Danæg Holding A/S

Annual Report 2024

DANÆG Holding A/S

Danægvej 1, 6070 Christiansfeld

CVR-nr. 35 53 02 23

The annual report was drawn

up and approved at the

company's annual general

meeting on 5/3 2025

Jesper Vikelsø Jensen

Dirigent

Management's Statement

Christiansfeld, 26 February 2025

Executive Board

Jann Dollerup Vig Jensen Jesper Vikelsø Jensen

CEO CFO

Board of Directors

Ole Thulstrup Bruhn Jesper Pagh Niels Dengsø Jensen

Chairman Vice chairman

Robert Helge Beck Camilla Simonsen Mikael Robert Gilbertsson

Asbjørn Børsting

The Board of Directors and the Executive Board have today considered and adopted the Annual Report of DANÆG Holding A/S for

the financial year 1 January – 31 December 2024.

The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU

and further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have been

prepared in accordance with the Danish Financial Statements Act. Management’s Review has been prepared in accordance with the

Danish Financial Statements Act.

In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of

the financial position at 31 December 2024 of the Group and the Parent Company and of the results of the Group and Parent

Company operations and consolidated cash flows for the financial year 1 January - 31 December 2024.

In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial

circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the

Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent

Company.

We recomend that the annual report will be adopted at the Annual General Meeting.

Page 1 of 81

Independent Auditor's Report

To the Shareholders of DANÆG Holding A/S

We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of DANÆG Holding A/S for

the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity

and notes, including material accounting policy information, for both the Group and the Parent Company, as well as statement of

comprehensive income and cash flow statement for the Group (“financial statements”).

Opinion

In our opinion, the Consolidated Financial Statements give a true and fair view of the Group's financial position at 31 December

2024 and of the results of the Group's operations and cash flows for the financial year 1 January to 31 December 2024 in

accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements

Act.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable

in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities

for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the

International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code)

and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in

accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Statement on Management's Review

Management is responsible for Management's Review.

Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance

conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so,

consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during

the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish

Financials Statements Act.

Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial

Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the

Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.

Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company's financial

position at 31 December 2024 and of the results of the Parent Company's operations for the financial year 1 January to 31

December 2024 in accordance with the Danish Financial Statements Act.

Page 2 of 81

●

Management's Responsibilities for the Financial Statements

Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance

with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for

the preparation of Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial

Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company

or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assuranceis a

high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements

applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions

of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise

professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and

perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a

basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting

from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in

the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent

Company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

disclosures made by Management.

Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial

statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions

that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause

the Group and the Parent Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether

the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

Page 3 of 81

●

Trekantområdet, 26 February 2025

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

CVR No 33 77 12 31

Jan Bunk Harbo Larsen Jesper Simmelkjær Berg

State Authorised Public Accountant State Authorised Public Accountant

mne30224 mne51511

Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the

entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and

the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work

performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit

and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 4 of 81

Company Information

DANÆG Holding A/S

Danægvej 1

6070 Christiansfeld

The Company

Mail: danaeg@danaeg.com

Web: www.danaeg.com

CVR No: 35 53 02 23

Financial Year: 1 January - 31 December

Municipality: Kolding

Board of Directors

Executive Board

Auditor

Ole Thulstrup Bruhn, Chairman

Jesper Pagh, Vice chairman

Niels Dengsø Jensen

Robert Helge Beck

Camilla Simonsen

Mikael Robert Gilbertsson

Asbjørn Børsting

Jann Dollerup Vig Jensen

Jesper Vikelsø Jensen

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

Herredsvej 32

7100 Vejle

Page 5 of 81

Financials Highlights

2024 2023 2022 2021 2020

In million DKK

Income statement

2.155 2.083 1.879 1.481 1.105

305 320 234 207 144

55 82 14 50 21

Balance sheet

944 902 885 844 409

54 68 54 46 40

313 312 227 226 191

Cash flow statement

76 164 23 150 37

-60 -71 -55 -309 -41

-15 -97 34 159 -4

- -4 3 1 -7

406 389 357 331 244

Ratios

14,2% 15,4% 12,5% 14,0% 13,0%

4,2% 5,5% 1,4% 4,2% 2,3%

9,6% 12,8% 3,1% 7,4% 6,1%

33,1% 34,6% 25,5% 26,6% 46,7%

22,7% 32,9% 6,3% 24,2% 10,7%

137 156 77 77 46

2,4 1,7 4,6 4,1 1,6

90 116 27 62 25

71 102 20 58 26

323 270 354 318 74

161 151 142 113 101

55 82 14 50 21

Gross Profit

Revenue

Profit after tax (EAT)

Total assets

Investments in property, plant and equipment

Group equity

Cash flow from operating activites

Cash flow from investment activities

Cash flow from financing activities

Full-time employees, FTE

Chage in cash and cash equivalents for the year

Gross margin, %

Operating margin, %

Return on assets, %

Equity ratio, %

Return on equity, %

EBITDA

Gearing ratio

EBIT

EBT

Net interest bearing debt, NIBD

Net working capital, NWC

Net income, EAT

In 2023 Danæg Holding A/S adopted the International Financial Reporting Standards, IFRS, when preparing the

consolidated financial statements for the Danæg Group. The stated figures for 2023 and 2022 and the balance sheet items

for 2021 were prepared according to the IFRS standards, other figures were prepared in accordance with provisions of the

Danish Financial Statements Act.

Page 6 of 81

Management Report Danæg Holding A/S

Main activities

Danæg Group's main activities are to collect, sort and market shell eggs purchased from the Danæg Amba cooperative as well as the

production and marketing of processed egg-related products.

Danæg Group has production facilities in Denmark, Sweden and Finland, which are also the Danæg Group's primary markets, but the

Danæg Group continues to experience growth in export markets outside the Nordic region.

