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As approved on the company’s
annual general meeting on
March 10
th
2023
Claus Eskildsen
Chairman of the meeting
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Content
0
2
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
B
ioMar Group A/S
Værkmestergade 25, 6.
8000 Aarhus C
Denmark
P
hone: (+45) 86 20 49 70
www.biomar.com
C
VR-no.: 38 57 06 17
Financial year: January 1
st
– December 31
st
Board of Directors
Jens Bjerg Sørensen (Chairman)
Asbjørn Reinkind (Deputy Chairman)
Jørgen Dencker Wisborg
Anders Wilhjelm
Marianne Kirkegaard
E
xecutive management
CEO Carlos Diaz
Shareholders
The Group is a 100% subsidiary of:
Aktieselskabet Schouw & Co.
Chr. Filtenborgs Plads 1
8000 Aarhus C
Denmark
Approval and publication
Annual general meeting at March 10
th
2023
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Management Statement
T
he Board of Directors and the Executive Management have considered and approved the annual report for
2022 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
2022 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
2022.
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, March 3
rd
2023
Executive Management:
C
arlos Diaz
CEO
Board of Directors:
Jens Bjerg Sørensen
Chairman
Asbjørn Reinkind
Deputy Chairman
Jø
rgen Dencker Wisborg
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 2022 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 2022 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 2022, 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 Accountants (IESBA Code) and the
additional ethical requirements applicable in
Denmark, and we have fulfilled our other ethical
responsibilities in accordance with these
requirements and the IESBA Code. We believe that
the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
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.
Based 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 scepticism throughout the
audit. We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our
opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than
for one resulting from error as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the 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, March 3
rd
2023
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
C
laus Lindholm 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 and
shrimp species in more than 80 countries. The main
products are feed made for salmon and trout,
seabass and seabream as well as shrimp. In 2022
BioMar Group moved with the acquisition of AQ1
into an adjacent industry to the aquaculture
business of Technology.
The Group’s activities are based on geography and
business focus divided into five operational
divisions: SALMON, EMEA, LATAM, ASIA and
TECH.
The 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
Lat
in 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 TECH division covering operations within
farming technology in Latin America and
Australasia.
The five 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.
The Group employs more than 1,800 employees
end of 2022 of which more than 200 are employed
in the Group’s joint ventures in China and Turkey.
The share of employees employed abroad
constitutes approx. 90% of the total head count.
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Financial Highlights and Key Ratios
Comparative figures for 2018 have not been restated to include IFRS 16 and similar has comparative figures for 2018-2020 not been
adjusted for changed accounting policies regarding the IFRIC agenda decision concerning configuration or customisation costs in a cloud
computing arrangement and Put option over a non-controlling interest (IFRS 10).
2022 2021 2020 2019 2018
Volume aqua feed
Tonnage in 1,000 tons 1,456 1,446 1,341 1,250 1,209
(in million DKK)
Profit and loss
Revenue 17,861 13,300 11,649 11,180 10,328
Operating profit before depreciations (EBITDA) 1,013 889 972 966 713
Operating profit (EBIT) 602 540 642 659 533
Net financials -23 -46 -68 -33 -35
Profit before tax 709 539 538 676 574
Profit for the year 556 398 396 541 410
Invested capital
Investments in property, plant and equipment 228 133 147 438 224
Non-current assets 4,542 4,290 3,816 4,260 3,161
Current assets 7,163 5,714 4,693 4,516 3,980
Total assets 11,705 10,004 8,509 8,776 7,141
Equity 3,190 2,917 2,664 2,857 2,583
Cash flows
Cash flows from operating activities 299 241 1,028 328 365
Cash flows from investing activities -447 -336 -131 -543 -217
Cash flows from financing activities 156 50 -845 198 -108
Cash flows for the year 8 -46 52 -17 40
Key ratios
EBIT-margin (%) 3.4 4.1 5.5 5.9 5.2
Return on equity (%) 18.2 14.3 14.3 19.9 16.2
Solvency ratio (%) 27.3 29.2 31.3 32.6 36.2
ROIC excl.goodwill (%) 16.1 15.9 18.5 18.9 22.8
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Definitions of Key Ratios
R
eference is made to note 26
Business Development
Operations in 2022 were significantly negatively
impacted by the Russian invasion of Ukraine that
resulted in an immediate stop of all commercial
activities to and from Russia and the spill-over effect
resulting in instabilities and delivery shortages on
the commodity markets. BioMar has continuously
adapted to this volatile business environment that
has been present in most markets throughout the
year resulting in high raw material price levels on
many commodities, but also significantly higher
energy prices and freight rates impacting at different
intensities all our markets around the world. The
significant increases in costs are challenging to fully
pass on to customer prices despite several price
adjustments during the year. At the end of the year,
commodity and freight rates seem to ease thus
without yet having significantly impacted the cost
base.
The construction of the new extrusion lines in
Ecuador has progressed as planned and is
expected to be taken into operations during Q1
2023. The investment will, when completed,
substantially increase the capacity of extruded
shrimp feed.
In April 2022, BioMar completed the acquisition of
acoustic feeding technology leader AQ1 Systems.
The acquisition is expected to further strengthen the
core feed business mainly in shrimp by combining
extensive knowledge within feed with innovative
technology solutions ultimately enhancing the
product offerings creating further value for our
customers.
In August 2022, BioMar announced together with
Icelandic partner Sildarvinnslan the ambition to
construct a “net-zero” aquaculture feed production
plant in Iceland making BioMar the only global feed
supplier with a production footprint in this promising
market.
In Q2 2022 BioMar Group ended a strategy process
which led to our new path until 2028+. The strategy
has been named “Above and Beyond” and will
concentrate in growth in feed markets, above
expectations, but also in going beyond feed to new
ventures, as we already took our first step into with
AQ1, but also in going above market expectations
with ambitious sustainability goals.
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 2003-2015 period. BioMar Chile
does not acknowledge the charges. No significant
new information has emerged during 2022 which is
reflected in the financial statements. Reference is
made to note 18 in the annual report for further
disclosures.
Operating profit
(EBIT-margin)
Return on Equity (%)
Solvency rate (%)
3.4 %
18.2 %
27.3 %
Operating profit
Revenue
Profit for the year
Average equity
Equity
Total assets
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Financial Review
Income Statement
In 2022 revenue was 17,861m DKK, a 34%
increase from 13,300m DKK in 2021 and slightly
higher than the initial outlook for the year. With
volumes being in line with 2021 the increase is
mainly driven by increased raw material and energy
prices and favourable currency rates.
The increase was primarily driven by the SALMON
division but all divisions showed revenue growth
overall driven by higher price levels. Developments
in foreign exchange rates had a positive impact of
655m DKK on revenue driven by the USD
development.
B
ioMar reported an EBITDA increase from 889m
DKK in 2021 to 1,013m DKK in 2022 and higher
than the EBITDA outlook of 960m – 1,000m DKK
expected for the year.
The satisfactory result was driven positively by
increased sales prices and favourable exchange
rates (40m DKK). A rebound in Chile on the back of
a very difficult 2021 heavily impacted by Covid, the
acquisition of AQ1 and generally better margin
management positively impacted the result while
increased raw material and energy prices that were
only partially passed on to customers and missing
income related to Russia were the main challenges
in 2022.
EBIT amounts to 602m DKK being 62m DKK higher
than 2021 as the strong EBITDA performance more
than compensate for write down of 55m DKK on the
acquired goodwill related to the operations in
Vietnam. In Vietnam the country has for some time
been struggling with Covid and low prices and
diseases on the shrimp markets which significantly
have delayed and altered the business plan for
BioMar’s acquisition in Vietnam. Simultaneously the
recognised earnout was revalued generating a gain
of 94m DKK recognised as financial income.
T
he 50%-owned feed businesses in Turkey and
China, which are not consolidated, reported
combined 2022 revenue (100% basis) of 1,665m
DKK and EBITDA of 120m DKK, compared to
revenue of 972m DKK and EBITDA of 60m DKK in
2021 (adjustment for hyperinflation of 122m DKK
and 23m DKK respectively). EBITDA improvement
driven by a strong performance in Turkey. In both
markets BioMar achieved sales and revenue growth
and also earnings improved despite high volatility
from Covid in China and macro-economic turmoil in
Turkey.
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 2022 consolidated financial
statements with a profit of 80m DKK after tax,
compared to 33m DKK after tax in 2021. The better
performance is driven by Salmones Austral.
Profit before tax ended at 709m DKK compared to
539m DKK the year before which is an increase of
170m DKK. The increase is driven by the significant
improvement in earnings from associated
companies and joint ventures combined with
favourable foreign exchange rates and revaluation
of earnout in Vietnam recorded in financial items.
Profit after tax amounts to 556m DKK compared to
398m DKK in 2021.
