Annual
Report
2024
OUR PURPOSE
We are innovators dedicated
to an efficient and sustainable
global aquaculture
2
BioMar Annual Report 2024
TABLE OF CONTENTS
Executive summery
05 BioMar in brief
06 Growth journey
07 Letter from the Chair
09 Letter from the CEO
11 Financial highlights
Case stories
We have selected four stories to illustrate how our strategic
aspirations are being turned into action.
Our business
13 Aquafeeds
14 Market
15 Innovation
16 Value chain
18 Products
19 Global reach
21 Strategy
23 Business review 2024
ESG
31 Environmental
33 Social
34 Governance
38 Consolidated Financial Statements
73 Management’s Statement
74 Independent Auditor’s Report
76 Parent Company Financial Statements
Financial Statements
Management's Review
A leap into feeding technology
Page 22
Functional feeds improving fish
health and resilience
Page 28
New standards for sustainable
shrimp
Page 20
Commercialising raw materials
for a sustainable aquaculture
Page 17
3
BioMar Annual Report 2024
2024
status
2030
target
Climate Action
Circular & Restorative
Enable People
The year 2024
BioMar is a purpose-driven company. We develop and deliver high-end fish and shrimp feed solutions for aquaculture farmers around the
globe, supporting the production of delicious and healthy seafood in more than 90 countries. Our employees are enablers, specialising in
collaboration around innovative products and services, promoting an efficient and sustainable global aquaculture industry.
BIOMAR IN BRIEF
21.2 Top 5%
16,616
1,372
1,129 1,630
ROIC
% incl goodwill
Feed volume
'000 tonnes
Employee Engagement
eNPS towards benchmark
EBIT
DKKm
Revenue
DKKm
Employees
End year headcount
Sustainability ambitions
5
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
2.6
5.4
9.0
11.6
1.129
0.447
0.637
0.116
0.200
16.6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenue +10% CAGR
EBIT +13% CAGR
GROWTH JOURNEY
Solid long-term performance
Since BioMar became part of Schouw & Co. in 2005, revenue has grown by 10%
and earnings (EBIT) around 13% per year on average (CAGR).
EBIT DKK bnRevenue DKK bn
6
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
Aquaculture farming is the most viable
solution for increasing the supply of seafood,
helping to reduce the pressure on wild fish
stocks and prevent overfishing of the oceans.
Today, around 50% of the world’s fish and
shrimp are raised in aquaculture, which is the
fastest growing source of animal protein for
human consumption.
Feed plays a very significant role in
aquaculture, being the main factor in
determining the nutritional value and thereby
the overall health of farmed fish and shrimp.
Feed is also the biggest contributor to the
planetary impact of fish and shrimp farming,
making sustainable feed solutions critical for
the industry.
BioMar is dedicated to innovating sustainable,
high-performance aquaculture feeds for a
wide range of species. As the world's third
largest global producer of quality feed for
farmed fish and shrimp, BioMar specialises in
products that optimise health at every growth
A remarkable growth story
Aquaculture is a growing
industry driven by the increasing
global demand for healthy
protein sources to feed a
growing population.
LETTER FROM THE CHAIR
Jens Bjerg Sørensen,
Chair
7
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
stage, addressing the unique nutritional
needs of each species and adapting to
various production environments to maximise
efficiency and sustainability.
BioMar became part of Schouw & Co. in 2005
and has been wholly owned since 2008. Over
the years, the company has demonstrated
remarkable growth. Since 2005, BioMar has
achieved average annual revenue growth of
10%, reaching DKK 16.6 billion in 2024. On
top of this comes non-consolidated revenue
from joint ventures of DKK 1.5 billion. Earnings
(EBIT) have grown even faster with an annual
average growth rate of around 13%, reaching
DKK 1.1 billion in 2024 (excluding non-
consolidated joint ventures). This exceptional
performance reflects the dedication and
expertise of BioMar’s skilled people around
the world.
BioMar’s success is not only a result of a
growing market. Over the years, BioMar
has made significant and transformative
acquisitions and investments in capacity, which
all have contributed to creating the leading
global aqua feed producer for high-value
species we are today.
» A potential separate listing of BioMar would offer
investors the opportunity to invest directly in a leading
pure-play aquaculture specialist operating in a growing
market driven by global megatrends.
After decades of business growth within
fish feed supplying feed for around 45
species, BioMar moved into shrimp feed by
the acquisition of Alimentsa in Ecuador in
2017. It secured BioMar a strong foothold in
the shrimp feed market, which was further
strengthened in 2021 with the acquisition
of Vietnamese feed business Viet-Uc. Today,
BioMar offers a complete product portfolio
embracing feed for the most important high-
value aquaculture species.
In 2022, BioMar expanded beyond feed
production and embarked on a digitalisation
and technology journey with the acquisition
of Australian AI-powered shrimp feeding
technology company AQ1 Systems. This leap
underlined that sustainable feeding is not
only about the feed. It is also about farming
practices and use of technology feeding
solutions, which ensures that no feed is wasted
while the optimal growth is being realised.
In late 2024, Schouw & Co., announced that
investigations have been initiated whether
a potential separate listing of BioMar would
be value-creating for Schouw & Co., while
providing BioMar with an ideal platform for
LETTER FROM THE CHAIR
continuing the development and further
strengthen its position through both organic
and acquisitive growth in the coming years.
A potential separate listing of BioMar would
offer investors the opportunity to invest
directly in a leading pure-play aquaculture
specialist operating in a growing market
driven by global megatrends.
There can be no assurance as to whether
and when a separate listing of BioMar will be
completed. Should Schouw & Co. decide that
a separate listing of BioMar is the right way
forward, this may at the earliest take place in
second half of 2025. Schouw & Co. continues
to see significant potential in the development
of BioMar and intends to remain the majority
shareholder of BioMar after a potential listing.
I am proud of our achievements, and I am
looking much forward to delivering on the
ambitious strategy Above & Beyond together
with the team in BioMar.
Jens Bjerg Sørensen
Chair
Høydal was the first LPG powered BioMar vessel,
providing the Norwegian customers with feed
directly at the farms. Here it is at dock next to the
BioMar feed factory in the north of Norway.
8
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
LETTER FROM THE CEO
It is with great satisfaction, that we are looking
back at 2024. We have driven a meticulous
focus on building a strong business, and
the increase in profitability is the result of an
unwavering strategic focus on optimising our
product portfolio, combined with a series of
excellence measures.
We achieved a very satisfying and better than
expected 18% increase in EBITDA reaching
DKK 1,476 million. The improvement was
broadly based across divisions and business
units and reflects our continuous effort on
products and performance.
Despite a positive fourth quarter, volumes
decreased by 5% to 1,372 million tonnes. The
lower volume should be seen in the light
of our commercial excellence efforts where
we deliberately steer away from contracts
with less potential for mutual beneficial
partnership on advanced feed solutions and
from sales to high-risk customers. In other
words, we prioritise building long-term value
together with our customers over volume
and market share.
At the same time, our volumes were affected
by biological conditions in Norway and Chile.
Revenue declined 7% to DKK 16.6 billion
reflecting the lower volume and lower raw
material prices during the year. As changes
in raw material are reflected in the price
of feed, lower raw material prices lead to
lower revenue, without affecting long-term
profitability.
On top of the results from the consolidated
companies, it is worth bringing attention to
the fact that our feed production joint ventures
in China and Turkey did well again in 2024
and reported a combined non-consolidated
revenue of DKK 1,502 million and an EBITDA
of DKK 166 million (100% basis).
A year of strong performance
The year 2024 underlined the long-term positive development of
BioMar. Profitability was remarkably strong in a year of declining
volumes and revenue.
Carlos Diaz, CEO
9
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
» People are the greatest asset of BioMar. We
could not have achieved the impressive result
in 2024, and the remarkable growth journey we
have seen in the past many years for that matter,
without the dedication from all of you.
I am particularly proud of our strategic focus
and execution in 2024. Since the launch of our
Above & Beyond strategy, we have worked to
improve our commercial excellence, seeking
to design shared value creation with the
customers in pricing models, contract design,
product portfolio and capacity utilisation. This
focus has not only improved our profitability,
but has also been supportive to our
customers’ business models.
Similarly, we have worked on improving
our production planning, logistic capacity
utilisation and process de-bottlenecking,
which has significantly enhanced our
efficiency and production capacity. We are
implementing next-generation manufacturing
technology that enables a new data-driven
continuous improvement approach.
Partnerships have always been at the heart
of our business in BioMar. We have for
decades been collaborating around product
development with customers, ingredient
providers, retailers and NGOs.
In 2024, the partnership with the French
supermarket retailer Auchan, the International
NGO Earthworm Foundation and the
Ecuadorian shrimp farmer EDPACIF, resulted
in new shrimp products being brought to
the consumers with lower carbon footprint,
increased circularity and stronger social
conditions for the workers at the farms and in
the local communities. I would encourage to
read in details about this textbook example of
collaboration in this annual report.
Looking ahead, 2025 is in many ways going to
be an exciting and transformation year.
Commercially and operationally we have a lot
of opportunities ahead of us. On top of that,
the outcome of Schouw & Co.’s evaluation of a
possible separate listing of BioMar is obviously
something to look out for.
Regardless of whether we continue to be
a 100% subsidiary under Schouw and Co.
or become a separately listed company, I
am very confident that we can continue our
growth trajectory and provide innovative
and sustainable feed solutions for a growing
aquaculture industry.
Specifically for 2025, we expect a full-year
revenue of DKK 16.0 to 17.0 billion with an
EBITDA in the range of DKK 1,470 to 1,570
million. Our JVs and associated companies are
expected to raise our share of profit after tax
to approximately DKK 80 million.
People are the greatest asset of BioMar. We
could not have achieved the impressive result
in 2024, and the remarkable growth journey
we have seen in the past many years for that
matter, without the hard work and dedication
from all the people at BioMar, of which around
90% are located outside Denmark. I want to
thank each of you for your commitment and
ability to always turn ambitions and challenges
into business opportunities.
The engagement and motivation of our
people is critical for our continued success,
LETTER FROM THE CEO
and I am therefore very delighted to see
our employee engagement net promoter
score continues to improve. We are now in
the Top 5% among our industry benchmark,
and the score was based on an impressive
participation rate of 93% of all employees.
Results are created by people, and this level
of motivation will hopefully propel us well
through 2025.
Carlos Diaz
CEO
10
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
2020 2021 2022 2023 2024
1,437
1,456
1,446
1,341
1,372
2020 2021 2022 2023 2024
17,878
17,861
13,300
11,649
16,616
2020 2021 2022 2023 2024
860
602
540
642
1,129
2020 2021 2022 2023 2024
17.5
12.6
12.5
14.7
21.2
FINANCIAL HIGHLIGHTS
DKKm 2024 2023 2022 2021 2020
Volumes
Volumes sold ('000 tonnes) 1,372 1,437 1,456 1,446 1,341
Revenue and income
Revenue 16,616 17,878 17,861 13,300 11,649
Operating profit before depreciation/amortisation (EBITDA) 1,476 1,250 1,013 889 972
Depreciation, amortisation and impairment -347 -390 -410 -350 -330
EBIT 1,129 860 602 540 642
Profit/loss after tax in associates and joint ventures 36 6 130 45 -36
Net financial items -220 -212 -23 -46 -68
Profit before tax 945 654 709 539 538
Profit for the year 706 484 556 398 396
Cash flows
Cash flows from operating activities 1,585 665 299 241 1,028
Cash flows from investing activities -151 -207 -447 -336 -131
Of which investment in property, plant and equipment -188 -201 -228 -133 -147
Cash flows from financing activities -1,189 -562 156 50 -845
Cash flows for the year 246 -104 8 -46 52
Invested capital and financing
Invested capital (excl. goodwill) 4,421 4,288 4,374 3,724 3,656
Invested capital (incl. goodwill) 5,550 5,438 5,588 4,733 4,608
Total assets 11,301 11,181 11,705 10,004 8,509
Working capital 1,671 2,141 1,979 1,399 956
Net interest-bearing debt (NIBD) 1,577 2,531 2,507 1,932 1,532
Total equity 3,579 3,125 3,190 2,917 2,664
Financial data
EBIT / tonnes (DKK) 823 599 413 373 479
EBITDA margin (%) 8.9% 7.0% 5.7% 6.7% 8.3%
EBIT margin (%) 6.8% 4.8% 3.4% 4.1% 5.5%
Return on equity (%) 21.1% 15.3% 18.2% 14.3% 14.3%
Equity ratio (%) 31.7% 27.9% 27.3% 29.2% 31.3%
ROIC excluding goodwill (%) 26.7% 22.1% 16.1% 15.9% 18.5%
ROIC including goodwill (%) 21.2% 17.5% 12.6% 12.5% 14.7%
NIBD/EBITDA ratio 1.07 2.02 2.48 2.17 1.58
Environmental, social and governance
Reduction of GHG footprint (from 2020 baseline) (%) 14.4% 11.9% 5.5% N/A N/A
Circular & restorative ingredients in feed (%) 27% 29% 23% 23% N/A
People impacted by capacity building initiatives 49,096 45,009 44,200 42,300 N/A
Headcount (end of year) 1,630 1,635 1,599 1,428 1,387
Volume
'000 tonnes
Revenue
DKKm
EBIT
DKKm
ROIC
% incl. goodwill
11
BioMar Annual Report 2024
Our business ESG Financial statementsExecutive summary
Aquaculture is essential to future food supply,
as fish farming is the only way to secure a more
sustainable approach to increasing the supply
of fish while avoiding overfishing the oceans.
Feed is an important part of the aquaculture
value chain for several reasons. It is the single
most important factor in optimising fish and
shrimp farming, both in terms of product
quality and financial performance. Feed is also
responsible for most of the environmental
impact of aquaculture farming, making
sustainable solutions imperative.
BioMar provides aquaculture farmers around
the world with an extensive range of feed
and services for various fish and shrimp
species, designed to ensure an efficient
and sustainable future for the aquaculture
industry. We are committed to helping our
customers in producing healthy, great tasting
seafood by providing high performance feed
and functional solutions, while reducing the
environmental impact.
AQUAFEEDS
The crucial role
of aquafeeds
Aquaculture feed is responsible for up to 80% of the
environmental impact of the farmed seafood.
13
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
A growing global population and the resulting
demand for food and protein is the main driver
of the aquaculture market. According to the
UN Food and Agriculture Organization (FAO),
world population is forecast to grow 20% to
nearly 10 billion people in 2050. To feed this
growing population, demand for protein is
expected to grow 36% in the same period.
Farmed seafood is by far the most sustainable
and efficient source of animal protein. Today,
around 50% of the world’s fish and shrimp
are farmed in aquaculture, which is the fastest
growing food production industry.By 2050,
the protein supply from the aquaculture
industry is expected to grow by around 60% as
fish farming is the only way to ensure a more
sustainable approach to increasing fish supply
and avoid overfishing the oceans.
BioMar operates in the attractive high-value
aqua feed market, which accounts for around
one third of the estimated 50 million tonnes
global aquafeed market. We estimate that the
high-value market, covering premium species
such as salmon, shrimp, sea bass and trout will
on average grow around 3-4% a year in the
period 2024 to 2028.
A steadily
growing market
MARKET
~3-4%
Estimated annual
high-value feed market
growth 2024-2028
With a growing population, we need more
sustainable sources of protein. Aquaculture
must be able to double production by 2050
without taking one more fish from the ocean or
using any more agriculture land for crops.
In 2024, including JVs, BioMar’s production
volume positioned us as the third largest
global producer in the high-value market, very
close to number two, reflecting our leadership
in a growing and attractive segment of the
aquaculture industry.
14
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
Feed formulation demands balancing many aspects
Species
Nutritional
requirements
Raw material
availability
Fish health
and welfare
Retail raw material
requirements
Growth stage
Customers need for
adapted growth levels
Farming technology
Sustainability of
raw materials
Environmental
conditions
Developing and producing feed for fish
and shrimp involves managing a complex
set of factors. Nutritional requirements and
promotors of animal welfare vary not only
between species, but also between growth
stages and farming conditions.
Furthermore, there is the environmental
and social impact of our products and the
aquaculture industry as a whole to consider.
For most aquaculture animals, the
components of the feed directly impacts
the quality of the food product that meets
the consumer. This includes flesh quality,
taste and the nutritional value for human
beings. However, there are many different raw
materials, which can fulfil the same purpose.
This means that understanding and building
a large raw material basket, enhances the
probability of commercial success in a world
of changing availability of key ingredients.
In BioMar, we are at the forefront of innovation
in the aquaculture industry and invest
significant resources in R&D and innovation.
In addition to our global R&D headquarter
in Trondheim, Norway, we operate five
Aquaculture Technology Centres in Denmark,
Norway, Ecuador and Chile, and we have
external R&D partnerships with industrial
partners, universities and research institutes.
In total, we spend more than DKK 100 million
annually on R&D and have more than 70
dedicated people in our R&D organisation.
Our R&D efforts focus on developing
knowledge to enhance our capability of
building biological models to support feed
performance and flesh quality, researching raw
materials such as microalgae, insect meal and
single cell protein, developing solutions to
enhance animal health and welfare as well as
improving the physical aspects of the pellet.
Better feed
is better food
INNOVATION
15
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
VALUE CHAIN
BioMar drives innovation through
the entire value chain
Being situated in the middle of the value chain, BioMar seeks to build mutually beneficial partnerships and collaborative
relationships with raw material suppliers, farmers, retail, NGOs and research organisations, enabling shared value creation.
We see ourselves as enablers of innovation, bridging novel ingredients with farming practices and retail opportunities.
INNOVATION INNOVATIONINNOVATIONINNOVATION INNOVATIONINNOVATION INNOVATION
Terrestrial
Retail
Foodservice
End
consumers
Marine
Novel
RAW MATERIALS FEED CONSUMERSFARMING PROCESSING
16
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur businessOur business
17
In 2016, BioMar was the first in the aqua-
culture industry to introduce microalgae
with omega-3 into commercial salmon feed,
partnering with with one of the pioneers
in microalgae production and forward-
thinking fish farmers, to set new standards
for sustainable aquaculture.
