proposed
dividend
Total
Non-
controlling
interests
Total equity
Equity at December 31
st
2020 250,000 1,902 229,785 2,075,342 300,000 2,857,029 - 2,857,029
Comprehensive income in 2020
Profit for the year 46,230 350,000 396,230 396,230
Other comprehensive income
Value adjustments of hedging instruments -10,211 -10,211 -10,211
Exchange rate adjustments of foreign entities -287,816 -287,816 -287,816
Other comprehensive income in subsidiaries,
associates and joint ventures
-872 -872 -872
Tax on other comprehensive income 1,016 1,016 1,016
Other comprehensive income - -9,195 -287,816 -872 - -297,883 - -297,883
Comprehensive income - -9,195 -287,816 45,358 350,000 98,347 - 98,347
Transactions with shareholders:
Dividend distributed -300,000 -300,000 -300,000
Value adjustment of put option 8,740 8,740 8,740
Transactions with shareholders - - - 8,740 -300,000 -291,260 - -291,260
Equity at December 31
st
2020
250,000 -7,293 -58,031 2,129,440 350,000 2,664,116 - 2,664,116
Equity at January 1
st
2021 250,000 -7,293 -58,031 2,129,440 350,000 2,664,116 - 2,664,116
Comprehensive income in 2021
Profit for the year 50,101 350,000 400,101 -85 400,016
Other comprehensive income
Value adjustments of hedging instruments -2,347 -2,347 -2,347
Exchange rate adjustments of foreign entities 231,526 231,
526 799 232,325
Other comprehensive income in subsidiaries,
associates and joint ventures
-640 -640 -640
Tax on other comprehensive income 2,152 2,152 2,152
Other comprehensive income - -195 231,526 -640 - 230,691 799 231,490
Comprehensive income - -195 231,526 49,461 350,000 630,792 714 631,506
Transactions with shareholders:
Dividend distributed -350,000 -350,000 -350,000
Capital increase - 4,265 4,265
Additions of non-controlling interest - 9,
392 9,392
Value adjustment of put option -14,297 -14,297 -14,297
Transactions with shareholders - - - -14,297 -350,000 -364,297 13,657 -350,640
Equity at December 31
st
2021
250,000 -7,488 173,495 2,164,604 350,000 2,930,611 14,371 2,944,982
SHARE CAPIT AL
The share capital is unchanged and consists of 100,000 shares with a nominal value of 2,500 DKK. All shares carry equal rights. The Group does
not hold own shares.
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CASH FLOW STATEMENT
(DKK 1,000)
Note 2021 2020
Profit before tax 545,921 538,278
Adjustment for non-cash items:
3 Depreciations and impairment losses 351,877 330,482
Other operating items, net 1
8 Share of profit after tax in associates and joint ventures -45,309 35,856
9 Financial income -28,902 -14,069
10 Financial expenses 87,173 81,716
22 Changes in working capital -412,458 267,062
Interest received 14,800 13,582
Interest paid -71,438 -70,766
17 Taxes paid -192,409 -154,008
Cash flow from operating activities
249,255 1,028,134
23 Purchase of intangible assets -29,793 -14,165
23 Purchase of property, plant and equipment -131,269 -138,751
Sale of property, plant and equipment 3,925 687
25 Acquisition of subsidiaries, net of cash -38,859 -
Loan to associates -8,816 -
Loan to customers -154,989 -
Addition/disposal of other financial assets 2,314 19,539
Investment in/sale of securities -19 1,801
Cash flow from investing activities
-357,506 -130,889
19,23 Re-payment of long-term liabilities/proceeds from borrowings 7,435 -
19 Re-payment of lease debt -134,827 -116,223
Increase (re-payment) of intra-group balances 486,431 -486,605
19 Increase (re-payment) of debt to credit institutions 49,461 58,245
Dividend distributed -350,000 -300,000
Capital increase non-controlling shareholders 4,265 -
Cash flow from financing activities
62,765 -844,583
Cash flow for the year -45,486 52,662
Cash, and cash equivalents at January 1
st
292,799 269,810
Exchange rate adjustments of cash and cash equivalents 14,395 -29,673
Cash and cash equivalents at December 31
st
261,708 292,799
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
1
2021 2020
5,181,715 3,711,749
Chile 2,840,333 3,008,023
Other countries 5,278,254 4,928,897
13,300,302 11,648,669
13,064,521 11,469,598
Other products 235,781 179,071
13,300,302 11,648,669
2
PRODUCTION COSTS 2021 2020
Cost of goods sold -10,926,238 -9,335,745
Inventory write-downs -379 -149
3 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES
2021 2020
-33,750 -36,091
Depreciation of property, plant and equipment -180,070
-171,067
Impairment of property, plant and equipment -
-1,012
Depreciation of lease assets -138,057 -122,312
Total depreciation, amortisation and impairment losses -351,877
-330,482
4
STAFF COSTS 2021 2020
Wages and salaries -493,340 -462,586
Defined contribution pension plans -30,631 -26,065
Other social security costs -49,763 -44,829
Share-based payments -5,642 -3,743
Total staff costs -579,376 -537,223
Average number of employees 1,463 1,377
Remuneration to executive management and board of directors
Wages and salaries -4,821 -4,679
Pension -93 -89
Bonus -2,959 -1,150
Share-based payments -2,055 -1,495
Total remuneration to executive management and board of directors -9,928 -7,413
Amortisation of intangible assets
Amortisations of intangible assets are included in distribution costs with 28m DKK in 2021 (2020: 29m DKK) and
administration costs with 6m DKK in 2021 (2020: 7m DKK). Other depreciations are included in the respective cost types,
m
ainly production and distribution costs.
With reference to the Danish Financial Statement Act §98 b, 3 remuneration to the excutive board and board of directors is
disclosed combined. Key management personnel is defined to be executive management.
REVENUE
Revenue is split per geography as follows:
Norway
Total revenue
Aqua feeds
Total revenue
In the above disaggrigation of revenue geographies and/or product types comprising 10% or more of the total revenue have
been presented seperately.
Revenue is split per product type as follows:
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
4 STAFF COSTS (continued)
BONUS SCHEMES
Share-based payments
OUTSTANDING
OPTIONS
Executive
management
Others Total
Average
exercise
price in
DKK (1)
Fair value
(DKK) per
option (2)
Total fair
value in
tDKK (2)
Exercisable
from
Exercisable
until
Granted in 2017 20,000 24,000 44,000 672 68.45 3,012 March 2020 March 2021
Granted in 2018 25,000 30,000 55,000 706 58.51 3,218 March 2021 March 2022
Granted in 2019 25,000 40,000 65,000 574 71.47 4,646 March 2022 March 2023
Granted in 2020 27,000 52,000 79,000 523 44.10 3,484 March 2023 March 2024
Total outstanding options
at December 31
st
2020
97,000 146,000 243,000
Granted in 2021 30,000 55,000 85,000 678 125.37 10,656 March 2024 March 2025
Lapsed (from 2017 grant) -20,000 -24,000 -44,000
Total outstanding
options at December
31
st
2021
107,000 177,000 284,000
(1)
exercised after 4 years (at the latest possible date)
(2) at the date of grant
2021
grants
2020
grants
2019
grants
2018
grants
Expected volatility 31.58% 22.21% 29.23% 21.10%
Expected term 49 mo. 48 mo. 48 mo. 48 mo.
Expected dividend per share
14 DKK 13 DKK 13 DKK 12 DKK
Risk-free interest rate -0.54% -0.97% -0.52% -0.38%
Executive Management and executive committee management in BioMar Group are covered by the parent company Schouw
& Co.'s share option programme. The programme entitles participants to acquire shares in Schouw & Co. at a price based
on the officially quoted price at the time for granting (2021: 666.40 DKK) plus a premium (2021 allocation: 2%) from the date
of grant until the date of exercise. The exercise price is adjusted less ordinary dividends, which, however, cannot exceed the
accrued premium. The costs related to the programme are calculated according to "Black & Scholes" and are expensed as
staff costs linearly over the period of the option and settled to the parent company.
Fair value assumptions:
The expected volatility is calculated as 12 months' historical volatility based on average prices. If the option holders have not
exercised their share options within the specified period, the share options will lapse without any compensation to the
holders. Exercise of the share options is contingent on the holder being in continuing employment during the above-
mentioned periods. If the holder leaves the company before a share option vests, the holder may in some cases have a right
to exercise the share option early during a four-week period following Schouw & Co.'s next stock announcement. In the
event of early exercise the number of share options will be reduced proportionally.
In 2021 no options were exercised. The options programme from 2017 lapsed without utilization.
Executive management are covered by a short term bonus schemes regarding achievement of a number of both financial and
operational objectives. An amount corresponding up to 5 months of remuneration is paid out in case the objectives are
achieved.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
5
2021 2020
-74,858 -74,551
Research and development costs recognised in the income statement -74,858 -74,551
6 FEES TO AUDITORS APPOINTED AT THE ANNUAL GENERAL MEETING
2021 2020
PwC EY
-2,326 -2,774
- -65
-188 -304
-121 -210
Total fees -2,635 -3,353
7
2021 2020
Profit on the disposal and sale of property, plant and equipment 300 314
Government grants 5,399 5,706
Other operating income 1,047 758
6,746 6,778
Losses on the disposal and sale of property, plant and equipment -345 -
Other operating costs -2,657 -13,555
-3,002 -13,555
Total other operating income and expenses, net
3,744 -6,777
Incurred research and development costs
Other assurance engagements
Tax and VAT advisory services
Other services
Statutory audit
BioMar Group has appointed PWC as group auditor for the financial year 2021, hence comparative figures concern the
previous audit firm EY.
Total other operating expenses
RESEARCH AND DEVELOPMENT COSTS
OTHER OPERATING INCOME AND EXPENSES
Total other operating income
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
8 INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND JOINT OPERATIONS
Name Country and city of incorporation
2021 2020
Salmones Austral S.A. Puerto Montt, Chile 23% 23%
Aquaculture Technology Centre Patagonia S.A. Lenca, Chile 30% 30%
LetSea AS Dønna, Norway 33% 33%
LCL Shipping Ltd. Grangemouth, Scotland 40% 40%
BioMar-Sagun TTK Söke, Turkey 50% 50%
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Wuxi, China 50% 50%
Material associates
Financial information for associates that are considered material to the Group adjusted for different accounting practices.
2021 2020
Revenue 1,649,409 1,088,559
Result after tax 127,769 -192,440
Current assets 1,423,621 1,177,289
Non-current assets 1,858,103 1,554,561
Current liabilities 775,326 618,584
Non-current liabilities 1,054,214 895,252
Share of profit 29,271
-44,088
Immaterial associates and joint ventures
Financial information for associates and joint ventures that individually are considered immaterial to the Group.
2021 2020
Share of profit from continuing operations, associates 3,746 327
Share of profit from continuing operations, joint ventures 12,292 7,905
Carrying amount of investments in associates and joint ventures
2021 2020
The Group's share of equity in material associates
332,697 279,049
Goodwill regarding material associates 10,669 9,844
57,691 50,589
144,832 130,270
Goodwill regarding immaterial joint ventures 3,256 3,256
549,145 473,008
Recognised as investments in associates 401,057 339,482
Recognised as investments in joint ventures 148,088 133,526
Total investments 549,145 473,008
(DKK 1,000)
The Group's share of equity in individually immaterial associates
The Group's share of equity in individually immaterial joint ventures
Total carrying amount of investments in associates and joint ventures
Salmones Austral S.A.
The Group has the following investments in associates and joint ventures, all recognised to the Group's share of the net
equity. The Group's equity interests are consistent with its voting rights.
Equity interest
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
8 INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND JOINT OPERATIONS (continued)
Joint operations
Financial information for joint operations that individually are considered immaterial to the Group.
2021
2020
Share of profit 103 -55
9 FINANCIAL INCOME
2021 2020
14,724 13,326
76 256
14,090 487
Fair value adjustments of financial assets measured through profit and loss 12 -
Total financial income 28,902 14,069
10
2021 2020
-40,867 -34,326
-21,307 -20,448
-14,432 -15,993
-10,567 -10,949
Total financial expenses -87,173 -81,716
Joint operations
In addition to the associates and joint ventures the Group had the following joint operations during 2021:
Pro-rata consolidated enterprises in which BioMar Group holds a 50% equity share; BioMar Aquacorporation Products S.A.
The investment in the enterprise is a joint arrangement, in which the BioMar Group in cooperation with an external partner shares
control of the production capacity in the jointly operated enterprise. As both partners contribute and thus control a proportion of
the assets and liabilities the constructions are, in accordance with IFRS 11, classified as joint operations, hence the rule of
proportional consolidation applies.
Exchange rate adjustments
Interest income etc.
Financial income from group enterprises
Exchange rate adjustments
FINANCIAL EXPENSES
Interest expenses etc.