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Financial Review
Balance Sheet
Non-current assets amounted to 4,542m DKK end
of 2022 compared to 4,290m DKK end of 2021, an
increase of 252m DKK. The increase is mainly
driven by the acquisition of AQ1 Systems in April
2022 and better financial performance in the
associated companies and joint ventures along with
positive foreign exchange effects impacting all
asset classes.
Net working capital increased from 1,399m DKK
end of 2021 to 1,977m DKK end of 2022 mainly
driven by the higher price levels in general but also
lower turnover ratios on inventory contribute.
Pressure on longer payment terms from customers
in some key markets remains but balanced by good
credit management. Inventories increased
significantly reflecting the generally increased raw
material prices, higher volume activity but also a
general increase of stock levels to minimize stock
out risks. Supplier debt increased with the price and
activity increase impacting the inventory supporting
the increased stock levels. Utilization of supply
chain financing decreased to 980m DKK from
1,058m DKK last year. Currency fluctuations
impacted the net working capital negatively by
approx. 55m DKK mainly due to higher USD.
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.
T
he 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 67m DKK to
520m DKK end of 2022. The decrease mainly
arises from revaluation of a contingent
consideration related to the investment in BioMar
Vietnam.
Equity amounted to 3,190m DKK end of 2022
equivalent to a solidity of 27% opposed to 29% end
of 2021.
ROIC excluding goodwill slightly increased from
15.9% in 2021 to 16.1% in 2022 as better earnings
(EBITA) were counterbalanced by corresponding
increased invested capital.
Cash Flow Statement
Cash flow from operating activities amounts to
299m DKK compared to 241m DKK in 2021. The
significant increase is mainly due to better earning
and lower tax payments, however partly offset by
higher working capital investments.
Cash flow from investment activities amounts to
-447m DKK compared to -336m DKK in 2021, an
increase of 111m DKK. The increase is mainly
driven by the acquisition of AQ1 Systems in April
2022 and investments in productions facilities and
equipment.
Cash flow from financing activities amounts to
156m DKK compared to 50m DKK in 2021. The
cash flow was impacted by substantial drawdowns
on the group financing facilities to settle external
finance facilities and higher investments.
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Financial Review
Financial Resources
Net interest-bearing debt amounts to 2,507m DKK
compared to 1,932m DKK end of 2021, an increase
of 575m 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
Following the invasion of Ukraine BioMar Group
has, until further notice, closed all trade activities
with Russia, including sales of finished products as
well as sourcing of raw materials. The decision has
had a significant impact on our customers in Russia,
and it has impacted our sales volume. Formulation
costs have increased due to substitution of raw
materials and suppliers. As a company driven by
our purpose and values, we believe it is our
responsibility to make a positive impact on the
environment and human rights around the world.
Therefore, we will not collaborate with Russia while
they are violating the sovereignty of Ukraine and
causing a humanitarian crisis. Being associated
with BioMar as a customer will not jeopardize
customer’s position and brand. We know from
several customers that they have taken a clear
position in relation to the Russia/Belarus conflict
and having suppliers who do not live up to their
standard is unacceptable, not only from a
humanitarian and business ethic perspective, but
also from a business profit perspective where some
feed suppliers could gain from not closing down
their activities with Russia by continuing
procurement of raw materials from Russia at more
attractive prices or continuing export of fish feed to
Russia at attractive prices due to lower supply of
feed. For BioMar the humanitarian crisis and
business ethics are more important than short term
profits. When the real crisis hit Europe, we are true
to our purpose and ESG-values.
T
he 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. However, in the short- to
medium term the current significant price volatility in
raw material and energy markets as well as access
to some import as well as export markets has
significantly impacted the financial performance for
BioMar in 2022. In addition, the changed accounting
policy for cost incurred for “Software as a Service”
projects will have a negative impact in the coming
years while BioMar implements an upgraded ERP
platform.
Against this background, BioMar expects to
generate full-year 2023 revenue in the level of
18.5bn DKK and EBITDA in the range of DKK 1,080
– 1,150m DKK. It is emphasized that changes in
raw materials and energy prices as well as foreign
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 130m DKK
in 2023 which is similar to 2022 but driven by an
improvement in the JV in Turkey and a
normalization of the salmon farming companies in
Chile and Norway.
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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 21 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 in
the level of 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.
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.schouw.dk/en/responsibility/corporate-
governance
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15 S
tatements 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 2022 2021
1 Revenue 17,860,745 13,300,302
2,4 Operating expenses -16,829,636 -12,414,599
5 Other operating income
5,505 6,746
Other operating expenses
-24,062 -3,002
EBITDA 1,012,552 889,447
3 Depreciation and amortisation -354,748 -349,671
3 Goodwill impairment -55,353 -
EBIT 602,451 539,776
6 Share of profit after tax, associates 79,682 33,017
6 Share of profit after tax, joint ventures 50,131 12,292
7 Financial income 140,668 28,902
8 Financial expenses -163,629 -74,525
Profit before tax 709,303 539,462
9 Tax on profit for the year -153,759 -141,701
Profit for the year
555,544 397,761
Profit for the year attributable to:
Shareholders of BioMar 532,483 372,660
Non-controlling interests 23,061 25,101
Profit for the year
555,544 397,761
Other comprehensive income
Items that have been or may subsequently be reclassified to the income statement;
Exchange rate adjustments, foreign entities 73,535 232,
325
Value adjustments of hedging instruments:
- Value adjustments for the year 14,052 -10,515
- Value adjustments tranferred to production costs 10,515 8,168
Other comprehensive income in subsidiaries, associates and joint ventures 986 -640
Hyperinflation adjustment -2,986 -
9 -8,713 2,152
Other comprehensive income after tax 87,389 231,490
Total comprehensive income
642,933 629,251
Comprehensive income attributable to:
Shareholders of BioMar 595,492 575,016
N
on-controlling interests 47,441 54,235
Total comprehensive income
642,933 629,251
Tax on items that have been or may subsequently be reclassified to
the income statement
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BALANCE SHEET AT DECEMBER 31
st
(DKK 1,000)
Note ASSETS 2022 2021
Goodwill 1,177,310 1,056,277
Customer relations 77,890 71,436
Brands 17,895 18,001
Technology 180,940 166,683
Other intangible assets 34,292 14,939
10 Intangible assets 1,488,327 1,327,336
Land and buildings 789,337 776,340
Plant and machinery 751,630 788,384
Other plant, fixtures and operating equipment 39,183 43,019
Assets under construction 163,088 75,081
11 Property, plant and equipment 1,743,238 1,682,824
6 Investments in associates 487,964 401,057
6 Investments in joint ventures 182,005 148,088
12 Right of use assets 390,484 448,256
Securities 1,365 955
15 Deferred tax 70,993 55,982
14 Receivables 177,742 225,241
Other non-current assets 1,310,553 1,279,579
Total non-current assets 4,542,118 4,289,739
13 Inventories 2,853,441 1,976,013
14 Receivables 3,940,572 3,405,475
Income tax 39,597 54,649
Prepayments 30,814 16,100
Cash and cash equivalents 298,852 261,708
Total current assets 7,163,276 5,713,945
Total assets
11,705,394 10,003,684
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BALANCE SHEET AT DECEMBER 31
st
(DKK 1,000)
Note EQUITY AND LIABILITIES 2022 2021
Share capital 250,000 250,000
Other reserves 221,170 147,274
Retained earnings 1,930,288 1,772,382
Proposed dividend 350,000 350,000
Share of equity attributable to the parent company 2,751,458 2,519,656
Non-controlling interests 438,728 396,920
Total equity 3,190,186 2,916,576
15 Deferred tax 208,719 179,488
16 Interest bearing debt 311,382 339,490
16 Other debt - 75,191
Total non-current liabilities 520,101 594,169
16 Interest bearing debt 3,323,121 2,480,497
17 Trade payables and other debt 4,583,441 3,972,730
Deferred income 399 178
Income tax 88,146 39,534
Total current liabilities 7,995,107 6,492,939
Total liabilities 8,515,208 7,087,108
Total equity and liabilities 11,705,394 10,003,684
Notes without reference:
27% 29%
18 Contingent liabilities and guarantees
21 Financial risk management
22 Acquisitions
23 Related party transactions
24 Group structure
25 New financial reporting regulations
26 Group accounting policies
27 Significant accounting estimates and judgements
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Share
capital
Hedge
transaction
reserve
Exchange
rate
adjustment
reserve
Hyper-
inflation
reserve
Retained
income
Proposed
dividend
Non-
controlling
interests
Other comprehensive income in subsidiaries,
associates and joint ventures
Other comprehensive income in subsidiaries,
associates and joint ventures
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 2022 2021
EBITDA 1,012,552 889,447
19 Changes in working capital -504,597 -412,357