Omega-3 is critical for fish health, growth
and the nutritional value of farmed seafood
for consumers. In the wild, species like
salmon obtain omega-3 by eating smaller
fish. However, omega-3 originates not from
these smaller fish but from microalgae that
are consumed by crustaceans such as krill and
passed up the food chain.
While fish protein in aquaculture feeds had
long been partly replaced by plant-based
ingredients, the challenge of replacing
omega-3 remained significant due to its
absence in plant-based materials, resulting
in a reliance on ingredients from the ocean.
However, a pioneer within microalgae had
developed small-scale production in tanks,
using by-products from sugarcane production
to feed the algae. They brought the idea to
BioMar, which, after years of research and
overcoming technical challenges of feed
formulation, confirmed that the microalgae
was an ideal, scalable source of omega-3.
This led to the introduction of a microalgae-
based novel raw material that directly
replicates the natural source of omega-3 in
the marine food chain.
The success of of the product relied on
support across the value chain. Pioneering
farmers in Norway and Scotland were among
the first to adopt microalgae in their fish diets,
proving its commercial viability.
In 2017, the product won the prestigious
Global Aquaculture Innovation Award,
recognising its potential to solve critical
sustainability challenges in aquaculture.
Today, microalgae are in a broad range
of BioMar’s feeds. In 2024, BioMar sold
almost 1,000,000 tonnes of feed containing
microalgae and a major part of our salmon
customers have embraced this sustainable
ingredient in their feed solutions. Research
continues to expand its application to other
species, such as trout, sea bream and shrimp.
Microalgae can be grown using circular raw
materials such as by-products from sugar
cane production. The production takes
place in large tanks on land.
Commercialising raw materials
for a sustainable aquaculture
CASE STORY
» BioMar was the first in the
aquaculture industry to introduce
microalgae with omega-3 into
commercial salmon feed.
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur businessOur business
We serve our customers through four business segments
Salmon
Shrimp
Selected Species Tech Solutions
Aquaculture feed solutions for the Atlantic and
Pacific Salmon. The salmon feed segment has a
growth trajectory nurtured by advanced farming
technology, an increasing global demand for
salmon and focus on high-performing, sustainable
aquaculture operations. Most salmon customers
are large corporate accounts.
Aquaculture feed solutions catering to the
fast-growing warm-water shrimp segment. Shrimp
farming primarily takes place in Latin America and
Southeast Asia by a diverse customer base from
large corporations seeking efficient, sustainable
operations and advanced technologies to small
family-run businesses.
Aquaculture feed for high-end species with specific
nutritional needs, where targeted R&D knowledge
is required to design optimal feed solutions. This
product segment serves mid-size to small
customers, including hatcheries and farmers of sea
bass/sea bream and trout as well as niche species
such as sturgeon.
AI-driven technology solutions for aquaculture,
enhancing efficiency and sustainability of feeding,
while providing data-driven insights with potential
to improve feeding and farming practices. This
segment is closely linked to feed solutions as it
opens for specially designed feed products and
bundling of products.
2024 EBIT
DKKm
2024 EBIT
DKKm
879
125
2024 EBIT
DKKm
185
2024 EBIT
DKKm
2024 volume
‘000 tonnes
2024 volume
‘000 tonnes
2024 volume
‘000 tonnes
2024 revenue
DKKm
0
874 280
227 90
Our product solutions are designed to
provide precise nutrition at every growth
stage and to ensure optimal animal health
and welfare. With a relentless focus on
sustainability, we are constantly innovating to
bring the best scientific solutions to support
our customers’ needs.
We focus on high-value aqua feed species.
They typically obtain a premium price in
the market due to various factors such
as flavour, culinary prestige, ease of
preparation and farming challenges. With
attractive market prices typically comes a
demand for differentiated feed products
to improve performance and functionality
while contributing positively to sustainability
measures. In total, we supply high-value feed
to around 45 different species in three feed
business segments: Salmon, Shrimp and
Selected Species.
Feed for high-value
species
PRODUCTS
The three segments have different market
dynamics due to factors such as consolidation
level, farming conditions and value chain
composition. However, all demand specialised
R&D knowledge, continuous innovation,
technical support and close collaboration.
Our fourth business segment, Tech Solutions,
is a new focus area, where we expect
significant growth in the years to come. As
feeding and farming technology is an enabler
of sustainable seafood, we are building up
this segment to achieve synergies to the feed
business while supporting our customers to
improve efficiency in their operations.
18
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur businessOur business
AQ1 Systems
Aquaculture Technology Centre
Production Facility
Global Headquarter
LOREM IPSUL
Global in a local way
BioMar has 17 feed production sites, 5 technology centres and a number of offices strategically placed in the world’s most
important aquaculture markets. This enables our continuous focus on combining global excellence with local market agility.
GLOBAL REACH
17 factories
Capacity of
2 million tonnes
19
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur businessOur business
20
Industry collaboration sets new standards
for sustainable shrimp farming
BioMar has partnered with French retailer
Auchan, Ecuadorian shrimp farmer EDPACIF,
and NGO Earthworm Foundation to establish
new sustainable standards for shrimp
farming. Launched in 2024, the initiative cuts
carbon emissions, promotes circularity and
improves social conditions while reshaping
consumer habits. The result is a responsibly
produced shrimp line now available in Auchan
hypermarkets across France, recognised by
the programme Mr. Goodfish.
Rethinking shrimp production
“Consumers demand more responsible
seafood. Meeting this need requires
collaboration across the value chain. This
project demonstrates the power of innovation
and partnership in advancing sustainability,”
says BioMar CEO Carlos Diaz.
A key focus of the project was reimagining
shrimp production and distribution. Using the
BioSustain LCA tool, BioMar optimised feed
recipes to reduce the carbon footprint and to
increase the use of circular and restorative raw
materials by replacing fish oil with microalgae
and sourcing marine protein exclusively from
high-quality trimmings.
BioMar extended its climate footprint expertise
to farming operations with sustainability
consultants advising EDPACIF on further reduc-
ing the carbon footprint of shrimp farming.
Challenging consumer habits
In France, shrimp is traditionally sold head-
on as consumers see the head as a sign of
freshness. However, the heads are rarely
consumed and end up in the household trash
bin, contributing 35–40% of transport-related
carbon emissions with no added value.
“By selling only shrimp tails, we have cut
transportation emissions by 40% while
ensuring the shrimp heads are processed
locally in Ecuador for animal feed, boosting
circularity,” says Auchan Seafood Manager
Olivier Vandebeulque.
CASE STORY
Bringing more sustainable seafood to the market
requires a change in habits among consumers.
A sustainable product might have different look-
and-feel than traditional products, which can be
perceived as being less attractive.
The project also tackled consumer education.
Auchan, BioMar and Earthworm launched
a campaign to raise awareness of the
environmental benefits of headless shrimp.
Auchan fish counter staff were trained to
explain these benefits, supported by in-store
videos reinforcing the message.
Improving social responsibility across the
value chain, the initiative also addressed social
responsibility. The project partners worked
to improve conditions in Ecuador, providing
stable employment, better housing and
enhanced working environments.
New standards for sustainable shrimp
“This project sets a new standard for shrimp
production, combining environmental care
with human rights protections. We hope it
inspires others to adopt sustainable practices
that protect biodiversity and promote social
responsibility,” says Florie Loth, Ocean
Program Manager at Earthworm.
Marcelo Velez, President of Edpacif, praised
the collaboration: “We are grateful to Auchan,
Earthworm and BioMar for this partnership, as
well as our partner Eurotrade Fish. Together,
we have strengthened our ESG commitments
and created a product that reflects the highest
ethical and quality standards."
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
C
a
r
e
f
o
r
t
h
e
c
o
r
e
G
r
o
w
t
h
e
c
o
r
e
R
e
a
c
h
B
e
y
o
n
d
F
u
t
u
r
e
-
p
r
o
o
f
b
u
s
i
n
e
s
s
Care for core of our
business through commercial
and operational excellence while
building sustainability into our
commercial value proposition
and ensuring the sound
use of our capital.
Grow our well-established
markets within Salmon and
Selected Species to achieve
further economies of scale and
become even more relevant to
our customers, mainly across
the European geographies.
Move into related
business areas, innovating
for next generation product
solutions and services. Enabling
commercialisation of novel raw
materials, AI-based farming
solutions and related
technologies.
Become a truly global
player in all major aqua
markets, promoting our focus
on sustainable and efficient
aquaculture. Focus on
accelerating growth in Asia
and expanding our market
position in Latin America.
Strategic
drivers
STRATEGY
Above
& Beyond
Our strategy is called “Above & Beyond” for a
reason. We strive to impact the industry and
the planet beyond what we have ever done
before. It is a shift of paradigm for BioMar and
for our customers, truly embedding innovation
and sustainability into our commercial value
proposition, while developing our business
into new geographies and areas. Our strategy
is not only ambitious, but also courageous:
Thinking out of the box, moving the limits
and going above and beyond customer
expectations.
Drawing on our experience and insight from
more than half a century in the aquaculture
industry, we are determined to use our
position in the value chain to create business
opportunities and enable value creation
through partnerships. We want to inspire
and care beyond our company by being an
enabler of innovation and sustainability. To
do so, and to continue our profitable growth
journey, we have set out a strategy based on
four key strategic commercial drivers.
At the same time, we have enhanced our
focus on building a true purpose-driven
business, enabling a partnership-powered
customer experience and fortifying shared
business systems.
It will not be an easy journey, and it will require
a lot of leadership, effort and change. But it is
the right thing to do!
21
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
22
A leap into feeding technology
Low impact feed solutions combined with
intelligent feeding technology is a key driver
for future sustainable aquaculture. Hence,
there is a vast business potential in the
intersection between feed and technology,
which is why BioMar for the last couple of
years has been developing a new business
segment: Tech Solutions. The acquisition of
the world’s leading provider of intelligent
aqua feeding systems for shrimp, AQ1
Systems, was an important step in our
ambition to build the future for efficient and
sustainable global aquaculture.
AQ1 Systems’ feeding solutions are based
on a simple but powerful biological insight.
When shrimp eat, they make a sound that can
be detected by a sensitive acoustic device.
The hungrier the shrimp are, the more noise
they make and the more feed is dispensed.
This self-regulating system, combined with
knowledge of the weather, pond conditions
and advanced data-driven algorithms, controls
the feeding of the shrimp.
When acquiring AQ1, we announced that
this investment would be the first step into
feeding technology and to become a true
solution provider. The new business segment
is founded on an ambitious strategy to move
beyond feed and is nurtured by the rapid
development in artificial intelligence.
The algorithms and the acoustic systems are
now at a level, where we can truly talk about
intelligent feeding, and moving into the next
phase of technology solutions will open the
doors to a new generation of sustainable
aquaculture. The software solutions continue
to evolve and there is a shift towards being
a Software-as-a-Service (SaaS) provider,
combined with the on-premises technology
of controllers and feeders.
AQ1 Systems’ original product portfolio
included an optical solution for tuna biomass
measurement. This has been further developed
and now includes a new AI software for
automated sizing, expected to be launched
during 2025.
AQ1 System has built a tech eco-
system, enabling the farmer to further
advance on the journey of more
sustainable farming practises.
CASE STORY
» There is a vast business
potential in the intersection
between feed and technology,
which is why BioMar has
been developing a new
business segment.
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
Shrimp
Salmon
280
874
Selected species
227
Shrimp
Salmon
2
,
005
11
,
725
Selected species
2
,
8 62
Tech Solutions
90
*excl. eliminations of 66 mDKK
Strong performance
sustained
Strong earnings above expectations resulted in record-high full-year
EBITDA, despite lower sales volumes compared to 2023. Cash flow
from operating activities improved significantly year-on-year.
Reporting structure
At the end of 2024, BioMar decided to
change its reporting structure. Previously,
BioMar’s operations were divided into five
segments Salmon, EMEA, LATAM, Asia and
Tech. Since the end of 2024, these segments
have changed into: Salmon, Shrimp, Selected
Species and Tech Solutions.
The Annual Report for 2024 reflects the new
structure, and comparative figures for 2023
have been restated accordingly. Based on
the new segmentation, an updated allocation
of incomes and costs, e.g. group-wide
activities like sourcing and R&D, have been
implemented, resulting in a restatement of
the financial figures compared to the previous
divisional structure. The structural change has
not impacted BioMar’s overall figures.
Financial performance
Total volumes sold in 2024 were down by 5%,
compared to 2023, primarily due to lower
volumes in the Salmon segment in Norway
and Chile. However, BioMar significantly
increased the volume of shrimp feed sold in
Ecuador and strengthened its position around
the Baltic Sea.
The revenue for 2024 amounted to DKK
16,616 million, a 7% decrease compared to
2023, reflecting the lower volumes sold and
generally lower raw material prices during
the year. Exchange rate developments had
a positive impact on the full-year revenue
of about DKK 55 million, due to a weaker
NOK, but partly offset by a stronger USD,
against DKK.
Cost of sales amounted to DKK 13,218 million,
a 11% decrease compared to 2023. The cost
reduction was primarily due to lower sales
volumes and generally lower raw material
prices.
The consolidated average margins improved
compared to 2023, primarily driven by
the Salmon business and the segment for
BUSINESS REVIEW 2024
Revenue
mDKK*
Volume
‘000 tonnes
23
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
2020 2021 2022 2023 2024
599
413
373
479
823
BUSINESS REVIEW 2024
Selected Species as margins in the Shrimp
business decreased. The margin improvement
was driven by continued focus on product
offering and intensified focus on excellence
measures and value creation together with
customers.
Staff costs amounted to DKK 765 million in
2024, reflecting an increase of DKK 53 million
compared to 2023. The increase was primarily
driven by inflationary pressure in generally
tight labour markets, and investments in
new people and competencies to further
accelerate growth plans. A part of the increase
is also related to redundancy costs by the
decision of closing one of the three factories
in Chile in order to consolidate BioMar’s
operations into the two plants located in the
Pargua area.
Other costs amounted to DKK 1,165 million
in 2024, aligned with expectation and cost
structure of 2023.
EBITDA and EBIT
EBITDA for 2024 was a record high DKK 1,476
million, compared to DKK 1,250 million in
2023, an 18% year-on-year improvement that
exceeded the most recent guidance. EBIT
increased significantly, despite of decreased
sales volumes year-on-year, and mainly
attributable to the positive performance in
the Salmon segment. All segments have
contributed and EBIT increased year-on-
year in almost all business units. The profit
improvement year-on-year is mainly due
to the strong product offering and a series
of excellence measures. Exchange rate
developments had a negative impact on
performance at about DKK 2 million.
Net financial items amounted to a cost of
DKK 220 million compared to a cost of DKK
212 million in 2023, driven by a combination
of higher interest-bearing debt, mainly
during the first half of 2024, and higher
foreign exchange rate losses net compared
to 2023.
Joint ventures and associates
BioMar manufactures aquafeed in China and
in Turkey through two 50/50 joint ventures
with local partners. These activities are not
consolidated in the financial statements,
but due to their large growth potential, a
strong representation in these markets is very
important to BioMar.
The two feed businesses, covering two
factories in China and one factory in Turkey,
reported (100% basis) a combined revenue
of DKK 1,502 million and EBITDA of DKK
166 million for 2024, against revenue of DKK
1,844 million and EBITDA of DKK 179 million
in 2023. In Turkey, sales volumes and revenue
declined, reflecting efforts to limit credit
risk against the background of the general
economic situation in the country. In China,
sales volumes declined, reflecting adjustments
in farming operations due to low prices of
farmed fish, while EBITDA increased year-on-
year due to optimisation of product portfolio
and product offerings to customers.
The associated businesses include the Chilean
fish farming company Salmones Austral and
EBIT per tonne
DKK
BioMar collaborates with local schools
in Ecuador to promote natural sciences.
In one of the schools, we have built a
science lab with re-purposed equipment.
three minor businesses, LetSea, ATC Patagonia
and LCL Shipping.
The non-consolidated joint ventures in China
and Turkey and the associated businesses are
recognised in the 2024 consolidated financial
statements at a DKK 36 million share of profit
after tax, compared to a DKK 6 million share
of profit after tax in 2023. The increased profit
was mainly driven by an improved result in
Salmones Austral due to higher fish prices,
combined with an improved contribution
margin improvement in China.
24
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
BUSINESS REVIEW 2024
Outlook 2025
From an overall perspective, long-term
demand for farmed fish and shrimp
generally seems sound, and BioMar
is well positioned in the market owing
to a high level of quality and a strong
focus on sustainability and advanced
fish and shrimp farming technology.
BioMar continually invests to upgrade
its global ERP cloud-based platform
and state-of-the-art manufacturing
systems. The substantial investments
will weigh on earnings both in the
current and in the coming years, but
will also bring BioMar to a next level
of digitalisation, higher efficiency,
more transparency, reduced manual
processes, live data interaction with
customers and global excellence
processes in the business units.
BioMar expects to generate full-year
2025 revenue of about DKK 16.0-17.0
billion, but changing market conditions
and volatile prices of raw materials may
as always impact the revenue forecast
substantially. Given the current outlook,
the company expects 2025 EBITDA in
the range of DKK 1,470-1,570 million.
The non-consolidated associates and
joint ventures are recognised at a share
of profit after tax, which is expected
to improve to approximately DKK 80
million in 2025.
Tax and profit for the year
Tax on profit for the year was a cost of DKK
239 million compared to DKK 171 million in
2023. The increase was primarily related to the
higher profit level and adjustment of current
and prior years’ deferred tax. Profit for the
year amounted to DKK 706 million, which is
a significant improvement compared to DKK
484 million in 2023.
Balance sheet
Working capital decreased significantly from
DKK 2,141 million at 31 December 2023 to
DKK 1,671 million at 31 December 2024.
Trade receivables grew due to increased
revenue in Q4 2024 year-on-year and growing
pressure from customers for extended credit
terms, coupled with a change in customer mix.