Interests from lease liabilities
Financial costs to group enterprises
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
11
2021 2020
-145,905 -142,048
2,
152 1,016
-143,753 -141,032
Tax on the profit for the year has been calculated as follows:
-100,129 -163,910
-28,605 15,187
Change in deferred tax due to change in corporate tax rates -1,800 195
-15,371 6,480
-145,905 -142,048
Specification of tax on the profit for the year:
-120,102 -118,419
Adjustment of calculated tax in foreign subsidiaries relative to 22% -10,930 -11,248
14,197 -13,964
-5,104 -1,188
-6,904 -5,226
-1,800 195
-15,371 6,480
109 1,322
-145,905 -142,048
26.7% 26.4%
Tax on other comprehensive income
Before tax Tax After tax
232,325 - 232,325
Value adjustments of hedging instruments -2,347 2,152 -
195
Other comprehensive income in subsidiaries,
associates and joint ventures
-640 - -640
Total tax on other comprehensive income 229,338 2,152 231,490
Before tax Tax After tax
-287,816 - -287,816
Value adjustments of hedging instruments -10,211 1,016 -9,195
Other comprehensive income in subsidiaries,
associates and joint ventures
-872 - -872
Total tax on other comprehensive income -298,899 1,016 -297,883
Effective tax rate
Total tax recognised in the income statement
2020
Exchange rate adjustments of foreign entities
Exchange rate adjustments of foreign entities
2021
Use of tax assets not previously recognised
Withholding taxes
Calculated 22% tax on the profit for the year
Current tax
Deferred tax
TAX ON PROFIT FOR THE YEAR
Tax on profit for the year is specified as follows:
Tax on profit for the year
Tax on other comprehensive income
Total tax
Share of profit/loss in associates and jv´s
(DKK 1,000)
Tax effect of:
Other non-deductible costs and non-taxable income
Adjustments from change in corporate tax rates
Adjustments of prior periods tax charge
Adjustments of prior periods tax charge
Total tax recognised in the income statement
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
12
INTANGIBLE ASSETS
Goodwill
Customer
relations
Brands Technology
Other intan-
gible assets
Total
Cost at January 1
st
895,819
154,246
21,202
216,256
83,854
1,371,377
Exchange rate adjustments
74,795
12,940
1,779
18,142
2,624
110,280
Additions -
-
-
-
29,793
29,793
Additions from acquisitions
85,663
-
-
-
-
85,663
Transferred/reclassified
-
-
-
-
10,939
10,939
Cost at December 31
st
1,056,277
167,186
22,981
234,398
127,210
1,608,052
Amortisation and impairment at January 1
st
-
-76,709
-3,534
-48,057
-56,090
-184,390
Exchange rate adjustments
-
-6,953
-344
-4,675
-2,401
-14,373
Amortisation
-
-12,088
-1,102
-14,983
-5,577
-33,750
Transferred/reclassified
-
-
-
-
-13,073
-13,073
Amortisation and impairment at December 31
st
-
-95,750
-4,980
-67,715
-77,141
-245,586
Carrying amount at December 31
st
1,056,277
71,436
18,001 166,683 50,069
1,362,466
Goodwill
Customer
relations
Brands Technology
Other intan-
gible assets
Total
Cost at January 1
st
979,137
169,990
23,366
238,329
72,738
1,483,560
Exchange rate adjustments -83,318
-15,744
-2,164
-22,073 -3,049
-126,348
Additions -
-
-
- 14,165
14,165
Cost at December 31
st
895,819 154,246 21,202
216,256 83,854 1,371,377
Amortisation and impairment at January 1
st
-
-71,721
-2,726
-37,073 -51,726
-163,246
Exchange rate adjustments -
7,509
331
4,506 2,601 14,947
Amortisation -
-12,497
-1,139
-15,490
-6,965
-36,091
Amortisation and impairment at December 31
st
-
-76,709
-3,534
-48,057 -56,090 -184,390
Carrying amount at December 31
st
895,819
77,537
17,668
168,199
27,764
1,186,987
Other intangible assets comprise mainly IT Projects of which 8m DKK is under development at the reporting date.
2021
2020
Intangible assets are mainly acquired in connection with business combinations and comprise brand, customer contracts and
technology. The identified assets besides goodwill have an expected usefull life between 5 and 20 years.
By the end of 2021 BioMar Group has contractual obligations of 15m DKK (2020: 30m DKK) regarding purchase of intangible
assets, not yet delivered. The contracted assets are mainly regarding an upgrade the aforementioned IT project above.
Other intangible assets consists mainly of IT projects, but also includes various ongoing and completed development projects of
which 34.8m DKK (2020: 8m DKK) is under development at the reporting date.
Customer relations, brands and technology all comprise assets identified as part of a business combination. None of the assets
are patented.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
12
INTANGIBLE ASSETS (continued)
GOODWILL
2021
CGU specific assumptions:
Carrying
amount of
goodwill
Yearly
growth in
revenue
Growth rate
in terminal
period
Discount
rate before
tax
EMEA
80,346
4.7%
2.0% 7.0%
Chile Group 293,587
3.6%
2.0% 13.5%
Vietnam 92,056
n/a* 2.0%
13.0%
Ecuador
590,288
8.3% 3.0%
13.4%
1,056,277
2020
CGU specific assumptions
Carrying
amount of
goodwill
Yearly
growth in
revenue
Growth rate
in terminal
period
Discount
rate before
tax
EMEA
80,354 5.3% 2.0% 7.3%
Chile Group
270,864 1.7% 2.0% 11.9%
Ecuador
544,601
9.5% 3.0% 11.5%
895,819
Key assumptions
The management of BioMar Group has tested the value in use of the carrying amounts against goodwill in the group
companies. In the tests performed, the senior management of the respective companies has estimated the expected free
cash flow for a five year budget period for the years 2022-2026. The free cash flow after tax has been applied to a discounted
cash flow model (the "value in use” principle) for the purpose of assessing each company's value which subsequently is
compared against the carrying amount recognised in the BioMar Group consolidated financial statements. As of December
31
st
2021 BioMar Group has recognised goodwill at a total value of 1,056.3m DKK (2020: 895.8m DKK).
The discount rates are based on a WACC consisting of a 10-year unit bond plus a premium reflecting industry/geography-
specific risks, illiquidity premium and capital structure. The rate of growth used to extrapolate company cash flows in the
terminal period was fixed at 2-3%, a rate not expected to exceed the long-term inflation rate.
Goodwill is ascribed to the EMEA Division and to the activities in Chile, Ecuador and the recently acquired company in
Vietnam. BioMar Group operates in an expanding industry driven by global population growth, rising standards of living and
sustainable fishery. Market research institutes expect a long-term market growth in feed for fish farming, driven by the
increasing global demand for fish, including a mid-term growth for salmon for 2022-2023, of average 5%. BioMar management
expects slightly higher growth rates for the shrimp markets in Ecuador and Vietnam and lower market growth in the
established fish farming markets especially in Europe. Where the expected CGU growth rates in the budget period 2022-2026
below are different from those for the whole market BioMar expects to capture market shares. The assumed production
capacity for the budget period will cover the expected increase in the business activities and no productivity enhancements
and cost savings have been assumed for that period. BioMar's feed is mainly based on marine and vegetable raw materials for
which a significant part of the price fluctuations are included in the price adjustment mechanism in the sales contracts. Net
sales, earning margins, discount rate and future growth assumptions constitute the most important assumptions in the
calculation for all the CGU's. In the budget period 2022-2026 earning margins, in line with the 2021 realised, have been
applied.
The impairment tests made at December 31
st
2021 did not result in a write-down of carrying amounts. It is the assessment of
the management that likely changes to key assumptions will not result in a recoverable amount lower than the carrying
amount of goodwill for any of the CGUs.
*The CGU in Vietnam is a business case build from very limited activity in 2021 hence growth rates are projected very high
and much higher than market growth as market share capture is forecasted.
Key assumptions
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
13
PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
Plant and
machinery
Other plant,
fixtures and
operating
equipments
Assets under
construction
Total
Cost at January 1
st
1,229,830 2,168,930 186,105 22,275 3,607,140
Exchange rate adjustments 63,363 98,107 8,113 2,356 171,939
Additions 6,214 54,520 9,751 62,406 132,891
Additions from acquisitions 14,300 9,812 1,053 78 25,243
Disposals - -4,534 -3,160 - -7,694
Transferred/reclassified 27 9,309 -8,241 -12,034 -10,939
Cost at December 31
st
1,313,734 2,336,144 193,621 75,081 3,918,580
Depreciation at January 1
st
-473,728 -1,362,572 -146,248 - -1,982,548
Exchange rate adjustments -22,001 -62,071 -5,825 - -89,897
Reversed depreciations on disposals - 1,066 2,620 - 3,686
Depreciation -41,665 -124,183 -14,222 - -180,070
Transferred/reclassified - - 13,073 - 13,073
Depreciation at December 31
st
-537,394 -1,547,760 -150,602 - -2,235,756
Carrying amount at December 31
st
776,340 788,384 43,019 75,081 1,682,824
No interest costs have been capitalised on the construction projects as of December 31
st
2021.
Land and
buildings
Plant and
machinery
Other plant,
fixtures and
operating
equipments
Assets under
construction
Total
Cost at January 1
st
1,076,597 1,938,112 181,386 468,432 3,664,527
Exchange rate adjustments -66,770 -106,067 -9,127 -14,386 -196,350
Additions 13,200 43,746 6,408 83,192 146,546
Disposals -476 -5,098 -2,009 - -7,583
Transferred/reclassified 207,279 298,237 9,447 -514,963 -
Cost at December 31
st
1,229,830 2,168,930 186,105 22,275 3,607,140
Depreciation at January 1
st
-459,676 -1,319,360 -139,994 - -1,919,030
Exchange rate adjustments 23,742 70,211 7,420 - 101,373
Reversed depreciations on disposals 476 5,098 1,614 - 7,188
Impairment - -1,012 - - -1,012
Depreciation -38,288 -117,492 -15,287 - -171,067
Transferred/reclassified 18 -17 -1 - -
Depreciation at December 31
st
-473,728 -1,362,572 -146,248 - -1,982,548
Carrying amount at December 31
st
756,102 806,358 39,857 22,275 1,624,592
(DKK 1,000)
2021
2020
By the end of 2021 BioMar Group has contractual obligations of 56m DKK (2020: 21m DKK) regarding purchase of tangible
assets, not yet delivered. The contracted assets are mainly regarding new extruder lines and related equipment in Ecuador.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
14
RIGHT OF USE ASSETS
Ships
Land and
buildings
Other lease
assets
Total
Cost at January 1
st
482,827 163,459 44,562 690,848
Exchange rate adjustment 29,749 9,175 2,773 41,697
Additions 58,103 9,082 13,800 80,985
Additions from acquisitions - 1,777 - 1,777
Disposals -20,809 -46 -2,813 -23,668
Re-measure / modification of lease assets 8,772 1,717 1,699 12,188
Cost at December 31
st
558,642 185,164 60,021 803,827
Depreciation at January 1
st
-156,120 -47,793 -21,104 -225,017
Exchange rate adjustment -10,771 -2,821 -1,160 -14,752
Depreciation -94,615 -26,864 -16,578 -138,057
Depreciation and impairment of disposed assets 19,857 46 2,352 22,255
Depreciation at December 31
st
-241,649 -77,432 -36,490 -355,571
Carrying amount at December 31
st
316,993 107,732 23,531 448,256
Recognised in the profit and loss statement
Variable
lease
payments
Service
Small value
assets
Short term
leases
Total
Expensed in the year - - 367 7,700
8,067
Interest Installment
Total
IFRS 16 capitalized lease assets 14,432 134,827
149,259
Total cash outflows for leases
157,326
Ships
Land and
buildings
Other lease
assets
Total
Cost at January 1
st
446,696 169,829 36,088 652,613
Exchange rate adjustment -33,807 -11,592 -2,007 -47,406
Additions - 6,159 5,166 11,325
Disposals - -937 -1,545 -2,482
Re-measure / modification of lease assets 69,938 - 6,860 76,798
Cost at December 31
st
482,827 163,459 44,562 690,848
Depreciation at January 1
st
-76,170 -24,552 -10,632 -111,354
Exchange rate adjustment 4,515 1,763 660 6,938
Depreciation -84,465 -25,587 -12,260 -122,312
Depreciation and impairment of disposed assets - 583 1,128 1,711
Depreciation at December 31
st
-156,120 -47,793 -21,104 -225,017
Carrying amount at December 31
st
326,707 115,666 23,458 465,831
Recognised in the profit and loss statement
Variable
lease
payments
Service
Small value
assets
Short term
leases
Total
Expensed in the year - 177 390 5,696
6,263
Interest Installment
Total
IFRS 16 capitalized lease assets 15,993 116,223
132,216
Total cash outflows for leases
138,479
2021
2020
By the end of 2021 BioMar Group has no contractual obligations regarding leased assets (2020: 61m DKK). For information
about lease debt reference is made to note 19 and 24.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
15
INVENTORIES 2021 2020
Raw materials 1,411,110 1,110,131
Biological assets 86,443 39,605
Finished goods 478,460 366,664
Total inventories 1,976,013 1,516,400
Carrying amount of inventories recognised at fair value less costs to sell
86,443 39,605
Significant assumptions determining fair value of biological assets
2021 2020
The value of biological assets is comprised of the following:
Biological assets below 1 kg - 3,554
Biological assets between 1 and 4 kg 86,443 27,267
Biological assets above 4 kg - 8,784
Total value of biological assets 86,443 39,605
Total volume of biological assets as per December 31
st
2021: 2,838 tons (2020: 1,386 tons).
Value adjustments of biological assets taken to profit and loss:
Fair value adjustment of biological assets 3,933 -802
Profit on sale of biological assets 11,110 853
Total value adjustments 15,043 51
The estimate of fair value of biological assets will always be based on uncertain assumptions. Estimates are applied to the
following factors; biomass volume, the size distribution, the quality of the biomass and market prices. Forward prices are
based on prices on the recognized exchange fish pool per 31
st
December 2021.
Biological assets comprise fish at sea in connection with R&D trial concessions and are according to IAS 41 and IFRS 13
measured at fair value less costs to sell. Biological assets measured at fair value are recognized on level 3 in the fair value
hierarchy as valuation is based on factors not derived from observable markets.
The model applied by BioMar Group divides the fish into three weight categories and assumes the following:
Biological assets with an average live weight of more than 4 kg (ready for harvesting) are measured at fair value (net sale
price), and biological assets between 1 and 4 kg in average live weight are measured at fair value less costs to sell
including a proportionate expected net profit at harvest.