Net interest paid -102,266 -43,990
Income taxes paid -106,966 -192,409
Cash flow from operating activities
298,723 240,691
20 Purchase of intangible assets -22,821 -8,581
20 Purchase of property, plant and equipment -227,517 -131,269
Sale of property, plant and equipment 2,058 3,925
22 Acquisition of subsidiaries, net of cash -210,989 -38,859
Dividend from associates and joint ventures 9,606 -
Loan to associates - -8,816
Loan to customers - -154,989
Addition/disposal of other financial assets 3,576 2,314
Investment in/sale of securities -413 -19
Cash flow from investing activities
-446,500 -336,294
20 Proceeds from borrowings 25,237 7,435
16 Re-payment of lease debt -130,872 -134,827
Increase (re-payment) of intra-group balances 972,385 486,431
16 Increase (re-payment) of debt to credit institutions -354,868 49,461
Dividend distributed -367,557 -362,648
Capital increase non-controlling shareholders 11,924 4,265
Cash flow from financing activities
156,249 50,117
Cash flow for the year 8,472 -45,486
Cash, and cash equivalents at January 1
st
261,708 292,799
Exchange rate adjustments of cash and cash equivalents 28,672 14,395
Cash and cash equivalents at December 31
st
298,852 261,708
Of the total cash and cash equivalents balance 31,2m DKK is situated in Russia and consequently considered restricted
cash as it is restricted for use only in the country in which it is held unless certain approvals of transfer internationally are
obtained.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
1
2022 2021
13,508,692 9,801,194
EMEA 2,853,866 2,443,123
Other segments 1,498,187 1,055,985
17,860,745 13,300,302
17,255,797 13,064,521
Other products 604,948 235,781
17,860,745 13,300,302
2
OPERATING EXPENSES 2022 2021
Cost of sales, including write-down of inventories -14,931,178 -10,926,617
Staff costs -672,705 -579,376
Other costs -1,225,753 -908,606
Total operating expenses -16,829,636 -12,414,599
Research and development costs included in operating expenses -97,158 -74,858
3 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES
2022 2021
-55,353 -
-46,379 -31,544
Depreciation of property, plant and equipment -176,474 -180,070
Depreciation of lease assets -131,895 -138,057
Total depreciation, amortisation and impairment losses -410,101 -349,671
4
STAFF COSTS 2022 2021
Wages and salaries -574,776 -493,340
Defined contribution pension plans -35,685 -30,631
Other social security costs -55,691 -49,763
Share-based payments -6,553 -5,642
Total staff costs -672,705 -579,376
Average number of employees 1,589 1,463
Remuneration to executive management and board of directors
Wages and salaries -5,209 -4,821
Pension -103 -93
Bonus -1,962 -2,959
Share-based payments -2,372 -2,055
Total remuneration to executive management and board of directors -9,646 -9,928
REVENUE
Revenue is split per reporting segment as follows:
Salmon
Total revenue
Aqua feeds
Total revenue
In the above disaggregation of revenue segments and/or product types comprising 10% or more of the total revenue have
been presented seperately.
Revenue is split per product type as follows:
Amortisation of intangible assets
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.
Impairment of intangible assets
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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 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
Granted in 2021 30,000 55,000 85,000 678 125.37 10,656 March 2024 April 2025
Total outstanding options
at December 31
st
2021
107,000 177,000 284,000
Granted in 2022 30,000 55,000 85,000 527 68.35 5,810 March 2025 April 2026
Lapsed (from 2018 grant) -25,000 -30,000 -55,000
Total outstanding
options at December
31
st
2022
112,000 202,000 314,000
(1) exercised after 4 years (at the latest possible date)
(2) at the date of grant
2022
grants
2021
grants
2020
grants
2019
grants
Expected volatility 24.82% 31.58% 22.21% 29.23%
Expected term 49 mo. 49 mo. 48 mo. 48 mo.
Expected dividend per share
14 DKK 14 DKK 13 DKK 13 DKK
Risk-free interest rate -0.17% -0.54% -0.97% -0.52%
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 (2022: 518.00 DKK) plus a premium (2022 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 2022 no options were exercised. The options programme from 2018 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 all the objectives are
achieved.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
5
6 INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND JOINT OPERATIONS
Name
2022 2021
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%
AQ1 Systems (Asia) company limited Bangkok, Thailand 49% -
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.
2022 2021
Revenue 2.175.138 1.649.409
Result after tax 296.915 127.769
Current assets 1.753.483 1.423.621
Non-current assets 2.262.858 1.858.103
Current liabilities 862.361 775.326
Non-current liabilities 1.327.955 1.054.214
Share of profit 68.014
29.271
OTHER OPERATING INCOME
In 2022, BioMar Group has received 1m DKK in government grants (2021: 5.4m DKK).
Equity interest
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.
Country and city of
incorporation
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
6 INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND JOINT OPERATIONS (continued)
Immaterial associates and joint ventures
Financial information for associates and joint ventures that individually are considered immaterial to the Group.
2022 2021
Share of profit from continuing operations, associates 11,668 3,746
Share of profit from continuing operations, joint ventures 50,131 12,292
Carrying amount of investments in associates and joint ventures
2022 2021
The Group's share of equity in material associates
418,289 332,697
Goodwill regarding material associates 11,329 10,669
58,346 57,691
178,749 144,832
Goodwill regarding immaterial joint ventures 3,256 3,256
669,969 549,145
Recognised as investments in associates 487,964 401,057
Recognised as investments in joint ventures 182,005 148,088
Total investments 669,969 549,145
Joint operations
Financial information for joint operations that individually are considered immaterial to the Group:
2022
2021
Share of profit -109 103
7 FINANCIAL INCOME
2022 2021
24,898 14,724
4,787 76
16,692 14,090
Adjustment earnout 94,287 -
Fair value adjustments of financial assets measured through profit and loss 4 12
Total financial income 140,668 28,902
8
2022 2021
-61,897 -28,219
-65,413 -21,307
-12,499 -14,432
-23,820 -10,567
Total financial expenses -163,629 -74,525
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
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 classified as joint operations.
Financial costs to group enterprises
Exchange rate adjustments
Interest income etc.
Financial income from group enterprises
Exchange rate adjustments
FINANCIAL EXPENSES
Interest expenses etc.
Interests from lease liabilities
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
9
2022 2021
-153.759 -141.701
-8.713 2.152
-162.472 -139.549
Tax on the profit for the year has been calculated as follows:
-159.316 -100.129
1.530 -24.401
Change in deferred tax due to change in corporate tax rates 2.010 -1.800
2.017 -15.371
-153.759 -141.701
Specification of tax on the profit for the year:
-159.092 -115.898
Adjustment of calculated tax in foreign subsidiaries relative to 22% -23.555 -10.930
36.520 14.197
5.131 -5.104
-9.357 -6.904
2.010 -1.800
2.017 -15.371
23 109
-1.542 -
-5.914 -
-153.759 -141.701
21,7% 26,3%
Tax on other comprehensive income
Before tax Tax After tax
73.535 - 73.535
Value adjustments of hedging instruments 24.567 -8.713 15.854
Hyperinflation adjustment -2.986 - -2.986
Other comprehensive income in subsidiaries,
associates and joint ventures
986 - 986
Total tax on other comprehensive income 96.102 -8.713 87.389
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
Effective tax rate
Total tax recognised in the income statement
2021
Exchange rate adjustments of foreign entities
Exchange rate adjustments of foreign entities
2022
Tax loss this year not recognised
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
Reassessments of recognised tax assets
(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
10
INTANGIBLE ASSETS
Goodwill
Customer
relations
Brands Technology
Other intan-
gible assets
Total
Cost at January 1
st
1,056,277 167,186 22,981 234,398 89,874 1,570,716
Exchange rate adjustments 45,086 8,321 1,422 12,352 1,916 69,097
Additions - - - - 22,821 22,821
Additions from acquisitions 131,300 24,299 - 25,850 - 181,449
Disposals - - - - -192 -192
Transferred/reclassified - - - - 669 669
Cost at December 31
st
1,232,663 199,806 24,403 272,600 115,088 1,844,560
Amortisation and impairment at January 1
st
- -95,750 -4,980 -67,715 -74,935 -243,380
Exchange rate adjustments - -5,421 -286 -3,768 -134 -9,609
Impairment -55,353 - - - - -55,353
Amortisation - -20,745 -1,242 -20,177 -4,215 -46,379
Transferred/reclassified - - - - -1,512 -1,512
Amortisation and impairment at December 31
st
-55,353 -121,916 -6,508 -91,660 -80,796 -356,233
Carrying amount at December 31
st
1,177,310 77,890 17,895 180,940 34,292 1,488,327
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
Change of accounting policy -16,124 -16,124
Restated cost at January 1
st
895,819 154,246 21,202 216,256 67,730 1,355,253
Exchange rate adjustments 74,795 12,940 1,779 18,142 2,624 110,280
Additions - - - - 8,581 8,581
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 89,874 1,570,716
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 -3,371 -31,544
Transferred/reclassified - - - - -13,073 -13,073
Amortisation and impairment at December 31
st
- -95,750 -4,980 -67,715 -74,935 -243,380
Carrying amount at December 31
st
1,056,277 71,436 18,001 166,683 14,939 1,327,336
2022
2021
By the end of 2022 BioMar Group does not have any contractual obligations regarding purchase of intangible assets, not yet
delivered (2021: 0m DKK).