The Danæg Group's long-term strategy is to create profitable growth through a market-oriented range of primarily self-produced and

secondarily purchased products.

Development during the year

The Danæg Group's income statement for 2024 shows a profit of 55,1 million DKK (2023: 82.5 million DKK) and Danæg Group's

balance sheet as of 31 December 2024 shows an equity of 313.0 million DKK (2023: 311.6 million DKK).

The result for the year is better than expected at the beginning of the financial year. Danæg Group benefitted from at business model

consisting of both processing plants, packaging plants and own production of shell eggs enabling resilience towards volatile markets

and egg prices.

The past year and follow-up on development expectations from last year

Throughout the year we saw stable high prices mainly driven by market volatility due to global cases of avian flu and demand

fluctuations between different global markets. Looking at the Group’s companies on a stand-alone basis this is positive towards the

Group’s packaging plants but poses a challenge towards our processing plants as they experience increased prices for raw materials. On

a consolidated basis these conditions are however to some extent balanced out and despite the challenging market conditions the

consolidated result for the year is very satisfactory and within the expectations put forward in last years financial statement.

During the financial year, investments of million 53.9 DKK (2023: 67.9 million DKK) have been made, the vast majority of which was

made in production equipment and facilities.

In the spring of 2024 BioChick A/S was founded and the activity in the financial year has been limited. BioChick A/S offers a mobile

solution for humane culling of sick and obsolete livestock directly on the farm thereby avoiding long transports of the animals.

Capital readiness

Special risks - operational risks and financial risks

Operation

Danæg Group is exposed to the usual commercial risks, including fluctuations in commodity prices and foreign exchange rates. These

are closely monitored as part of the day-to-day operation of the business, and major fluctuations may have an impact on the result.

Appropriate policies have been implemented to reduce exposure.

Danæg Group has a very high quality standard within hygiene, traceability, working environment and waste and energy management.

Likewise, the demands on our Danish, Swedish and Finnish egg producers continue to increase. The very high quality of Danish,

Swedish and Finnish eggs, where the occurrence of salmonella is minimal, must be maintained and further expanded, but at the same

time, this entails higher production costs.

Danæg Group has taken out the insurances relevant in accordance with the Danæg Group's insurance policy. Insurance policies are

reviewed annually together with an insurance advisor.

The solvency ratio amounts to 33.1% (2023: 34.6%) corresponding to an equity as of 31 December 2024 of 313.0 million DKK (2023:

311.6 million DKK).

Page 7 of 81

Currency

Danæg Group is exposed to currency risks, which are continuously hedged via various hedging instruments.

Objectives and expectations for the coming year

For the financial year 2025 a group result of DKK 40-60 million DKK after tax is expected. The activity is expected to increase due to

higher weigh-in’s which is offset by expected higher transportation costs and general pressure on sales prices due to a currently

normalized supply situation in especially Sweden.

Market volatility from outbreaks from avian flu is a general condition and potentially negative effects on earnings cannot be ruled out.

There will be a continued high focus on streamlining all companies to ensure continued competitiveness.

The basis of earnings

Research and development

Danæg Group's development activities primarily include further development of the company's products and concepts as well as

development of new products for the retail, foodservice and industrial segments.

Ongoing costs are incurred for the development and marketing of new products in the individual companies as well as for the

optimization of methods and processes.

External environment

Danæg Group is an environmentally conscious group and attaches crucial importance to reducing the environmental impacts of the

companies' operations, e.g. by reducing the total amount of waste and reducing energy consumption. In addition, there is an ongoing

focus on improving the individual processes and creating a healthy and safe working environment for all employees.

Knowledge resources

Danæg Group has built an organization with a high level of knowledge within egg packing and refining. Alongside an efficient

production, we are constantly working to optimize food safety throughout the production process, and the Danæg Group has continued

and maintained certification according to several applicable standards.

Uncertainty in recognition and measurement

Unusual circumstances

Post-balance sheet event

There has been no uncertainty in recognition and measurement in the annual report.

Danæg Group's assets, liabilities and financial position as of 31 December 2024 as well as the result of Danæg Group's activities and

cash flows for 2024 are not affected by unusual circumstances other than those described.

After the balance sheet date, no circumstances have occurred that have a material impact on the assessment of the annual report.

Page 8 of 81

Scope 1

Scope 2

Scope 3

2021

6.127 tCO2e

1.288 tCO2e

344.761 tCO2e

2022

5.200 tCO2e

1.312 tCO2e

317.691 tCO2e

2023

5.301 tCO2e

1.169 tCO2e

286.672 tCO2e

Statement of Corporate Social Responsibility cf. section 99a of the Financial Statements Act

Danæg Group's business model is based on its own production of barn eggs and the purchase of eggs in general from the Group's

shareholders and contract producers. All eggs are either quality sorted and sold on as shell eggs or reprocessed into a rangeof liquid,

boiled or powder-based egg products, which are sold to the professional or industrial market.

Danæg Group strongly focusses on demonstrating social responsibility, including complying with legislation and ethical rules,etc.

within the areas of human rights, labour rights, the environment and anti-corruption in the countries and communities in which

Danæg Group has its primary activities.

Since 2013, the Danæg Group has been affiliated to the UN Global Compact, which is the world's largest voluntary network for

corporate social responsibility. The Global Compact contains 10 overall principles for human and labour rights, the environment and

anti-corruption. The membership of the UN Global Compact commits the Danæg Group to working actively with the above principles,

and an annual progress report (Communication on Progress) is drawn up describing this work.

Environment and climate

In a climate context, eggs are attractive compared to a number of other animal foods, and contribute to a relatively low CO2 footprint.