Other biological assets as fry, smolt and fish with an average live weight of less than 1 kg are likewise measured at fair
value, but due to the limited biological transformation, hence the limited market and related observable prices, accumulated
costs are deemed to be the best approximation of fair value at this biological stage.
Fair value adjustments and income arising from biological assets are recognised as gross profit with 15m DKK (2020: 51t
DKK).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
16
RECEIVABLES
2021
2020
Trade receivables
2,846,082
2,300,836
Interest-bearing receivables
625,787
432,629
Other receivables 158,847
95,542
Total receivables
3,630,716
2,829,007
Non-current receivables 225,241
27,618
Current receivables 3,405,475
2,801,389
Total 3,630,716
2,829,007
Credit risks
Provision for expected credit losses
2021 2020
Provision at January 1
st
-121,607
-146,086
Exchange rate adjustments
-3,603
6,808
Provision for expected credit losses
-879
-16,985
Realised in the year 995
34,656
Provision at December 31
st
-125,094 -121,607
The Group's credit risks are primarily related to trade receivables. According to the group policy all significant customer
relations are continouosly credit rated. Credit insurances are taken out when deemed commercial rational compared to the
credit risk. Of the trade receivables as per December 31
st
2021 1,230m DKK (2020: 1,133m DKK) are covered by credit
insurance.
As security for the trade receivables, the Group holds collateral as security for a total amount of 243m DKK (2020: 203m
DKK). Collaterals primarily relates to securities in assets consisting of biological assets and fish farming equipment.
Interest bearing receivables mainly comprise deposits on the parent company's cash pool facility.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
16 RECEIVABLES (continued)
The Group's trade receivables and expected losses are specified as follows:
2021 Not due
Total
Trade receivables
2,469,073 155,012
121,053
226,038
2,971,176
Impairment -26,867 -3,090 -3,702
-91,435
-125,094
Trade receivables, net 2,442,206 151,922
117,351
134,603 2,846,082
Proportion of trade receivables expected to be settled
95.8%
Impairment ratio 1.1%
2.0% 3.1%
40.5% 4.2%
2020 Not due Total
Trade receivables 1,860,575
192,518
131,968 237,382
2,422,443
Impairment -18,864
-1,741 -3,073
-97,929
-121,607
Trade receivables, net 1,841,711 190,777 128,895 139,453 2,300,836
Proportion of trade receivables expected to be settled
95.0%
Impairment ratio 1.0% 0.9% 2.3%
41.3% 5.0%
The expected credit-losses and default rates are distributed as follows:
2021 Total
High-risk markets -8,977
1.5% -1,121
2.0% -1,615
2.7%
-50,355
39.1%
-62,068
Medium-risk markets -16,751 1.2%
-1,828 4.8% -1,419
3.4%
-40,600 42.6%
-60,598
Low-risk markets -1,139
0.2% -141
0.2% -668
3.7% -480 25.1% -2,428
Total expected credit-losses -26,867
-3,090
-3,702 -91,435 -125,094
2020 Total
High-risk markets
-8,167
1.4% -972 2.1% -1,819
2.3% -52,334
37,8% -63,292
Medium-risk markets -9,376 1.3% -566
1.1% -1,189 3.9% -44,531 43,9% -55,662
Low-risk markets -1,321 0.3% -203
0.3% -65 0.3% -1,064 49,8% -2,653
Total expected credit-losses -18,864
-1,741
-3,073 -97,929
-121,607
Not due
1-30 days
31-90 days
> 91 days
The risk assessments are based on a combination of a country and market credit rating and an entity specific risk
assessment.
Low risk markets are mainly consisting of entities from the Salmon Division, whereas high risk markets mainly are related to
the EMEA and LATAM Divisions. Medium risk markets are a combination of entities from all divisions.
Maturity analysis
Maturity analysis
Maturity analysis
Maturity analysis
1-30 days
31-90 days
> 91 days
Not due
31-90 days
> 91 days
1-30 days
1-30 days
31-90 days
> 91 days
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
17 INCOME TAX
2021 2020
Income tax January 1
st
, net -58,177 -66,759
Exchange rate adjustments -3,617 5,011
Current tax for the year -100,129 -163,910
Prior year adjustments -15,371 13,473
Corporate income tax paid during the year 192,409 154,008
Income tax December 31
st
, net 15,115 -58,177
Which is distributed as follows:
Income tax receivable 54,649 69,248
Income tax payable -39,534 -127,425
Total income tax 15,115 -58,177
18
DEFERRED TAX 2021 2020
Deferred tax January 1
st
, net -92,614 -120,022
Exchange rate adjustments -10,651 11,011
Adjustment from change in corporate tax rate -1,800 195
Deferred tax for the year recognised in profit and loss statement -28,605 15,186
Deferred tax for the year recognised in other comprehensive income 2,152 1,016
Deferred tax at December 31
st
, net -131,518 -92,614
Deferred tax is recognised in the balance sheet as follows:
Deferred tax asset 49,878 36,866
Deferred tax liability -181,396 -129,480
Deferred tax at December 31
st
, net -131,518 -92,614
Deferred tax pertains to:
Intangible assets -61,393 -60,335
Property, plant and equipment -85,861 -67,061
Current assets -5,856 5,572
Other liabilities 17,034 27,830
Tax loss carry-forwards 4,558 1,380
Total deferred tax -131,518 -92,614
As per December 31
st
2021 BioMar Group has unrecognised deferred tax assets of 4m DKK (2020: 5m DKK). It is assessed
that it is not probable that the tax asset may be recoved through future taxable profits.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
18
DEFERRED TAX (continued)
Balance at
January 1
st
Exchange
rate
adjustments
Recognised
in the profit
for the year
Recognised
in equity
Balance at
December
31
st
Intangible assets
-60,335 -5,001 3,943 - -61,393
Property, plant and equipment -67,061 -7,880 -10,920 - -85,861
Other current assets 5,572 367 -11,795 - -5,856
Other liabilities 27,830 1,827 -14,775 2,152 17,034
Tax losses 1,380 36 3,142 - 4,558
Total changes in deferred tax -92,614 -10,651 -30,405 2,152 -131,518
Balance at
January 1
st
Exchange
rate
adjustments
Recognised
in the profit
for the year
Recognised
in equity
Balance at
December
31
st
Intangible assets
-82,025 7,554 14,136 - -60,335
Property, plant and equipment -66,245 5,786 -6,602 - -67,061
Other current assets -1,822 -143 7,537 - 5,572
Other liabilities 22,911 -2,143 6,046 1,016 27,830
Tax losses 7,159 -43 -5,736 - 1,380
Total changes in deferred tax -120,022 11,011 15,381 1,016 -92,614
2021
2020
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Not e
19 INTEREST BEARING DEBT
2021
2020
-
300,000
1,718,199 919,424
6,372 -
631,963 559,317
Leasing debt (long-term) 333,118 366,181
Leasing debt (short-term) 130,335 112,711
Total interest bearing debt 2,819,987 2,257,633
2,819,987 2,257,633
2021
Balance at
January 1
st
Cash flows
Exchange
rate adj.
Other
Balance at
December 31
st
300,000
- - -300,000 -
919,424 485,868 12,907 300,000 1,718,199
Credit institutions (long-term) - 7,435 - -1,063 6,372
Credit institutions (short-term) 559,317 49,461 22,122 1,063 631,963
Leasing debt (long-term) 366,181 - 21,100 -54,163 333,118
Leasing debt (short-term) 112,711 -134,827 6,564 145,887 130,335
Total interest-bearing debt 2,257,633 407,937 62,693 91,724 2,819,987
Other debt (long-term) - - 4,291 70,900 75,191
2020
Balance at
January 1
st
Cash flows
Exchange
rate adj.
Other
Balance at
December 31
st
350,000 - - -50,000 300,000
1,147,401 -239,815 -38,162 50,000 919,424
Credit institutions (short-term) 518,594 58,245 -17,522 - 559,317
Leasing debt (long-term) 432,339 - -33,086 -33,072 366,181
Leasing debt (short-term) 116,454 -116,223 -9,512 121,992 112,711
Total interest-bearing debt 2,564,788 -297,793 -98,282 88,920 2,257,633
2021 2020 2021 2020 2021 2020
Maturity profile on interest bearing debt:
2,049,099 1,428,741 - - 2,049,099 1,428,741
Below 1 year
447,260 180,578 15,862 17,867 431,398 162,711
Between 1 and 5 years
311,579
633,200 13,885 26,776 297,694 606,424
Over 5 years
52,385
66,431 10,589 6,674 41,796 59,757
Total
2,860,323
2,308,950
40,336
51,317
2,819,987
2,257,633
Payable to affiliates (long-term)
Payable to affiliates (short-term)
Payable to affiliates (long-term)
Payable to affiliates (short-term)
Short-term interest bearing payables to affiliates comprise withdrawls on the parent company's cash pool facility. Movements in the
category "other" comprise additions, disposals and re-measurements occured during the reporting period.
Overdraft (no scheduled re-payment)
INTEREST RATE RISKS
Cash flow
Interests
Principal amount
Due to the chosen funding of investments and the ongoing operations BioMar Group is exposed to fluctuations in the interest rates. In
order to mitigate this risk the Group has taken out fixed rate, long-term debt with a remaining duration of up to one year. Fixed rate loans
combined with the in 2021 capitalised leasing debt account for 18% in 2021 (2020: 37%) of the total interest bearing debt. For debt raised
on floating terms fluctuations in the interest rates of +/- 100 bps
will have a hypothetic impact on the profit for the year and equity of +/-
18m DKK in 2021 (2020: +/- 11.1m DKK). No further risk management policies are carried out related to interest rate risks.
Fair value of interest bearing debt
Credit institutions (long-term)
The Group's interest bearing debt is mainly taken out in DKK and NOK.
Payable to affiliates (long-term)
Payable to affiliates (short-term)
Credit institutions (short-term)
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
20 TRADE PAYABLES AND OTHER DEBT
2021 2020
Trade payables 3,204,279 2,639,671
Other debt 768,451 686,039
Total trade payables and other debt
3,972,730
3,325,710
21
CONTINGENT LIABILITIES AND GUARANTEES
Contingent liabilities
Pending lawsuits
Joint taxation liability
BioMar Group participates in a Danish joint taxation arrangement with Aktieselskabet Schouw & Co. (CVR no. 63965812)
serving as the administration company, and is therefore jointly and severally liable for the corporation tax and also for
obligations, if any, to withhold tax on dividends, interests and royalties. The total net liability to the Danish tax authorities is
recognised in the annual report of Aktieselskabet Schouw & Co. Potential corrections to the jointly taxed income and tax at
source may result in a higher liability for the Group.
(DKK 1,000)
The Chilean competition authority, Fiscalía Nacional Económica (“FNE”), initiated an investigation of the Chilean fish feed
industry in October 2016. As part of the investigation, BioMar Chile SA and other companies were subject to unannounced
inspections. Naturally, BioMar Chile has been cooperative, responding to questions and providing documentation to the extent
possible. Further to the industry investigation, the FNE indicted four Chilean fish feed producers, including BioMar Chile SA, on
December 19
th
2019 on charges of concerted practice, claiming that BioMar Chile SA be fined up to 30,000 annual tax units,
which at December 31
st
2021 corresponded to approximately 150m DKK. The charges are based on isolated circumstances
related to the Chilean fish feed industry during the 2003-2015 period. The statement of defense was filed to the Chilean
Competition Court on May 19
th
2020 by BioMar Chile. The whole process is delayed due to the COVID-19 pandemic, however it
is expected to move forward during 2022 where the case should initiate the evidentiary stage. The process is currently
expected to last up to two more years.
BioMar Chile does not acknowledge the charges and has rebutted the charges that it has participated in concerted practices so
as to restrict competition in the industry. Based on the Chilean lawyers’ opinion in the matter and the information currently
available it is not possible at this stage to anticipate the outcome of the case, neither to determine the probability and amount of
a potential outcome. Accordingly, no provision has been recognized at December 31
st
2021 concerning the claim submitted.
BioMar Group is currently a party to a small number of legal disputes. Management believes that the results of these legal
disputes will not materially impact the Group’s financial position other than the receivables and liabilities that have been
recognised in the balance sheet as of December 31
st
2021.
For a number of years, BioMar has facilitated a supply chain financing programme (reverse factoring) through banks. The
purpose of the programme is to develop and ensure long-term relations with strategically important suppliers of raw materials.
The supply chain finance programme contributes to ensuring low raw materials prices and financing costs in the value chain.
Suppliers participating in the programme have the option of receiving early payment once BioMar has approved a delivery.
Under the system, BioMar assigns approved invoices to the bank in a factoring arrangement without recourse. The bank then
pays the supplier early while ensuring the best possible credit period for BioMar. Supply chain finance debt of 1,058m DKK is
recognised in the balance sheet under trade payables (2020: 829m DKK).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
21 CONTINGENT LIABILITIES AND GUARANTEES (continued)
Guarantees
22
CHANGES IN WORKING CAPITAL 2021 2020
Change in inventories -418,406 -67,749
Change in receivables -550,487 -21,842
Change in trade payables and other debt 556,435 356,653
Total changes in working capital -412,458 267,062
23 ADJUSTMENT FOR NON-CASH TRANSACTIONS
2021 2020
Purchase/sale of intangible assets cf. note 12
29,793 14,165
Amount paid regarding intangible assets 29,793 14,165
Purchase/sale of property, plant and equipment cf. note 13 132,891 146,546
Of which not yet paid at the balance sheet date/adjustment for the year -1,622 -7,795
Amount paid regarding property, plant and equipment 131,269 138,751
Incurring financial liabilities 88,420 11,325
Of which lease debt -80,985 -11,325
Proceeds from borrowings 7,435 -
BioMar Group is partially financed by resources of the parent company Aktieselskabet Schouw & Co. as well as a number of
committed and to a lesser extent uncommitted credit facilities. BioMar Group, like other major subsidiaries in the Aktieselskabet
Schouw & Co. Group, co-guarantees these facilities totaling 4,686m DKK, where of 1,994m DKK is utilized. In addition a
number of other smaller facilities totaling 136m DKK established with the Aktieselskabet Schouw & Co. Group's global banker
HSBC, where of 92m DKK is utilized.