Other intangible assets consists mainly of IT projects, but also includes various ongoing and completed development projects
of which 11.6m DKK (2021: 8.5m 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. The identified assets besides goodwill have an expected usefull life between 5 and 20 years.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
10
ASSETS
GOODWILL
CGU specific
assumptions:
Carrying
amount of
goodwill
Yearly
growth in
revenue
Growth rate
in terminal
period
Discount
rate before
tax
Carrying
amount of
goodwill
Yearly
growth in
revenue
Growth rate
in terminal
period
Discount
rate before
tax
EMEA 80,346 6.2% 2.0% 8.
6% 80,346 4.7% 2.0% 7.0%
Chile 311,758 1.1% 2.0% 16.
7% 293,587 3.6% 2.0% 13.5%
Vietnam 37,986 n/a* 2.0% 15.
0% 92,056 n/a* 2.0% 13.0%
AQ1 120,397 31.1% 2.0% 14.
8% - - - -
Ecuador 626,823 12.9% 3.0% 17.
8% 590,288 8.3% 3.0% 13.4%
1,177,310 1,056,277
S
ensitivity analysis
As part of the preparation of impairment tests, sensitivity analysis are prepared on the basis of relevant risk factors and
scenarios that management can determine within reasonable reliability. Sensitity analyses are prepared by altering the
estimates with a range of probable outcomes in discount rate, revenue growth, earning margins and working capial
employement. All CGU's has large headrooms besides Vietnam just written down and Ecuador mainly driven by the signficant
increase in the discount rate following the increase in interest levels particularly in that market.
*The CGU in Vietnam is a business case build from very limited activity in 2021 and 2022 hence growth rates are projected
very high and much higher than market growth as market share capture is forecasted.
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 2023-2027. 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
2022 BioMar Group has recognised goodwill at a total value of 1,177.3m DKK (2021: 1,056.3m 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%, 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, Vietnam and the recently acquired company
AQ1. BioMar Group operates in an expanding industry driven by global population growth, rising standards of living,
sustainable fishery and technological development. 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 2023-2024, of average
4%. BioMar management expects higher growth rates for the shrimp markets in Ecuador, Vietnam and Technology market
and lower market growth in the established fish farming markets especially in Europe. Where the expected CGU growth rates
i
n the budget period 2023-2027 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 2023-2027 earning margins, in line with the 2022
realised, have been applied.
The impairment tests made at December 31
st
2022 resulted in a write down of goodwill amounting to 55.4m DKK related to
BioMar's newly acquired activities in Vietnam. The write down is a result of the country for some time has been struggling with
Covid and the shrimp markets with low prices and diseases which has significantly delayed and altered the business plan.
The impairment tests did not result in other write-down of carrying amounts.
2022
2021
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
11
PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
Plant and
machinery
Other plant,
fixtures and
oper
ating
equipments
Assets
under
c
onstruction
Total
Cost at January 1
st
1.313.734 2.336.144 193.621 75.081 3.918.580
Exchange rate adjustments -7.002
-19.860 -2.042 -430 -29.334
Additions 40.749 54.073 9.298 123.397 227.517
Additions from acquisitions - - 984 - 984
Disposals -1.831 -1.567 -1.339 - -4.737
Transferred/reclassified 13.457 19.227 505 -34.960 -1.771
Cost at December 31
st
1.359.107 2.388.017 201.027 163.088 4.111.239
Depreciation at January 1
st
-537.394 -1.547.760 -150.602 - -2.235.756
Exchange rate adjustments 10.679
26.248 1.878 - 38.805
Reversed depreciations on disposals 201 1.580 1.029 - 2.810
Depreciation -44.358
-117.967 -14.149 - -176.474
Transferred/reclassified 1.102
1.512 - - 2.614
Depreciation at December 31
st
-569.770 -1.636.387 -161.844 - -2.368.001
Carrying amount at December 31
st
789.337 751.630 39.183 163.088 1.743.238
Land and
buildings
Plant and
machinery
Other plant,
fixtures and
oper
ating
equipments
Assets
under
c
onstruction
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
(DKK 1,000)
2022
2021
By the end of 2022 BioMar Group has contractual obligations of 44m DKK (2021: 56m DKK) regarding purchase of tangible
assets, not yet delivered. The contracted assets are mainly regarding new warehouse in Norway.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
12
RIGHT OF USE ASSETS
Ships
Land and
buildings
Other lease
assets
Total
Cost at January 1
st
558,642 185,164 60,021 803,827
Exchange rate adjustment -27,492 -4,871 447 -31,916
Additions -
360 8,656 9,016
Disposals - -294 -5,620 -5,914
Re-measure / modification of lease assets 75,009
-550 5,841 80,300
Cost at December 31
st
606,159 179,809 69,345 855,313
Depreciation at January 1
st
-241,649 -77,432 -36,490 -355,571
Exchange rate adjustment 15,363 2,016 30 17,409
Depreciation -87,379 -27,917 -16,599 -131,895
Depreciation and impairment of disposed assets - 216 5,012 5,228
Depreciation at December 31
st
-313,665 -103,117 -48,047 -464,829
Carrying amount at December 31
st
292,494 76,692 21,298 390,484
Recognised in the profit and loss statement
Variable
lease
pay
ments
Service
Small value
assets
Short term
leases
Total
Expensed in the year - - 364 30,044
30,408
Interest Installment
Total
IFRS 16 capitalized lease assets 12,499 130,872
143,371
Total cash outflows for leases
173,779
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 on company 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
pay
ments
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
2022
2021
By the end of 2022 BioMar Group has no contractual obligations regarding leased assets (2021: 0m DKK). For information
about lease debt reference is made to note 16 and 21.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
13
INVENTORIES 2022 2021
Raw materials 2,021,622 1,411,110
Biological assets 109,792 86,443
Finished goods 722,027 478,460
Total inventories 2,853,441 1,976,013
Carrying amount of inventories recognised at fair value less costs to sell
109,792 86,443
Significant assumptions determining fair value of biological assets
2022 2021
The value of biological assets is comprised of the following:
Biological assets below 1 kg 9,113 -
Biological assets between 1 and 4 kg 45,051 86,443
Biological assets above 4 kg 55,628 -
Total value of biological assets 109,792 86,443
Total volume of biological assets as per December 31
st
2022: 2,777 tons (2021: 2,838 tons).
Value adjustments of biological assets taken to profit and loss:
Fair value adjustment of biological assets 13,589 3,933
Profit on sale of biological assets 48,555 11,110
Total value adjustments 62,144 15,043
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 2022.
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 62m DKK (2021: 15m
DKK).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
14
RECEIVABLES
2022 2021
Trade receivables 3,134,524 2,846,082
Interest-bearing receivables 829,143 625,787
Other receivables 154,647 158,847
Total receivables 4,118,314 3,630,716
Non-current receivables 177,742 225,241
Current receivables 3,940,572 3,405,475
Total 4,118,314 3,630,716
Credit risks
Provision for expected credit losses
2022 2021
Provision at January 1
st
-125,094 -121,607
Exchange rate adjustments -4,247 -3,603
Provision for expected credit losses -44,705 -879
Realised in the year 49,024 995
Provision at December 31
st
-125,022 -125,094
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
2022 1,306m DKK (2021: 1,230m DKK) are covered by credit
insurance.