However, this does not prevent Danæg Group from setting ambitious targets to reduce its climate footprint significantly in the future.

Danæg Group sees limited risks of an increase in climate impact as well as environmental impact. On the contrary, the strong focus on

both climate and environment means that significant reductions are expected over the coming years, both in the form of initiatives

within the Danæg Group, but also in the form of initiatives backwards in the value chain. A number of these actions have already been

identified and initiated.

We want to reduce the impact we leave on the world around us, and the efficient use of resources is one of the essential keysto

achieving this. In this context, targeted efforts are being made to reduce emissions from our own production, both by increasing the

use of energy from renewable sources and actively investing in its conversion.

In 2022, the Danæg Group carried out a complete mapping of the climate impact on both Scope 1, 2 and 3 for the first time, which now

serves as a starting point for further work in the climate area. The figures are based on data from 2021 and are calculated at group level

based on the GHG protocol including the LUC factor and are validated by an external party. Comparing to last year annual report the

method of calculation is changed and calculated in accordance with “Greenhouse Gas Protocol Land Sector and Removals Guidance”.

This is in accordance with the latest recommendations and requirements from the GHG protocol. Comparative figures for 2022 and

2021 are adjusted accordingly.

The Group's footprint for the 3 known years is shown in the table below (incl. LUC).

Emissions in Scope 1 are the direct emissions from activities that Danæg Group itself owns or controls. It includes emissions from own

vehicles as well own facilities for heat and energy production. Emissions in scope 2 are the indirect emissions from the energy that

Danæg Group purchases, i.e. electricity, steam, heat or cooling. Emissions in scope 3 are the indirect emissions related to Danæg

Gropu’s entire value chain, both upstream and downstream.

Page 9 of 81

ESG forms a central part of Danæg Group's strategy for 2023-2027, and includes the work to measure, adapt and improve the climate

footprint as well as actively investing in reducing CO2 emissions from scope 1 and scope 2, as well as reducing emissions from scope 3

together with Danæg Group's suppliers, and especially egg producers.

Since March 2023, the Danæg Group has been registered as Committed to the Science Based Target initiative. Currently Danæg Group

is waiting for the final approval of the targets set for the future to contribute to future emission reductions. However, work on reducing

climate impact is already underway with clear expectations of annual improvements. Part of the potential for reducing the climate

footprint has already been made visible and action plans are being prepared.

In addition to working on the climate footprint, Danæg Group has since 2021 worked on getting all operating companies certified

according to the ISO 14001 standard. The last remaining companies in Finland completed this task in the end of 2024.

Similarly, in the climate area, work is also being done to improve the environment in general, including wastewater quality, heat

recycling, the Group's water consumption and waste management in general.

Social and staff conditions

It is Danæg Group's policy to ensure a good social working environment and good staff conditions, and increased focus will beplaced

on this in the coming years. The most significant risks are assessed to be related to the physical strain in parts of the production

processes, and continuous assessments are carried out as well as investments in improvements, automation solutions and rotation

where possible. In addition, risks are associated with loss of labour in a market with low unemployment, as well as ensuring the right

skills and qualifications in the future.

In Danæg Group's companies, an employee handbook has been drawn up that describes the general framework in relation to

employment, including adjustments in relation to national conditions. Through the employment agreement, agreements have been

made regarding contributions to pension savings and insurance schemes in case of loss of earning capacity or death. Furthermore,

health insurance etc. has been taken out in several of the Danæg Group’s companies.

Attractive staff conditions cf. the above are the starting point for retaining current employees as well as attracting new colleagues and

generally being considered an attractive workplace. In connection with the implementation of the Danæg Group's strategy for 2023-

2027 "DANÆG 4-2-1", there will be an increased focus on the employee and the good workplace. Employee surveys has been

conducted in both 2023 and 2024 creating a good foundation to support the future development. As a result, Danæg Group

Management has initiated a project to develop a unified Group-HR strategy expected to be implemented at the end of 2025. Besides

supporting the overall strategy for the Danæg Group, the focus areas are among others talent management, continuous improvement

of the general working environment in our production, e.g. reducing risk of injury, heavy lifting, one-sided tasks and other strenuous

processes. Projects to improve staff facilities and office areas, especially in Christiansfeld, are commencing as planned andthe new

group head quarter will be finalized in the middle of 2025.

To report on Danæg Group’s overall climate footprint, emission of greenhouse gases is converted to CO2 equivalents (CO2e), which

indicates how much the output of another greenhouse gas would be equivalent to in CO2.

Reports are made on scope 1, 2 and 3, and for scope 2 includes both the location-based and market-based calculation. The marketbased

method reflects emissions from the electricity, which Danæg Group has chosen to purchase, while the location-based method reflects

the average emission intensity on the power grids where energy consumption takes place.

Base year emissions will be retroactively recalculated if necessary to reflect any significant changes. This is done so that reported

information does not lose relevance or continuity. Significant changes are defined as impacts that have a greater impact than ±5% on

calculated total emissions.

Significant changes can, for example, be due to structural changes in the company or changed calculation methods.

The vast majority of the climate footprint occurs at farm level. Together with egg producers and feed suppliers, we are actively working

to ensure further reduction of this, especially in relation to feed composition, where especially the use of soy has a significant effect on

the climate footprint.

Page 10 of 81

Human rights

Danæg Group strives to be a workplace that values and encourages employee differences. Diversity is crucial to the results wecreate,

and we work to be a diverse workplace where everyone is given the opportunity to live out their full potential. Therefore, there must be

no discrimination because of gender, age, background, ethnicity, sexuality or the like.

Respect for human rights throughout the value chain is of paramount importance to the Danæg Group. In general, the risk is assessed

as limited among the Danæg Group's employees, which is due to both company culture and the Danæg Group's focus and policies in

this area. Regarding partners and stakeholders in the value chain we consider the risk to be very low as the Danæg Group sends some

very clear messages about the Danæg Group's expectations in this area.