(DKK 1,000)
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
24 FINANCIAL RISK MANAGEMENT
The liquidity risk means that BioMar Group may not be able to fulfill its obligations as a result of a failure to release assets
or obtain adequate financing. The Group activities are exposed to a relatively high degree of seasonal fluctuations requiring
occasional oscillations in the need for liquidity. Historically, the working capital requirements are highest in the 3
rd
quarter.
BioMar Group is partially financed by resources of the parent company Schouw & Co. as well as to a lesser extent
uncommitted credit facilities. The parent company’s source of financing is primarily composed of a syndicated banking
facility, which in December 2020 was refinanced with a total facility framework of 3,275m DKK. The facility is for a three-
year period with the possibility of a one-year extension after year one and two. In connection with the refinancing of the
banking facility, the previous banking consortium, consisting of Danske Bank, DNB and Nordea, was expanded with the
international bank Hong Kong & Shanghai Banking Corporation (HSBC). The first extension option was utilized in December
2021. In addition, in April 2019, Schouw & Co. issued a Schuldschein issue totaling 136m EUR, (1,011m DKK) with
expiration in 2024 (80%) and 2026 (20%), and in December 2021, a facility was established for a total of 400m DKK with
Nordic Investment Bank. The facility is for a seven-year period and issued for specific capacity- and development
investments in Denmark
The aforementioned facilities totaling 4,686m DKK, where of 1,994m DKK is utilized at December 31
st
secures BioMar, as
part of the Schouw & Co. Group, a solid financial position minimizing liquidity risks.
BioMar Group's interest bearing debt amounts to 2,820m DKK end of 2021 (2020: 2,258m DKK), of which 340m DKK end of
2021 (2020: 666m DKK) has a remaining loan period of more than one year. Cash and cash equivalents amount to 262m
DKK end of 2021 (2020: 293m DKK). Additionally, the Group has significant unutilised and comitted loan facilities available
with its parent company Schouw & Co. per December 31
st
2021, hence the available financial resources are deemed
sufficient for the realisation of the Group's strategy. BioMar expects to repay its financial obligations with cash flow from
operations.
Mark et risk s
Liquidity risk /financial resources
As a result of the Group's international activities, the Group is influenced by and exposed to a number of different financial
risks i.e fluctuations in energy and raw material prices as well as interests, foreign exchange rates and liquidity risks. For
the most significant areas Group management has formulated a risk policy, approved by the Board of Directors.
The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is
consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy
prices are reflected in the transportation costs. Changes in transportation costs are expected to be fully or partially passed
on to the trading partners. BioMar Group does not have an official hedging policy regarding energy, and does therefore not
actively hedge the risk of fluctuations in energy prices. Probable changes in energy prices are assessed not to have a long-
term significant impact on the Group's profit and loss or equity.
The Group is exposed to changes in raw material prices (mainly sources of protein and different types of oils) used in the
production of aqua feed. The Group does not actively hedge these risks as they are covered by update of list prices and
incorporation of price adjustment mechanism in sales contracts. Probable changes in raw material prices are assessed not
to have a long-term significant impact on the Group's profit and loss or equity.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
24 FINANCIAL RISKS MANAGEMENT (continued)
Carrying
amount
Contractual
cash flows
< 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
638,335 638,887 632,101 5,710 1,076
1,718,199 1,722,085 1,722,085 - -
Lease debt
463,453 499,351 142,173 305,869 51,309
75,191 121,368 - 121,368 -
3,204,279 3,204,279 3,204,279 - -
752,825 752,825 752,825 - -
Derivatives
15,626 15,626 15,626 - -
6,867,908
6,954,421 6,469,089 432,947 52,385
15,064
15,064 - -
55,818 55,818 - -
Total 7,025,303 6,539,971 432,947 52,385
Carrying
amount
Contractual
cash flows
< 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
559,317
559,317 559,317 - -
1,219,424 1,228,134 924,248 303,886 -
Lease debt
478,892 521,499 125,754 329,314 66,431
2,639,671 2,639,671 2,639,671 - -
638,577 638,577 638,577 - -
Derivatives
47,462 47,462 47,462 - -
5,583,343 5,634,660 4,935,029 633,200 66,431
30,179
15,429 14,750 -
21,411 21,411 - -
60,937 10,156 40,625 10,156
Total 5,747,187 4,982,025 688,575 76,587
2021
Derivative financial instruments
Banks and other credit institutions
Recognised in balance sheet total
Recognised in balance sheet total
Payable to affiliates
Derivative financial instruments
Other debt
Payable to affiliates
Contractual obligations regarding lease agreements
not yet commenced
BioMar Group is partially financed by the parent company through both short- and long term credit facilities. Reference is made
to note 21 for further information.
Trade payables
Banks and other credit institutions
Other debt
Trade payables
Contractual obligations to purchase intangible assets
Contractual obligations to purchase property, plant
and equipment
Contingent consideration
Contractual obligations to purchase intangible assets
The available financial ressources are deemed sufficient.
2020
Contractual obligations to purchase property, plant
and equipment
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(DKK 1,000)
Note
24
Currency
Cash and
receivables
Financial
liabilities (non-
derivatives)
Derivatives to
hedging of
future cash
flows
Likely change
in exchange
rate
Hypothetical
effect on the
profit for the
year
Hypothetical
effect on the
equity
EUR / DKK 651,379
-441,531
-36,235
+0.3%
406
406
USD / DKK
725,948 -903,924
-187,494
+6.5% -3,260 -18,529
USD / GBP 1,074
-94,688 139,956
+8.6%
821 3,228
USD / NOK 1,162
-614,544
714,967
+11.3%
-7,110
8,954
CLP / USD
22,815 -47,033
228,747
+11.4% -2,015 17,021
EUR / NOK 156 -443,596 682,457
´+9.1%
-1,503 16,965
EUR / USD 5,225
-41,759
-
+6.5% -1,734 -1,734
USD / AUD
2,667 -57,838
79,650
+9.0% 164 1,542
Others 114,775 -74,160 26,449
+5%/+14% -250 5,894
1,525,201
-2,719,073 1,648,497
-14,481
33,747
Currency
Cash and
receivables
Financial
liabilities (non-
derivatives)
Derivatives to
hedging of
future cash
flows
Likely change
in exchange
rate
Hypothetical
effect on the
profit for the
year
Hypothetical
effect on the
equity
EUR / DKK 405,801
-241,343
-51,444 +0.3%
264 264
USD / DKK 453,157 -723,243
-19,131
+7.1% 1,218
-16,017
USD / GBP 1,781 -47,885 149,586
+10.2%
1,529
8,550
USD / NOK 191
-291,146
380,724 +11.3%
-259 7,912
CLP / USD 11,390
-24,634 53,032 +10.9%
-1,054 3,166
EUR / NOK 1,671
-228,518
298,176 +9.0% 146
5,007
EUR / USD -
-44,015
- +7.1%
-2,281 -2,281
USD / AUD 899 -82,396
49,636
+9.5% -2,119 -2,119
Others
102,121 -78,078
-31,806 +4%/+15% -419
13
977,011 -1,761,258 828,773 -2,975
4,495
2020
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL RISKS (continued)
As a main rule, the Group hedges all significant foreign currency risks regarding in- and outgoing payments in foreign currencies in
accordance with the Group's policy for currency risk management. Mostly the Group applies simple forward contracts to hedge
probable forecast sales and purchase transactions and in some cases options can be used. The instruments are traded with the
Groups primary financial partners.
Foreign currency risks
A significant part of the Group's revenue is generated in the same currency as the functional currency for the respective enterprises,
hence these are naturally hedged and limiting the foreign currency exposure.
The sensitivity analysis shows the impact on the income statement and equity from likely changes in exchange rates in main
currencies.
2021
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
24
Currency
Notional
principal*
Accumulated
capital gain/(loss)
recognised in
equity
Fair value
Maximum
number of
months
to expiry
EUR 668,021 -4,213
-13,835
7
USD 747,079 898 9,669
9
RUB -53,877 -
-68
6
CLP 228,747 -5,707 -5,707
12
NOK 76,904 -1,492
-1,796
5
Others -18,377
-1
-210 -
Total
1,648,497 -10,515
-11,947
Currency
Notional
principal*
Accumulated
capital gain/(loss)
recognised in
equity
Fair value
Maximum
number of
months
to expiry
EUR 263,649 -1,112
-7,352
4
USD
560,816 -12,332
-39,435 6
RUB -53,298 -
317
5
CLP 53,032 5,275 5,275 3
Others 4,575 1
831
4
Total 828,774 -8,168 -40,364
*Positive values reflect purchase of currency while negative values reflect sales of currency.
Categories of financial instruments
2021 2020
Securities (fair value hierarchy level 3) 955 920
Financial assets measured at fair value through profit and loss 955
920
Derivative financial assets (fair value hierarchy level 2) 3,679 10,239
Hedging instruments measured at fair value
3,679
10,239
Trade receivables 2,846,082 2,300,836
Other receivables 780,955 517,932
Cash and cash equivalents 261,708
292,799
Financial assets measured at amortised cost
3,888,745 3,111,567
Derivative financial liabilities (fair value hierarchy level 2) 15,626 47,462
Hedging instruments measured at fair value 15,626 47,462
Interest bearing debt 2,819,987
2,257,633
Trade payables and other debt 3,957,104 3,278,248
Financial liabilities measured at amortised cost 6,777,091 5,535,881
Contingent consideration (fair value hierarchy level 3) 75,191 -
Financial liabilities measured at fair value through profit and loss 75,191 -
FINANCIAL RISKS MANAGEMENT (continued)
Currency hedging agreements regarding future transactions
Net amounts outstanding for currency hedging agreements at December 31
st
for the Group, which satisfy the requirements for
hedge accounting and which relate to future transactions (cash flow hedges and non-realised fair value hedges).
2021
2020
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
25
ACQUISITIONS
2021 2020
Specification of acquired net assets at acquisition date
Property, plant and equipment
25,243
-
Leased assets
1,777
-
Other financial assets
269
-
Inventories
1,013 -
Receivables
220 -
Cash and cash equivalents
577 -
Trade payables
-67 -
Other debt
-135 -
Net assets acquired
28,897 -
Of which non-controlling interests
-9,392 -
Goodwill
85,663 -
Acquisition costs
105,168 -
Contingent consideration
-65,732 -
Of which cash and cash equivalent
-577 -
Total cash acquisition costs
38,859
-
BioMar acquired 67.5% of the shares in the Vietnamese company Viet UC Aqua Feed Company Limited effective 1
st
May 2021
at an expected total purchase price of 105m DKK. The purchase sum consists of 39m DKK in cash and expected earn-out
payments of 66m DKK. The final purchase price will be made up on the basis of the company’s EBITDA for the years 2024 and
2025. No values in excess of carrying amounts were identified in the company in connection with the acquisition. The acquisition
involves goodwill of 86m DKK of which none is expected to be deductable for tax purposes.
BioMar entered into the partnership in Vietnam in order to establish a solid foothold for further growth in the important Asian
aquaculture markets. The acquisition of Viet UC Aqua Feed Company Limited involved acquisition costs of 1.1m DKK, which
amount has been recognised under administrative expenses. The company has contributed to the consolidated financial
statements with revenue of 6.5m DKK and a loss of 0.3m DKK in 2021. Had the company been acquired effective from 1
st
January 2021, its result would have been 2m DKK lower, while revenue would have been unchanged.
BioMar has not acquired any companies during 2020.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
26
Aktieselskabet Schouw & Co. owns 100% of the shares in BioMar Group A/S.
2021
2020
Management fee
-2,400
-2,300
Interest paid
-21,307
-20,448
Interest received
76
256
At December 31
st
the Group has the following debt and receivables:
Receivables from group companies
436,659
406,910
Debt to group companies -1,718,199
-1,219,424
Transactions between BioMar Group and the associates and joint ventures appear below:
2021 2020 2021 2020
Sales 452,477
360,883
2,823
11,487
Purchases
53,865
58,460
- -
Interest received - -
-
779
At December 31
st
the Group has the following debt and receivables:
Receivables from associates and joint ventures
182,371
156,664
15,075 15,973
Loan to associates and joint ventures
8,816
-
-
-
Debt to associates and joint ventures 7,600
4,146
-
898
Members of the Board of Directors, the key management personnel as well as their family members are considered related
parties. Furthermore, related parties are companies in which the above-mentioned group of people has significant interests.