As security for the trade receivables, the Group holds collateral as security for a total amount of 253m DKK (2021: 243m
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
14 RECEIVABLES (continued)
The Group's trade receivables and expected losses are specified as follows:
2022 Not due Total
Trade receivables 2,785,263 164,170 97,612 212,501 3,259,546
Impairment -27,266 -1,505 -826 -95,425 -125,022
Trade receivables, net 2,757,997 162,665 96,786 117,076 3,134,524
Proportion of trade receivables expected to be settled
96.2%
Impairment ratio 1.0% 0.9% 0.8% 44.9% 3.8%
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%
The expected credit-losses and default rates are distributed as follows:
2022 Total
High-risk markets -9,003 1.2% -1,008 1.4% -433 1.0% -53,758 52.0% -64,202
Medium-risk markets -16,618 1.2% -400 0.7% -321 0.9% -40,595 40.5% -57,934
Low-risk markets -1,644 0.3% -97 0.3% -71 0.3% -1,074 12.1% -2,886
Total expected credit-losses -27,265 -1,505 -825 -95,427 -125,022
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
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
15
DEFERRED TAX 2022 2021
Deferred tax January 1
st
, net -123,506 -92,614
Change of accounting policy - 3,808
Restated deferred tax January 1
st
, net -123,506 -88,806
Exchange rate adjustments -6,627 -10,651
Adjustment from change in corporate tax rate 2,014 -1,800
Transfer to or from income tax payable 1,749 -
Deferred tax for the year recognised in profit and loss statement
2,893 -24,401
Deferred tax for the year recognised in other comprehensive income -1,712 2,152
Additions from acquisitions -12,537 -
Deferred tax at December 31
st
, net -137,726 -123,506
Deferred tax is recognised in the balance sheet as follows:
Deferred tax asset 70,993 55,982
Deferred tax liability -208,719 -179,488
Deferred tax at December 31
st
, net -137,726 -123,506
Deferred tax pertains to:
Intangible assets -67,964 -53,381
Property, plant and equipment -91,640 -85,861
Current assets -8,380 -5,856
Other liabilities 29,988 17,034
Tax loss carry-forwards 270 4,558
Total deferred tax -137,726 -123,506
As per December 31
st
2022 BioMar Group has unrecognised deferred tax assets of 9m DKK (2021: 4m 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
15
DEFERRED TAX (continued)
Balance at
January 1
st
Acquisitions
/
divestments
Exchange
rate
adjustments
Recognised
in the profit
for the year
Recognised
in equity
Balance at
December
31
st
Intangible assets -53,381 -12,537 -2,847 801 -67,964
Property, plant and equipment -85,861 - -3,280 -2,499 -91,640
Other current assets -5,856 - -1,584 -941 -8,381
Other liabilities 17,034 - 718 13,949 -1,712 29,989
Tax losses 4,558 - 366 -4,654 270
Total changes in deferred tax -123,506 -12,537 -6,627 6,656 -1,712 -137,726
Balance at
January 1
st
Change of
accounting
policy
Restated
balance at
January 1st
Exchange
rate
adjustments
Recognised
in the profit
for the year
Recognised
in equity
Balance at
December
31
st
Intangible assets -60,335 3,808 -56,527 -5,001 8,147 - -53,381
Property, plant and equipment -67,061 - -67,061 -7,880 -10,920 - -85,861
Other current assets 5,572 - 5,572 367 -11,795 - -5,856
Other liabilities 27,830 - 27,830 1,827 -14,775 2,152 17,034
Tax losses 1,380 - 1,380 36 3,142 - 4,558
Total changes in deferred tax -92,614 3,808 -88,806 -10,651 -26,201 2,152 -123,506
2022
2021
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
16 INTEREST BEARING DEBT
2022 2021
2,912,381 1,
718,199
28,189 6,372
287,996 631,963
Leasing debt (long-term) 283,193 333,118
Leasing debt (short-term) 122,744 130,335
Total interest bearing debt 3,634,503 2,819,987
3,634,503 2,819,987
2022
Balance at
January 1
st
Cash flows
Exchange
rate adj.
Other
Balance at
December 31
st
1,718,199 1,210,477 -16,295 - 2,912,381
Credit institutions (long-term) 6,372 25,237 - -3,420 28,189
Credit institutions (short-term) 631,963 -354,868 7,481 3,420 287,996
Leasing debt (long-term) 333,118 - -11,071 -38,854 283,193
Leasing debt (short-term) 130,335 -130,872 -4,208 127,489 122,744
Total interest-bearing debt 2,819,987 749,974 -24,093 88,635 3,634,503
Other debt (long-term) 75,191 11,237 -86,428 -
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
Payable to affiliates (long-term)
Payable to affiliates (short-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.
INTEREST RATE RISKS
Due to the chosen funding of investments and the ongoing operations BioMar Group is exposed to fluctuations in the interest rates. In
2022 BioMar has transfered the full risk management regarding interest rate risk to the parent company through which BioMar is
financed - see also note 21. Consequently fixed rate loans only account for 11% in 2022 (2021: 18%) 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 +/- 25m DKK in 2022 (2021: +/- 18m 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 EUR.
Payable to affiliates (short-term)
Credit institutions (short-term)
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
17 TRADE PAYABLES AND OTHER DEBT
2022 2021
Trade payables 3,746,536 3,204,279
Payables to group enterprises 2,457 -
Other debt 834,448 768,451
Total trade payables and other debt
4,583,441 3,972,730
18
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
2022 corresponded to approximately 180m 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 has been delayed due to the
COVID-19 pandemic, however the evidentiary stage was commenced in 2022 and final ruling is expected end of 2024 at the
earliest.
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
2022
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
2022.
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 980m DKK is recognised in the balance sheet under trade payables (2021: 1,058m DKK).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note
18 CONTINGENT LIABILITIES AND GUARANTEES (continued)
Guarantees
19
CHANGES IN WORKING CAPITAL 2022 2021
Change in inventories -864,995 -418,406
Change in receivables -255,672 -550,386
Change in trade payables and other debt 616,070 556,435
Total changes in working capital -504,597 -412,357
20 ADJUSTMENT FOR NON-CASH TRANSACTIONS
2022 2021
Purchase/sale of intangible assets cf. note 10 22,821 8,581
Amount paid regarding intangible assets 22,821 8,581
Purchase/sale of property, plant and equipment cf. note 11 227,517 132,891
Of which not yet paid at the balance sheet date/adjustment for the year - -1,622
Amount paid regarding property, plant and equipment 227,517 131,
269
Incurring financial liabilities 34,253 88,420
Of which lease debt -9,016 -80,985
Proceeds from borrowings 25,237 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 6,998m DKK, where of 5,197m DKK is utilized.
In addition a number of other smaller facilities totaling 78m DKK established with the Aktieselskabet Schouw & Co. Group's
global banker HSBC, where of 68m DKK is utilized.
(DKK 1,000)
In 2022 BioMar has provided collateral in land and buildings for morgage loans with a booked value of 38m DKK as well as
corporate guarantees for a total of 319m DKK.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
21 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 6,998m DKK, where of 5,197m 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 3,635m DKK end of 2022 (2021: 2,820m DKK), of which 311m DKK end of
2022 (2021: 340m DKK) has a remaining loan period of more than one year. Cash and cash equivalents amount to 299m
DKK end of 2022 (2021: 262m DKK). Additionally, the Group has significant unutilised and comitted loan facilities available
with its parent company Schouw & Co. per December 31
st
2022, 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
21 FINANCIAL RISKS MANAGEMENT (continued)
Carrying
amount
Contractual
cash flows
< 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
316.185 322.964 288.662 10.973 23.329
2.912.381 2.912.381 2.912.381 - -
Lease debt 405.937 437.329 133.
467 257.656 46.206
3.748.993 3.748.993 3.748.993 - -
806.077 806.077 806.077 - -
Derivatives
28.368 28.368 28.368 - -
8.217.941 8.256.112 7.917.948 268.
629 69.535
44.833 44.833 - -
Total 8.300.945 7.962.781 268.629 69.535
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
55.818 55.818 - -
Total 7.010.239 6.524.907 432.
947 52.385
2021
Contractual obligations to purchase property, plant
and equipment
Contingent consideration
Banks and other credit institutions
Other debt
Trade payables
Contractual obligations to purchase property, plant
and equipment
2022
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
Trade payables
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(DKK 1,000)
Note
21
Currency
Cash and
receivables
Financial
liabilities
(non-
der
ivatives)
Derivatives to
hedging of
future cash
fl
ows
Likely change
in exchange
rate
Hypothetical
effect on the
profit for the
y
ear
Hypothetical
effect on the
equity
EUR / DKK 791,562 -
555,318 - +0,5% 921 921
USD / DKK 865,403 -1,018,852 -148,140 +7,0% 72 -16,467
USD / GBP 3,306 -112,676 94,936 +9,0% -1,052 -1,052
USD / NOK 17,291 -806,197 1,095,475 +13,0% -931 31,086
CLP / USD 1,666 -39,306 94,789 +14,0% -3,847 5,841
EUR / NOK 1,953 -
710,862 709,661 +10,0% -15,387 59
NOK / GBP - -
80,938 41,110 +11,0% -3,549 -3,549
NOK / DKK 69,527 -80,625 54,986 +10,0% 505 3,423
EUR / USD 1,604 -30,677 - +7,0% -1,587 -1,587
USD / AUD 27,293 -
117,819 119,362 +10,0% 1,453 2,105
Others 79,374 -136,613 -11,759 +10,0% -4,698 -3,569
1,858,979 -3,689,883 2,050,420 -28,100 17,211
Currency
Cash and
receivables
Financial
liabilities
(non-
der
ivatives)
Derivatives to
hedging of
future cash
fl
ows
Likely change
in exchange
rate
Hypothetical
effect on the
profit for the
y
ear
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
2021
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
w
ith the Groups primary financial partners.
Foreign currency risk s
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.