Every year, the "Danæg Holding Code of Conduct", which contains the general principles for ethical trade is sent to the DanægGroup's

suppliers. Through his signature on the document, the supplier declares compliance with the relevant laws and regulations as well as

the Danæg Group's CSR policy and the rules of the UN Global Compact. In addition, the Code of Conduct expresses the expectation

that the supplier has a dialogue backwards in the value chain to ensure compliance with basic rights here too.

For a number of years, there has been a group policy for good behaviour in the workplace, with the aim of further focusing ona safe

and healthy workplace with high employee well-being. The policy has been communicated to all employees and is available on the

Group's intranet. At the same time, the policy has been sent to the Group's shareholders, in the expectation that they, as part owners,

also comply with the policy.

With a focus on good behaviour, we want to ensure that all employees are aware of their rights and that the managers know howto deal

with these.

The Danæg Group is not aware of any circumstances in 2024 that indicate human rights violations and in future, the work in this area

will continue to focus on compliance with human rights backwards in the value chain combined with a focus on good behavior and

respect for each other internally in the Danæg Group.

Anti-corruption and bribery

In the Danæg Group, we do not accept corruption or fraud in any form, which we clearly mark through our adherence to the UN

Global Compact. Under the auspices of UN Global Compact, companies are encouraged to work against all forms of corruption,

including extortion and bribery among employees.

The risk of breach of the Danæg Group's policy in this area is generally assessed as low and to a large extent covered by legislation and

the Danæg Group's policies and procedures in this area. At the same time, the majority of the Danæg Group's trade with suppliers and

customers takes place in countries with a very low level of corruption, according to the report by the anti-corruption organisation

Transparancy International, and the Danæg Group's focus is primarily on risks related to the very limited trade in countries that are

low on this list.

Page 11 of 81

o%

2023

2

2024

2

8

30%

2025

0%

13%

30%

2025

8

13%

28%

2025

2024

2023

7

14%

Statement of gender composition cf. section 99b of the Financial Statements Act

The Danæg Group has developed a comprehensive policy for gender diversity in the management bodies of the Group with the aim of

ensuring a more equal distribution between the genders in the different management levels.

The female gender is currently underrepresented in the top management teams of the Danæg Group, and in line with our diversity

policy, we have also focused on raising awareness of qualified candidates of all genders in connection with recruitment processes and

internal promotions. External recruiters are specifically asked to include all genders when assessing potential candidates. Identifying

internal talents that have the potential to take on managerial responsibility is a focused part of the annual performance appraisals held

with employees.

Danæg Group provides a whistleblower platform which allows both employees and external stakeholders to anonymously report

suspicions of criminal acts or other serious matters. The purpose of the whistleblower platform is to reduce risks and ensurethe trust

of our employees, customers and the public in the Danæg Group.

The Danæg Group is not aware of any circumstances in 2024 that indicate any form of corruption or fraud. The Danæg Group's goal is

to continue its efforts to avoid all forms of corruption and fraud, among other things by strengthening internal controls.

Gender distribution and Target figure within Management

Number of people at other management levels, Danæg Holding A/S

Under-represented gender, share in % at other Management levels, Danæg Holding A/S

Number of people at other management levels, Group

Under-represented gender, share in % at other Management levels, Group

Target figures in % for the other management levels, Group

Year, in which the target figure is expected to be met

Members of Board of Directors

Under-represented gender, share in % of the Board of Directors

Target figures for the Board of Directors

Year, in which the target figure is expected to be met

Gender distribution and Target figure for Board of Directors

It is a goal of the Board of Directors that the composition should reflect the gender composition of the ownership groups, with due

respect for the democratic choices that lie behind, among other things, the selection of Danæg Amba's Board of Directors, from which

parts of the Board of Directors of Danæg Holding A/S are elected. The Board in the current configuration has the necessary

qualifications to safeguard the interest of the shareholders, however we are continuously encouraging our female egg producers to

consider a Board position, and the aspiration is still to increase the number of female members of the Board of Directors by 2025.

Page 12 of 81

Statement of data ethics cf. section 99d of the Financial Statements Act

The Danæg Group focuses on complying with good data ethics, cf. section 99d of the Financial Statements Act. The largest interface

with data occurs in connection with our employees, partners, suppliers, customers and members. Particular focus is on the rules of the

GDPR legislation, where a number of policies and instructions have been introduced. These are continuously maintained.

The Danæg Group has not developed a comprehensive policy for data ethics, and it is currently not considered that the current data

collection necessitates a policy in this area, other than the policies that have been introduced in the GDPR area.

We will continuously assess what data we process in the Danæg Group and how it is treated. In case of changes in the business model,

consequences in relation to data ethics will be assessed. It is the Danæg Group's goal to continuously organize policies and guidelines

in such a way that this is done in an ethically responsible manner.