Inventories decreased year-on-year, reflecting
a structural reduction in stock levels, but
also a positive impact from generally lower
raw material prices. However, lower-than-
expected sales volumes impacted negatively
on inventories in some business units. Trade
payables increased despite the decreased
inventories, mainly due to extended credit
terms with raw materials suppliers to offset the
growing pressure for extended credit terms
from customers, but also because of a positive
impact from higher utilisation of supply chain
financing facilities. The use of supply chain
financing on the supplier side increased from
DKK 764 million at 31 December 2023 to DKK
939 million at 31 December 2024.
ROIC excluding goodwill improved
significantly from 22.1% at 31 December
2023 to 26.7% at 31 December 2024, mainly
due to growth in earnings and working
capital reductions. ROIC including goodwill
has improved from 17.5% to 21.2% at 31
December 2024.
Cash flow statement & Financial resources
The solid growth in earnings and the reduced
working capital produced a substantial
increase in cash flow from operating activities
from DKK 665 million in 2023 to DKK 1,585
million in 2024, equal to an increase of DKK
920 million. Cash flow from investment
activities amounts to DKK -151 million in 2024,
compared to DKK -207 million in 2023. Cash
flow from financing activities amounts to DKK
-1,189 million in 2024, compared to DKK -562
million in 2023. The development is mainly
related to substantial drawdowns on the
Group financing facilities.
Net interest-bearing debt amounts to DKK
1,577 million at 31 December 2024, which is a
significant reduction compared to DKK 2,531
million at 31 December 2023, and mainly due
to lower working capital and solid growth in
earnings. BioMar is partially financed through
the parent company with committed facilities
towards third-party financial institutions that
exceed 12 months.
Events after the balance sheet date
At the end of 2024, BioMar announced that
we have decided to consolidate BioMar’s
operations in Chile into two plants. BioMar
will close the Chiloé factory by the end of
September 2025. The rationale behind the
decision is to safeguard our competitiveness,
improve efficiency and to ensure the continuity
of our business in Chile.
On 11 February 2025, BioMar and the joint
operation partner, Aqua Alimentos S.A.,
entered into an agreement for BioMar to
acquire their 50% of the shares in the feed
plant BioMar Aquacorporation Products S.A.
The transaction holds a value of USD 4 million,
which was deducted from trade receivables
against Aqua Alimentos S.A. The feed plant
will be fully consolidated into the results of
BioMar Group from 1 January 2025. The
transaction will not have a significant impact
on the result in 2025.
25
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
Salmon
In 2024, BioMar's largest segment sold 64% of the total feed
volumes. The Salmon segment delivered results above expected,
despite a year-on-year decline in volumes.
The Salmon segment comprises the business
activities of our factories in Norway, Chile,
Scotland and Australia, which are all primarily
focused on producing feed for salmon. The
factory in Australia also has focus on other
species such as barramundi, red snapper and
shrimp. However, due to limited volumes for
other species, the entire activity for the four
factories is counted into the Salmon segment.
Overall, the Salmon segment delivered results
above expected for 2024, despite a decline in
volumes. The Salmon segment reported a 10%
year-on-year reduction in sales volumes driven
by Norway and Chile. The lower volumes
reflected BioMar’s commercial prioritisation
and a change in the customer mix, primarily.
The sales volumes in Norway was also affected
by high sea water temperatures and biological
factors. The high number of sea lice outbreaks
and thus lice treatments had a negative effect
on the feed intake. In Chile, the biomass was
lower than 2023 due to biological factors and
an earlier harvest of fish stock biomass.
However, the Salmon segment maintained its
earnings momentum supported by its broad
product offering, increased sales volumes
of functional feed to support the farmers to
manage challenging farming conditions and
excellence initiatives. Intensified focus on
operational and commercial excellence and
value creation together with customers have
all contributed to improved earnings in the
segment, despite reduced sales volumes,
compared to 2023. EBIT for the Salmon
segment increased by 26% in 2024 compared
to 2023.
The positive development in the segment is
supported by the price of salmon continuing
to be at a high level, which impacts value
creation possibilities in the value chain
positively.
874
879
1,006
11,725
64%
26%
Volume
'000 tonnes
EBIT
mDKK
EBIT per tonne
DKK
Revenue
mDKK
Share of total
volume
EBIT growth
Financial
highlights
SEGMENTSBUSINESS REVIEW 2024
26
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
Shrimp
The Shrimp segment continues to perform in line with our ambitious
strategy. The shrimp feed markets are concentrated in Latin America
and Asia with expected attractive long-term growth rates.
The segment is mainly driven by the large
factory with 8 production lines in Ecuador,
however it also comprises the production of our
factory in Costa Rica and the recently established
business Vietnam, where BioMar is running a
factory in collaboration with Viet-Uc, which is one
of the largest farmers of shrimp in the country.
Furthermore, hatchery and bioremediation
speciality products for the shrimp segment are
produced at the factory in France.
The segment was during 2024 challenged by
significant energy shortages in Ecuador due to
lack of rain fall, which limited production capacity.
Furthermore, the Vietnamese market was during
the year challenged by disease outbreaks.
Despite market challenges, the Shrimp
segment reported a substantial 18% increase
in sales volumes year-on-year, primarily
driven by the Ecuadorian market in a market
generally still challenged by low prices of
farmed shrimp. EBIT for the Shrimp segment
increased by 54%.
The earnings increase reflects the higher sales
volumes, but also a lower profitability per
tonne feed sold, primarily due to changes in
the customer mix. Furthermore, comparison
EBIT for 2023 included a non-recurrent write-
down of DKK 36 million related to goodwill
in Vietnam.
BioMar continues to strengthen its offering
of products, concepts and services in
the Shrimp segment, particularly in the
Ecuadorian market, where the company has
added new production capacity in recent
years by way of two extruder lines, but also in
Vietnam and Costa Rica. An important leap
in product offerings has been the launch of a
Bioremediation product line, whereby BioMar
has entered a completely new product area.
BioMar tapped into the shrimp feed business
by the aqusition of Alimentsa in 2017, and we
expect to continue growth within the segment
in both Latin America and Asia.
280
125
449
2,005
20%
54%
Volume
'000 tonnes
EBIT
mDKK
EBIT per tonne
DKK
Revenue
mDKK
Share of total
volume
EBIT growth
Financial
highlights
SEGMENTSBUSINESS REVIEW 2024
27
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
Selected Species
The segment for Selected Species deliver feed for a long range
of high-value species. In 2024, the segment delivered results
significantly above last year with stable volumes below expected.
The segment for Selected Species is driven
by our factories in Denmark, Spain, France
and Greece, which deliver feed for a long
range of high-value species, mainly in Europe,
but also into Asia and Africa. The factories
typically produce batches of speciality
products for smaller or medium-sized farmer,
which require an agile set-up with flexible
production equipment.
The Selected Species segment has in 2024
proven to be back on track after a couple
of challenging years related to the exit from
Russia and the development on raw material
prices related to the war in Ukraine, which
impacted the results significantly in a negative
direction.
The business segment has refocused the sales
effort into new business opportunities and
is getting close to previous performance on
results, while volume development is pointing
in the right direction.
The segment for Selected Species reported
a 2% decrease in sales volumes compared to
2023, primarily related to the Mediterranean
market, especially Greece, where BioMar is
taking a more cautious approach to credit
risk, prioritising security of payments over
market share.
EBIT for the segment increased by 31%
compared to 2023, despite of the lower sales
volumes, and due to operational measures,
long lasting cooperations with customers
and value creation with customers related to
product offerings.
227
185
815
2,862
17%
31%
Volume
'000 tonnes
EBIT
mDKK
EBIT per tonne
DKK
Revenue
mDKK
Share of total
volume
EBIT growth
Financial
highlights
SEGMENTSBUSINESS REVIEW 2024
28
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
Tech Solutions
Tech Solutions is ramping up, expanding the business into larger
parts of Latin America and Asia. The results for 2024 were affected
by low shrimp prices, which impact the investments at the farms.
Tech Solutions is the newest business
segment in our portfolio, being established
in 2022. It is headquartered in Tasmania and
has during the last years ramped up and
established sales offices and technical services
in Latin America and Asia. The segment is
significantly different from the other segments
as it develops AI-powered hardware and
software solutions to enable efficient and
sustainable farming.
The operations in the Tech segment include
the company AQ1 Systems, which is an
innovative leader in artificial intelligence for
behavioural based control technology and
feeding detection technology for sustainable
aquaculture. AQ1 Systems has a strong
foothold in especially the Ecuadorian market
and there is in general a sound market interest
in the technology and analytic solutions.
However, customers have held back on their
investments for a while, as they felt the effects
of currently low prices of farmed shrimp. This
means that the investments for ramping up
the segment have not yet fully generated the
expected return.
In 2024, AQ1 Systems experienced a positive
trend with more customers being open for
investments that can increase production
efficiency and improve total economic
performance. Hence, 2024 revenue and
earnings increased year-on-year. Previous
periods’ investments in strategic initiatives,
and new people and competencies, all bring
further value to BioMar through high-quality
product offerings and ability to further
accelerate the growth plans in current and
new markets as well. These initiatives will
continue throughout 2025.
To meet the market conditions and activate
the true SaaS market potential, AQ1 Systems
is the first phase of building up a new business
model based on lease of equipment and
SaaS. This new model was launched in 2024,
and will be further promoted going forward.
90
14
19%
0
6
60
Revenue
mDKK
Revenue growth
mDKK
Revenue growth
EBIT
mDKK
EBIT growth
mDKK
Employees
Financial
highlights
SEGMENTSBUSINESS REVIEW 2024
29
BioMar Annual Report 2024
ESGExecutive summary Financial statementsOur business
ENVIRONMENTAL
Sustainability is rooted in
our purpose and commitment
to the industry
Recognising the importance of the aquacul-
ture industry in healthy and sustainable global
food supply, sustainability is an integral part
of everything we do. It is deeply embedded
into our decision-making processes and as a
sustainability frontrunner it is a key commercial
differentiator.
We are devoted to developing a sustainable
aquaculture industry through our feed.
This applies both to reducing our own
environmental footprint and helping
customers improve the sustainability of their
farming activities by enhancing transparency
and traceability across the supply chain
and seeking out new and more sustainable
raw materials.
BioMar was the first aquafeed producer to
commit to the 1.5 degree aligned trajectory
as defined by Science Based Target initiative
(SBTi), an organisation ensuring that
companies’ environmental targets are in
line with the latest climate science to reach
the goals of the Paris Agreement.
In 2021, we set three ambitious targets
designed to tackle the most critical areas
for the planet and its people where
aquaculture can have the greatest positive
impact. Our climate target is SBTi aligned
and proved, while the other ambitions are
defined by BioMar.
In 2024, we completed our first double
materiality assessment (DMA) to ensure
that our actions and priorities align with
the most material aspects for our business
and stakeholders. The DMA is an important
step in complying with the EU Corporate
Sustainability Reporting Directive (CRSD).
Read more about our sustainability targets
and achievements in our latest sustainability
report here.
1/3 by 2030
Reduce BioMar total feed GHG footprint
by 1/3 by 2030 (compared with 2020 base)
0% 50%
50% by 2030
BioMar feed ingredients to be 50% circular and
restorative (i.e., from waste or by-products) by 2030
100,000 by 2030
100,000 people directly engaged in capacity
building initiatives annually by 2030
27%
0% 33%14.4%
0 100,000+49,096
20302024
20302024
20302024
Climate Action
Circular &
Restorative
Enable People
31
BioMar Annual Report 2024
Our businessExecutive summary Financial statementsESG
32
BioMar has long been at the forefront of
developing functional feeds that address
the challenges of aquaculture, with a strong
emphasis on animal health and welfare. These
innovative solutions are now unified under the
SmartCare product range, which continues
to evolve through ongoing research. The
SmartCare range is redefining fish health
management, helping farmers to increase fish
resilience, improve welfare and reduce the
need for antibiotics.
BioMar's products have become essential for
many salmon farmers, with 20% of all feed
sold by BioMar Norway specifically developed
to promote not just growth but also the
health and well-being of the fish. Launched in
2018, the two SmartCare products, AssistSkin
and TotalCare, are now leading in the
salmon market with their impressive effects
documented in closed R&D trials as well as
BioFarm trials, conducted in collaboration
with our customers. With an advanced feed
composition, wounds can be prevented
by use of feed high on ingredients such
as healthy omega-3 oils, krill, vitamins and
minerals.
During the harsh winter months, when salmon
face significant challenges that weaken their
skin and overall robustness, most of BioMar's
Norwegian customers rely on these products
to help improve fish health, avoid wounds and
reduce mortality.
In 2024, BioMar introduced SmartCare Calm,
a product designed to enhance fish resilience
in stressful conditions like handling. The
product’s effectiveness has been documented
in R&D trials, with BioFarm currently running
trials with customers to further advance it.
We also launched SmartCare Endurance,
developed to help farmed salmon in Chile
overcome infections and environmental
stressors such as SRS (Salmon Rickettsial
Septicaemia). By balancing the antioxidant
system and supporting the immune system,
this product aims to improve fish health and
resilience.
Both products are expected to significantly
impact fish health and support the industry's
shift towards even more sustainable practices,
enabling fish farmers to meet the challenges
of today and tomorrow.
At our Aquaculture Technology Centers,
we conduct research trials in controlled
conditions, before finally proving the
products at customer facilities.
Functional feeds improving fish
health and resilience
CASE STORY
» BioMar has long been at the forefront
of developing functional feeds that address
the challenges of aquaculture.
32
BioMar Annual Report 2024
Our businessExecutive summary Financial statementsESG
SOCIAL
Committed to being a
responsible company
As a leading global provider of aquafeeds,
we strive to operate responsibly in the direct
operations we control, and throughout the
wider supply chain that we can influence.
Ensuring the health and safety of our employees
is our top priority, and we are committed to
promote and protect human rights.
We are committed to increasing and
safeguarding value creation in the company
through encouraged collaboration between
people with different backgrounds. The
purpose of our targets and efforts on diversity
is to ensure a corporate culture that supports
innovation and collaboration with diversity as
a driver for value creation.
At most BioMar sites, we have neighbours
and nearby communities to consider. In some
places, we are located close to indigenous
people. At others, we are next to urban areas.
But whatever the nature of the site, we are
committed to maintaining an open dialogue,
contribute to developing of the community
and being a good neighbour.
We work across borders and with different
cultures. To ensure compliance with the many
different local and international rules and
regulations applicable to our company and
business, we have established a framework
with a Code of Conduct combined with
internal policies.
Our Employment Policy is based on the
principles and standards such as those
defined by the International Labour
Organization (ILO) and the United Nations
(Rights of the Child, Universal Declaration of
Human Rights, Guiding Principles on Business
and Human Rights, and the 17 Sustainable
Development Goals) along with industry
standards.
We also have a Code of Conduct for suppliers
as well as a responsible sourcing policy with
five fundamental principles that all suppliers
of raw materials to BioMar must comply with.
We encourage our people to report any
suspected breach of our policies or Code
of Conduct and have a structured setup to
handle that and which can be accessed by
internal as well as external stakeholders.
See all our published policies here.
In accordance with section 99a and 99d of
the Danish Financial Statements Act, BioMar
has not published an individual report
for data ethics, gender composition and
corporate social responsibility as it has been
incorporated in the consolidated report for
the parent company Schouw & Co., to which
reference is made.
Information can be retrieved from the parent
company’s website at: www.schouw.dk/en/
We are very focused on employee
engegement and well-being. Every
year we conduct a survey among all
our employees around the world,
including in the JVs. In 2024, BioMar
scored 51 on a scale from -100 to +100,
up from 49 in 2023, placing BioMar in
the top 5% in a manufacturing industry
benchmark. The score was based on
an impressive participation rate of 93%
of all employees.
51
Based on the principle of
Net Promotor Score
eNPS
More than 50 different nationalities
work together across BioMar.
100-100 0
33
BioMar Annual Report 2024
Our businessExecutive summary Financial statementsESG
LEADERSHIP
GOVERNANCE
Jens Bjerg Sørensen
Chair
Born 1957 (Danish)
CEO Schouw & Co.
Jørgen Wisborg
Board member
Born 1962 (Danish)
Professional board member
Anders Wilhjelm
Board member
Born 1966 (Danish)
CEO Norican
Asbjørn Reinkind
Board member
Born 1960 (Norwegian)
Professional board member
BioMar is fully owned by Danish
industry conglomerate Aktieselskabet
Schouw & Co. (Schouw & Co.) which is
listed on Nasdaq Copenhagen.
BioMar is committed to exercise good
corporate governance and the Board
of Directors regularly assesses rules,
policies and practices according
to the Corporate Governance
Recommendations.
BioMar has a two-tier governance
structure consisting of the Board
of Directors and the executive
management. The two management
bodies are separate and have no
overlapping members.
BioMar’s corporate governance practices
are incorporated in the consolidated
statutory statement on corporate
governance for Schouw & Co.
Board of Directors
34
BioMar Annual Report 2024
Our businessExecutive summary Financial statementsESG
LEADERSHIP
GOVERNANCE
Carlos Diaz
CEO
Born 1969 (Chilean)
With BioMar since 2003,
CEO since 2015
CFO
Born 1970 (Danish)
With BioMar since 2013
Cedric Van Den Bossche
VP ASIA
Born 1973 (Belgian)
With BioMar since 2024
Ole Christensen
VP Selected Species & EMEA
Born 1966 (Danish)
With BioMar since 1994
Executive
Management
Paddy Campbell
VP Salmon
Born 1971 (British)
With BioMar since 1998
Sif Rishoej
VP People, Purpose &
Communication
Born 1972 (Danish)
With BioMar since 2013
Henrik Aarestrup
VP Shrimp & LATAM
Born 1968 (Danish)
With BioMar since 2007
Wasiem Husain
VP Strategy, M&A and
Business Development
Born 1984 (Danish)
With BioMar since 2022
Executive
Committee
35
BioMar Annual Report 2024
Our businessExecutive summary Financial statementsESG
Strategic OperationalLow
LowLow
LowCommercial Governance
High
1
6
2
7
3
8
4
9
5
10
1
Biological Challenges
2
Climate Change (temperature)
3
Raw material prices and availability
4
Receivables / Credit
5
Access to sustainable energy
6
Tighter regulations for farming
7
Extreme Weather Events
8
Geopolitical Tensions
9
Cyber Security
10
Business Ethics
The risk profile
of BioMar
The Board of Directors and management
of BioMar continuously assess and monitor
the risks to which the company is exposed.