RELATED PARTY TRANSACTIONS
Joint ventures
Associates
Transactions between BioMar Group and parent company Aktieselskabet Schouw & Co. appear below:
In addition, related parties also comprise the associates and joint ventures cf. note 8, in which BioMar Group has either
significant influence or joint control.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
27
BioMar Group's
Company name Type Domicile share in %
BioMar Group A/S Parent company Aarhus, Denmark
BioMar A/S Subsidiary Brande, Denmark 100.00
BioMar Spolka z.o.o. Subsidiary Zielona Gora, Poland 100.00
Oy BioMar AB Subsidiary Vanda Helsingfors, Finland 100.00
BioMar AB Subsidiary Malmø, Sweden 100.00
Bio mar OOO, Russia Subsidiary Ropsha, Leningrad, Russia 100.00
BioMar S.A.S. Subsidiary Nersac, France 100.00
BioMar Hellenic S.A. Subsidiary Volos, Greece 100.00
BioMar Iberia S.A. Subsidiary Dueñas, Spain 100.00
BioMar Sagun TTK Joint venture Söke, Turkey 50.00
BioMar AS Subsidiary Myre, Norway 100.00
LetSea AS Associate Dønna, Norway 33.33
BioMar Ltd. Subsidiary Grangemouth, Scotland 100.00
LCL Shipping Ltd. Associate Grangemouth, Scotland 40.00
BioMar Pty. Ltd. Subsidiary Hobart, Australia 100.00
BioMar A/S Chile Holding S.A. Subsidiary Puerto Montt, Chile 100.00
BioMar Chile S.A. Subsidiary Puerto Montt, Chile 100.00
Salmones Austral S.A. Associate Puerto Montt, Chile 22.91
Aquaculture Technology Centre Patagonia S.A. Associate Lenca, Chile 30.00
BioMar Aquaculture Corporation S.A. Subsidiary Cañas, Costa Rica 100.00
BioMar Aquacorporation Products S.A. Joint operation Cañas, Costa Rica 50.00
Alimentsa S.A. Subsidiary Guayaquil, Ecuador 70.00
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Joint venture Wuxi, China 50.00
Zhuhai Haiwei Feed Co., Ltd Joint venture Zhuhai, China 100.00
Viet Uc Aqua Feed Company Limited Subsidiary An Hiep Village, Vietnam 67.50
28
29
EVENTS AFTER THE BALANCE SHEET DATE
NEW FINANCIAL REPORTING REGULATIONS
GROUP STRUCTURE
As of the date of release of these financial statements, the IASB has issued a number of new and amended financial reporting
standards and interpretations which are not mandatory for the BioMar Group in 2021. Approved, not yet effective standards and
amendments are implemented when they become mandatory for BioMar Group as per the EU effective dates.
It is the assessment that neither of the standards nor individually or collectively will have material impact on the financial
statements of BioMar Group.
No material events have occurred after the balance sheet date.
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Note
30
Accounting Policies
BioMar Group A/S is a private limited company domiciled in Denmark. The annual report for the
period January 1
st
– December 31
st
, 2021 comprises both the consolidated accounts for the BioMar
Group and its subsidiaries (the Group) and the annual accounts for the parent company, BioMar
Group A/S.
The consolidated accounts for BioMar Group A/S are prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure
requirements pursuant to the Danish Financial Statement Act applying for large class-C entities.
Basic Principles
The annual report is presented in Danish kroner which is the presentation currency for the Group and
the functional currency for the parent company. If not stated otherwise all amounts are presented in
1,000 DKK.
The annual report is presented on the basis of historical cost, except for share based remuneration,
derivatives, financial instruments, biological assets and contingent consideration in connection with
business combinations, which are measured at fair value.
The accounting policies, as stated below, are consistent with those applied last year.
The financial statements for the Parent are presented separately from the consolidated statements.
New and Amended IFRS Standards and Interpretations
BioMar Group applied for the first-time certain standards and amendments, which are effective for
annual periods beginning on or after 1
st
January 2021. BioMar Group has not early adopted any other
standard, interpretation or amendment that has been issued and approved but is not yet effective.
None of the new and/or amended standards and interpretations have had or are expected to have a
significant impact on recognition and measurement of the consolidated financial statements of BioMar
Group.
In April 2021, the International Financial Reporting Standards Interpretations Committee (IFRIC)
issued a final agenda decision concerning configuration or customisation costs in a cloud computing
arrangement. The decision discusses whether configuration or customisation expenditures relating to
cloud computing arrangements can be recognised as an intangible asset in accordance with IAS 38.
BioMar Group has historically capitalised all configuration and customisation costs related to cloud
computing arrangements as intangible assets in the Consolidated Financial Statements. The adoption
of the final agenda decision may result in a reclassification of intangible assets to either prepaid
expenses and/or recognised as an expense in the income statement, impacting both the current
and/or prior periods presented. BioMar Group is currently assessing the impact and has not adopted
this IFRIC agenda decision in 2021. The Group expects to adopt this IFRIC agenda decision in 2022.
BioMar Group’s preliminary analysis indicates that this change in policy will reduce the 2022 opening
balance of intangible assets by maximum 13 mDKK.
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Note
30
Accounting Policies
The consolidated financial statement
The consolidated financial statements comprise BioMar Group A/S and its subsidiaries. Subsidiaries
are entities controlled by BioMar. Control means that BioMar controls the company i.e. that BioMar is
exposed to, or has right to variable returns from the company and has the ability to affect the size of
those returns through its power over the company. Control is usually achieved by directly or indirectly
holding more than 50% of the voting rights or other rights such as agreements on management
control.
Entities in which the Group exercises significant influence but not control are classified as associates.
Significant influence is generally achieved by directly or indirectly holding or controlling 20% or more,
but less than 50%, of the voting rights. Factors used to determine whether BioMar Group has control
include de facto control and potential voting rights exercisable at the balance sheet date.
Non-controlling interests are recognised in consolidated entities that are not wholly owned by BioMar
Group. The proportionate share of the profit and equity of subsidiaries attributable to non-controlling
interests are recognised as a separate item under equity.
Joint arrangements are activities or companies in which the Group has joint control through
collaborative agreements with one or more parties. Joint control implies that unanimous decisions on
the relevant activities are required by the parties sharing the controlling influence. Joint arrangements
are classified either as joint ventures or joint operations. Joint operations refer to activities where the
parties have direct rights to assets and liabilities, whereas joint ventures are activities for which the
parties only have the rights to the net assets.
The consolidated financial statements have been prepared by aggregating the financial statements of
the parent company, the individual subsidiaries and joint arrangements prepared in accordance with
the Group’s accounting policies. Intra-group income and expenses, shareholdings, dividends,
balances and realised and unrealised gains on transactions between the consolidated entities are
eliminated. Unrealised gains on transactions with associates and joint ventures are eliminated
proportionate to the Group’s share of the enterprise. Unrealised losses are eliminated in the same
way as unrealised gains, to the extent that no impairment has occurred.
Business combinations
Newly acquired or established entities are recognised in the consolidated financial statements from
the date of acquisition. Comparative figures are not adjusted to reflect acquisitions. Sold or liquidated
entities are consolidated until the date of sale or liquidation. Discontinued operations are separately
presented. The acquisition method is applied on acquisitions if the parent company gains control of
the respective company. Identifiable assets, liabilities and contingent liabilities in the acquired
company are measured at their fair value at the date of acquisition. Intangible assets are recognised if
they can be separated or if they arise from a contractual right. Deferred tax on the revaluations are
recognised. Acquisition date is the date from when BioMar gains actual control of the acquired entity.
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Note
30
Accounting Policies
Any excess of the consideration paid for the business over the fair value of the acquired assets,
liabilities and contingent liabilities, is recognised as goodwill under intangible assets. Goodwill is not
amortised but is annually tested for impairment. The first impairment test is performed before the end
of the year of acquisition. On acquisition, goodwill is allocated to the cash-generating units that will
subsequently form the basis for the future impairment tests. Goodwill and fair value adjustments in
connection with acquisition of a foreign entity with a different functional currency than the presentation
currency of BioMar Group are treated as assets and liabilities belonging to the foreign entity and
converted to the entity’s functional currency with the rate of the transaction date. Negative
discrepancies, negative goodwill, is recognised in the income statement at the acquisition date.
For put-options issued as part of the consideration for business combinations, put-options received
by non-controlling shareholders are considered to be exercised at the take-over date (anticipated
acquisition). The non-controlling interest is reversed, and a liability is recognised at fair value on
initial recognition and the difference is adjusted under equity. Fair value is determined as the present
value of the exercise price of the option. The option is subsequently measured at amortised cost
corresponding to the discounted value of the expected future cash flows. Value adjustments are
recognised directly in equity. Dividend payments related to the put-option are considered a financial
expense and recognised in the income statement.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a
financial liability are subsequently remeasured to fair value, with changes in fair value recognised in
the income statement.
Any gains or losses on the disposal of subsidiaries, associates and joint ventures are stated as the
difference between the sales price or the proceeds from the winding-up and the carrying amount of
net assets, including goodwill, at the date of disposal and the related cost for selling or winding-up.
Foreign currency translation
A functional currency is determined for each of the reporting entities in the Group. The functional
currency is the currency in the primary economic environment in which the reporting entity operates.
Transactions in currencies other than the functional currency are transactions in foreign currencies.
On initial recognition, transactions denominated in foreign currency are translated at the exchange
rate prevailing on the transaction date. Exchange differences arising between the exchange rate at
the transaction date and the exchange rate at the date of actual payment are recognised in the
income statement under financial income or expenses.
Receivables, payables and other monetary items denominated in foreign currency are translated at
the exchange rate prevailing at the balance sheet date. The difference between the exchange rate
prevailing at the balance sheet date and the rate from the date when the receivable or payable
arose or the exchange rate applied in the most recent annual report is recognised in the income
statement under financial income or expenses.
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Note
30
Accounting Policies
On consolidation of entities with functional currency different from Danish kroner (DKK), the income
statements are translated at the exchange rates prevailing at the transaction date and the balance
sheets are translated at the exchange rates prevailing at the balance sheet date.
The average exchange rate for each individual month is used as the transaction date exchange rate
in case of no significant differences. Exchange rate differences arising from the translation of the
opening equity of such entities at the exchange rate prevailing at the balance sheet date and on the
translation of the income statements from the exchange rates prevailing at the transaction date to the
exchange rate at the balance sheet date are recognised in other comprehensive income in the
exchange rate adjustment reserve under equity.
Derivative financial instruments
Derivative financial instruments are measured at fair value and recognised in the balance sheet under
other receivables and other debt, respectively. The fair value of derivative financial instruments is
calculated on the basis of current market data and recognised valuation methods.
Changes in the fair value of the derivative financial instruments that effectively hedge the value of a
recognised asset or liability are recognised in the income statement together with any changes in the
value of the hedged asset or liability. Hedging of future cash flows according to contracts, except
exchange rate hedging, are treated as hedging of the fair value of a recognised asset or liability.
Changes in the part of the fair value of derivative financial instruments that is classified as and
qualifies for hedge accounting and that effectively hedge future cash flows are recognised in other
comprehensive income in the hedge transaction reserve under equity. On realisation of the hedged
transaction, any gains or losses relating to such transactions are transferred from other
comprehensive income and recognised in the same item as the hedged item.
For derivative financial instruments that do not qualify for hedge accounting, changes in the fair value
are recognised as interest income or expenses as they occur.
Some contracts imply conditions corresponding to derivative financial instruments. Such integrated
financial instruments are recognised separately and are regularly measured to fair value, in case they
deviate significantly from the respective contract unless the total contract is recognised and regularly
measured at fair value.
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Note
30
Accounting Policies
Income statement
Revenue
Revenue primarily relates to sale of aqua feed but does also comprise sale of commodities and other
products and corporate services. Revenue is recognised in the income statement if transfer of the
control to the customer has taken place before year-end and if the income can be reliably measured.
The performance obligations in the contracts are to deliver aqua feed to the customers and each
delivery is considered a separate performance obligation as each delivery is distinct. Due to the
business model composition and types of sales contracts variable components and the related
consideration are considered immaterial.
Revenue is measured excluding VAT and other indirect taxes charged on behalf of third parties. All
discounts granted are deducted from revenue.
Production costs
Production costs corresponding to the year’s revenue include direct and indirect costs for raw
materials and consumables, wages and salaries, rent and leasing, amortisation and impairment of
intangible assets, depreciation and impairment of production equipment and impairment of inventory.
Distribution costs
Distribution costs comprise expenses incurred in connection with the distribution of goods sold during
the year and in connection with sales campaigns etc. launched during the year. Included are also
costs for sales and logistic staff, advertising and exhibitions costs as well as
depreciation/amortisation.
Administrative costs
Administrative costs comprise expenses incurred during the year for management and administration,
including expenses for administrative staff, office premises and office expenses and depreciation and
impairment. Administrative expenses also include impairment on trade receivables.
Other operating income and expenses
Other operating income and expenses comprise activities secondary to the primary activities of the
entities and consist mainly of the following:
• Gains or losses on the disposal of intangible assets and property, plant and equipment.
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Note
30
Accounting Policies
• Government grants include grants and funding of development work and grants for
investments etc. Grants for research and development costs recognised in the income
statement are included in other operating income.
Investment grants in the form of certain tax-privileges schemes in individual countries are recognised
in the balance sheet under receivables and as deferred income under liabilities. Grants are
recognised in the income statement under other operating income as the underlying investment is
depreciated. The receivable is reduced as the grant is received and the deferred income is reduced
as the grant is recognised in the income statement.
Result from Subsidiaries, Associates and Joint Ventures
Subsidiaries, associates and joint ventures are recognised in the income statement at the
proportionate share of the profit or loss and after elimination of the proportionate share of intra-group
gains or losses.
Financial Income and Expenses
Financial income and expenses include interest and capital gains and losses on transactions in
foreign currency and impairment losses on securities. Also included are amortisation of financial
assets and liabilities, including lease assets, surcharges and refunds under the on-account tax
scheme and changes in fair value of derivative financial instruments that do not qualify as hedge
accounting. Interest expenses relating to the construction of non-current assets are recognised as
part of the cost of the asset.
Government Grants
Government grants are recognised where there is reasonable assurance that the grant will be
received, and all attached conditions will be complied with. When the grant relates to an expense
item, it is recognised as income on a systematic basis over the periods that the related costs, for
which it is intended to compensate, are expensed. When the grants are related to an asset, it is
recognised as income in equal amounts over the expected useful life of the related asset.