2022
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
21
Currency
Notional
principal*
Accumulated
capital gain/(loss)
recognised in
equity
Fair value
Maximum
number of
months
to expiry
EUR 722,244 765 16,138 6
USD 1,161,633 -4,651 -14,755 7
CLP 94,789 20,113 20,113 3
NOK 96,096 -1,367 -636 9
Others -24,340 -808 -1,090 3
Total 2,050,422 14,052 19,770
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
*Positive values reflect purchase of currency while negative values reflect sales of currency.
Categories of financial instruments
2022 2021
Securities (fair value hierarchy level 3) 1,365 955
Financial assets measured at fair value through profit and loss 1,365 955
Derivative financial assets (fair value hierarchy level 2) 48,138 3,679
Derivative financial liabilities (fair value hierarchy level 2) 28,368 15,626
Hedging instruments measured at fair value, net 19,770 -11,947
Trade receivables 3,134,524 2,846,082
Other receivables 935,652 780,955
Cash and cash equivalents 298,852 261,708
Financial assets measured at amortised cost 4,369,028 3,888,745
Interest bearing debt 3,634,503 2,819,987
Trade payables and other debt 4,555,073 3,957,104
Financial liabilities measured at amortised cost 8,189,576 6,777,091
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).
2022
2021
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
22
ACQUISITIONS
2022 2021
Specification of acquired net assets at acquisition date
Intangible assets
50,149 -
Property, plant and equipment
984 25,243
Leased assets
- 1,777
Other financial assets
157 269
Inventories
10,957 1,013
Receivables
43,278 220
Cash and cash equivalents
2,936 577
Deferred tax
-12,537 -
Trade payables
-3,682 -67
Other debt
-3,438 -135
Current tax
-6,179 -
Net assets acquired
82,625 28,897
Of which non-controlling interests
- -9,392
Goodwill
131,300 85,663
Acquisition costs
213,925 105,168
Contingent consideration
- -65,732
Of which cash and cash equivalent
-2,936 -577
Total cash acquisition costs
210,989 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.
On 29
th
April 2022, BioMar acquired the Australian company AQ1 Systems Pty (AQ1), which will strengthen the company’s
business involving feed technology for shrimp farming. A global leader in acoustic feed technology for the shrimp farming
industry, AQ1 sells large parts of its products to the Latin American market, where BioMar already has feed operations in
Ecuador and Costa Rica. The acquisition enables BioMar to offer customers a new and better feed solution.
BioMar has paid 211m DKK in cash for all shares in AQ1 in connection with the acquisition. A preliminary purchase price
allocation has identified value in terms of technology and customers. Preliminary goodwill has been calculated at 131m DKK
in connection with the acquisition. The transaction involved acquisition costs of 2m DKK, which amount has been
recognised under administrative expenses. 1.5m DKK of the acquisition costs was recognised in 2021. Had the company
been acquired effective from 1
st
January 2022, earnings would have been 3m DKK higher, while revenue would have been
41m DKK higher.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
23
Aktieselskabet Schouw & Co. owns 100% of the shares in BioMar Group A/S.
2022 2021
Management fee -2.500 -2.400
Interest paid -65.413 -21.307
Interest received 4.787 76
At December 31
st
the Group has the following debt and receivables:
Receivables from group companies 651.977 436.659
Debt to group companies -2.914.838 -1.718.199
Transactions between BioMar Group and the associates and joint ventures appear below:
2022 2021 2022 2021
Sales 740.341 452.477 5.267 2.823
Purchases 121.666 53.865 - -
Interest received 433 - 1.268 -
Dividend received 9.606 - - -
At December 31
st
the Group has the following debt and receivables:
Receivables from associates and joint ventures 236.266 182.371 38.420 15.075
Loan to associates and joint ventures 10.128 8.816 - -
Debt to associates and joint ventures 5.646 7.600 - -
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
Associ a te s
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 6, in which BioMar Group has either
significant influence or joint control.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Note
24
B
ioMar 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 G
rangemouth, 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 G
uayaquil, Ecuador 70,00
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Joint venture Wuxi, China 50,00
Zhuhai Haiwei Feed Co., Ltd Joint venture Z
huhai, China 100,00
Viet Uc Aqua Feed Company Limited Subsidiary An Hiep Village, Vietnam 67,50
Sensaq Investment Pty Ltd Subsidiary Hobart, Australia 100,00
AQ1 Systems Pty Ltd Subsidiary Hobart, Australia 100,00
AQ1 Systems JBO Branch Shimonoseki-city, Japan 100,00
AQ1 Systems S.A. Subsidiary Panama city, Panama 100,00
AQ1 Systems Co. Ltd Associate Bangkok, Thailand 49,00
25
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 2022. Approved, not yet effective standards and
am
endments 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.
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Note
26
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
, 2022 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 are, besides as stated below are consistent with those applied last year. With
reference to section 96.3 of the Danish Financial Statement Act BioMar does not disclose the fee to
the auditors elected by the general assembly as it is enclosed in the financial statements of the parent
company. The financial statements for the Parent are presented separately from the consolidated
statements.
Changes in accounting policies and disclosures
In the annual report BioMar has made 3 changes to its accounting policies and disclosures as follows:
IAS 38, Configuration or customisation costs in a cloud computing arrangement: As reported in
the Annual Report 2021, as of 1
st
January 2022, BioMar has changed its accounting policy on
configuration and customisation costs related to cloud computing arrangements, also referred to as
Software as a Service (SaaS). Previously, BioMar had capitalised costs related to the implementation
of cloud computing arrangements as intangible assets. Under the new policy, implementation costs
including costs to configure and customise the cloud provider’s application software are recognised as
operating expenses when the services are received.
IFRS10, put options over shares relating to non-controlling interests: As part of a process
evaluating BioMar’s application of IFRS10 in relation to accounting for non-controlling interest over
which a put option exists, BioMar has concluded that a changed accounting policy can provide more
reliable and more relevant information about the effects of transactions, other events or conditions on
the entity’s financial position, financial performance or cash flows. Under the previous practice,
BioMar eliminated the non-controlling interests, recognized dividend for the minority shareholder as a
financial expense and recognized the subsequent adjustments to the put liability in equity. Under the
new application the non-controlling interest is maintained, dividend for the minority shareholder is
deducted from the non-controlling interest equity and the put liability is offset against BioMar’s share
of consolidated equity.
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Note
26
Accounting Policies
Historical financial information has been restated to account for the impact of the change in
accounting policy in relation to SaaS arrangements and accounting for put options over shares
relating to non-controlling interests as stated in the below table.
IAS1, change in presentation of profit and loss statement: As part of a process evaluating BioMar’s
application of IAS1 in relation to presentation of financial statements, BioMar has concluded that a
changed accounting policy can provide more reliable and more relevant information about the effects of
transactions, other events or conditions on the entity’s financial position, financial performance or cash
flows. Under the previous practice BioMar has presented its operating expenses divided per function.
Under the new application BioMar presents the operating expenses divided in the nature of the
expenses.
CHANGE OF ACCOUNTING POLICIES
(DKK 1,000)
Reported IAS 38 IFRS 10 Restated
Income statement
Operating expenses -12,393,286 -21,313 - -12,414,599
Depreciation and amortisation -351,877 2,206 - -349,671
Financial expenses -87,173 - 12,648 -74,525
Profit before tax 545,921 -19,107 12,648 539,462
Tax on profit for the year -145,905 4,204 - -141,701
Profit after tax tax 400,016 -14,903 12,648 397,761
Profit after tax tax, parent 400,101 -14,903 -12,538 372,660
Profit after tax tax, NCI -85 - 25,186 25,101
Total comprehensive income, parent 630,792 -14,903 -40,873 575,016
Total comprehensive income, NCI 714 - 53,521 54,235
Balance
Non current assets 4,318,765 -29,026 - 4,289,739
Current assets 5,715,233 -1,288 - 5,713,945
Total assets 10,033,998 -30,314 - 10,003,684
Equity, parent 2,930,611 -28,406 -382,549 2,519,656
Equity, non-controlling interest 14,371 - 382,549 396,920
Total equity 2,944,982 -28,406 - 2,916,576
Non current liabilities 596,077 -1,908 - 594,169
Total equity and liabilities 10,033,998 -30,314 - 10,003,684
Cash flow
Cash flow from operating activities 249,255 -21,212 12,648 240,691
Cash flow from investing activities -357,506 21,212 - -336,294
Cash flow from financing activities 62,765 - -12,648 50,117
2021
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Note
26
Accounting Policies
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 2022. BioMar Group has not early adopted any
standards, 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.
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.
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Note
26
Accounting Policies
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.
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, where risk and rewards are preserved at NCI, is recognised as a
financial liability measured at fair value on initial recognition and set off against the parent company
share of 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 parent company equity.
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
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Note
26
Accounting Policies
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.
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.
The Turkish economy has been considered a hyperinflation economy effective from June 30
th
2022.
Accordingly, the Group’s Turkish joint venture is recognised in accordance with IAS 29. The joint
venture’s financial statement were inflation adjusted prior to recognition in the consolidated financial
statement.