This ongoing evaluation ensures that the
company remains vigilant and proactive in
identifying and managing potential threats.
BioMar classifies risks according to likelihood
and financial impact. By evaluating risks
based on these criteria, BioMar can prioritise
actions to mitigate the most significant threats.
Reference is made to note 21 for a more
detailed description of the financial risks.
Mitigation Strategies
Based on an overall assessment of each risk,
BioMar prioritises and implements actions to
mitigate them. This process involves:
• Developing contingency plans for potential
high-impact events
• Investing in technology and infrastructure
to enhance operational resilience
• Engaging in regular financial audits and
stress testing to ensure financial stability.
It is assessed that the risks BioMar is exposed
to are common for the industry. These include
market volatility, regulatory changes and
environmental factors. By recognising that
these risks are industry-wide, BioMar can
benchmark its risk management practices
against industry standards and continuously
improve its strategies.
In conclusion, BioMar's comprehensive risk
management strategy is designed to safeguard
the company's interests and ensure sustainable
growth. Through meticulous risk identification,
assessment and mitigation, BioMar strives to
stay ahead of potential threats and maintain its
leadership position in the industry.
Strategic
These risks pertain to the long-term objectives and
strategic decisions of the company. The main risks
include geopolitical changes combined with impact on
farming conditions and raw material availability due to
global warming and extreme weather events.
Commercial
The main commercial risks identified are short and
mid-term changes in farmers' needs for feed solutions
caused by changes in biomass/feed consumption
due to biological conditions combined with tighter
government regulation of aquaculture.
Operational
Operational risks are associated with the day-to-day
activities of the company. They main risks identified
encompass factors related to availability of sustainable
energy sources, prices and availability of raw materials
and cyber-attacks.
Governance
Governance risks impact the company's fundamental
health and stability. They include risks related to
the company compliance and reputation, including
internal compliance with the company’s policies and
requirements to global business ethics.
RISK
GOVERNANCE
36
BioMar Annual Report 2024
Our businessExecutive summary Financial statementsESG
Compared to 2023
INCOME STATEMENT Note 2024 2023
Revenue 1 16,615,971 17,878,356
Cost of sales -13,217,659 -14,773,122
Staff costs 2 -764,929 -711,893
Other external expenses -1,165,196 -1,143,682
Other operating income 4 13,234 9,793
Other operating expenses -5,120 -9,209
EBITDA 1,476,301 1,250,243
Depreciation and amortisation 3 -347,407 -354,204
Goodwill impairment 3 - -35,797
EBIT 1,128,894 860,242
Share of profit after tax, associates 5 -15,593 -38,407
Share of profit after tax, joint ventures 5 51,511 44,665
Financial income 6 89,702 64,951
Financial expenses 7 -309,706 -277,250
Profit before tax 944,808 654,201
Tax on profit for the year 8 -238,696 -170,670
Profit for the year 706,112 483,531
Profit for the year attributable to:
Shareholders of BioMar 675,332 461,332
Non-controlling interests 30,780 22,199
Profit for the year 706,112 483,531
Statements of income and comprehensive income
(DKK 1,000)
CONSOLIDATED FINANCIAL STATEMENTS
OTHER COMPREHENSIVE INCOME Note 2024 2023
Items that have been or may subsequently be reclassified
to the income statement:
Exchange rate adjustments, foreign entities 141,928 -178,134
Value adjustments of hedging instruments:
- Value adjustments for the year 1,601 -1,643
- Value adjustments transferred to production costs 1,643 -14,052
Other comprehensive income in subsidiaries, associates and joint
ventures -2,510 4,501
Hyperinflation adjustment 16,094 18,495
Tax on items that have been or may subsequently be reclassified
to the income statement 8 3,014 4,546
Other comprehensive income after tax 161,770 -166,287
Total comprehensive income 867,882 317,244
COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Shareholders of BioMar 810,468 307,868
Non-controlling interests 57,414 9,376
Total comprehensive income 867,882 317,244
+18% +31% +46%
EBIT 2024EBITDA 2024 Net profit 2024
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
39
ASSETS Note 2024 2023
Goodwill 1,159,746 1,104,787
Customer relations 36,754 52,453
Brands 15,912 16,131
Technology 141,360 154,397
Other intangible assets 76,810 56,879
Intangible assets 9 1,430,582 1,384,647
Land and buildings 719,471 797,080
Plant and machinery 829,304 790,593
Other plant, fixtures and operating equipment 52,116 51,155
Assets under construction 144,734 76,718
Property, plant and equipment 10 1,745,625 1,715,546
Investments in associates 5 405,952 405,028
Investments in joint ventures 5 225,824 198,218
Right of use assets 11 316,806 372,200
Securities 2,679 2,011
Deferred tax 14 21,264 56,271
Receivables 13 138,784 154,127
Other non-current assets 1,111,309 1,187,855
Total non-current assets 4,287,516 4,288,048
Inventories 12 2,044,537 2,227,836
Receivables 13 4,400,224 4,303,024
Income tax 73,113 142,768
Prepayments 61,545 35,471
Cash and cash equivalents 433,890 183,770
Total current assets 7,013,309 6,892,869
Total assets 11,300,825 11,180,917
Balance sheet at 31 December
(DKK 1,000)
CONSOLIDATED FINANCIAL STATEMENTS
EQUITY AND LIABILITIES Note 2024 2023
Share capital 250,000 250,000
Other reserves 186,738 57,421
Retained earnings 1,977,436 2,043,799
Proposed dividend 700,000 350,000
Share of equity attributable to the parent company 3,114,174 2,701,220
Non-controlling interests 464,381 424,040
Total equity 3,578,555 3,125,260
Deferred tax 14 134,189 157,202
Interest bearing debt 15 223,527 279,007
Other debt 11,300 5,400
Total non-current liabilities 369,016 441,609
Interest bearing debt 15 2,667,930 3,449,894
Trade payables and other debt 16 4,528,220 3,960,856
Deferred income 7,364 -
Income tax 149,740 203,298
Total current liabilities 7,353,254 7,614,048
Total liabilities 7,722,270 8,055,657
Total equity and liabilities 11,300,825 11,180,917
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
40
Share capital
Hedge transaction
reserve
Exchange rate
adjustment reserve
Hyper-
inflation reserve Retained income Proposed dividend Total
Non-controlling
interests Total equity
Equity at 1 January 2024 250,000 -2,783 40,696 19,508 2,043,799 350,000 2,701,220 424,040 3,125,260
Comprehensive income in 2024
Profit for the year -8,642 -16,026 700,000 675,332 30,780 706,112
Other comprehensive income 250,000 -2,783 40,696 10,866 2,027,773 1,050,000 3,376,552 454,820 3,831,372
Value adjustments of hedging instruments 3,244 3,244 3,244
Exchange rate adjustments of foreign entities 118,015 118,015 26,321 144,336
Other comprehensive income in subsidiaries, associates
and joint ventures 219 219 219
Hyperinflation adjustment -2,627 16,094 13,468 13,468
Other adjustment on equity -2,823 -2,823 313 -2,510
Tax on other comprehensive income 3,014 3,014 3,014
Other comprehensive income - 6,258 115,607 16,094 -2,823 - 135,136 26,634 161,770
Comprehensive income - 6,258 156,303 26,960 -18,849 700,000 810,468 57,414 867,882
Transactions with shareholders:
Dividend distributed -350,000 -350,000 -17,073 -367,073
Value adjustment of put option -47,514 -47,514 -47,514
Transactions with shareholders - - - - -47,514 -350,000 -397,514 -17,073 -414,587
Equity at 31 December 2024 250,000 6,258 156,303 26,960 1,977,436 700,000 3,114,174 464,381 3,578,555
Statement of changes in equity 2024
(DKK 1,000)
CONSOLIDATED FINANCIAL STATEMENTS
Share capital
The share capital is unchanged and consists of 100,000 shares with a nominal
value of DKK 2,500. All shares carry equal rights. BioMar Group does not hold
own shares.
Accounting policy – Statement of changes in equity
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.
The exchange adjustment reserve in the consolidated financial statement
comprises 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. In the
event of full or partly realisation of the net investment, exchange rate
adjustments are recognised in the income statement.
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.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
41
Share capital
Hedge transaction
reserve
Exchange rate
adjustment reserve
Hyper-
inflation reserve Retained income Proposed dividend Total
Non-controlling
interests Total equity
Equity at 1 January 2023 250,000 8,366 204,734 8,070 1,930,288 350,000 2,751,458 438,728 3,190,186
Comprehensive income in 2023
Profit for the year -7,057 118,389 350,000 461,332 22,199 483,531
Other comprehensive income 250,000 8,366 204,734 1,013 2,048,677 700,000 3,212,790 460,927 3,673,717
Value adjustments of hedging instruments -15,695 -15,695 -15,695
Exchange rate adjustments of foreign entities -117,088 -117,088 -14,096 -131,184
Other comprehensive income in subsidiaries, associates
and joint ventures -37,055 -37,055 -37,055
Hyperinflation adjustment -9,895 18,495 8,600 8,600
Other adjustment on equity 3,228 3,228 1,273 4,501
Tax on other comprehensive income 4,546 4,546 4,546
Other comprehensive income - -11,149 -164,038 18,495 3,228 - -153,464 -12,823 -166,287
Comprehensive income - -11,149 -164,038 11,438 121,617 350,000 307,868 9,376 317,244
Transactions with shareholders: -
Dividend distributed -350,000 -350,000 -24,064 -374,064
Value adjustment of put option
-8,106 -8,106 -8,106
Transactions with shareholders
-358,106
-24,064 -382,170
Equity at 31 December 2023 250,000
-2,783
Statement of changes in equity 2023
(DKK 1,000)
CONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
42
Note 2024 2023
EBITDA 1,476,301 1,250,243
Changes in working capital 18 526,177 -190,090
Net interest paid -210,337 -207,723
Income taxes paid -206,841 -187,270
Cash flow from operating activities 1,585,300 665,160
Purchase of intangible assets 19 -28,612 -30,741
Purchase of property, plant and equipment 19 -188,321 -201,482
Sale of property, plant and equipment 349 1,115
Dividend from associates and joint ventures 40,434 29,258
Acquisition of associates - -1,175
Loan to customers 25,680 -6,288
Addition/disposal of other financial assets 412 3,455
Investment in/sale of securities -683 -698
Cash flow from investing activities -150,741 -206,556
Re-payment of lease debt 15 -128,293 -126,847
Increase (re-payment) of intra-group balances -702,436 -95,646
Increase (re-payment) of debt to credit institutions 15 9,149 34,153
Dividend distributed -367,073 -374,064
Cash flow from financing activities -1,188,653 -562,404
Cash flow for the year 245,906 -103,800
Cash and cash equivalents at 1 January 183,770 298,852
Exchange rate adjustments of cash and cash equivalents 4,214 -11,282
Cash and cash equivalents at 31 December 433,890 183,770
Cash flow statement
(DKK 1,000)
CONSOLIDATED FINANCIAL STATEMENTS
Accounting policy – 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.
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 under cash and cash equivalents. 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 and
re-payments of interest bearing debt.
Cash and cash equivalents include cash at bank and in hand.
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.
20232024
1,585
665
Cash flow from
operating activities
mDKK
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
43
Profit and loss
1. Revenue and segment
information
2. Staff costs
3. Depreciation, amortisation
and impairment
4. Other operating income
5. Investments in associates, joint
ventures and joint operations
6. Financial income
7. Financial expenses
8. Tax on profit for the year
Assets and liabilities
9. Intangible assets
10. Property, plant and equipment
11. Right of use assets
12. Inventories
13. Trade receivables and
other receivables
14. Deferred tax
15. Interest bearing debt
16. Trade payables and other debt
Other disclosures
17. Contingent liabilities
and guarantees
18. Changes in working capital
19. Adjustment for non-cash
transactions
20. Financial risks
21. Fees to auditors
22. Related party transactions
23. Group structure
24. New financial reporting
regulations
25. Subsequent events
26. Material accounting policy
information
27. Significant accounting estimates
and judgements
NOTESCONSOLIDATED FINANCIAL STATEMENTS
44
BioMar Annual Report 2024
NOTE 1
Accounting policy – Revenue
The Group's revenue primarily relates to sale of aquafeed, but does also
comprise sale of commodities and other products and services.
Revenue is recognised in the income statement if control of and risks related
to the products have been transferred to the customer 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.
A receivable is recognised when the products are delivered, as this is the
point in time that the consideration is unconditional because only the
passage of time is required before the payment is due.
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Salmon Shrimp Selected species Tech Eliminations "Shared / non-allocated" Total
Segmentation of income statement 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Volume (tonnes) 874,335 971,563 279,657 236,039 226,766 231,753 - - -8,293 -2,176 - - 1,372,465 1,437,180
External Revenue 11,722,718 13,125,874 2,005,274 1,715,324 2,798,225 2,961,818 89,753 75,340 - - - - 16,615,971 17,878,356
Internal Revenue 2,208 4,285 - - 63,757 55,516 - - -65,965 -59,801 - - - -
Total Revenue 11,724,927 13,130,159 2,005,274 1,715,324 2,861,982 3,017,334 89,753 75,340 -65,965 -59,801 - - 16,615,971 17,878,356
Operating costs net -10,623,608 -12,211,847 -1,815,137 -1,537,417 -2,639,128 -2,826,876 -79,271 -66,608 65,965 59,801 -48,494 -45,168 -15,139,672 -16,628,115
EBITDA 1,101,319 918,311 190,137 177,907 222,853 190,459 10,483 8,732 - - -48,484 -45,168 1,476,301 1,250,243
Amortisation, depreciations & impairment -221,979 -218,820 -64,648 -96,200 -37,972 -49,128 -10,811 -15,158 - - -11,997 -10,695 -347,407 -390,001
EBIT 879,340 699,491 125,489 81,708 184,881 141,331 -328 -6,426 - - -60,490 -55,864 1,128,894 860,242
Net financials -220,004 -212,299
Result from associated and JV companies 35,918 6,258
Tax on profit for the year -238,696 -170,670
Profit for the Year 706,112 483,531
Financial ratios
Share of total volume 64% 68% 20% 16% 17% 16% - - -1% 0% - - 100% 100%
EBIT per tonne (DKK) 1,006 720 449 346 815 610 - - - - - - 823 599
EBIT margin 7% 5% 6% 5% 6% 5% 0% -9% - - - - 7% 5%
BioMar operates in four business segments based on species; Salmon, Shrimp
and Selected Species (all other species than before mentioned segments)
and the newly acquired tech activities grouped into the Tech segment. The
information is based on the management structure and internal management
reporting to Executive Committee and constitutes the reportable segments.
Headquarter costs are allocated to the business segments based on primarily
volumes. Net financials, results from associated companies and JV companies
and tax on profit for the year are managed at Group level and are not allocated
to business segments.
Internal revenue between the segments are at arms' length prices.
The geographical revenue information is based on the location of the BioMar
unit and the information regarding the geographical asset distrubution is based
on the physical location of the asset.
No single customer exceeds 10% of the Group's revenue neither this year nor
last year.
Accounting policy – Segmentation
Executive Committee has determined the business segments for the
purpose of assessing business performance and allocating resources.
The segmentation reflects the strategic management, decision and
reporting structure applied by the Executive Committee for monitoring
the Group’s strategic and financial targets. Segments are managed
based on business performance measured as operating profit. Shared /
not allocated comprises expenses incurred for ongoing support of the
Group’s overall operations and strategic development. Segmented data
is presented according to the same principles as the consolidated
financial statements. Financial items, results from associated and JV
companies and income tax are not allocated to the reportable
segments.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
45
20232024
Other
Chile
Norway
2024
Ecuad or
Australia
Chile Norway
Other
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
2024 2023
Norway 5,983,253 6,368,956
Chile 3,159,424 4,088,883
Other countries 7,473,294 7,420,517
BioMar Group 16,615,971 17,878,356
2024 2023
Ecuador 1,180,745 1,143,939
Norway 639,021 702,944
Chile 623,467 596,290
Australia 432,066 462,018
Other countries 617,712 567,201
BioMar Group 3,493,012 3,472,392
Geographical allocation of revenue
Specification of revenue by country representing over 10%
of the Group’s revenue
Geographical allocation of non-current assets
Specification of non-current assets representing over 10% of
the Group’s non-current assets
NOTE 1 continued
Non-current assets by location consist of intangible assets,
property plant and equipment and right-of-use assets
STAFF COSTS 2024 2023
Wages and salaries -654,916 -604,862
Defined contribution pension plans -41,307 -39,356
Other social security costs -62,985 -60,206
Share-based payments -5,721 -7,469
Total staff costs -764,929 -711,893
Average number of employees 1,598 1,613
Remuneration to Executive Management and Board of Directors
Wages and salaries -5,336 -5,748
Pension -108 -119
Short term bonus -1,432 -2,290
Long term bonus -1,153 -1,067
Share-based compensation -2,019 -2,633
Total remuneration to Executive Management and Board of Directors -10,048 -11,857
With reference to section 98 b (3) of the Danish Financial Statements Act, remuneration to the Executive Management
and Board of Directors is disclosed combined. Key management personnel is defined to be Executive Management and
Board of Directors.
Executive Management is part of a 3-year long-term incentive programme, based on the achievement of certain targets.
Sales volumes, EBITDA and ROIC determine the amount of the incentive payout.
NOTE 2
Accounting policy – 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.