Taxation
BioMar Group is taxed jointly with the parent company’s other Danish subsidiaries. The current
Danish income tax liability is allocated among the companies of the tax pool in proportion to their
taxable income. Companies that utilise tax losses from other companies pay a joint tax contribution to
the parent company at an amount corresponding to the tax value of the tax losses utilised.
Companies whose tax losses are utilised by other companies receive joint tax contribution from the
parent company corresponding to the tax value of the utilised losses (full absorption). The jointly
taxed companies pay tax under the Danish on-account tax scheme.
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Note
30
Accounting Policies
Balance sheet
Goodwill
On initial recognition goodwill is recognised in the balance sheet at cost. Subsequently, goodwill is
measured at cost less accumulated impairment. Goodwill is not amortised.
The carrying amount of goodwill is allocated to the Group’s cash-generating units at the date of
acquisition. The determination of cash-generating units is based on the management structure and
the internal financial management.
Other intangible assets
Other intangible assets (e.g. software solutions) and intangible assets acquired in connection with
business combinations are measured at cost less accumulated amortisation and impairment.
Intangible assets are amortised on a straight-line basis over the expected useful life of the assets:
5-20 years.
Intangible assets with indefinite useful lives are not amortised but are subject to yearly impairment
tests.
Property, plant and equipment
Land and buildings, plant and machinery, fixtures and fittings and tools and equipment are measured
at costs less accumulated depreciation and impairment.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date
when the asset is ready for use. Cost is increased by the present value of estimated liabilities for the
removal and disposal of the asset and restoration of the site where the asset was used. The total cost
is de-composed for separate depreciations if the useful lives of the single components are deemed
significant different.
Subsequent costs, such as the cost of replacing components of property, plant and equipment, are
included in the asset’s carrying amount when deemed likely that it will result in economic benefits.
The replaced components are no longer recognised in the balance sheet and the carrying amount is
transferred to the income statement. All other ordinary repair and maintenance costs are recognised
in the income statement when incurred.
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Accounting Policies
Property, plant and equipment are depreciated on a straight-line basis over the expected useful-lives
of the asset/component, which are expected to be as follows:
• Buildings 20-50 years
• Plant and machinery 8-15 years
• Other fixtures and fittings, tools and equipment 4-10 years
• Land is not depreciated
The basis for the depreciations is calculated with due considerations to the asset’s scrap value,
reduced by any impairment losses. The residual value is determined at the acquisition date and
reassessed annually. If the residual value exceeds the carrying amount depreciations are ceased.
In case of changes to the depreciation period or residual value the effect on depreciations going
forward is recognised as a change of accounting estimates.
Depreciations are recognised in the income statement as production, distribution or administrative
costs.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The Group applies a single recognition and measurement approach for all leases, except for short-
term leases and leases of low value assets. The Group recognises lease liabilities to make lease
payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use-assets; the Group recognises right-of-use assets at the commencement date of the
lease. Initially right-of-use assets are measured at the present value of the future lease payment plus
the cost of obligations to refurbish the assets. Payments mainly consist of fixed payment and is
adjusted for any remeasurement of lease liabilities. The leased assets are depreciated on a straight-
line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows;
• Ships 4-15 years
• Land and buildings 3-50 years
• Other lease assets 2-7 years
Right-of-use assets are tested for impairment whenever there is an indication that the asset may be
impaired.
BioMar Group’s lease portfolio covers mainly ships and land and buildings.
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Accounting Policies
Lease liabilities; at the commencement date of the lease, the Group recognise lease liabilities
measured at the present value of lease payment to be made over the lease term. The lease payments
include fixed payments. In calculating the present value of the lease payments, the Group uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the
lease is not readily determinable. After the commencement date, the amount of lease liabilities is
reduced for the lease payments made and the carrying amount of the lease liability is re-measured if
there is a modification, a change in the lease payments or a change in the assessment of an option to
either extend or terminate the contract. The Group’s lease liabilities are included in interest bearing
debt.
Right-of use assets and lease liabilities are presented separately in the financial statement.
Short-term leases and leases of low value assets; the Group applies the recognition exemption to its
short-term (lease term of less than 12 months that do not contain a purchase option) and low value
asset leases. Lease payments on these contracts are recognised as expenses on a straight-line basis
over the lease term.
Investments in Associates and Joint Ventures
Investments in associates and joint ventures are measured in the balance sheet at the proportionate
share of the companies’ net asset value (net equity method) calculated in accordance with the
Group’s accounting policies with deductions or addition of the proportionate share of unrealised intra-
group gains or losses and with addition of the carrying amount of goodwill. Impairment test is
performed when there is objective evidence of impairment.
Non-current Asset Impairment Test
Goodwill and intangible assets with indefinite useful lives are tested annually for impairment, initially
before the end of the year of acquisition.
The carrying amount of goodwill is tested for impairment together with the other non-current assets of
the cash-generating unit to which goodwill has been allocated and is written down over the income
statement, as a separate line item, to the lower of the recoverable amount and the carrying amount.
The recoverable amount is generally calculated as the present value of the future net cash flows
expected to be derived from the business or activity (cash-generating unit) to which the goodwill
relates.
Deferred tax assets are assessed on a yearly basis and are only recognised in case it’s deemed likely
that they will be utilised.
The carrying amount of other non-current assets are tested annually to determine whether there are
any indications of impairment. If such indication exists, the recoverable amount of the asset is
calculated. The recoverable amount is the higher of the fair value of the asset less expected costs to
sell and the value in use.
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Note
30
Accounting Policies
A write-down is recognised when the carrying amount of an asset or a cash-generating unit exceeds
the recoverable amount of the asset or the cash-generating unit. Write-downs are recognised in the
income statement as production or distribution costs or as administrative expense.
Impairment write-downs of goodwill are not reversed. Impairment of other assets is reversed to the
extend changes have occurred to the assumptions and estimates leading to the impairment.
Impairment is only reversed to the extend the new carrying amount of an asset does not exceed the
carrying amount the asset would have had net of depreciation, had the asset not been impaired.
Inventories
Inventories are measured at cost in accordance with the FIFO-method. Where the net-realisable
value is lower than the cost, inventories are written down to this lower cost.
The cost of goods for resale, raw materials and consumables comprises the purchase price and
delivery costs.
The cost of finished goods and work in progress comprise the cost of raw materials, consumables,
direct labour and indirect production costs. Indirect production costs include indirect materials and
labour as well as maintenance of and depreciation and impairment of the machines, factory
buildings and equipment used in the manufacturing process as well as factory management and
administrative expenses.
The net realisable value of inventories is calculated as the selling price less costs of conversion and
costs incurred to execute the sale, and is determined in consideration of marketability,
obsolescence and movements in the expected selling price.
Biological inventories are recognised at fair value less estimated selling costs. Gains and losses
occurring on the recognition of biological assets at fair value less estimated selling costs are
recognised in gross profit.
Receivables
Receivables are measured at amortised cost less allowance for lifetime expected credit losses.
Provisions for expected credit losses are calculated in accordance with the simplified expected
credit-loss model, after which the total expected loss is immediately recognised in the income
statement at the same time as the receivable is recognised in the balance sheet taking the total
expected loss into consideration.
Expected credit losses are calculated based on the expected default rate, determined per
geographical location. The default rate is based on historic default rates adjusted for the effect of
expected changes in relevant parameters.
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Note
30
Accounting Policies
Securities
Security holdings which do not enable the Group to exercise control or a significant influence are
measured at fair value.
Value adjustments of listed securities for which changes in fair value are regularly monitored, are
recognised under financial items in the income statement when they occur.
Unlisted securities, for which the fair value is not regularly monitored, are classified as available for
sale. The securities are measured at fair value and unrealised value adjustments are recognised
directly in other comprehensive income, except for impairment losses which are recognised in the
income statement under financial items. On realisation, the accumulated value adjustment
recognised in other comprehensive income is reclassified as financials in the income statement.
Share Holders’ Equity
Dividend
Dividend is recognised as a liability at the time of adoption by the shareholders at the annual
general meeting (the date of declaration). Dividends expected to be declared in respect of the year
are stated as a separate line item under equity.
Exchange Adjustment Reserve
The exchange adjustment reserve in the consolidated financial statement comprise exchange
differences arising from the translation of the financial statement of foreign enterprises from their
functional currency into Danish kroner including exchange differences on financial instruments
considered to be part of the investment or as hedging of the net investment.
On full or partly realisation of the net investment exchange rate adjustments are recognised in the
income statement.
Hedge Transaction Reserve
The hedge transaction reserve contains the accumulated net change in the fair value of hedging
transactions that met the criteria for hedging future cash flows and for which the hedged transaction
has yet to be realised.
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Note
30
Accounting Policies
Employee Benefits
Executive Management and senior managers in BioMar Group are covered by the parent company
Schouw & Co.'s share option programme. The costs related to the programme are calculated
according to "Black & Scholes" and are expensed as staff costs linearly over the period of the option
and settled to the parent company.
Pension Obligations
BioMar Group has set up pension plans and similar with the majority of the Group’s employees.
Liabilities relating to defined contribution plans are recognised in the income statement in the period
in which the benefits vest, and payments due are recognised in the balance sheet under other
payables.
Tax and Other Liabilities
Payable and deferred tax
Current tax liabilities and current tax receivables are recognised in the balance sheet as calculated
tax on the taxable income for the year, adjusted for tax on prior years’ taxable income and for tax
paid under the on-account tax scheme.
Uncertain tax positions are assessed individually, either as a probable weighted average of possible
scenarios or as the most probable scenario considering the approach that better predicts the
resolution of the uncertainty and recognised if it is probable than an amount will be paid or received.
Deferred tax is measured in accordance with the balance sheet liability method on all timing
differences between the carrying amount and the tax base of the assets and liabilities. However, no
deferred tax is recognised on timing differences regarding non-deductible goodwill and other items
for which timing differences have arisen at the acquisition date without affecting the financial results
or taxable income. In case the tax value can be measured according to multiple tax schemes, the
deferred tax is measured on the basis of the management’s planned utilisation, respective
settlement of the liability.
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised under other
non-current assets at the expected value of their utilisation either as a set-off against tax on future
income or as a set-off against tax liabilities within the same legal tax entity or jurisdiction.
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Note
30
Accounting Policies
Deferred tax adjustments are made regarding eliminations of unrealised intercompany gains and
losses. Deferred tax is measured based on the tax rules and rates in the respective countries that will
apply under the legislation in force on the balance sheet date when the deferred tax is expected to
crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised
in the income statement.
Financial Liabilities
Debt to credit institutions is recognised at the raising of a loan at fair value less transaction costs. Debt
relating to a put option for the purchase of non-controlling interests is initially measured at fair value.
In subsequent periods, financial liabilities are measured at amortised costs, applying the “effective
interest method” to the effect that the difference between the proceeds and the nominal value is
recognised in the income statement under financial expenses over the term of the loan.
Cash Flow Statement
The consolidated cash flow statement shows the cash flows for the year distributed on operating,
investing, financing and discontinued activities, net changes for the year in cash as well as cash and
cash equivalents at the beginning and end of the year.
The cash effect of acquisitions and divestments is shown separately under cash flows from investing
activities. In the cash flow statement, cash flows concerning acquired companies are recognised from
the date of acquisition, while cash flows concerning divesting companies are recognised until the date
of divestment.
Cash flows from operating activities are calculated according to the indirect method as the profit for
the year before tax is adjusted for non-cash operating items, changes in working capital, interest paid
and income taxes paid.
Cash flows from investing activities comprise payments made in connection with the acquisition and
divestment of companies and operations and the acquisition and disposal of intangible assets,
property, plant and equipment as well as the purchase and sale of securities not recognised as under
cash and cash equivalent. Dividends from associates are included in cash flows from investing
activities.
Cash flows from financing activities include payments to and from shareholders and related expenses
as well as the raising of loans, re-payments of interest bearing debt and the purchase and sale of
treasury shares.
Cash and cash equivalents include cash at bank and in hand as well as securities with a maturity of
less than three months at the time of acquisition that can immediately be converted into cash and that
involve insignificant risk of value fluctuations.
Cash flows in currencies other than the functional currency are translated at average exchange rates
unless these differ materially from the exchange rate ruling at the transaction day.
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Note
30
Accounting Policies
Key Figures Glossary
EBITDA
Profit before interest, tax, depreciation
and amortisation.
EBIT (Operating profit)
Profit before interest and tax.
EBIT-margin
Profit before interest and tax (EBIT) as
a percentage of revenue.
Net working capital (NWC)
Inventories, trade receivables, other
receivables and other current
operating assets less trade payables,
other payables and other current
operational liabilities.
Return on equity
Profit for the year as a percentage of the
average equity.
Solvency ratio
Total assets as a percentage of equity.
EBITA
Profit before interest, tax and
amortisations.
ROIC
(Return on invested capital excl.
goodwill)
EBITA as a percentage of average
invested capital.
Average invested capital
Quarterly average of shareholder
equity, net financial debt and net tax
liabilities less non-operational financial
assets and goodwill.
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Note
31
Significant Accounting Judgments and Estimates
Estimation Uncertainty
In preparing the financial statements, management makes a number of assessments, estimates
and assumptions necessary for calculating the carrying amount of certain assets and liabilities.
The estimates and assumptions applied are based on factors such as historical experience and
other factors that management consider reasonable under the circumstances, but which are
inherently uncertain and unpredictable. Such assumptions may be incomplete or inaccurate, and
unexpected events or circumstances may arise. Due to the risks and uncertainties the Group is
subject to, actual outcome may deviate from the estimates made. It may be necessary to revise
previous estimates as a result of changes to the assumptions on which such estimates were
based or due to new information or subsequent events. The notes provide information on bases
and assumptions, on the future and other estimation uncertainties at the balance sheet date
where there is a considerable risk of changes that may lead to significant adjustment of the
carrying amount of assets and liabilities within the next financial year.