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.
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Note
26
Accounting Policies
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.
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.
Operating expenses
Operating expenses comprise costs incurred for the manufacture and sale of goods, primarily cost of
sales, consumables, energy consumption and transportation of goods. Operating expenses
furthermore comprise wages and salaries and expenses for the company’s administration and
management. Also recognised in operating expenses are estimated changes in the value of
inventories and changes in bad debt provisions as well as product development and research costs.
Depreciation, amortisation and impairment losses
The item comprises depreciation and impairment of property, plant and equipment and lease assets
and amortisation and impairment of intangible assets.
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.
• 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.
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Note
26
Accounting Policies
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, earnout adjustments 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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26
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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Note
26
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.
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 2-50 years
• Other lease assets 2-10 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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Note
26
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
26
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 impairment.
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
26
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
26
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
26
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
26
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
Equity as a percentage of total
assets.
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
27
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 (3,135m 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 (1,177m 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
10 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 S
tatements 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 2022 2021
1 Revenue 4,098,531 2,917,354
3-4 Operating expenses -4,041,313 -2,887,492
EBITDA 57,218 29,862
2 Depreciation and amortisation -6,476 -4,787
EBIT 50,742 25,075
Share of profit after tax, subsidiaries 404,564 366,828
8 Share of profit after tax, joint ventures 50,131 12,292
5 Financial income 97,291 1,648
6 Financial expenses -61,652 -25,045
Profit before tax 541,076 380,798
7 Tax on profit for the year -8,592 -8,139
Profit for the year
532,484
372,659
Other comprehensive income
Items that have been or may subsequently be reclassified to the income statement;
Exchange rate adjustments, foreign entities 49,972
202,508
Hyperinflation adjustment -2,986
-
Other value adjustments in subsidiaries and joint ventures 16,023 -150
Other comprehensive income after tax 63,009 202,358
Total comprehensive income
595,493
575,017
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BALANCE SHEET AT DECEMBER 31
st
(DKK 1,000)
Note ASSETS 2022 2021
9 Intangible assets 27,190 10,426
10 Property, plant and equipment 550 398
Investments i subsidiaries 4,128,899 3,603,496
8 Investments in joint ventures 182,005 148,088
11 Right of use assets 2,936 6,673
16 Deferred tax 7,127 6,104
13 Receivables 2,440 4,596
Other non-current assets 4,323,407 3,768,957
Total non-current assets 4,351,147 3,779,781
13 Receivables 1,743,577 1,360,944
Income tax 1,259 -
Prepayments 10,900 7,450
Cash and cash equivalents 62 87
Total current assets 1,755,798 1,368,481
Total assets
6,106,945 5,148,262
EQUITY AND LIABILITIES
2022 2021
Share capital 250,000 250,000
Hyperinflation 8,070 -
Reserve for net revaluation according to equity method 1,826,331 1,538,542
Retained earnings 705,094 755,460
Proposed dividend 350,000 350,000
Total equity
3,139,495 2,894,002
12 Interest bearing debt 621 2,250
17 Other debt - 75,191
Total non-current liabilities 621 77,441
12 Interest bearing debt 2,208,256 1,378,345
14 Trade payables and other debt 758,573 797,918
Income tax - 556
Total current liabilities 2,966,829 2,176,819
Total liabilities 2,967,450 2,254,260
Total equity and liabilities 6,106,945 5,148,262
Notes without reference:
17 Financial risks
18 Contingent liabilities and guarantees
19 Related party transactions
20 Accounting policies
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STATEMENT OF CHANGES IN EQUITY
(DKK 1,000)
Share
capital
Hyper-
infaltion
Reserve for
net
revaluation
according to
the equity
method
Retained
earnings
Proposed
dividend
Total equity
Equity at January 1
st
2021 250,000 - 1,274,497 807,991 350,000 2,682,488
Change of accounting policy SaaS -13,503 -13,503
Restated equity at January 1
st
2021 250,000 - 1,274,497 794,488 350,000 2,668,985
Profit for the year 63,992 -41,333 350,000 372,659
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
Other comprehensive income - - 200,053 2,305 - 202,358
Comprehensive income - - 264,045 -39,028 350,000 575,017
Transactions with shareholders:
Dividend distributed -350,000 -350,000
Transactions with shareholders - - - - -350,000 -350,000
Equity at December 31
st
2021
250,000 - 1,538,542 755,460 350,000 2,894,002
Equity at January 1
st
2022 250,000 - 1,538,542 755,460 350,000 2,894,002
Profit for the year 11,056 208,616 -37,188 350,000 532,484
Other comprehensive income
Exchange rate adjustments of foreign entities 61,461 -11,489 49,972
Other valuation adjustments in foreign entities -2,986 17,712 -1,689 13,037
Other comprehensive income - -2,986 79,173 -13,178 - 63,009
Comprehensive income - 8,070 287,789 -50,366 350,000 595,493
Transactions with shareholders:
Dividend distributed -350,000 -350,000
Transactions with shareholders - - - - -350,000 -350,000
Equity at December 31
st
2022
250,000 8,070 1,826,331 705,094 350,000 3,139,495
Proposed dividend per share amounts to 3,500 DKK in 2022 (2021: 3,500 DKK).
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CASH FLOW STATEMENT
(DKK 1,000)
Note 2022 2021
EBITDA 57,218 29,862
15 Changes in working capital -408,550 -250,027
Other non-cash items - 372
Net interest paid -39,520 -14,811
Income tax paid -11,429 -12,472
Cash flow from operating activities
-402,280 -247,076
9 Purchase of intangible assets -18,644 -8,553
10 Purchase of property, plant and equipment -358 -
Acquisition of subsidiaries -213,925 -39,436
Capital contribution in subsidiaries -23,637 -8,337
Dividend from subsidiaries 195,948 302,836
Repayment of loans - affiliates 9,630 2,298
Issuance of loans - affiliates -24,197 -
Cash flow from investing activities
-75,183 248,808
12 Re-payment of lease debt -4,625 -4,587
12 Increase (re-payment) of intra-group balances 832,064 352,780
Dividend distributed -350,000 -350,000
Cash flow from financing activities
477,439 -1,807
Cash flow for the year -25 -75
Cash and cash equivalents at January 1
st
87 162
Cash and cash equivalents at December 31
st
62 87
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
1 REVENUE
2022 2021
Commodities 3.952.546 2.785.554
Management and corporate services 145.985 131.800
Total revenue 4.098.531 2.917.354
2 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES
2022 2021
-1.688 -
-206 -181
-4.582 -4.606
Total depreciation, amortisation and impairment losses -6.476 -4.787
3
STAFF COSTS 2022 2021
Wages and salaries -79.529 -70.233
Defined contribution pension plans -3.692 -3.205
Other social security costs -400 -385
Share-based payments -6.566 -5.642
Total staff costs -90.187 -79.465
Average number of employees 49 43
Remuneration to executive management and board of directors
Wages and salaries -5.209 -4.821
Pension -103 -93
Bonus -1.962 -2.959
Share-based payments -2.372 -2.055
Total remuneration to excecutive management and board of directors -9.646 -9.928
4 OPERATING EXPENSES
2022 2021
-3.876.649 -2.742.197
Staff costs -90.187 -79.465
Other operating expenses -74.477 -65.830
Total operating expenses -4.041.313 -2.887.492
Research and development costs recognised in operating expenses -3.940 -6.642
In the staff costs above 36m DKK (2021: 38m 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.
Cost of goods sold
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.
Depreciation of property, plant and equipment
Depreciation of lease assets
Amortisation of intangible assets
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
5 FINANCIAL INCOME
2022 2021
1,488 215
1,516 1,433
Adjustment earnout 94,287 -
Total financial income 97,291 1,648
6
2022 2021
-13 -7
-37,399 -16,317
-74 -135
-16,275 -3,407
Amortisation of debt -7,891 -5,179
Total financial expenses -61,652 -25,045
7
2022 2021
-8,592 -8,139
-8,592 -8,139
Tax on the profit for the year has been calculated as follows:
-2,541 -6,356
-725 2,491
-6,132 -4,274
806 -
-8,592 -8,139
Specification of tax on the profit for the year:
-119,037 -83,775
115,771 79,910
806 -
-6,132 -4,274
-8,592 -8,139
1.6% 2.1%
Adjustments of prior periods tax charge
Withholding taxes
Total tax recognised in the income statement
Effective tax rate
Calculated 22% tax on the profit for the year
Tax effect of:
Other non-deductible costs and non-taxable income
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
Interest income etc.