Accounting policy – 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.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
46
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
OUTSTANDING OPTIONS
Executive
Management Others Total
Average exercise
price in DKK
(1)
Fair value (DKK)
per option
(2)
Total fair value in
DKK 1,000
(2)
Exercisable from Exercisable until
Granted in 2020 - 30,000 30,000 523.4 44.1 1,323 March 2023 March 2024
Granted in 2021 30,000 55,000 85,000 678.2 125.4 10,656 March 2024 April 2025
Granted in 2022 30,000 55,000 85,000 527.1 68.4 5,810 March 2025 April 2026
Granted in 2023 30,000 55,000 85,000 577.5 96.6 8,207 March 2026 April 2027
Total outstanding options at 31 December 2023 90,000 195,000 285,000
Exercised from 2020 grant - -30,000 -30,000
Total outstanding options at 31 December 2024 90,000 165,000 255,000
(1) exercised after 4 years (at the latest possible date)
(2) at the date of grant
In 2024, 30,000 options were exercised at an average price of 521.97 DKK
Bonus schemes
Executive Management is covered by short-term bonus
schemes regarding achievement of a number of both
financial and operational objectives. An amount correspond-
ing to a maximum of 5 months' remuneration is paid out
provided all the objectives are achieved.
Share-based payments
Executive Management and Executive Committee 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,
plus a premium 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.
NOTE 2 continued
FAIR VALUE ASSUMPTIONS
2023
grants
2022
grants
2021
grants
Expected volatility 25.03% 24.82% 31.58%
Expected term 47 mth 49 mth 49 mth
Expected dividend per share 15 DKK 14 DKK 14 DKK
Risk-free interest rate 2.66% -0.17% -0.54%
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 continuously employed 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.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
47
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Accounting policy – 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.
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.
Other operating income
In 2024, BioMar Group has received DKK 1.65 million in government grants (2023: DKK 3.7 million).
NOTE 4
NOTE 3
DEPRECIATION, AMORTISATION AND IMPAIRMENT 2024 2023
Impairment of intangible assets - -36,949
Amortisation of intangible assets -49,400 -52,324
Depreciation of property, plant and equipment -171,927 -174,022
Depreciation of lease assets -126,080 -126,706
Total depreciation, amortisation and impairment -347,407 -390,001
Equity interest
REVENUE
Country and city of
incorporation 2024 2023
Salmones Austral S.A. Puerto Montt, Chile 23% 23%
Aquaculture Technology Centre Patagonia S.A. Lenca, Chile 30% 30%
LetSea AS Dønna, Norway 34% 34%
LCL Shipping Ltd. Grangemouth, Scotland 40% 40%
AQ1 Systems (Asia) Company Limited Bangkok, Thailand 49% 49%
BioMar-Sagun TTK Söke, Turkey 50% 50%
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Wuxi, China 50% 50%
Investments in associates, joint ventures and joint operations
BioMar Group has the following investments in associates and joint ventures, all recognised to the Group's share of the
net equity. BioMar Group's equity interests are consistent with its voting rights.
NOTE 5
Accounting policy - Associated Companies
An associated company is an entity in which BioMar Group has significant influence, but not control, which in general
is the case when holding between 20% and 50% of the voting rights.
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. BioMar
Group's share of the results is recognised separate in the Income Statement.
Material associates
Financial information for associates that are considered material to the Group adjusted for different accounting practices.
Salmones Austral S.A.
2024 2023
Revenue 2,326,971 1,950,569
Result after tax -56,191 -189,495
Current assets 1,979,229 1,691,021
Non-current assets 2,056,267 2,088,143
Current liabilities 1,071,938 1,181,672
Non-current liabilities 1,432,294 1,108,155
Share of profit -12,872 -43,408
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
48
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
2024 2023
Share of profit from continuing operations, associates -2,721 5,001
Share of profit from continuing operations, joint ventures 51,511 44,665
Carrying amount of investments in associates and joint ventures 2024 2023
The Group's share of equity in material associates 350,766 341,164
Goodwill regarding material associates 11,664 10,960
The Group's share of equity in individually immaterial associates 43,522 52,904
The Group's share of equity in individually immaterial joint ventures 222,568 194,962
Goodwill regarding immaterial joint ventures 3,256 3,256
Total carrying amount of investments in associates and joint ventures 631,776 603,246
Recognised as investments in associates 405,952 405,028
Recognised as investments in joint ventures 225,824 198,218
Total investments 631,776 603,246
Immaterial associates and joint ventures
Financial information for associates and joint ventures that individually are considered immaterial to BioMar Group.
Joint operations
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 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 information for joint operations that individually are considered immaterial to BioMar Group: share of profit DKK 0
million (2023: DKK -4 million)
NOTE 5 continued
Accounting policy - 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.
FINANCIAL INCOME 2024 2023
Interest income etc. 55,674 35,453
Financial income from group enterprises 24,439 16,558
Exchange rate adjustments 9,581 12,935
Fair value adjustments of financial assets measured through profit and loss 8 5
Total financial income 89,702 64,951
FINANCIAL EXPENSES 2024 2023
Interest expenses etc. -108,665 -95,877
Financial costs to group enterprises -172,024 -153,112
Interests from lease liabilities -9,761 -10,745
Exchange rate adjustments -19,256 -17,516
Total financial expenses -309,706 -277,250
NOTE 6
NOTE 7
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
49
TAX ON PROFIT FOR THE YEAR 2024 2023
Tax on profit for the year is specified as follows:
Tax on profit for the year -238,696 -170,670
Tax on other comprehensive income 3,014 4,546
Total tax -235,682 -166,124
Tax on the profit for the year has been calculated as follows:
Current tax -213,357 -206,261
Deferred tax -21,730 29,108
Change in deferred tax due to change in corporate tax rates - -1,168
Adjustments of prior periods tax charge -3,609 7,651
Total tax recognised in the income statement -238,696 -170,670
Specification of tax on the profit for the year:
Calculated 22% tax on the profit for the year -207,858 -143,507
Adjustment of calculated tax in foreign subsidiaries relative to 22% -20,883 -9,098
Tax effect of:
Share of profit/loss in associates and JVs 7,524 -1,246
Other non-deductible costs and non-taxable income 649 -7,092
Withholding taxes -13,830 -11,233
Adjustments from change in corporate tax rates - -2,462
Adjustments of prior periods tax charge -10,954 6,052
Reassessments of recognised tax assets - 123
Tax assets formerly not recognised, but recognised during the year 7,365 223
Tax loss this year not recognised -709 -2,430
Total tax recognised in the income statement -238,696 -170,670
Specification of the tax on profit for the year
Profit before tax 944,808 654,201
Share of profit in associates & JVs 35,918 6,258
Profit before tax excluding share of profit in associates and JVs 908,890 647,943
Corporate tax rate in Denmark 22.0% 22.0%
Tax in foreign subsidiaries adjusted relative to 22% 4.3% 4.3%
Weighted consolidated income tax rate 26.3% 26.3%
Effective tax rate 25.3% 26.1%
Accounting policy
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.
Key accounting judgements and estimates
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 manage-
ment judgment is applied to assess to possible outcome of such
disputes.
NOTE 8
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
50
TAX ON PROFIT FOR THE YEAR 2024
Tax on other comprehensive income
Before tax Tax After tax
Exchange rate adjustments of foreign entities 141,928 - 141,928
Value adjustments of hedging instruments 3,244 3,014 6,258
Hyperinflation adjustment 16,094 - 16,094
Other comprehensive income in subsidiaries, associates
and joint ventures -2,510 - -2,510
Total tax on other comprehensive income 158,756 3,014 161,770
2023
Tax on other comprehensive income Before tax Tax After tax
Exchange rate adjustments of foreign entities -168,239 - -168,239
Value adjustments of hedging instruments -15,695 4,546 -11,149
Hyperinflation adjustment 8,600 - 8,600
Other comprehensive income in subsidiaries, associates
and joint ventures 4,501 - 4,501
Total tax on other comprehensive income -170,833 4,546 -166,287
The complex Pillar Two legislation was implemented in the Danish tax legislation as at 1 January 2024. The legislation implies
that BioMar Group’s parent company, Schouw & Co., is required to pay top-up tax on profits of its subsidiaries to the Danish tax
authorities if these locally are taxed at an effective tax rate of less than 15% (minimum tax). If the relevant BioMar jurisdictions
have enacted local top-up tax rules, the top-up tax will be paid locally and included in the BioMar Group annual report.
For the first three years, the implementation implies that simplified transitional rules can be applied under certain conditions.
These rules are based on numbers reported for the Group annual report and country-by-country reporting for 2024.
The calculations indicate that the jurisdictions of the BioMar Group should not be exposed to top-up tax of the Pillar Two
legislation in 2024 according to the simplified transitional rules, mainly because the effective tax rate in each of the jurisdictions
is 15% or higher.
NOTE 8 continued
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
51
INTANGIBLE ASSETS 2024
Goodwill
Customer
relations Brands Technology
Other intan-
gible assets Total
Cost at 1 January 1,192,747 193,280 23,607 263,700 144,679 1,818,013
Exchange rate adjustments 56,225 10,407 1,518 14,808 1,545 84,503
Additions - - - - 28,612 28,612
Disposals - - - - -136 -136
Transferred/reclassified - - - - 1,920 1,920
Cost at 31 December 1,248,972 203,687 25,125 278,508 176,620 1,932,912
Amortisation and impairment at 1 January -87,960 -140,827 -7,476 -109,303 -87,800 -433,366
Exchange rate adjustments -1,266 -7,938 -529 -6,884 -1,226 -17,843
Amortisation - -18,168 -1,208 -20,961 -9,063 -49,400
Transferred/reclassified - - - - -1,721 -1,721
Amortisation and impairment at 31 December -89,226 -166,933 -9,213 -137,148 -99,810 -502,330
Carrying amount at 31 December 1,159,746 36,754 15,912 141,360 76,810 1,430,582
Other intangible assets consist mainly of IT projects, but also include various
ongoing and completed development projects of which DKK 40.5 million (2023:
DKK 28.4 million) is under development at the reporting date. At the end of 2024,
BioMar Group has contractual obligations regarding purchase of intangible assets
of DKK 0 million, not yet delivered (2023: DKK 3 million).
During the year 2024, R&D costs of DKK 109 million (2023: DKK 99 million) have
been expensed.
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 useful life between 5 and 20 years.
NOTE 9
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Accounting policy
Intangible assets, apart from goodwill, are stated at cost less accumulated
amortisation and impairment.
Amortisation of the following intangible assets is made on a straight-line
basis over the expected useful life of the assets, which is:
• Customer relations: 10 years
• Brands: 20 years
• Technology: 15 years
• Other intangible assets: 5 years.
Goodwill arising from acquisition of enterprises is stated at cost on initial
recognition. Subsequently, goodwill is measured at cost less accumulat-
ed impairment. Goodwill is not amortised.
The carrying amount of goodwill is allocated to the Group’s cash-gener-
ating units at the date of acquisition. The determination of cash-generat-
ing units is based on the management structure and the internal
financial management.
Other intangible assets are assets acquired in connection with business
combinations and are measured at cost less accumulated amortisation
and impairment.
INTANGIBLE ASSETS 2023
Goodwill
Customer
relations Brands Technology
Other intan-
gible assets Total
Cost at 1 January 1.232.663 199.806 24.403 272.600 115.088 1.844.560
Exchange rate adjustments -39,916 -6,526 -796 -8,900 -1,024 -57,162
Additions - - - - 30,741 30,741
Disposals - - - - -126 -126
Transferred/reclassified - - - - - -
Cost at 31 December 1,192,747 193,280 23,607 263,700 144,679 1,818,013
Amortisation and impairment at 1 January -55,353 -121,916 -6,508 -91,659 -80,796 -356,232
Exchange rate adjustments 3,190 4,196 236 3,298 1,101 12,021
Impairment -35,797 - - - -1,152 -36,949
Amortisation - -23,107 -1,204 -20,942 -7,071 -52,324
Amortisation and impairment of disposed assets - - - - 118 118
Transferred/reclassified - - - - - -
Amortisation and impairment at 31 December -87,960 -140,827 -7,476 -109,303 -87,800 -433,366
Carrying amount at 31 December 1,104,787 52,453 16,131 154,397 56,879 1,384,647
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
52
Goodwill
The management of BioMar Group has tested the value in
use of the carrying amounts against goodwill in BioMar
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 2025-2029. 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 at 31 December 2024, BioMar Group
has recognised goodwill at a total value of DKK 1,159 million
(2023: DKK 1,105 million).
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 Selected Species segment and to
the activities in Chile (part of the Salmon segment), Ecuador
(part of the Shrimp segment), and the Tech segment. 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.
Mid-term growth for salmon is expected to increase in the
coming years towards 3-4 %, which is also the growth
indication for the well-established fish farming markets in
Europe. The expectations for the shrimp production growth
is expected to rebound after a few years with oversupply
issues. Where the expected CGU growth rates in the budget
period 2025-2029 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 CGUs. In the budget period
2025-2029, earning margins are based on the assumptions
behind the 2024 realised.
The impairment tests prepared at year-end did not identify
any indication of impairment of goodwill. Sensitivity tests for
all CGUs have been performed to confirm the robustness of
the impairment test assumptions. Assumptions like earnings,
growth rates and discount rates have been tested for all
CGUs. The sensitivity test did not identify any of the CGUs to
which goodwill is allocated, where a reasonably possible
negative change in a key assumption would cause the
carrying amount to exceed the recoverable amount.
2024 2023
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
Selected Species 80,406 3.2% 2.0% 9.1% 80,392 3.5% 2.0% 10.3%
Chile 320,987 0.9% 2.0% 11.8% 301,588 0.0% 2.0% 15.4%
Tech 112,974 24.6% 2.0% 12.3% 116,433 22.0% 2.0% 13.2%
Ecuador 645,379 4.1% 2.0% 16.1% 606,374 12.1% 2.0% 17.2%
1,159,746 1,104,787
NOTE 9 continued
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Accounting policy
Goodwill and intangible assets with indefinite useful lives are tested
annually for impairment. The carrying amount of goodwill is tested for
impairment by comparing the recoverable amount to 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.
A write-down is recognised when the carrying amount of a cash-gener-
ating unit exceeds the recoverable amount of the cash-generating unit.
Write-downs are recognised in the income statement as impairment.
Impairment write-downs of goodwill are not reversed.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
53
PROPERTY, PLANT AND EQUIPMENT 2024
Land and
buildings
Plant and
machinery
Other plant, fixtures
and operating
equipments
Assets under
construction Total
Cost at 1 January 1,391,222 2,490,348 217,384 76,718 4,175,672
Exchange rate adjustments 1,959 13,342 -1,599 13 13,715
Additions 15,568 41,243 12,755 118,755 188,321
Disposals -704 -44,823 -16,679 -62,206
Transferred/reclassified -105,674 154,136 370 -50,752 -1,920
Cost at 31 December 1,302,371 2,654,246 212,231 144,734 4,313,582
Depreciation at 1 January -594,142 -1,699,755 -166,229 - -2,460,126
Exchange rate adjustments 3,693 -3,237 960 - 1,416
Reversed depreciations on disposals 701 43,755 16,503 - 60,959
Depreciation -38,538 -117,629 -15,760 - -171,927
Transferred/reclassified 45,386 -48,076 4,411 - 1,721
Depreciation at 31 December -582,900 -1,824,942 -160,115 - -2,567,957
Carrying amount at 31 December 719,471 829,304 52,116 144,734 1,745,625
By the end of 2024, BioMar Group has contractual obligations of DKK 123 million (2023: DKK 52 million) regarding purchase of tangible assets, not
yet delivered. The contracted assets mainly pertain to a new vessel in Australia and a new office building in Norway.
NOTE 10
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Accounting policy
Land and buildings, plant and machinery, fixtures and fittings, and tools
and equipment are measured at cost 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 significantly 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.
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 consideration
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, deprecia-
tions 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.
PROPERTY, PLANT AND EQUIPMENT 2023
Land and
buildings
Plant and
machinery
Other plant, fixtures
and operating
equipments
Assets under
construction Total
Cost at 1 January 1,359,107 2,388,017 201,027 163,088 4,111,239
Exchange rate adjustments -47,566 -68,840 -7,243 -3,379 -127,028
Additions 48,519 66,632 22,255 64,076 201,482
Disposals -947 -5,540 -3,534 - -10,021
Transferred/reclassified 32,109 110,079 4,879 -147,067 -
Cost at 31 December 1,391,222 2,490,348 217,384 76,718 4,175,672
Depreciation at 1 January -569,770 -1,636,387 -161,844 - -2,368,001
Exchange rate adjustments 19,285 47,793 5,623 - 72,701
Reversed depreciations on disposals 799 4,981 3,416 - 9,196
Depreciation -44,456 -116,142 -13,424 - -174,022
Transferred/reclassified - - - - -
Depreciation at 31 December -594,142 -1,699,755 -166,229 - -2,460,126
Carrying amount at 31 December 797,080 790,593 51,155 76,718 1,715,546
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
54
Accounting policy – Right-of-Use Assets (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: 6-15 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, land and buildings.
Lease liabilities: at the commencement date of the lease, the Group
recognises 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 commence-
ment 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.
At the end of 2024, BioMar Group has no contractual obligations regarding leased assets
(2023: DKK 0 million). For information about lease debt, reference is made to note 15 and 20.