Judgments and estimates, deemed significant for the financial reporting are mainly related to
impairment of trade receivables and goodwill. See further below.
Receivables (gross 2,846m DKK)
The allowance for expected credit losses for trade receivables is subject to estimations as the
allowance is based on a historical credit loss experience combined with forward-looking
information on macroeconomic factors impacting the industry hence the credit risk.
Impairment of goodwill (gross 1,056m DKK)
At the yearly impairment test of goodwill, or if indications of impairment, judgments and
estimations are applied to assess to which extent the cash generating units, that the goodwill is
related to, are able to generate sufficient positive cash flows in the future to support the carrying
amount of goodwill and the other net assets in the respective entities.
The impairment test and the particular sensitive circumstances relating to this is described in note
12 regarding intangible assets.
Tax
As the Group operates across many different countries, the calculation of the Group’s total tax
charge in the income statement inherently involves a degree of estimation and judgment. Tax and
transfer pricing disputes with authorities in various countries may occur and management
judgment is applied to assess to possible outcome of such disputes.
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61 Statements of Income and Comprehensive Income
62 Balance Sheet
63 Statement of Change in Equity
64 Cash Flow Statement
65 Notes
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STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(DKK 1,000)
Note
INCOME STATEMENT 2021 2020
1 Revenue 2,917,354 1,642,801
4 Cost of sales -2,748,839 -1,528,313
Gross profit 168,515 114,488
2,3 Distribution costs -2,188 -724
2,3,5 Administration costs -122,145 -89,421
Operating profit (EBIT) 44,182 24,343
Share of profit after tax, subsidiaries 366,828 374,757
9 Share of profit after tax, joint ventures 12,292 7,905
6 Financial income 1,648 1,985
7 Financial expenses -25,045 -15,527
Profit before tax 399,905 393,463
8 Tax on profit for the year -12,343 -6,497
Profit for the year
387,562 386,966
Other comprehensive income
Items that have been or may subsequently be reclassified to the income statement;
Exchange rate adjustments, foreign entities 202,508 -253,072
Other value adjustments in subsidiaries and joint ventures -150 -9,732
Other comprehensive income after tax 202,358 -262,804
Total comprehensive income
589,920 124,162
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BALANCE SHEET AT DECEMBER 31
st
(DKK 1,000)
Note
ASSETS 2021 2020
Other intangible assets 10,730 10,175
Assets under development
34,826 7,822
10 Intangible assets 45,556 17,997
Land and buildings 93 169
Other plant, fixtures and operating equipment 305 410
11 Property, plant and equipment 398 579
Investments i subsidiaries 3,603,496 3,225,945
9
Investments in joint ventures 148,088 133,526
12 Right of use assets 6,673 10,737
14 Receivables
4,596 6,360
Other non-current assets 3,762,853 3,376,568
Total non-current assets 3,808,807 3,395,144
14 Receivables
1,360,944 841,523
Prepayments 8,738 5,107
Cash and cash equivalents
87
162
Total current assets
1,369,769
846,792
Total assets
5,178,576 4,241,936
EQUITY AND LIABILITIES
2021
2020
Share capital
250,000 250,000
Reserve for net revaluation according to equity method
1,538,542 1,274,497
Retained earnings
783,866
807,991
Proposed dividend
350,000 350,000
Share of equity attributable to the parent company
2,922,408
2,682,488
18 Deferred tax 1,908 195
13 Interest bearing debt 2,250 306,448
19
Other debt 75,191 -
Total non-current liabilities
79,349 306,643
13 Interest bearing debt 1,378,345 725,413
15 Trade payables and other debt 797,918 524,994
17 Income tax 556 2,398
Total current liabilities
2,176,819 1,252,805
Total liabilities
2,256,168 1,559,448
Total equity and liabilities
5,178,576 4,241,936
Notes without reference:
19
Financial risks
20 Contingent liabilities and guarantees
21 Related party transactions
22 Accounting policies
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STATEMENT OF CHANGES IN EQUITY
(DKK 1,000)
Share
capital
Reserve for
net
revaluation
according to
the equity
method
Retained
earnings
Proposed
dividend
Total equity
Equity at January 1
st
2020 250,000 1,688,290 620,036 300,000 2,858,326
Profit for the year -161,394 198,360 350,000 386,966
Other comprehensive income
Exchange rate adjustments of foreign entities -242,572 -10,500 -253,072
Other valuation adjustments in foreign entities -9,827 95 -9,732
Tax on other comprehensive income
-
Other comprehensive income - -252,399 -10,405 - -262,804
Comprehensive income - -413,793 187,955 350,000 124,162
Transactions with shareholders:
Dividend distributed -300,000 -300,000
Transactions with shareholders - - - -300,000 -300,000
Equity at December 31
st
2020
250,000 1,274,497 807,991 350,000 2,682,488
Equity at January 1
st
2021 250,000 1,274,497 807,991 350,000 2,682,488
Profit for the year 63,992 -26,430 350,000 387,562
Other comprehensive income
Exchange rate adjustments of foreign entities 201,955 553 202,508
Other valuation adjustments in foreign entities -1,902 1,752 -150
Tax on other comprehensive income
-
Other comprehensive income - 200,053 2,305 - 202,358
Comprehensive income - 264,045 -24,125 350,000 589,920
Transactions with shareholders:
Dividend distributed -350,000 -350,000
Transactions with shareholders - - - -350,000 -350,000
Equity at December 31
st
2021
250,000 1,538,542 783,866 350,000 2,922,408
Proposed dividend per share amounts to 3,500 DKK in 2021 (2020: 3,500 DKK).
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CASH FLOW STATEMENT
(DKK 1,000)
Note
2021 2020
Profit before tax
399,905 393,463
Adjustment for non-cash items:
2 Depreciations and impairment losses 6,993 4,636
Other operating items, net
372
-287
Share of profit after tax in subsidiaries
-366,828
-374,757
9 Share of profit after tax in joint ventures -12,292 -7,905
6 Financial income
-1,648 -1,985
7 Financial expenses
25,045 15,527
16 Changes in working capital -250,128 -139,336
Interest received 1,648 1,985
Interest paid -16,459 -14,411
17 Income tax paid/received
-12,472 -2,143
Cash flow from operating activities
-225,864 -125,213
10 Purchase of intangible assets
-29,765 -12,866
11 Purchase of property, plant and equipment - -416
Acquisition of subsidiaries -39,436 -
Capital contribution in subsidiaries -8,337 -22,476
Dividend from subsidiaries 302,836 536,151
Repayment of loans - affiliates 2,298 15,969
Issuance of loans - affiliates -
-37,231
Cash flow from investing activities
227,596 479,131
13
Re-payment of lease debt -4,587 -4,192
13 Increase (re-payment) of intra-group balances 352,780 -49,621
Dividend distributed -350,000 -300,000
Cash flow from financing activities
-1,807 -353,813
Cash flow for the year
-75 105
Cash and cash equivalents at January 1
st
162 57
Cash and cash equivalents at December 31
st
87 162
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
1 REVENUE
2021 2020
Commodities 2,785,554
1,538,372
Management and corporate services 131,800
104,429
Total revenue 2,917,354
1,642,801
2 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES
2021 2020
-2,206
-292
-181 -126
-4,606 -4,218
-6,993 -4,636
3
STAFF COSTS
2021 2020
Wages and salaries -70,233 -49,142
Defined contribution pension plans -3,205
-2,727
Other social security costs -385 -205
Share-based payments -5,642
-3,743
Total staff costs -79,465
-55,817
Average number of employees 43 37
Remuneration to executive management and board of directors
Wages and salaries
-4,821 -4,679
Pension -93 -89
Bonus
-2,959 -1,150
Share-based payments
-2,055
-1,495
Total remuneration to excecutive management and board of directors -9,928 -7,413
4 COST OF SALES
2021 2020
-2,742,197
-1,522,182
Research and development costs recognised in the income statement -6,642 -6,131
Total cost of sales -2,748,839 -1,528,313
5
FEES TO AUDITORS APPOINTED AT THE ANNUAL GENERAL MEETING
2021 2020
PWC EY
-600 -627
-20 -25
- -34
Total fees -620 -686
With reference to the Danish Financial Statement Act §98 b, 3 remuneration to the excutive board and board of directors is
disclosed combined. For more information on salaries, pensions and share-based payment to the Executive Management of
BioMar Group, see note 4 to the consolidated financial statement.
Total depreciation, amortisation and impairment losses
Depreciation of property, plant and equipment
Depreciation of lease assets
Amortisation of intangible assets
Amortisations of intangible assets are included in administration costs with 2.2m DKK (2020: 0.3m DKK). Other depreciations are
included in the respective cost types, mainly administration costs.
In the staff costs above 38m DKK (2020: 25m DKK) is included regarding salaries to BioMar employees legally employed in
BioMar subsidiaries but organizationally working solely for BioMar Group A/S. Those employees are not disclosed in the average
number of employees.
Statutory audit
Tax and VAT advisory services
Other services
Cost of goods sold
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
6 FINANCIAL INCOME
2021 2020
215 820
1,433 1,165
Total financial income 1,648 1,985
7
2021 2020
-7
-11
-16,317
-14,273
-135
-127
-3,407
-1,116
Contingent consideration: Unwinding of discount -5,179
-
Total financial expenses
-25,045
-15,527
8
2021 2020
-12,343 -6,497
-12,343 -6,497
Tax on the profit for the year has been calculated as follows:
-6,356 -2,598
-1,713 -447
-4,274 -2,844
- -608
-12,343 -6,497
Specification of tax on the profit for the year:
-87,979
-86,562
79,910
83,517
-
-608
-4,274 -2,844
-12,343 -6,497
3.1%
1.7%
Tax on other comprehensive income
Before tax Tax After tax
202,508 - 202,508
Other value adjustments in subsidiaries and joint ventures -150 - -150
Total tax on other comprehensive income 202,358 - 202,358
Before tax Tax After tax
-253,072 - -253,072
Other value adjustments in subsidiaries and joint ventures -9,732 - -9,732
Total tax on other comprehensive income -262,804 - -262,804
Interest income etc.
Financial income from group enterprises
Current tax
Deferred tax
Interest expenses leasing
FINANCIAL EXPENSES
Interest expenses etc.
Financial costs to group enterprises
TAX ON PROFIT FOR THE YEAR
Tax on profit for the year is specified as follows:
Tax on profit for the year
Total tax
Withholding taxes
Adjustments of prior periods tax charge
Total tax recognised in the income statement
Exchange rate adjustments
Calculated 22% tax on the profit for the year
Tax effect of:
Other non-deductible costs and non-taxable income
Exchange rate adjustments, foreign entities
Adjustments of prior periods tax charge
Withholding taxes
Total tax recognised in the income statement
Effective tax rate
2021
Exchange rate adjustments, foreign entities
2020
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
9 INVESTMENTS IN JOINT VENTURES
Name Country and city of incorporation 2021 2020
BioMar-Sagun TTK Söke, Turkey 50% 50%
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Wuxi, China 50% 50%
2021 2020
Share of profit from continuing operations, joint ventures 12,292 7,905
144,832 130,270
Goodwill regarding immaterial joint ventures 3,256 3,256
148,088 133,526
10
INTANGIBLE ASSETS
Other intangible
assets
Assets under
development
Total
Cost at January 1
st
16,664 7,822 24,486
Additions - 29,765 29,765
Transferred 2,761 -2,761 -
Cost at December 31
st
19,425 34,826 54,251
Amortisation and impairment at January 1
st
-6,489 - -6,489
Amortisation -2,206 - -2,206
Amortisation and impairment at December 31
st
-8,695 - -8,695
Carrying amount at December 31
st
10,730 34,826 45,556
Other intangible
assets
Assets under
development
Total
Cost at January 1
st
6,488 5,132 11,620
Additions - 12,866 12,866
Disposals 10,176 -10,176 -
Cost at December 31
st
16,664 7,822 24,486
Amortisation and impairment at January 1
st
-6,197 - -6,197
Amortisation -292 - -292
Amortisation and impairment at December 31
st
-6,489 - -6,489
Carrying amount at December 31
st
10,175 7,822 17,997
2021
2020
The Group's share of equity in individually immaterial joint ventures
Carrying amount of investments in joint ventures
Below is an overview of the parent company's investments in joint ventures, all recognised to the parent company's share of the net
equity. The Group's equity interests are consistent with it's voting rights.
By the end of 2021 BioMar Group A/S has contractual obligations of 15m DKK in 2021 (2020: 30m DKK) regarding purchase of
intangible assets, not yet delivered. The contracted assets are mainly regarding an upgrade of an IT system.
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
11
PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
Other plant,
fixtures and
operating
equipments
Total
Cost at January 1
st
1,682 2,875 4,557
Disposals - -1,770 -1,770
Cost at December 31
st
1,682 1,105 2,787
Depreciation at January 1
st
-1,513 -2,465 -3,978
Reversed depreciations on disposals
- 1,770 1,770
Depreciation -76 -105 -181
Depreciation at December 31
st
-1,589 -800 -2,389
Carrying amount at December 31
st
93 305 398
Land and
buildings
Other plant,
fixtures and
operating
equipments
Total
Cost at January 1
st
1,682 2,459 4,141
Additions - 416 416
Cost at December 31
st
1,682 2,875 4,557
Depreciation at January 1
st
-1,438 -2,414 -3,852
Depreciation -75 -51 -126
Depreciation at December 31
st
-1,513 -2,465 -3,978
Carrying amount at December 31
st
169 410 579
2021
2020
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
12
RIGHT OF USE ASSETS
Land and
buildings
Other lease
assets
Total
Cost at January 1
st
8,649
10,466 19,115
Additions
-
398 398
Re-measure / modification of lease assets -
144 144
Cost at December 31
st
8,649 11,008 19,657
Depreciation at January 1
st
-3,460 -4,918 -8,378
Depreciation
-1,730 -2,876 -4,606
Depreciation at December 31
st
-5,190 -7,794 -12,984
Carrying amount at December 31
st
3,459 3,214 6,673
Recognised in the profit and loss statement
Service
Small value
assets
Short term
leases
Total
Expensed in the year
- - - -
Interest
Installment
Total
IFRS 16 capitalized lease assets 135
4,587
4,722
Total cash outflows for leases
4,722
For information about lease debt reference is made to note 13 and 19.