Page 13 of 81

Consolidated Income Statement

for the year ended 31 December 2024

In thousands DKK Notes

3

4

7

8

-15.843

-19.934

55.077

82.451

70.920

102.385

4.559

4.596

-24.026

-17.743

90.387

115.532

-125.178

-121.998

-90.542

-93.218

-

-31

608

10.578

305.499

320.201

-1.762.797

-1.849.303

2024

2023

2.154.802

2.082.998

Revenue from contracts with customers

Production costs

Gross profit

Distribution costs

Financial income

Profit before income tax

Income tax expense

Net profit for the year

Financial expenses

Administrative expenses

Operating profit

Other operating income

Other operating expenses

Page 14 of 81

Consolidated statement of comprehensive income

for the year ended 31 December 2024

In thousands DKK Notes

-87

6

-

50.000

-

125

51.359

84.332

-

86

-3.718

1.881

-3.631

1.789

2024

2023

55.077

82.451

Other comprehensive income

Items that may be reclassified to profit or loss:

Profit for the year

Total comprehensive income for the year

Exchange differences on translation of foreign operations

Net gain/(loss) on cash flow hedges, net of tax

Other comprehensive income for the period, net of tax

Exchange differences on IFRS-16

Extraordinary dividend after year end

Total extraordinary dividend after year end per share in DKK

Page 15 of 81

Consolidated Balance Sheet

as per 31 December 2024

In thousands DKK Notes

10, 16

10

11

12

15

9

13

14

17

6.822

358.065

609.175

4.205

5.330

8.585

370.241

305

5.900

7.451

7.646

622.335

901.507

144.899

321.940

4.411

135.671

148.224

158.586

6.989

7.668

944.275

473

7.148

203

292.332

7.169

213.077

9.562

2024

2023

213.077

7.842

6.233

Non-current assets

Assets

Completed development projects

Acquired trademarks and other rights

Goodwill

Property, plant and equipment

Total non-current assets

Current assets

Inventories

Other receivables

Prepayments

Trade receivables

Total current assets

Total assets

Deferred tax assets

Cash and cash equivalents

Financial assets

Right-of-use assets

Biological assets

Page 16 of 81

Consolidated balance sheet

as per 31 December 2024

In thousands DKK Notes

21

17

15

9

17

15

17

40.000

-8.895

-5.264

7.268

292.411

99.244

50.990

44.797

-

251.878

276.888

30.000

-

2023

51.041

3.264

219.666

19.633

2024

293.553

2.982

20.243

218.145

312.983

311.624

-

589.883

296.330

944.275

901.507

2.702

111.776

2.931

130.065

631.292

84.347

338.881

145.320

6.761

Non-current liabilities

Liabilities

Borrowings

Lease liabilities

Deferred tax liabilities

Total non-current liabilities

Current liabilities

Trade payables

Income tax liabilities

Borrowings

Lease liabilities

Total current liabilities

Total liabilities

Total liabilities and equity

Other liabilities

Equity

Share capital

Reserve for cash flow hedges

Retained earnings

Foreign currency translation reserve

Total equity

Other liabilities

Proposed dividend

Page 17 of 81

Consolidated statement of changes in equity

for the year ended 31 December 2024

In thousands DKK

As at 1 January 2024

As at 31 December 2024

-3.718

-

25.077

30.000

55.077

-

-3.631

-

-87

-

311.624

40.000

-5.264

-

276.888

-

51.359

-50.000

-

24.990

30.000

-50.000

-

-3.631

-

312.983

40.000

-8.895

-

251.878

30.000

Other comprehensive income

Total comprehensive income

Transactions with owners in their

capacity as owners

Share capital

Foreign currency

translation reserve

Reserve for cash flow

hedges

Retained earnings Total equity

Profit for the period

Dividends paid

Proposed dividend

Page 18 of 81

Consolidated statement of changes in equity

for the year ended 31 December 2023

In thousands DKK

As at 1 January 2023

As at 31 December 2023

276.888

-

311.624

-5.264

-

40.000

-

1.789

-1.048

-

40.000

193.297

-

82.451

1.881

-

-1.134

1.789

86

227.292

-7.053

1.048

-

83.585

6

-

84.332

83.591

-

Other comprehensive income

Total comprehensive income

Transactions with owners in their

capacity as owners

Profit for the period

Dividends paid

Share capital

Foreign currency

translation reserve

Reserve for cash flow

hedges

Retained earnings Total equity

Proposed dividend

Page 19 of 81

Consolidated statement of cash flows

for the year ended 31 December 2024

In thousands DKK Notes

20

473

203

270

-3.719

203

3.922

-50.000

-

-15.015

-

-15.408

-96.779

65.387

11.338

-3.319

-2.948

-12.461

-105.169

-59.852

-70.785

-2.617

-2.191

936

1.753

-53.954

-67.963

-1.134

6.771

-3.900

-

-13.116

-8.101

-

-8.338

75.530

163.845

2024

2023

55.077

82.451

4.559

4.596

-24.026

-17.743

79.483

75.448

-26.447

27.194

Cash flows from operating activities

Net profit for the year

Interest received

Interest paid

Income taxes paid

Net cash inflow from operating activities

Cash flows from investing activities

Payments for intangible assets

Payments for property, plant and equipment

Net cash outflow from investing activities

Cash flows from financing activities

Repayment of borrowings

Net cash inflow (outflow) from financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the financial year

Cash and cash equivalents at end of year

Changes in net working capital

Adjustments

Proceeds from borrowings

Principal elements of lease payments

Dividends paid to shareholders

Repayment of contingent consideration

Payment for acquisition of subsidiaries, net of cash acquired

Proceeds from sales of tangible assets

Payments for biological assets

Payments for financial assets

Page 20 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Note accounting policies

Note 2 Critical estimates, judgements and errors

Note estimates judgements

Note 3 Revenue from contracts with customers

Note revenue

Note 4 Other income and expense items

Note other income expenses

Note 5 Staff costs

Note staff costs

Note 6 Depreciation, amortisation and impairment

Note depreciations

Note 7 Financial income and expenses

Note fin. income and expenses

Note 8 Income tax expense

Note income tax expense

Note 9 Deferred tax

Note deferred tax

Note 10 Intangible assets

Note intangible assets

Note 11 Property, plant and equipment

Note PPE

Note 12 Biological assets

Note biological assets

Note 13 Inventories

Note inventories

Note 14 Trade receivables

Note trade receivables

Note 15 Leases

Note leases

Note 16 Impairment tests

Note impairment tests

Note 17 Financial assets and financial liabilities

Note fin. assets and liab.