RIGHT-OF-USE ASSETS 2024
Ships Land and buildings Other lease assets Total
Cost at 1 January 641,458 208,563 82,777 932,798
Exchange rate adjustment -29,756 -109 1,304 -28,561
Additions - 23,655 16,651 40,306
Disposals - -14,293 -16,534 -30,827
Re-measure / modification of lease assets 15,848 14,169 12,605 42,622
Transferred/reclassified - -6,247 - -6,247
Cost at 31 December 627,550 225,738 96,803 950,091
Depreciation at 1 January -377,531 -126,392 -56,675 -560,598
Exchange rate adjustment 18,471 642 -571 18,542
Depreciation -76,830 -28,564 -20,686 -126,080
Depreciation and impairment of disposed assets - 13,824 14,780 28,604
Transferred/reclassified - 6,247 - 6,247
Depreciation at 31 December -435,890 -134,243 -63,152 -633,285
Carrying amount at 31 December 191,660 91,495 33,651 316,806
Recognised in the profit and loss statement
Variable lease
payments Service Small value assets Short term leases Total
Expensed in the year - - 110 29,069 29,179
Interest Installment Total
IFRS 16 capitalised lease assets 9,761 128,293 138,054
Total cash outflows for leases 167,233
NOTE 11
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
55
RIGHT-OF-USE ASSETS 2023
Ships Land and buildings Other lease assets Total
Cost at 1 January 606,159 179,809 69,345 855,313
Exchange rate adjustment -37,911 -5,231 -1,538 -44,680
Additions - 1,103 9,375 10,478
Disposals - -268 -8,654 -8,922
Re-measure / modification of lease assets 73,210 33,150 14,249 120,609
Cost at 31 December 641,458 208,563 82,777 932,798
Depreciation at 1 January -313,665 -103,117 -48,047 -464,829
Exchange rate adjustment 18,004 3,916 1,093 23,013
Depreciation -81,870 -27,455 -17,381 -126,706
Depreciation and impairment of disposed assets - 264 7,660 7,924
Depreciation at 31 December -377,531 -126,392 -56,675 -560,598
Carrying amount at 31 December 263,927 82,171 26,102 372,200
Recognised in the profit and loss statement
Variable lease
payments Service Small value assets Short term leases Total
Expensed in the year - - - 38,528 38,528
Interest Installment Total
IFRS 16 capitalised lease assets 10,745 126,847 137,592
Total cash outflows for leases 176,120
NOTE 11 continued
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
56
INVENTORIES 2024 2023
Raw materials 1,338,415 1,553,115
Biological assets 123,286 42,710
Finished goods 582,836 632,011
Total inventories 2,044,537 2,227,836
Carrying amount of inventories recognised at fair value less costs to sell 123,286 42,710
INVENTORIES 2024 2023
The value of biological assets is comprised of the following:
Biological assets below 1 kg 15,510 -
Biological assets between 1 and 4 kg 27,553 42,710
Biological assets above 4 kg 80,223 -
Total value of biological assets 123,286 42,710
Total volume of biological assets as at 31 December 2024: 2,721 tonnes (2023: 1,175 tonnes).
INVENTORIES 2024 2023
Value adjustments of biological assets taken to profit and loss:
Fair value adjustment of biological assets 7,682 -18,453
Profit on sale of biological assets -3,423 23,053
Total value adjustments 4,259 4,600
Fair value adjustments and income arising from biological assets are recognised as gross profit
at DKK 4 million (2023: DKK 5 million).
Accounting policy - 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 comprises 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.
Comments
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 recognised at 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 sales 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.
Significant assumptions determining fair value of biological assets
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 recognised exchange fish pool as at 31 December 2024.
NOTE 12
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
57
RECEIVABLES 2024 2023
Trade receivables 3,474,207 3,328,587
Interest-bearing receivables 880,448 1,014,273
Other receivables 184,353 114,291
Total receivables 4,539,008 4,457,151
Non-current receivables 138,784 154,127
Current receivables 4,400,224 4,303,024
Total 4,539,008 4,457,151
Interest bearing receivables mainly comprise deposits on the parent company's cash pool facility.
PROVISION FOR EXPECTED CREDIT LOSSES 2024 2023
Provision at 1 January -85,295 -125,022
Exchange rate adjustments 199 13,654
Provision for expected credit losses -27,626 -6,037
Realised in the year 3,227 32,110
Provision at 31 December -109,495 -85,295
Key accounting judgements and estimates – Expected credit loss
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.
NOTE 13
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Credit risks
BioMar 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 31 December 2024 DKK 1,329 million (2023: DKK 1,059 million) are covered by credit
insurance.
Related to trade receivables, BioMar Group holds collaterals at a total amount of DKK 576 million (2023: DKK 270 million).
Collaterals primarily relate to securities in assets consisting of biological assets and fish farming equipment.
The Group's trade receivables and expected losses are specified as follows:
MATURITY ANALYSIS 2024
Not due 1-30 days 31-90 days > 91 days Total
Trade receivables 2,901,253 191,200 169,024 322,225 3,583,702
Impairment -30,441 -2,261 -8,072 -68,721 -109,495
Trade receivables, net 2,870,812 188,939 160,952 253,504 3,474,207
Proportion of trade receivables expected to be settled 96.9%
Impairment ratio 1.1% 1.2% 4.7% 21.3% 3.1%
MATURITY ANALYSIS 2023
Not due 1-30 days 31-90 days > 91 days Total
Trade receivables 2,715,122 263,965 251,028 183,767 3,413,882
Impairment -28,175 -2,059 -9,189 -45,872 -85,295
Trade receivables, net 2,686,947 261,906 241,839 137,895 3,328,587
Proportion of trade receivables expected to be settled 97.5%
Impairment ratio 1.0% 0.8% 3.7% 25.0% 2.5%
Accounting policy - Receivables
Receivables are measured at amortised costs less allowance for lifetime expected credit losses.
The Group applies 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.
The costs of provisions for bad debt and realised losses during the year are included in other costs.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
58
The risk assessments are based on a combination of a country and market credit rating and an entity specific risk assessment.
Low-risk markets mainly consist of entities from the Salmon segment, whereas high-risk markets mainly are related to the
Selected Species and Shrimp segments. Medium-risk markets are a combination of entities from all segments.
Maturity analysis
2024 Not due 1-30 days 31-90 days > 91 days Total
High-risk markets -9,138 1.1% -363 1.0% -6,832 10.3% -56,776 33.5% -73,109
Medium-risk markets -18,169 1.2% -1,597 1.4% -1,235 1.1% -11,931 7.7% -32,932
Low-risk markets -3,134 0.5% -301 0.7% -4 0.0% -15 0.5% -3,454
Total expected credit losses -30,441 -2,261 -8,072 -68,721 -109,495
Maturity analysis
2023 Not due 1-30 days 31-90 days > 91 days Total
High-risk markets -9,477 1.1% -776 1.1% -4,622 11.2% -32,612 28.3% -47,487
Medium-risk markets -16,669 1.3% -1,197 0.7% -4,455 2.4% -13,206 23.5% -35,527
Low-risk markets -2,030 0.4% -87 0.3% -112 0.4% -52 0.4% -2,281
Total expected credit losses -28,176 -2,060 -9,189 -45,870 -85,295
Receivables
The expected credit losses and default rates are distributed as follows:
NOTE 13 continued
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
59
DEFERRED TAX 2024 2023
Deferred tax at 1 January, net -100,931 -137,726
Exchange rate adjustments -5,280 4,885
Adjustment from change in corporate tax rate - -1,168
Deferred tax adjustment at 1 January 8,629 -576
Deferred tax for the year recognised in profit and loss statement -21,730 29,108
Transfer to or from income tax payable 3,373 -
Deferred tax for the year recognised in other comprehensive income 3,014 4,546
Deferred tax at 31 December, net -112,925 -100,931
Deferred tax is recognised in the balance sheet as follows:
Deferred tax asset 21,264 56,271
Deferred tax liability -134,189 -157,202
Deferred tax at 31 December, net -112,925 -100,931
Deferred tax pertains to:
Intangible assets -48,851 -56,433
Property, plant and equipment -94,851 -89,514
Current assets -14,360 13,194
Other liabilities 33,811 31,569
Tax loss carry-forwards 11,326 253
Total deferred tax -112,925 -100,931
As at 31 December 2024, BioMar Group has unrecognised deferred tax assets of DKK 5 million (2023: DKK 10 million).
It is assessed that it is not probable that the tax assets can be recovered through future taxable profits.
NOTE 14
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
2024
Balance at 1
January
Exchange
rate
adjustments
Recognised
in the profit
for the year
Recognised
in equity
Balance at 31
December
Intangible assets -56,433 -2,619 8,762 - -50,290
Property, plant and equipment -89,514 -4,522 33 - -94,003
Other current assets 13,194 -417 -26,512 -624 -14,359
Other liabilities 31,569 2,193 -2,998 3,638 34,402
Tax losses 253 85 10,987 - 11,325
Total changes in deferred tax -100,931 -5,280 -9,728 3,014 -112,925
2023
Balance at 1
January
Exchange
rate
adjustments
Recognised
in the profit
for the year
Recognised
in equity
Balance at 31
December
Intangible assets -67,964 2,046 9,485 - -56,433
Property, plant and equipment -91,640 2,466 -11 -329 -89,514
Other current assets -8,381 1,697 18,564 1,314 13,194
Other liabilities 29,989 -1,307 -674 3,561 31,569
Tax losses 270 -17 - - 253
Total changes in deferred tax -137,726 4,885 27,364 4,546 -100,931
BioMar Group has applied the temporary exception issued by IASB in May 2023 from the accounting requirements for
deferred taxes in IAS 12. Accordingly, BioMar Group neither recognises nor discloses information about deferred tax
assets and liabilities to Pillar Two income taxes.
Accounting policy – 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.
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.
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 statements
BioMar Annual Report 2024
Our business ESGExecutive summary
60
2024
Balance at 1
January Cash flows
Exchange
rate adj. Other
Balance at 31
December
Payable to affiliates (short-term) 2,998,482 -774,321 -27,777 - 2,196,384
Credit institutions (long-term) 25,358 - - -3,147 22,211
Credit institutions (short-term) 318,321 9,149 13,629 3,147 344,246
Leasing debt (long-term) 253,649 - -6,407 -45,926 201,316
Leasing debt (short-term) 133,091 -128,293 -4,039 126,541 127,300
Total interest-bearing debt 3,728,901 -893,465 -24,594 80,615 2,891,457
2023
Balance at 1
January Cash flows
Exchange
rate adj. Other
Balance at 31
December
Payable to affiliates (short-term) 2,912,381 95,387 -9,286 - 2,998,482
Credit institutions (long-term) 28,189 - 7 -2,838 25,358
Credit institutions (short-term) 287,996 34,153 -6,666 2,838 318,321
Leasing debt (long-term) 283,193 - -15,760 -13,784 253,649
Leasing debt (short-term) 122,744 -126,847 -6,675 143,869 133,091
Total interest-bearing debt 3,634,503 2,693 -38,380 130,085 3,728,901
INTEREST BEARING DEBT 2024 2023
Payable to affiliates (short-term) 2,196,384 2,998,482
Credit institutions (long-term) 22,211 25,358
Credit institutions (short-term) 344,246 318,321
Leasing debt (long-term) 201,316 253,649
Leasing debt (short-term) 127,300 133,091
Total interest bearing debt 2,891,457 3,728,901
Fair value of interest bearing debt 2,891,457 3,728,901
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 20. Consequently, fixed
rate loans only account for 11% in 2024 (2023: 10%) 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 +/- DKK
20 million in 2024 (2023: +/-DKK 26 million). No further risk management policies
are carried out related to interest rate risks.
Accounting policy – 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.
NOTE 15
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
The Group's interest bearing debt is mainly taken out in DKK and EUR.
Short-term interest bearing payables to affiliates comprise withdrawals on the parent company's cash pool facility. Movements in
the category "other" comprise additions, disposals and re-measurements occured during the reporting period.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
61
TRADE PAYABLES AND OTHER DEBT 2024 2023
Trade payables 3,637,555 3,136,290
Payables to Group enterprises 9 -
Other debt 890,656 824,566
Total trade payables and other debt 4,528,220 3,960,856
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 material 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 DKK 939 million is
recognised in the balance sheet under trade payables
(2023: DKK 764 million).
In addition, BioMar Group holds non-current debt of
DKK 11.3 million (2023: DKK 5.4 million).
Contingent liabilities and guarantees
Contingent liabilities
Pending lawsuits
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 at 31 December
2024.
The Chilean competition authority, Fiscalía Nacional
Económica (“FNE”), initiated an investigation of the Chilean
fish feed industry in October 2016. As part of the investiga-
tion, 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 19 December
2019 on charges of concerted practice, claiming that BioMar
Chile SA be fined up to 30,000 annual tax units, which at 31
December 2024 corresponded to approximately DKK 179
million. 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 with the Chilean
Competition Court on 19 May 2020 by BioMar Chile. The
whole process has been delayed due to the COVID-19
pandemic, however, the final judgement is expected end of
2025 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 recognised at 31
December 2024 concerning the claim submitted.
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.
Guarantees
BioMar Group is partially financed by resources of the parent
company Schouw & Co. as well as a number of committed
and to a lesser extent uncommitted credit facilities. BioMar
Group, like other major subsidiaries in the Schouw & Co.
Group, co-guarantees these facilities totaling DKK 7,020
million, of which DKK 4,969 million is utilised. In addition, a
number of other smaller facilities totaling DKK 43 million are
established with Schouw & Co.'s global banker HSBC, of
which DKK 34 million is utilised.
BioMar has provided collateral in land and buildings for
morgage loans with a booked value of DKK 36 million as well
as corporate guarantees at a total of DKK 559 million.
NOTE 16 NOTE 17
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Accounting policy – Put option
For put options issued as part of the consideration for business combinations, put options received by non-con-
trolling shareholders, where risk and rewards are preserved at NCI, are 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 correspond-
ing 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.
Accounting policy – Contingent liabilities
Provisions for legal proceedings are recognised if they are certain or
probable at the reporting date, and if the size of the liability can be
measured on a reliable basis. Legal proceedings, for which no reliable
estimate can be made, are disclosed as contingent liabilities.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
62
CHANGES IN WORKING CAPITAL 2024 2023
Change in inventories 193,042 611,998
Change in receivables -134,118 -170,872
Change in trade payables and other debt 467,253 -631,216
Total changes in working capital 526,177 -190,090
ADJUSTMENT FOR NON-CASH TRANSACTIONS 2024 2023
Purchase/sale of intangible assets, cf. note 10 28,612 30,741
Amount paid regarding intangible assets 28,612 30,741
Purchase/sale of property, plant and equipment, cf. note 11 188,321 201,482
Of which not yet paid at the balance sheet date/adjustment for the year - -
Amount paid regarding property, plant and equipment 188,321 201,482
Incurring financial liabilities 40,306 10,478
Of which lease debt -40,306 -10,478
Proceeds from borrowings - -
NOTE 18
NOTE 19
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
63
Financial risk management
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 BioMar Group management
has formulated a risk policy, approved by the
Board of Directors.
Market risks
The Group is exposed to changes in energy
prices (mainly gas, oil, electricity and environ-
mental taxes) as energy is consumed in the
production of aquafeed. Furthermore, the
Group is also indirectly exposed as changes in
the energy prices are reflected in the transpor-
tation 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.
Liquidity risk/financial resources
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 third quarter of 2024.
BioMar Group is predominately financed by
resources of the parent company Schouw &
Co. as well as a number of committed and to a
lesser extent uncommitted credit facilities.
The parent company’s source of financing is
primarily composed of a syndicated banking
facility, which in December 2020 was refi-
nanced with a total facility framework of DKK
3,275 million. The facility expires 10 January
2026 and has an outstanding of DKK 1,223
million.
In April 2019 and in November 2023, Schouw
& Co. issued Schuldschein transactions of EUR
136 million and EUR 225 million. The amount
outstanding on the Schuldscheins is EUR 252
million (DKK 1,879 million) which expires in
April 2026, November 2026, November 2028
and November 2030.
In December 2021, a loan was established at a
total of DKK 400 million with Nordic
Investment Bank for specific capacity and
development investments. The loan has an
outstanding of DKK 356 million and expires in
December 2028.
In 2022 and 2023, Schouw & Co. established a
number of term loans. Of these loans, only
one loan remains with an outstanding amount
of DKK 350 million and expires in January 2025.
In June 2024, Schouw & Co. issued a bond in
the Norwegian bond market with a nominal
value of NOK 1,300 million. The bond was
further supplemented with an additional NOK
500 million in September 2024 to a total of
NOK 1,800 million (DKK 1,161 million). To
eliminate any currency risk, the nominal
amount and all future interest payments are
swapped to DKK.
BioMar, like other major subsidiaries in
Schouw & Co., co-guarantees the aforemen-
tioned facilities totaling DKK 7,020 million, of
which DKK 4,969 million is utilised as at 31
December 2024. In addition, a smaller facility
totaling DKK 43 million is guaranteed, of
which of DKK 34 million is utilised.
BioMar Group's interest bearing debt
amounts to DKK 2,891 million end of 2024
(2023: DKK 3,729 million), of which DKK 224
million end of 2024 (2023:DKK 279 million)
has a remaining loan period of more than one
year. Cash and cash equivalents amount to
DKK 434 million end of 2024 (2023: DKK 184
million). Additionally, BioMar Group has
significant unutilised and committed loan
facilities available with Schouw & Co. as at 31
December 2024, 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.
Of the total cash and cash equivalents
balance, DKK 25.7 million 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.
NOTE 20
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
64
FINANCIAL RISK MANAGEMENT 2024
Carrying
amount
Contractual
cash flows < 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
Banks and other credit institutions 366,457 373,245 345,121 7,102 21,022
Payable to affiliates 2,196,384 2,196,384 2,196,384 - -
Lease debt 328,616 349,473 134,764 176,164 38,545
Trade payables 3,637,555 3,637,555 3,637,555 - -
Other debt 888,405 888,405 877,105 11,300 -
Derivatives
Derivative financial instruments 13,560 13,560 13,560 - -
Recognised in balance sheet total 7,430,977 7,458,622 7,204,489 194,566 59,567
Contractual obligations to purchase property,
plant and equipment and intangible assets 122,391 122,391 - -
Total 7,581,013 7,326,880 194,566 59,567
FINANCIAL RISK MANAGEMENT 2023
Carrying
amount
Contractual
cash flows < 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
Banks and other credit institutions 343,684 352,678 319,379 10,067 23,232
Payable to affiliates 2,998,482 2,998,482 2,998,482 - -
Lease debt 386,740 412,507 142,598 242,851 27,058
Trade payables 3,136,290 3,136,290 3,136,290 - -
Other debt 784,838 784,838 779,438 5,400 -
Derivatives
Derivative financial instruments 45,128 45,128 45,128 - -
Recognised in balance sheet total 7,695,162 7,729,923 7,421,315 258,318 50,290
Contractual obligations to purchase property,
plant and equipment and intangible assets 55,592 55,592 - -
Total 7,785,515 7,476,907 258,318 50,290
Foreign currency risks
A significant part of the Group's revenue is generated in the
same currency as the functional currency for the respective
enterprises, hence these are naturally hedged and limiting
the foreign currency exposure.