Financial income from group enterprises
Current tax
Deferred tax
Interest expenses leasing
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
8 INVESTMENTS IN JOINT VENTURES
Name Country and city of incorporation 2022 2021
BioMar-Sagun TTK Söke, Turkey 50% 50%
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Wuxi, China 50% 50%
2022 2021
Share of profit from continuing operations, joint ventures 50,131 12,292
178,749 144,832
Goodwill regarding immaterial joint ventures
3,256 3,256
182,005 148,088
9
INTANGIBLE ASSETS
Other intangible
assets
Assets under
development
Total
Cost at January 1
st
8,396 8,519 16,915
Additions - 18,644 18,644
Disposals - -192 -192
Transferred 15,381 -15,381 -
Cost at December 31
st
23,777 11,590 35,367
Amortisation and impairment at January 1
st
-6,489 - -6,489
Amortisation -1,688 - -1,688
Amortisation and impairment at December 31
st
-8,177 - -8,177
Carrying amount at December 31
st
15,600 11,590 27,190
Other intangible
assets
Assets under
development
Total
Cost at January 1
st
16,664 7,822 24,486
Change of accounting policy -10,175 -5,949 -16,124
Restated cost at January 1
st
6,489 1,873 8,362
Additions 1,907 6,646 8,553
Cost at December 31
st
8,396 8,519 16,915
Amortisation and impairment at January 1
st
-6,489 - -6,489
Amortisation - -
Amortisation and impairment at December 31
st
-6,489 - -6,489
Carrying amount at December 31
st
1,907 8,519 10,426
2022
2021
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.
From 30
th
June 2022 the Turkish economy entered a hyperinflation scenario as defined by IAS 29 and consequently BioMar has
applied this standard when recognising its joint venture in Turkey. The application has resulted in an increase of result from joint
ventures of 11m DKK and a net increase of the investment of 8m DKK.
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
10
PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
Other plant,
fixtures and
operating
equipments
Total
Cost at January 1
st
1,682 1,105 2,787
Additions - 358 358
Cost at December 31
st
1,682 1,463 3,145
Depreciation at January 1
st
-1,589 -800 -2,389
Depreciation -75 -131 -206
Depreciation at December 31
st
-1,664 -931 -2,595
Carrying amount at December 31
st
18 532 550
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
2022
2021
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
11
RIGHT OF USE ASSETS
Land and
buildings
Other lease
assets
Total
Cost at January 1
st
8,649 11,008 19,657
Additions - 730 730
Disposals - -393 -393
Re-measure / modification of lease assets - 144 144
Cost at December 31
st
8,649 11,489 20,138
Depreciation at January 1
st
-5,190 -7,794 -12,984
Depreciation -1,730 -2,852 -4,582
Depreciation and impairment of disposed assets - 364 364
Depreciation at December 31
st
-6,920 -10,282 -17,202
Carrying amount at December 31
st
1,729 1,207 2,936
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 74 4,625
4,699
Total cash outflows for leases
4,699
For information about lease debt reference is made to note 12 and 17.
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
2022
2021
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
12 INTEREST BEARING DEBT 2022 2021
2.205.870 1.373.806
Leasing debt (long-term) 621 2.250
Leasing debt (short-term) 2.386 4.539
Total interest bearing debt 2.208.877 1.380.595
2.208.877 1.380.595
2022
Balance at
January 1
st
Cash flows Other
Balance at
December 31
st
Payable to affiliates (short-term) 1.373.806 832.064 - 2.205.870
Leasing debt (long-term) 2.250 - -1.629 621
Leasing debt (short-term) 4.539 -4.625 2.472 2.386
Total interest-bearing assets and liabilities 1.380.595 827.439 843 2.208.877
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
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 2022 the company has paid 4.7m
DKK (2021: 4.7m DKK) regarding lease contracts of which 0.1m DKK (2021: 0.1m DKK) is related to interests and 4.6m DKK
(2021: 4.6m DKK) related to re-payments of lease debt.
INTEREST RATE RISKS
Due to the chosen funding of investments and the ongoing operations BioMar Group A/S is exposed to fluctuations in the
interest rates. In 2022 BioMar Group A/S has transfered the full risk management regarding interest rate risk to the parent
company through which BioMar Group A/S is financed - see also note 21. Consequently fixed rate loans account for 0% in
2022 (2021: 22%) 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 +/- 17.2m DKK in 2022 (2021: +/- 8.4m DKK).
Payable to affiliates (short-term)
Fair value of interest bearing debt
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
13
RECEIVABLES
2022 2021
Trade receivables 1.627.602 1.289.378
Interest-bearing receivables 81.272 54.011
Other receivables 37.143 22.151
Total receivables 1.746.017 1.365.540
Non-current receivables 2.440 4.596
Current receivables 1.743.577 1.360.944
Total 1.746.017 1.365.540
Credit risks
The parent company's credit risk relates primarily to receivables from subsidiaries.
14
TRADE PAYABLES AND OTHER DEBT 2022 2021
Trade payables 731.270 759.428
Payables to group enterprises 12.503 13.335
Other debt 14.800 25.155
Total trade payables and other debt 758.573 797.918
15
CHANGES IN WORKING CAPITAL 2022 2021
Change in receivables -369.205 -522.951
Change in trade payables and other debt -39.345 272.924
Total changes in working capital -408.550 -250.027
16
DEFERRED TAX 2022 2021
Deferred tax January 1
st
6.104 -195
Change of accounting policy - 3.808
Restated deferred tax January 1
st
6.104 3.613
Deferred tax for the year recognised in profit and loss statement 1.023 2.491
Deferred tax at December 31
st
, net 7.127 6.104
Deferred tax pertains to:
Intangible assets -3.433 5.652
Property, plant and equipment 10.560 182
Other liabilities - 270
Total deferred tax at December 31
st
7.127 6.104
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
17 FINANCIAL RISKS
Carrying
amount
Contractual
cash flows
< 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
2.218.373 2.218.373 2.218.373 - -
Lease debt 3.007 3.044 2.415 629 -
731.270 731.270 731.270 - -
14.800 14.800 14.800 - -
2.967.450 2.967.487 2.966.858 629 -
-
Total 2.967.487 2.966.858 629 -
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 -
- - - -
Total 2.317.214 2.193.575 123.639 -
Other debt
Derivative financial instruments
Recognised in balance sheet total
Contractual obligations to purchase intangible assets
Trade payables
Recognised in balance sheet total
Contractual obligations to purchase intangible assets
BioMar Group A/S is predominantly financed by the parent company through short-term credit facilities. Reference is made
note 21 in the consolidated financial statements for further information.
The available financial ressources are deemed sufficient.
2021
Payable to affiliates
Contingent consideration
Other debt
2022
Payable to affiliates
Trade payables
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
17 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 747,498 -516,711 - +0.5% 900 900
USD / DKK 880,433 -564,569 -296,928 +7% 1,034 1,034
Others 73,855 -67,482 - +7%/10 442 442
1,701,786 -1,148,762 -296,928 2,376 2,376
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
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 -296,928 - 17,053 6 -312,535 - -3,448 6
EUR - - - -36,235 - 3 1
-296,928 - 17,053 -348,770 - -3,445
Categories of financial instruments 2022 2021
Derivative financial assets (fair value hierarchy level 2) 17,053 539
Derivative financial liabilities (fair value hierarchy level 2) - 3,984
Hedging instruments measured at fair value, net 17,053 -3,445
Receivables 1,728,964 1,365,540
Cash and cash equivalents 62 87
Financial assets measured at amortised cost 1,729,026 1,365,627
Interest bearing debt 2,208,877 1,380,595
Trade payables and other debt 758,573 793,934
Financial liabilities measured at amortised cost 2,967,450 2,174,529
Contingent considerations (fair value hierarchy level 3) - 75,191
Financial liabilities measured at fair value through profit and loss - 75,191
2022
Currency hedging agreements regarding future transactions
2021
The sensitivity analysis shows the impact on the income statement and equity from likely changes in exchange rates in main
currencies.
2021
2022
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
18 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
w
ithhold 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 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
A
ktieselskabet Schouw & Co. Group, co-guarantees these facilities totaling 6,998m DKK, where of 5,197m DKK is utilized. In
addition a number of other smaller facilities totaling 78m DKK established with the Aktieselskabet Schouw & Co. Group's
global banker HSBC, where of 68m DKK is utilized.
In addition BioMar Group A/S has provided corporate guarantees of 313m 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 19
Pending lawsuits
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(DKK 1,000)
Note
19
Schouw & Co. owns 100% of the shares in BioMar Group A/S.
2022 2021
Revenue 3,952,546 2,785,554
Management fee received 120,151 105,506
Management fee paid -2,500 -2,400
Interest paid -37,399 -16,317
Interest received 1,516 1,433
At December 31
st
the company has the following debt and receivables:
Receivables from group companies 1,669,699 1,324,642
Debt to group companies -2,218,373 -1,387,141
At December 31
st
the company has the following debt and receivables: 2022 2021
Receivables from joint ventures 36,097 13,495
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 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.
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Note
20
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
2022. The parent company accounting policies are consistent with those applied last
year except from the changes described in note 26 of the consolidated financial statements
regarding accounting for SaaS and presentation of the company’s profit and loss.
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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