Note 18 Financial risk management

Note fin. risk management

Note 19 Fair values

Note fair values

Note 20 Cash flow specifications

Note cash flow specifications

Note 21 Share capital

Note share capital

Note 22 Capital management

Note capital management

Note 23 Contingent liabilities, commitments and contingencies

Note contingent liabilities

Note 24 Related party transactions

Note related party transactions

Note 25 Fee to auditors appointed at the general meeting

Note fee to auditors

Note 26 Subsidiaries

Note subsidiaries

Note 27 Subsequent events

Note subsequent events

Page 21 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial

statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated

financial statements are for the group consisting of Danæg Holding A/S and its subsidiaries ('the Group').

Basis of preparation

The consolidated financial statements for the Group have been prepared in accordance with International Financial Reporting

Standards (IFRS) as adopted by the EU as well as additional the Danish disclosure requirements applying to entities of reporting

class C for large enterprises.

The consolidated financial statements are presented in thousands Danish Kroner ('DKK') and all values are rounded to the nearest

thousand, except when otherwise indicated.

New standards and interpretations not yet adopted

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not

mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group. These standards, amendments

or interpretations are not expected to have a material impact on the Group in the current or future reporting periods and on

foreseeable future transactions.

Principles of consolidation

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has

rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct

the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are

deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised

losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies

of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

The number formatting is consistent with the Danish version, even though the financial statements are prsented in English.

Page 22 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Business combinations

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or

other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

- fair values of the assets transferred

- liabilities incurred to the former owners of the acquired business

- equity interests issued by the Group

- fair value of any asset or liability resulting from a contingent consideration arrangement, and

- fair value of any pre-existing equity interest in the subsidiary.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited

exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the

acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of

the acquired entity’s net identifiable assets.

Acquisition-related costs are expensed as incurred.

The excess of the:

- consideration transferred,

- amount of any non-controlling interest in the acquired entity, and

- acquisition-date fair value of any previous equity interest in the acquired entity

over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the

net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present

value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar

borrowing could be obtained from an independent financier under comparable terms and conditions.

Contingent consideration is classified as a financial liability and subsequently remeasured to fair value, with changes in fair value

recognised in profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity

interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are

recognised in profit or loss.

Page 23 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic

environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in

Danish Kroner (DKK), which is the also parent's functional currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets

and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are

deferred in equity if they are attributable to part of the net investment in a foreign operation.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in

other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or

loss, as part of the gain or loss on sale.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the

foreign operation and translated at the closing rate.

The results and financial position of foreign operations that have a functional currency different from Danish Kroner are translated

into Danish Kroner as follows:

- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet

- income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average

exchange rates, and

- all resulting exchange differences are recognised in other comprehensive income

The Group leases various properties, vehicles, and other equipment. Property contracts typically have a duration of 12 months to 3

years but may have extension and termination options, see note 15.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present

value of the following lease payments:

- fixed payments (including in-substance fixed payments), less any lease incentives

- variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement

date

- amounts expected to be payable by the group under residual value guarantees

- the exercise price of a purchase option if the group is reasonably certain to exercise that option, and

- payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is

generally the case for leases in the Group, the incremental borrowing rate is used, being the rate that the individual lessee would

have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic

environment with similar terms, security and conditions.

Leases

Page 24 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

To determine the incremental borrowing rate, the Group:

- where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes

in financing conditions since third party financing was received

- uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the group, and

- makes adjustments specific to the lease, e.g term, country, currency and security.

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in

the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability

is reassessed and adjusted against the right-of-use asset.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period

so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

- any lease payments made at or before the commencement date less any lease incentives received

- any initial direct costs, and

- restoration costs.

Right-of-use assets are depreciated over the lease term on a straight-line basis.

Payments associated with short-term leases of property, vehicles and equipment and all leases of low-value assets are recognised

on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a

purchase option. Low-value assets comprise IT equipment and small items of office furniture.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and

non-lease components based on their relative stand-alone prices.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements

do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not

be used as security for borrowing purposes.

Right-of-use assets are measured at cost comprising the following:

- the amount of the initial measurement of lease liability

Derivatives and hedge accounting

Derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and

subsequently remeasured at fair value over profit and loss. Derivatives are carried as financial assets, presented under other

receivables, when the fair value is positive and as financial liabilities, presented under other payables, when the fair value is

negative.

At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship and the risk

management objective and strategy for undertaking the hedge.

Changes in the fair value of derivative financial instruments designated as cash flow hedges are recognised in other comprehensive

income and presented under “Reserve for cash flow hedges” (equity). Where the expected future transactions results in the

acquisition of non-financial assets, any amounts deferred under equity are transferred from equity to the cost of the asset. Where

an expected future transaction results in income or expense, any amounts deferred under equity are transferred from equity to the

income statement in the same item as the hedged transaction as a reclassification adjustment.

The amount included in the hedging reserve is the lower of, in absolute amounts, of the cumulative fair value adjustment of the

hedging instrument and the hedged item. Ineffectiveness is recognised in the income statement.

Page 25 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Revenue

The Group produces and sells a wide range of egg and egg-related products in the wholesale market.

Production costs

Production costs includes the costs incurred to achieve the year's revenue. The cost price comprises raw materials, auxiliary

materials, direct wages, indirect production costs, such as maintenance and depreciation etc. as well as operation, administration

and management of factories. Depreciation of goodwill is also recognised under production costs to the extent that goodwill relates

to the production activity. In addition, changes in fair value of the biological assets is recognised in production costs.

Distribution costs

Distribution costs comprises direct costs fowages for sales and distribution staff, advertising and marketing costs, transportation

costs and depreciation, etc. Depreciation of goodwill is also included to the extent that goodwill relates to the distribution activity.