As a main rule, the Group hedges all significant foreign
currency risks regarding in- and outgoing payments in
foreign currencies in accordance with the Group's policy for
currency risk management. Mostly, the Group applies simple
forward contracts to hedge probable forecast sales and
purchase transactions and in some cases options can be
used. The instruments are traded with the Group's primary
financial partners.
The sensitivity analysis shows the impact on the income
statement and equity from likely changes in exchange rates
in main currencies.
NOTE 20 continued
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
65
FINANCIAL RISKS 2024
Currency
Cash and
receivables
Financial
liabilities
(non-deriva-
tives)
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 490,490 -473,771 - +0.5% 65 65
USD / DKK 487,384 -977,981 114,735 +5.0% -3,383 -14,659
USD / GBP - -126,746 189,133 +10.0% -9,392 5,053
EUR / GBP 0 -135,483 13,663 +5.0% -5,487 -4,934
GBP / DKK 6,634 -11,811 - +5.0% -202 -202
USD / NOK 16,580 -464,759 482,520 +15.0% -10,468 4,018
CLP / USD 2,176 -30,236 226,767 +15.0% -3,073 21,758
EUR / NOK 0 -239,149 316,985 +10.0% -5,488 6,071
NOK / GBP - -107,318 133,695 +10.0% -7,158 2,137
NOK / DKK 351,931 -350,755 41,023 +10.0% 1,627 3,291
EUR / USD 3 -20,131 - +5.0% -785 -785
USD / AUD 52,669 -111,410 201,837 +10.0% 7,441 10,446
Others 92,448 -130,748 -22,092 +10.0% -2,770 -2,770
1,500,315 -3,180,298 1,698,266 -39,071 29,491
FINANCIAL RISKS 2023
Currency
Cash and
receivables
Financial
liabilities
(non-deriva-
tives)
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 615,491 -625,448 - +0.5% -39 -39
USD / DKK 526,908 -967,655 59,414 +5.0% -774 -14,872
USD / GBP - -86,045 162,238 +10.0% -6,970 6,172
USD / NOK - -521,784 783,809 +15.0% -4,027 30,657
CLP / USD 3,426 -32,029 239,843 +15.0% -3,132 23,131
EUR / NOK - -400,288 467,276 +10.0% -5,366 5,225
NOK / GBP - -47,086 277,221 +10.0% -3,814 18,641
NOK / DKK 112,232 -124,606 31,256 +10.0% 459 1,473
EUR / USD 7 -61,830 - +5.0% -2,411 -2,411
USD / AUD 29,088 -102,412 219,284 +10.0% 4,102 10,655
Others 101,628 -210,557 -18,606 +10.0% -5,644 -5,107
1,388,780 -3,179,740 2,221,735 -27,616 73,525
NOTE 20 continued
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
66
Currency hedging agreements regarding future transactions
Net amounts outstanding for currency hedging agreements at 31 December 2024 for BioMar Group, which satisfy the
requirements for hedge accounting and which relate to future transactions (cash flow hedges and non-realised fair value hedges).
2024
Currency Notional principal*
Accumulated
capital gain/(loss)
recognised in equity Fair value
Maximum number of
months to expiry
EUR 330,937 703 295 6
USD 988,225 11,997 39,333 12
PLN -22,382 - -164 4
CLP 226,767 -9,842 -9,842 12
NOK 174,719 -1,257 -1,168 5
Others - - - -
Total 1,698,266 1,601 28,454
2023
Currency Notional principal*
Accumulated
capital gain/(loss)
recognised in equity Fair value
Maximum number of
months to expiry
EUR 482,071 -3,212 -9,283 7
USD 1,224,745 -20,391 -45,639 12
PLN -35,868 - -823 4
CLP 239,843 12,139 12,139 12
NOK 308,476 9,766 10,857 4
Others 2,468 55 55 3
Total 2,221,735 -1,643 -32,694
*Positive values reflect purchase of currency whereas negative values reflect sales of currency.
CATEGORIES OF FINANCIAL INSTRUMENTS 2024 2023
Securities (fair value hierarchy level 3) 2,679 2,011
Financial assets measured at fair value through profit and loss 2,679 2,011
Derivative financial assets (fair value hierarchy level 2) 42,614 12,434
Derivative financial liabilities (fair value hierarchy level 2) 13,560 45,128
Hedging instruments measured at fair value, net 29,054 -32,694
Trade receivables 3,474,207 3,328,587
Other receivables 1,022,187 1,116,130
Cash and cash equivalents 433,890 183,770
Financial assets measured at amortised cost 4,930,284 4,628,487
Interest bearing debt 2,891,457 3,728,901
Trade payables and other debt 4,514,660 3,915,728
Financial liabilities measured at amortised cost 7,406,117 7,644,629
Contingent consideration (fair value hierarchy level 3) - -
Financial liabilities measured at fair value through profit and loss - -
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
NOTE 20 continued
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
67
FEES TO AUDITORS APPOINTED BY THE GENERAL MEETING 2024 2023
Statutory audit 1,991 1,915
Other opinions 612 601
Tax consultancy 422 263
Other services 1,310 503
Total fee 4,335 3,282
2024 2023
Management fee -3,500 -2,600
Interest paid -172,024 -153,112
Interest received 24,439 16,558
At 31 December, BioMar Group has the following debt and receivables:
Receivables from BioMar Group companies 715,495 830,513
Debt to BioMar Group companies -2,196,393 -2,998,482
Associates Joint ventures
2024 2023 2024 2023
Sales 455,796 652,280 8,468 5,818
Purchases 97,309 79,619 - -
Interest received - - - 3,450
Dividend received 6,245 29,258 33,761 -
At 31 December, BioMar Group has the following debt and receivables:
Receivables from associates and
joint ventures 148,810 215,367 2,623 49,796
Debt to associates and joint
ventures 18,380 5,717 508 200
Related party transactions
Aktieselskabet Schouw & Co. owns 100% of the shares in BioMar Group A/S .
Members of 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.
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 5, in which BioMar Group has either
significant influence or joint control.
Transactions between BioMar Group and the associates and joint ventures appear below:
NOTE 21 NOTE 22
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
68
Company name Type Domicile
BioMar Group's
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
BioMar 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 33.99
BioMar Ltd. Subsidiary Grangemouth, Scotland 100.00
LCL Shipping Ltd. Associate Grangemouth, Scotland 40.00
BioMar Pty. Ltd. Subsidiary Hobart, Australia 100.00
BioMar A/S Chile Holding S.A. Subsidiary Puerto Montt, Chile 100.00
BioMar Chile S.A. Subsidiary Puerto Montt, Chile 100.00
Salmones Austral S.A. Associate Puerto Montt, Chile 22.91
Aquaculture Technology Centre Patagonia S.A. Associate Lenca, Chile 30.00
BioMar Aquaculture Corporation S.A. Subsidiary Cañas, Costa Rica 100.00
BioMar Aquacorporation Products S.A. Joint operation Cañas, Costa Rica 50.00
Alimentsa S.A. Subsidiary Guayaquil, Ecuador 70.00
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Joint venture Wuxi, China 50.00
Zhuhai Haiwei Feed Co., Ltd Joint venture Zhuhai, China 50.00
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 Ecuador Subsidiary Quito, Ecuador 100.00
AQ1 Systems Honduras Subsidiary Choluteca, Honduras 100.00
AQ1 Systems Co. Ltd Associate Bangkok, Thailand 49.00
Group structure New financial reporting regulations
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 BioMar Group in 2024. In April 2024, IASB
issued IFRS 18, with new requirements to disclose
management defined performance measures. The EU has
not yet adopted the standard. The implications of the new
requirements are currently being evaluated by the Group.
Approved, not yet effective standards and amendments are
implemented when they become mandatory for BioMar
Group as per the EU effective dates. It is the assessment that
neither of the standards, individually or collectively, will have
material impact on the financial statements of BioMar Group.
At the end of 2024, BioMar announced that we have
decided to consolidate BioMar’s operations in Chile into two
plants. BioMar will close the Chiloé factory by the end of
September 2025. The rationale behind the decision is to
safeguard our competitiveness, improve efficiency and to
ensure the continuity of our business in Chile.
On 11 February 2025, BioMar and the joint operation
partner, Aqua Alimentos S.A., entered into an agreement for
BioMar to acquire their 50% of the shares in the feed plant
BioMar Aquacorporation Products S.A.
The transaction holds a value of USD 4 million, which was
deducted from trade receivables against Aqua Alimentos
S.A. The feed plant will be fully consolidated into the results
of BioMar Group from 1 January 2025. The transaction will
not have a significant impact on the result in 2025.
NOTE 23 NOTE 24
NOTE 25
(DKK 1,000)
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
69
Material accounting policy information
BioMar Group A/S is a private limited compa-
ny domiciled in Denmark. The annual report
for the period 1 January to 31 December 2024
comprises both the consolidated accounts for
BioMar Group A/S and its subsidiaries (the
Group) and the annual account for the parent
company, BioMar Group A/S. The consolidat-
ed accounts for BioMar Group A/S are
prepared in accordance with IFRS Accounting
Standards as adopted by the EU and addition-
al Danish disclosure requirements pursuant to
the Danish Financial Statements Act applica-
ble to 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 DKK 1,000.
The annual report is presented on the basis of
historical cost, except for share-based remuner-
ation, 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, consistent with those applied last year.
Changes in accounting policies
and disclosures
Effective from the 2024 financial year, BioMar
Group is voluntarily reporting in line with IFRS
8 regarding operating segments. Segmented
data is presented according to the same
principles as the consolidated financial
statements and reflects the internal business
structure. Note 1 has been updated accord-
ingly with comparative figures.
Apart from the IFRS 8 initial application,
accounting policies and disclosures are
unchanged from the 2023 Annual Report.
Consolidated Financial Statements
The Consolidated Financial Statements
comprise BioMar Group A/S and its
subsidiaries. Subsidiaries are entities
controlled by BioMar Group. Control exists
when BioMar Group A/S has effective power
over the entity and has the right to variable
returns from the entity. 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.
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Key figures definitions
EBITDA
Profit before interest, tax, depreciation,
amortisation and impairment.
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 amortisation.
ROIC
(Return on invested capital incl. 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.
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. 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
NOTE 26
(DKK 1,000)
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
70
transactions between the consolidated entities
are eliminated. Unrealised gains on transac-
tions 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.
Foreign currency translation
A functional currency is determined for each
of the reporting entities in the Group. The
functional currency is the currency in the
primary economic environment in which the
reporting entity operates. Transactions in
currencies other than the functional currency
are transactions in foreign currencies.
On initial recognition, transactions
denominated in foreign currency are
translated at the exchange rate prevailing on
the transaction date. Exchange differences
arising between the exchange rate at the
transaction date and the exchange rate at the
date of actual payment are recognised in the
income statement under financial income or
expenses.
Receivables, payables and other monetary
items denominated in foreign currency are
translated at the exchange rate prevailing at
the balance sheet date. The difference
between the exchange rate prevailing at the
balance sheet date and the rate from the date
when the receivable or payable arose or the
exchange rate applied in the most recent
annual report is recognised in the income
statement under financial income or expenses.
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 30 June
2022. Accordingly, the Group’s Turkish joint
venture is recognised in accordance with IAS
29. The joint venture’s financial statement has
been inflation-adjusted prior to recognition in
the consolidated financial statements.
Derivative financial instruments
Derivative financial instruments are measured
at fair value and recognised in the balance
sheet under other receivables and other debt,
respectively. The fair value of derivative
financial instruments is calculated on the basis
of current market data and recognised
valuation methods.
Changes in the fair value of the derivative
financial instruments that effectively hedge the
value of a recognised asset or liability are
recognised in the income statement together
with any changes in the value of the hedged
asset or liability. Hedging of future cash flows
according to contracts, except exchange rate
hedging, are treated as hedging of the fair
value of a recognised asset or liability.
Changes in the part of the fair value of
derivative financial instruments that is
classified as and qualifies for hedge
accounting and that effectively hedge future
cash flows are recognised in other
comprehensive income in the hedge
transaction reserve under equity. On
realisation of the hedged transaction, any
gains or losses relating to such transactions
are transferred from other comprehensive
income and recognised in the same item as
the hedged item.
For derivative financial instruments that do not
qualify for hedge accounting, changes in the
fair value are recognised as interest income or
expenses as they occur.
Some contracts imply conditions
corresponding to derivative financial
instruments. Such integrated financial
instruments are recognised separately and are
regularly measured to fair value in case they
deviate significantly from the respective
contract, unless the total contract is recognised
and regularly measured at fair value.
NOTESCONSOLIDATED FINANCIAL STATEMENTS
NOTE 26 continued
(DKK 1,000)
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
71
Significant accounting estimates
and judgements
In preparing the financial statements, manage-
ment 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 assump-
tions 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 assump-
tions, 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.
Below are the accounting estimates and
judgments, which the BioMar management
considers significant to the preparation of the
Consolidated Financial Statements:
• Impairment of goodwill (note 9)
• Receivables and expected credit losses
(note 13)
The accounting policies are described in each
of the specific notes to the Consolidated
Financial Statements.
NOTE 27
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKK 1,000)
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
72
MANAGEMENT'S STATEMENT
Executive Management:
Board of Directors:
CEO
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
73
INDEPENDENT AUDITOR’S REPORT
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
74
CVR No 33 77 12 31
INDEPENDENT AUDITOR’S REPORT
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
75
INCOME STATEMENT Note 2024 2023
Revenue 1 3,376,187 3,164,561
Operating expenses 3-4 -3,316,635 -3,112,974
Other operating expenses -3,112 -
EBITDA 56,440 51,587
Depreciation and amortisation 2 -11,997 -10,695
EBIT 44,443 40,892
Share of profit after tax, subsidiaries 701,537 474,326
Share of profit after tax, joint ventures 8 51,511 44,666
Financial income 5 1,759 6,059
Financial expenses 6 -133,547 -111,928
Profit before tax 665,703 454,015
Tax on profit for the year 7 9,625 7,310
Profit for the year 675,328 461,325
OTHER COMPREHENSIVE INCOME
Items that have been or may subsequently be reclassified to the income statement:
Exchange rate adjustments, foreign entities 115,607 -164,039
Hyperinflation adjustment 16,094 18,495
Other value adjustments in subsidiaries and joint ventures 3,437 -7,921
Other comprehensive income after tax 135,138 -153,465
Total comprehensive income 810,466 307,860
Statements of income and comprehensive income
(DKK 1,000)
PARENT COMPANY FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
77
ASSETS Note 2024 2023
Intangible assets 9 66,997 49,484
Property, plant and equipment 10 1,632 446
Investments in subsidiaries 4,637,090 4,288,799
Investments in joint ventures 8 225,824 198,218
Right of use assets 11 30,162 8,965
Deferred tax 17 631 2,563
Other non-current assets 4,893,707 4,498,545
Total non-current assets 4,962,335 4,548,474
Inventories 14 - 72,700
Receivables 13 1,373,000 1,321,763
Income tax 22,507 16,312
Prepayments 13,933 13,655
Cash and cash equivalents 680 157
Total current assets 1,410,120 1,424,587
Total assets 6,372,455 5,973,061
EQUITY AND LIABILITIES Note 2024 2023
Share capital 250,000 250,000
Hyperinflation 14,439 9,613
Reserve for net revaluation according to equity method 2,334,522 1,986,231
Retained earnings 258,868 501,518
Proposed dividend 700,000 350,000
Total equity 3,557,828 3,097,362
Interest bearing debt 12 24,986 4,620
Other debt 9,700 3,800
Total non-current liabilities 34,686 8,420
Interest bearing debt 12 1,734,636 2,363,464
Trade payables and other debt 15 1,045,304 503,815
Total current liabilities 2,779,940 2,867,278
Total liabilities 2,814,627 2,875,699
Total equity and liabilities 6,372,455 5,973,061
Balance sheet at 31 December
(DKK 1,000)
PARENT COMPANY FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
78
Share capital Hyper-inflation
Reserve for net
revaluation
according to the
equity method Retained earnings Proposed dividend Total equity
Equity at 1 January 2023 250,000 8,070 1,826,331 705,094 350,000 3,139,495
Profit for the year -7,057 284,909 -166,520 350,000 461,332
Other comprehensive income
Exchange rate adjustments of foreign entities -9,896 -117,088 -37,055 -164,039
Other valuation adjustments in foreign entities 18,495 -7,921 - 10,574
Other comprehensive income - 8,600 -125,009 -37,055 - -153,465
Comprehensive income - 1,543 159,900 -203,576 350,000 307,867
Transactions with shareholders:
Dividend distributed -350,000 -350,000
Transactions with shareholders - - - - -350,000 -350,000
Equity at 31 December 2023 250,000 9,613 1,986,231 501,518 350,000 3,097,362
Equity at 1 January 2024 250,000 9,613 1,986,231 501,518 350,000 3,097,362
Profit for the year -8,642 223,125 -239,155 700,000 675,328
Other comprehensive income
Exchange rate adjustments of foreign entities -2,627 118,015 219 115,607
Other valuation adjustments in foreign entities 16,094 7,151 -3,715 19,531
Other comprehensive income - 13,468 125,166 -3,496 - 135,138
Comprehensive income - 4,826 348,291 -242,651 700,000 810,466
Transactions with shareholders:
Dividend distributed -350,000 -350,000
Transactions with shareholders - - - - -350,000 -350,000
Equity at 31 December 2024 250,000 14,439 2,334,522 258,868 700,000 3,557,828
Proposed dividend per share amounts to DKK 7,000 in 2024 (2023: DKK 3,500).