Land and
buildings
Other lease
assets
Total
Cost at January 1
st
8,649
5,081 13,730
Additions -
539 539
Re-measure / modification of lease assets -
4,846 4,846
Cost at December 31
st
8,649
10,466 19,115
Depreciation at January 1
st
-1,730 -2,430 -4,160
Depreciation -1,730
-2,488 -4,218
Depreciation at December 31
st
-3,460
-4,918 -8,378
Carrying amount at December 31
st
5,189 5,548 10,737
Recognised in the profit and loss statement Service
Small value
assets
Short term
leases
Total
Expensed in the year
- - - -
Interest Installment
Total
IFRS 16 capitalized lease assets 127 4,192
4,319
Total cash outflows for leases
4,319
2021
2020
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
13
INTEREST BEARING DEBT
2021 2020
- 300,000
1,373,806 721,026
Leasing debt (long-term) 2,250 6,448
Leasing debt (short-term) 4,539 4,387
Total interest bearing debt
1,380,595
1,031,861
1,380,595 1,031,861
2021
Balance at
January 1
st
Cash flows Other
Balance at
December 31
st
Payable to affiliates (long-term) 300,000 - -300,000 -
Payable to affiliates (short-term) 721,026 352,780 300,000 1,373,806
Leasing debt (long-term) 6,448 - -4,198 2,250
Leasing debt (short-term) 4,387 -4,587 4,739 4,539
Total interest-bearing assets and liabilities 1,031,861 348,193 541 1,380,595
2020
Balance at
January 1
st
Cash flows Other
Balance at
December 31
st
Payable to affiliates (long-term) 350,000 - -50,000 300,000
Payable to affiliates (short-term) 720,647 -49,621 50,000 721,026
Leasing debt (long-term) 5,468 - 980 6,448
Leasing debt (short-term) 4,174 -4,192 4,405 4,387
Total interest-bearing assets and liabilities 1,080,289 -53,813 5,385 1,031,861
Maturity profile on interest bearing debt:
2021 2020 2021 2020 2021 2020
Overdraft (without scheduled re-payment) 1,073,806 671,026 - - 1,073,806 671,026
308,496 59,342 3,957 4,955 304,539 54,387
2,271 310,423 21 3,975 2,250 306,448
Over 5 years -
- - -
Total 1,384,573 1,040,791 3,978 8,930 1,380,595 1,031,861
Payable to affiliates (long-term)
Payable to affiliates (short-term)
Fair value of interest bearing debt
Biomar Group A/S' interest bearing debt is mainly taken out in DKK. Movements in the category "other" comprise additions,
disposals and re-measurements occured during the reporting period on leasing debt. For 2021 the company has paid 4.2m DKK
(2020: 4.4m DKK) regarding lease contracts of which 0.1m DKK (2020: 0.1m DKK) is related to interests and 4.1m DKK (2020:
4.3m DKK) related to re-payments of lease debt.
Principal amount
INTEREST RATE RISKS
Cash flow
Interests
Below 1 year
Between 1 and 5 years
Due to the chosen funding of investments and the ongoing operations BioMar Group A/S is exposed to fluctuations in the interest
rates. In order to mitigate this risk the company has taken out fixed rate, long-term debt with a duration of one year. Fixed rate
loans account for 22% in 2021 (2020: 35%) of the total interest bearing debt. For debt raised on floating terms fluctuations in the
interest rates of +/- 100 bps will have a hypothetic impact on the profit for the year and equity of +/- 8.4m DKK in 2021 (2020: +/-
5.2m DKK).
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
14
RECEIVABLES
2021 2020
Trade receivables 1,289,378 761,170
Interest-bearing receivables 54,011 63,020
Other receivables 22,151 23,693
Total receivables 1,365,540 847,883
Non-current receivables 4,596 6,360
Current receivables 1,360,944 841,523
Total 1,365,540 847,883
Credit risks
The parent company's credit risk relates primarily to receivables from subsidiaries.
15
TRADE PAYABLES AND OTHER DEBT 2021 2020
Trade payables 759,428 502,094
Payables to group enterprises 13,335 12,053
Other debt 25,155 10,847
Total trade payables and other debt 797,918 524,994
16
CHANGES IN WORKING CAPITAL 2021 2020
Change in receivables -523,052 -164,418
Change in trade payables and other debt 272,924 25,082
Total changes in working capital -250,128 -139,336
17 INCOME TAX 2021 2020
Income tax January 1
st
, net -2,398 1,509
Current tax for the year -6,356 -2,598
Witholding tax -4,274 -
Prior year adjustments - -608
Corporate income tax received during the year 12,472 -701
Income tax December 31
st
, net -556 -2,398
18
DEFERRED TAX 2021 2020
Deferred tax January 1
st
-195 252
Deferred tax for the year recognised in profit and loss statement -1,713 -447
Deferred tax at December 31
st
, net -1,908 -195
Deferred tax pertains to:
Intangible assets -2,360 -562
Property, plant and equipment 182 232
Other liabilities 270 135
Total deferred tax at December 31
st
-1,908 -195
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
19 FINANCIAL RISKS
Carrying
amount
Contractual
cash flows
< 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
1,387,161 1,391,047 1,391,047 - -
Lease debt 6,789 6,881 4,610 2,271 -
75,191 121,368 - 121,368 -
759,428 759,428 759,428 - -
21,171 34,506 34,506 - -
Derivatives
-
3,984 3,984 3,984 - -
2,253,724 2,317,214 2,193,575 123,639 -
15,064 15,064 - -
Total 2,332,278 2,208,639 123,639 -
Carrying
amount
Contractual
cash flows
< 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
1,033,079 1,041,788 737,902 303,886 -
Lease debt 10,835 11,055 4,518 6,537 -
502,094 502,094 502,094 - -
10,847 10,847 10,847 - -
Derivatives
- - - - -
1,556,855 1,565,784 1,255,361 310,423 -
30,179 15,429 14,750 -
Total 1,595,963 1,270,790 325,173 -
Other debt
Derivative financial instruments
Recognised in balance sheet total
Contractual obligations to purchase intangible assets
BioMar Group A/S is predominantly financed by the parent company through both short- and long term credit facilities.
Reference is made note 21 in the consolidated financial statements for further information.
The available financial ressources are deemed sufficient.
2020
Payable to affiliates
Trade payables
Derivative financial instruments
Recognised in balance sheet total
Contractual obligations to purchase intangible assets
2021
Payable to affiliates
Contingent consideration
Trade payables
Other debt
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
19 FINANCIAL RISKS (continued)
Currency
Cash and
receivables
Financial
liabilities (non-
derivatives)
Derivatives to
hedging of
future cash
flows
Likely change
in exchange
rate
Hypothetical
effect on the
profit for the
year
Hypothetical
effect on the
equity
EUR / DKK 603,993 -397,921 -36,235 +0.3% 397 397
USD / DKK 725,308 -476,692 -312,535 +6.5% 3,241 3,241
Others 10,764 -8,834 - +8%/9% 152 152
1,340,065 -883,447 -348,770 3,790 3,790
Currency
Cash and
receivables
Financial
liabilities (non-
derivatives)
Derivatives to
hedging of
future cash
flows
Likely change
in exchange
rate
Hypothetical
effect on the
profit for the
year
Hypothetical
effect on the
equity
EUR / DKK 367,070 -209,602 -51,444 +0.3% 248 248
USD / DKK
455,005 -326,983 -102,131 +7.1% 1,434 1,434
Others
7,173 -4,557 - +8%/9% 178 178
829,248 -541,142 -153,575 1,860 1,860
Currency
Notional
principal
Accumulated
capital
gain/(loss)
recognised in
equity
Fair value
Maximum
number of
months to
expiry
Notional
principal
Accumulated
capital
gain/(loss)
recognised in
equity
Fair value
Maximum
number of
months to
expiry
USD -312,535 - -3,448 6 -102,131 - 3,578 5
EUR -36,235
- 3 1 -51,444 - 45 3
-348,770 - -3,445 -153,575 - 3,623
Categories of financial instruments 2021 2020
Derivative financial assets (fair value hierarchy level 2) - 3,623
Hedging instruments measured at fair value - 3,623
Receivables 1,365,540 844,260
Cash and cash equivalents 87 162
Financial assets measured at amortised cost 1,365,627 844,422
Derivative financial liabilities (fair value hierarchy level 2) 3,984 -
Hedging instruments measured at fair value 3,984 -
Interest bearing debt 1,380,595 1,031,861
Trade payables and other debt 793,934 524,994
Financial liabilities measured at amortised cost 2,174,529 1,556,855
Contingent considerations (fair value hierarchy level 3) 75,191 -
Financial liabilities measured at fair value through profit and loss 75,191 -
2021
Currency hedging agreements regarding future transactions
2020
The sensitivity analysis shows the impact on the income statement and equity from likely changes in exchange rates in main
currencies.
2020
2021
Net amounts outstanding for currency hedging agreements at December 31
st
for BioMar Group A/S, which satisfy the requirements
for hedge accounting and which relate to future transactions.
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
20 CONTINGENT LIABILITIES AND GUARANTEES
Guarantees
Contingent liabilities
Joint taxation liability
BioMar Group A/S participates in a Danish joint taxation arrangement with Schouw & Co. (cvr.no 63965812) serving as the
administration company, and is therefore jointly and severally liable for the corporation tax and also for obligations, if any, to
withhold tax on dividend, interests and royalties. The total net liability to the Danish tax authorities is recognised in the annual report
of Schouw & Co. Potential corrections to the jointly taxed income and tax at source may result in a higher liability for the Group.
BioMar Group A/S is predominately financed by resources of the parent company Schouw & Co. as well as a number of committed
and to a lesser extent uncommitted credit facilities. BioMar Group A/S, like other major subsidiaries in the Schouw & Co. Group, co-
guarantees these facilities totaling 4,686m DKK, where of 1,994m DKK is utilized. In addition a number of other smaller facilities
totaling 136m DKK established with the Schouw & Co. Group's global banker HSBC, where of 92m DKK is utilized.
In addition BioMar Group A/S has provided corporate guarantees of 259m DKK towards banks and other financial partners.
BioMar Group A/S is not directly part of any pending legal disputes. Further reference is made to the comments in the consolidated
financial statements note 21
Pending lawsuits
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
21
Schouw & Co. owns 100% of the shares in BioMar Group A/S.
2021 2020
Revenue 2,785,554 1,538,372
Management fee received 105,506 82,135
Management fee paid -2,400 -2,300
Interest paid -16,317 -14,273
Interest received 1,433 1,165
At December 31
st
the company has the following debt and receivables:
Receivables from group companies 1,324,642 798,776
Debt to group companies -1,387,141 -1,024,075
At December 31
st
the company has the following debt and receivables: 2021 2020
Receivables from joint ventures 13,495 15,445
Payables to joint ventures - -898
Transactions between BioMar Group A/S and the other entities in the Schouw & Co. Group appear below;
Related parties also comprise the joint ventures in which BioMar has control or significant influence.
Joint ventures
RELATED PARTY TRANSACTIONS
Members of the Board of Directors, the Executive Management as well as their family members are considered related parties.
Furthermore, related parties are companies in which the above-mentioned group of people has significant interests.
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Note
22
Accounting Policies
BioMar Group A/S is a private limited company domiciled in Denmark.
The parent company accounts for BioMar Group A/S are prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish
disclosure requirements pursuant to the Danish Financial Statement Act applying for large class-C
entities. General reference is made to the description of accounting policies provided in the
consolidated financial statements. Matters particular to the parent company are described in the
following.
BioMar Group A/S has implemented the standards and interpretations which are effective from
January 1
st
2021. The parent company accounting policies are consistent with those applied last
year.
Investments in Subsidiaries and Joint Ventures
The proportionate share of the profit or loss from subsidiaries and joint ventures after tax and after
elimination of the proportionate share of intra-group gains or losses is recognised in the income
statement. Investments in subsidiaries
and joint ventures are, at first recognition, measured at cost
and subsequently at the proportionate share of the companies’ net assets calculated in
accordance with the parent company’s accounting policies with deductions or addition of the
proportionate share of unrealised intra-group gains or losses and with addition of goodwill
calculated according to the acquisition method. Investments in entities with negative net assets
are recognised at DKK nil, and receivables and loans from the entities, if any, are written down
corresponding to the parent company’s share of the negative net assets to the extend the amount
is deemed irrecoverable. In case the negative accounting values of the net assets exceeds the
receivable amounts the remaining amount is recognised as a liability in case the parent company
has a judicial or actual obligation to cover the negative balance.
The net revaluations of investments in subsidiaries are transferred to the designated reserve
under equity in case the carrying amount exceeds the acquisition price. Recently acquired or
established companies are recognised in the financial statement from the date of acquisition. Sold
or liquidated companies are likewise recognised until the date of the sale or liquidation.
Share Holders’ Equity
Dividend
Dividend is recognised as a liability at the time of adoption by the shareholders at the annual
general meeting (the date of declaration). Dividends expected to be declared in respect of the
year are stated as a separate line item under equity.
Reserve for net revaluation according to the equity method
Net revaluations of subsidiaries and joint ventures are recognised under equity as reserve for net
revaluations to the extent that the carrying value exceeds the cost price of the investment.
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