Administration expenses

Administrative costs comprises costs for the management, the administrative staff, office costs, depreciation etc. Depreciation of

goodwill is also included in the share relating to the administration activity.

Other operating income and expenses

Financial income and expenses

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

Other operating income and other operating costs comprise accounting items of a secondary nature in relation to the Group's main

activity, including profit and loss on the sale of intangible and tangible assets.

Financial income and expenses (net financial items) include interest income and expenses calculated in accordance with the

effective interest method, exchange rate adjustments, amortisation of mortgage loans as well as supplements and reimbursements

under the advance tax scheme.

Income statement

Revenue from each order is recognised when control has transferred to the customer, which is upon delivery of the goods. No

significant element of financing is deemed present as the sales are made with an average credit term of approximately 30 days.

The Group enters into various framework agreements with customers, which lay the groundwork for future product purchases.

Each product order represents a single performance obligation. The Group's customer contracts may include various forms of

variable consideration, such as retrospective volume discounts based on the quantity of products sold to a specific customer over a

12-month period. These volume discounts are estimated, and a liability is recognised for the expected amount to be paid to the

customer. Sources of variable consideration are accounted for as a reduction in the transaction price, and thus reduces the revenue

being recognised.

Page 26 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable

income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences

and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting

period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management

periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to

interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group

measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a

better prediction of the resolution of the uncertainty.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets

and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not

recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial

recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects

neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted

or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is

realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary

differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of

investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and

it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and

where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the

entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability

simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in

equity, respectively.

Deferred tax assets and liabilities

Page 27 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Goodwill

Goodwill on acquisitions of subsidiaries is measured as described under business combinations. Goodwill is not amortised but it is

tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is

carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of

goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-

generating units or groups of cash-generating units that are expected to benefit from the business combination in which the

goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal

management purposes.

Development projects

Costs associated with research are recognised as an expense as incurred. Development costs that are directly attributable to the

design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets where

the following criteria are met:

- it is technically feasible to complete the software so that it will be available for use

- management intends to complete the software and use or sell it

- there is an ability to use or sell the software

- it can be demonstrated how the software will generate probable future economic benefits

- adequate technical, financial and other resources to complete the development and to use or sell the software are available, and

- the expenditure attributable to the software during its development can be reliably measured.

Balance sheet

Directly attributable costs that are capitalised as part of a development project include employee costs and an appropriate portion

of relevant overheads.

Capitalised development costs are amortised from the point at which the asset is ready for use.

Page 28 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Acquired trademarks and other rights

Separately acquired trademarks and other rights are shown at historical cost. Trademarks and other rights acquired in a business

combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost

less accumulated amortisation and impairment losses.

Amortisation methods and useful lives

The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods:

Completed development projects

Acquired trademarks and other rights

Goodwill Not amortised

10 years

3 - 5 years

Property, plant and equipment

Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly

attributable to the acquisition of the items.

Biological assets

Biological assets are measured on initial recognition and at the end of each reporting period at fair value less costs to sell. Changes

in fair value of the Group's hens are recognised in profit or loss as part of production costs. Costs related to harvesting the eggs are

expensed as incurred.

Fair value of the biological assets decreases linearily over its estimated useful life due to a decrease in remaining egg production.

The estimated useful life of the biological assets are 95 weeks. At the time of harvest, eggs are measured at fair value less costs to

sell and transferred to inventories.

Depreciation methods and useful lives

Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over their

estimated useful lives as follows:

Buildings

Production assets and machinery

Machinery

Other fixtures, fittings and equipment

3 - 6 years

6 - 10 years

10 - 25 years

Land is not subjected to depreciations due to the assessed residual value.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured

reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs

and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its

estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

Methods used to measure fair value less costs to sell are provided in note 19. Key assumptions used to determine

the fair value of biological assets and sensitivity analysis are provided in note 12.

Page 29 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Impairment of assets

Goodwill and development projects in progress are not subject to amortisation and are tested annually for impairment, or more

frequently if events or changes in circumstances indicate that they might be impaired. Other non-current assets are tested for

impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An

impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The

recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing

impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely

independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than

goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Inventories

Inventories are measured at the lower of cost and net realisable value under the FIFO method. The net realisable value of

inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with

deduction of selling expenses.

The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost

of goods for resale equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials,

consumables and direct labour.

Other receivables

Other receivables consist of accrual accounting, deposits, other accounts receivable and hedging instruments.

Prepayments

Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest.

Trade receivables

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant

financing components when they are recognised at fair value. They are subsequently measured at amortised cost less loss

allowance. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected

loss.

Trade and other payables

These amounts represent liabilities for goods and services provided to the group prior to the end of the financial year which are

unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as

current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair

value and subsequently measured at amortised cost using the effective interest method.

Financial liabilities

Financial assets comprises ownership shares in trading associations and deposits, which are valued at cost price.

Financial assets

Page 30 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that

some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no

evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity

services and amortised over the period of the facility to which it relates.

Equity reserves

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a

deductions, net of tax, from the proceeds.

Foreign currency translation reserve

Exchange differences arising on translation of the parent company and of foreign controlled entities into DKK, are recognised in

other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit

or loss when the net investment is disposed of.

Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the

Group, on or before the end of the reporting period, but not distributed at the end of the reporting period.

Reserve for cash flow hedges

Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for

hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred either

to the income statement when the hedged positions are realised.or to the cost price of a non-financial assets, if this is the hedged

item.

Statement of cash flows

The cash flow statement shows the Group's cash flows for the year broken down by operating, investing and financing

activities, changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the

beginning and end of the year.