Statement of changes in equity
(DKK 1,000)
PARENT COMPANY FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
79
INCOME STATEMENT Note 2024 2023
EBITDA 56,440 51,587
Changes in working capital 16 564,697 104,968
Net interest paid -120,597 -146,079
Income tax paid 5,362 -3,179
Cash flow from operating activities 505,902 7,297
Purchase of intangible assets 9 -24,181 -28,074
Sale of intangible fixed assets 9 136 -
Purchase of property, plant and equipment 10 -1,497 -86
Dividend from subsidiaries 481,510 189,417
Dividend from associates and joint ventures 30,788 -
Currency adjustment interest bearing debt -746 -260
Repayment of loans - affiliates 2,484 40,370
Issuance of loans - affiliates -9,060 -7,010
Cash flow from investing activities 479,433 194,355
Re-payment of lease debt 12 -5,124 -4,778
Increase (re-payment) of intra-group balances 12 -629,688 153,221
Dividend distributed -350,000 -350,000
Cash flow from financing activities -984,812 -201,557
Cash flow for the year 523 95
Cash and cash equivalents at 1 January 157 62
Cash and cash equivalents at 31 December 680 157
Cash flow statement
(DKK 1,000)
PARENT COMPANY FINANCIAL STATEMENTS
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
80
NOTESPARENT COMPANY FINANCIAL STATEMENTS
Profit and loss
1. Revenue
2. Depreciation, amortisation and
impairment
3. Staff costs
4. Operating expenses
5. Financial income
6. Financial expenses
7. Tax on profit for the year
Assets and liabilities
8. Investments in Joint ventures
9. Intangible assets
10. Property, plant and equipment
11. Right of use assets
12. Interest bearing debt
13. Trade receivables and
other receivables
14. Inventories
15. Trade payables and other debt
16. Changes in working capital
17. Deferred Tax
Other disclosures
18. Financial risk
19. Contingent liabilities
and guarantees
20. Related party transactions
21. Material Accounting Policy
Information
81
BioMar Annual Report 2024
REVENUE 2024 2023
Commodities 3,179,571 3,003,520
Management and corporate services 196,616 161,041
Total revenue 3,376,187 3,164,561
DEPRECIATION, AMORTISATION AND IMPAIRMENT 2024 2023
Impairment of intangible assets - -1,152
Amortisation of intangible assets - 6,531 -4,621
Depreciation of property, plant and equipment -311 -190
Depreciation of lease assets -5,154 -4,732
Total depreciation, amortisation and impairment -11,997 -10,695
STAFF COSTS 2024 2023
Wages and salaries -109,980 -82,752
Defined contribution pension plans -5,390 -4,220
Other social security costs -1,873 -402
Share-based payments -5,721 -7,469
Total staff costs -122,964 -94,843
Average number of employees 64 55
OPERATING EXPENSES 2024 2023
Cost of goods sold -3,092,613 -2,935,935
Staff costs -122,964 -94,843
Other operating expenses -101,058 -82,196
Total operating expenses -3,316,635 -3,112,974
Research and development costs recognised in operating expenses -4,688 -4,565
NOTE 1 NOTE 4
NOTE 5
NOTE 6
NOTE 2
NOTE 3
(DKK 1,000)
NOTESPARENT COMPANY FINANCIAL STATEMENTS
In the staff costs above, DKK 50 million (2023: DKK 34 million) is included regarding salaries to BioMar employees legally
employed in BioMar subsidiaries, but organisationally working solely for BioMar Group A/S. Such employees are not disclosed
in the average number of employees.
FINANCIAL INCOME 2024 2023
Interest income etc. 173 3,450
Financial income from Group enterprises 1,586 2,610
Total financial income 1,759 6,059
FINANCIAL EXPENSES 2024 2023
Interest expenses etc. -609 -426
Financial costs to Group enterprises -130,215 -110,265
Interest expenses leasing -119 -51
Exchange rate adjustments -2,603 -1,186
Total financial expenses -133,547 -111,928
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
82
TAX ON PROFIT FOR THE YEAR 2024 2023
Tax on profit for the year is specified as follows:
Tax on profit for the year 9,625 7,310
Total tax 9,625 7,310
Tax on the profit for the year has been calculated as follows:
Current tax 19,103 16,312
Deferred tax -2,822 -3,183
Withholding taxes -8,660 -8,512
Adjustments of prior periods tax charge 2,004 2,693
Total tax recognised in the income statement 9,625 7,310
Specification of tax on the profit for the year:
Calculated 22% tax on the profit for the year -146,455 -99,883
Tax effect of:
Other non-deductible costs and non-taxable income 162,736 113,012
Adjustments of prior periods tax charge 2,004 2,693
Withholding taxes -8,660 -8,512
Total tax recognised in the income statement 9,625 7,310
Effective tax rate -1.4% -1.6%
NOTESPARENT COMPANY FINANCIAL STATEMENTS
NOTE 7 NOTE 9
NOTE 8
(DKK 1,000)
2024 2023
Share of profit from continuing operations, joint ventures 51,511 44,666
The Group's share of equity in individually immaterial joint ventures 222,568 194,962
Goodwill regarding immaterial joint ventures 3,256 3,256
Carrying amount of investments in joint ventures 225,824 198,218
NAME
COUNTRY AND CITY
OF INCORPORATION 2024 2023
BioMar-Sagun TTK Söke, Turkey 50% 50%
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Wuxi, China 50% 50%
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.
INTANGIBLE ASSETS 2024
Other intangible
assets
Assets under
development Total
Cost at 1 January 35,065 28,368 63,434
Additions - 24,181 24,181
Disposals - -136 -136
Transferred 14,178 -14,178 -
Cost at 31 December 49,243 38,235 87,479
Amortisation and impairment at 1 January -13,950 - -13,950
Impairment - - -
Amortisation - 6,531 - -6,531
Amortisation and impairment at 31 December -20,481 - -20,481
Carrying amount at 31 December 28,762 38,235 66,997
INTANGIBLE ASSETS 2023
Other intangible
assets
Assets under
development Total
Cost at 1 January 23,777 11,590 35,367
Additions - 28,074 28,074
Disposals - -8 -8
Transferred 11,288 -11,288 -
Cost at 31 December 35,065 28,368 63,434
Amortisation and impairment at 1 January -8,177 - -8,177
Impairment -1,152 - -1,152
Amortisation -4,621 - -4,621
Amortisation and impairment at 31 December -13,950 - -13,950
Carrying amount at 31 December 21,115 28,368 49,484
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
83
PROPERTY, PLANT AND EQUIPMENT 2024
Land and
buildings
Other plant,
fixtures and
operating
equipments
Assets under
construction Total
Cost at 1 January 1,682 1,549 - 3,231
Additions - 826 671 1,497
Cost at 31 December 1,682 2,375 671 4,728
Depreciation at 1 January -1,682 -1,103 - -2,785
Depreciation - -311 - -311
Depreciation at 31 December -1,682 -1,414 - -3,097
Carrying amount at 31 December - 961 671 1,632
RIGHT-OF-USE ASSETS 2024
Land and
buildings
Other lease
assets Total
Cost at 1 January 15,184 15,716 30,899
Additions 23,267 550 23,817
Disposals - -619 -619
Re-measure / modification of lease assets - 2,534 2,534
Cost at 31 December 38,451 18,180 56,631
Depreciation at 1 January -8,686 -13,248 -21,934
Depreciation -2,166 -2,988 -5,154
Depreciation and impairment of disposed assets - 619 619
Depreciation at 31 December -10,852 -15,617 -26,469
Carrying amount at 31 December 27,599 2,563 30,162
Recognised in the profit and loss statement Service
Small value
assets
Short term
leases Total
Expensed in the year - - - -
Interest Installment Total
IFRS 16 capitalised lease assets 119 5,124 5,243
Total cash outflows for leases 5,243
For information about lease debt, reference is made to note 12 and 18.
PROPERTY, PLANT AND EQUIPMENT 2023
Land and
buildings
Other plant,
fixtures and
operating
equipments
Assets under
construction Total
Cost at 1 January 1,682 1,463 - 3,145
Additions - 86 - 86
Cost at 31 December 1,682 1,549 - 3,231
Depreciation at 1 January -1,664 -931 - -2,595
Depreciation -18 -172 - -190
Depreciation at 31 December -1,682 -1,103 - -2,785
Carrying amount at 31 December - 446 - 446
NOTESPARENT COMPANY FINANCIAL STATEMENTS
NOTE 10 NOTE 11
(DKK 1,000)
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
84
2024
Balance at 1
January Cash flows Other
Balance at 31
December
Payable to affiliates (short-term) 2,359,091 -629,688 - 1,729,403
Leasing debt (long-term) 4,620 20,366 24,986
Leasing debt (short-term) 4,372 -5,124 5,985 5,233
Total interest-bearing assets and liabilities 2,368,084 -634,812 26,351 1,759,623
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 2024, the company has paid DKK 5.2
million (2023: DKK 4.8 million) regarding lease contracts of which DKK 0.1 million (2023: DKK 0.1 million) is related to interests
and DKK 5.1 million (2023: DKK 4.7 million) is related to re-payments of lease debt.
INTEREST BEARING DEBT 2024 2023
Payable to affiliates (short-term) 1,729,403 2,359,091
Leasing debt (long-term) 24,986 4,620
Leasing debt (short-term) 5,233 4,372
Total interest bearing debt 1,759,623 2,368,084
Fair value of interest bearing debt 1,759,623 2,368,084
NOTESPARENT COMPANY FINANCIAL STATEMENTS
RIGHT-OF-USE ASSETS (continued) 2023
Land and
buildings
Other lease
assets Total
Cost at 1 January 8,649 11,489 20,138
Additions 1,103 - 1,103
Disposals - - -
Re-measure / modification of lease assets 5,432 4,227 9,658
Cost at 31 December 15,184 15,716 30,899
Depreciation at 1 January -6,920 -10,282 -17,202
Depreciation -1,766 -2,966 -4,732
Depreciation and impairment of disposed assets - - -
Depreciation at 31 December -8,686 -13,248 -21,934
Carrying amount at 31 December 6,498 2,468 8,965
Recognised in the profit and loss statement Service
Small value
assets
Short term
leases Total
Expensed in the year - - - -
Interest Installment Total
IFRS 16 capitalised lease assets 51 4,778 4,830
Total cash outflows for leases 4,830
NOTE 11 continued NOTE 12
(DKK 1,000)
2023
Balance at 1
January Cash flows Other
Balance at 31
December
Payable to affiliates (short-term) 2,205,870 153,221 - 2,359,091
Leasing debt (long-term) 621 - 3,999 4,620
Leasing debt (short-term) 2,386 -4,778 6,765 4,372
Total interest-bearing assets and liabilities 2,208,877 148,443 10,764 2,368,084
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 transferred the full risk management regarding interest rate risk to the parent
company through which BioMar Group A/S is financed - see also note 20. Consequently, fixed rate loans account for 1.7% in
2024 (2023: 0%) 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 +/- DKK 13.5 million in 2024 (2023: +/- DKK 18.4
million).
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
85
RECEIVABLES 2024 2023
Trade receivables 1,283,036 1,278,047
Interest-bearing receivables 19,899 12,577
Other receivables 70,065 31,139
Total receivables 1,373,000 1,321,763
Current receivables 1,373,000 1,321,763
Total 1,373,000 1,321,763
Credit risks
The parent company's credit risk relates primarily to receivables from subsidiaries.
TRADE PAYABLES AND OTHER DEBT 2024 2023
Trade payables 1,008,812 486,737
Payables to group enterprises 13,203 6,018
Other debt 23,289 11,060
Total trade payables and other debt 1,045,304 503,815
INVENTORIES 2024 2023
Raw materials - 72,700
Total inventories - 72,700
NOTESPARENT COMPANY FINANCIAL STATEMENTS
NOTE 13 NOTE 16
NOTE 14
NOTE 17
NOTE 15
(DKK 1,000)
CHANGES IN WORKING CAPITAL 2024 2023
Change in receivables -50,487 381,802
Change in trade payables and other debt 542,484 -239,730
Changes in inventories 72,700 -72,700
Total changes in working capital 564,697 69,372
DEFERRED TAX 2024 2023
Deferred tax at 1 January 2,563 7,127
Deferred tax adjustment at 1 January 890 -1,382
Restated deferred tax 1 January 3,453 5,745
Deferred tax for the year recognised in profit and loss statement -2,822 -3,183
Deferred tax at 31 December, net 631 2,563
Intangible assets -5,195 -4,646
Property, plant and equipment 5,946 7,920
Provisions -2,255 -1,548
Other liabilities 2,134 836
Total deferred tax at 31 December 631 2,563
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
86
FINANCIAL RISKS 2024
Carrying
amount
Contractual
cash flows < 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
Payable to affiliates 1,742,606 1,742,606 1,742,606 - -
Lease debt 30,219 32,333 5,466 12,752 14,115
Trade payables 1,008,812 1,008,812 1,008,812 - -
Other debt 23,289 23,289 13,589 9,700 -
Recognised in balance sheet total 2,804,927 2,807,041 2,770,474 22,452 14,115
Contractual obligations to purchase intangible
assets - -
Total 2,807,041 2,770,474 22,452 14,115
BioMar Group A/S is predominantly financed by the parent company through short-term credit facilities.
Reference is made to note 20 in the consolidated financial statements for further information.
The available financial ressources are deemed sufficient.
2023
Carrying
amount
Contractual
cash flows < 1 year 1 - 5 years > 5 years
Non-derivative financial instruments
Payable to affiliates 2,365,109 2,365,109 2,365,109 - -
Lease debt 8,993 9,207 4,496 4,712 -
Trade payables 486,737 486,737 486,737 - -
Other debt 11,060 11,060 7,260 3,800 -
Recognised in balance sheet total 2,871,899 2,872,113 2,863,602 8,512 -
Contractual obligations to purchase intangible
assets 3,345 3,345 - -
Total 2,875,459 2,866,947 8,512 -
NOTESPARENT COMPANY FINANCIAL STATEMENTS
NOTE 18
(DKK 1,000)
2024
Currency
Cash and
receivables
Financial
liabilities
(non-deriva-
tives)
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 464,937 -421,973 - +0.5% 168 168
NOK / DKK 351,931 -321,403 - +10% 2,381 2,381
USD / DKK 508,470 -518,646 - +5% -397 -397
Others 15,231 -13,909 - +5%/10% 185 185
1,340,569 -1,275,931 - 2,337 2,337
CATEGORIES OF FINANCIAL INSTRUMENTS 2024 2023
Receivables 1,373,000 1,321,763
Cash and cash equivalents 680 157
Financial assets measured at amortised cost 1,373,680 1,321,920
Interest bearing debt 1,759,623 2,368,084
Trade payables and other debt 1,055,004 507,615
Financial liabilities measured at amortised cost 2,814,627 2,875,699
The sensitivity analysis shows the impact on the income statement and equity from likely changes in exchange rates
in main currencies.
2023
Currency
Cash and
receivables
Financial
liabilities
(non-deriva-
tives)
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 589,616 -586,404 - +0.5% 13 13
USD / DKK 545,599 -523,433 - +5% 864 864
Others 137,010 -122,123 - +5%/10% 950 950
1,272,225 -1,231,960 - 1,827 1,827
Currency hedging agreements regarding future transactions
Net amounts outstanding for currency hedging agreements at 31 December for BioMar Group A/S, which satisfy the
requirements for hedge accounting and which relate to future transactions.
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
87
Contingent liabilities and guarantees
Guarantees
BioMar Group is partially financed by resources of the parent
company Schouw & Co. as well as a number of committed
and to a lesser extent uncommitted credit facilities. BioMar
Group, like other major subsidiaries in the Schouw & Co.
Group, co-guarantees these facilities totaling DKK 7,020
million, of which DKK 4,969 million is utilised. In addition,
a number of other smaller facilities totaling DKK 43 million
established with Schouw & Co.'s global banker HSBC, of
which DKK 34 million is utilised.
In addition, BioMar Group A/S has provided corporate
guarantees of DKK 496 million towards banks and other
financial partners.
Contingent liabilities
Pending lawsuits
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 18.
Joint taxation liability
BioMar Group A/S participates in a Danish joint taxation
arrangement with Schouw & Co. (CVR no. 63965812) serving
as the administration company, and is therefore jointly
and severally liable for the corporation tax and also for
obligations, if any, to withhold tax on dividend, interests and
royalties. The total net liability to the Danish tax authorities is
recognised in the annual report of Schouw & Co. Potential
corrections to the jointly taxed income and tax at source may
result in a higher liability for the Group.
NOTESPARENT COMPANY FINANCIAL STATEMENTS
Related party transactions
Schouw & Co. owns 100% of the shares in BioMar Group A/S.
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.
Transactions between BioMar Group A/S and the other entities in the Schouw & Co. Group appear below:
2024 2023
Revenue 3,179,571 3,003,520
Management fee received 177,682 134,320
Management fee paid -3,500 -2,600
Interest paid -130,215 -110,265
Interest received 1,586 2,610
At 31 December, the company has the following debt and receivables:
Receivables from BioMar Group companies 1,280,246 1,245,363
Debt to BioMar Group companies -1,742,606 -2,365,109
NOTE 19 NOTE 21
NOTE 20
(DKK 1,000)
Related parties also comprise the joint ventures in which BioMar has control or significant influence.
Joint ventures
2024 2023
At 31 December, the company has the following debt and receivables:
Receivables from joint ventures 1,037 44,709
Financial statements
BioMar Annual Report 2024
Our business ESGExecutive summary
88
Material Accounting Policy Information
Material Accounting Policy Information
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 Statements Act applying to 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 1 January 2024.
The parent company accounting policies are consistent
with those applied last year.
Investments in subsidiaries and joint ventures
The proportionate share of the profit or loss from
subsidiaries and joint ventures after tax and after elimination
of the proportionate share of intra-group gains or losses is
recognised in the income statement. Investments in
subsidiaries and joint ventures are, at first recognition,
measured at cost and subsequently at the proportionate
share of the companies’ net assets calculated in accordance
with the parent company’s accounting policies with
deductions or addition of the proportionate share of
unrealised intra-group gains or losses and with addition of
goodwill calculated according to the acquisition method.
Investments in entities with negative net assets are
recognised at DKK 0, 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
extent the amount is deemed irrecoverable. In case the
negative accounting values of the net assets exceed 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 statements from the date of acquisition.
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.
BioMar's annual report was
published on March 6, 2025
The report is also available
at www.biomar.com
BioMar Group A/S
Company reg. No. 38 57 06 17
Design: Bysted