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and

non-cash operating items such as depreciation, amortisation and impairment losses. Working capital comprises current assets less

short-term debt, excluding items included in cash and cash equivalents.

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and

equipment as well as fixed asset investments.

Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element

on lease payments as well as payments to and from shareholders.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at

amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit

or loss over the period of the borrowings using the effective interest method.

Page 31 of 81

Contents of the notes to the consolidated financial statements

Note 1 Material accounting policy information

Key figures

The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial Analysts.

Gross margin

Operating margin

Gross margin x 100 / revenue

Operating profit x 100 / revenue

Return on assets Operating profit x 100 / total assets ultimo

Equity ratio Equity ultimo x 100 / total assets ultimo

Return on equity Net profit (loss) x 100 / average equity

Gearing ratio Net interest-bearing debt / EBITDA

Net interest bearing debt (NIBD) Net interest-bearing debt minus cash

Net working capital (NWC) Inventory + trade receivables - trade and other payables

Cash and cash equivalents

Cash and cash equivalents comprises cash and bank balances.

Page 32 of 81

Contents of the notes to the consolidated financial statements

Note 2 Critical estimates, judgements and errors

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual

results. Management also needs to exercise judgement in applying the group’s accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more

likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of

these estimates and judgements is included in other notes together with information about the basis of calculation for each affected

line item in the financial statements. In addition, this note also explains where there have been actual adjustments this year as a

result of an error and of changes to previous estimates.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more

likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of

these estimates and judgements is included in other notes together with information about the basis of calculation for each affected

line item in the financial statements. In addition, this note also explains where there have been actual adjustments this year as a

result of an error and of changes to previous estimates.

Critical estimates

Significant judgements

Biological assets

Method for valuation of poultry

The fair value of poultry is determined by reference to market prices for poultry for that local area adjusted for obsolescence.

Significant judgements include applying a cost approach, often referred to as current replacement cost, as a fair value model

because this incorporates the specific location and genetics for the poultry, and in the management's view, is the most appropriate

valuation model for estimating the fair value. Another approach would be to use a discounted cash flow model, which would

estimate an entity-specific fair value. This approach, however, would not give a fair value of the biological assets relative to the

market due to a significant amount of entity inputs.

Key assumptions to determine fair value of the biological assets and sensitivity analysis are provided in note 12.

Impairment of non-financial assets

Goodwill

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher

of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash flows are

derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or

significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is

sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for

extrapolation purposes. These estimates are most relevant to goodwill recognised by the Group. The key assumptions used to

determine the recoverable amount for the different CGUs are disclosed and further explained in note 16.

Page 33 of 81

Contents of the notes to the consolidated financial statements

Note 3 Revenue from contracts with customers

In thousands DKK

2.082.998

2.154.802

667.132

427.375

405.930

400.594

766.348

405.930

2.154.802

581.930

400.594

607.413

766.348

381.078

607.413

2024

2023

667.132

427.375

2.082.998

581.930

Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods at a point in time in the following geographical regions and from the

following product categories:

Revenue from contracts with customers

Total

Denmark

Sweden

Finland

Other

Revenue from contracts with customers

Denmark

Sweden

Finland

Other

The Group revenue derives from the transfer of goods at a point in time in the following geographical regions and consists of sale of

shell eggs and processed products. Sale of shell eggs accounts for 55% (2023: 45%) of the total revenue. Sale of processed products

account for 45% (2023: 55%) of the total revenue.

Page 34 of 81

Contents of the notes to the consolidated financial statements

Note 4 Other income and expense items

In thousands DKK

608

10.547

2024

2023

-

10.486

-

-31

608

92

Change in contingent consideration related to business combination

Other income

Other income and expenses

Other expenses

Page 35 of 81

Contents of the notes to the consolidated financial statements

Note 5 Staff costs

In thousands DKK

406

389

1.423

12.130

2024

2023

16.010

15.117

197.962

183.987

163.613

152.837

18.339

16.033

Executive

Board

Board of

Directors

Total

2024

2023

10.707

1.423

12.130

10.707

Executive

Board

Board of

Directors

Total

11.375

1.460

12.835

11.375

1.460

12.835

Pension cost, defined contribution plans

Average number of employees

Key management personnel compensation

Other social security costs

Key management personnel consists of the Executive Board and the Board of Directors. The compensation paid or payables to key

management personnel for employee services is shown below:

Wages and salaries

Wages, bonus and pensions

Page 36 of 81

Contents of the notes to the consolidated financial statements

Note 6 Depreciation, amortisation and impairment

In thousands DKK

47.229

44.750

2024

2023

5.272

5.268

3.373

2.902

36.580

38.584

-

6.000

47.229

50.750

-

6.000

Depreciation of property, plant and equipment

Amortisation of intangible assets

Depreciation of right-of-use assets

Depreciation and amortisation

Impairment

Impairment of intangible assets

Total depreciation, amortisation and impairment

Page 37 of 81

Contents of the notes to the consolidated financial statements

Note 7 Financial income and expenses

In thousands DKK

-209

-148

4.559

4.596

-742

-274

-19.467

-13.146

2024

2023

-23.075

-17.321

4.559

4.596

-24.026

-17.743

Interest income from bank and customers

Financial expenses

Interest expenses on borrowings

Financial income

Total financial expenses

Total financial income

Interest expenses on lease liabilities

Foreign exchange rate losses

Net finance costs

Page 38 of 81

Contents of the notes to the consolidated financial statements

Note 8 Income tax expense

In thousands DKK

15.602

1.110

19.934

-

15.843

2024

2023

27

-

-15.255

-13.642

-2.201

-4.706

2023

2024

-15.843

-19.934

22.591

-792

-27

-1.838

-869

Current tax

Current tax on profits for the year

Adjustments for current tax of prior periods

Income tax expense

Reconcilliation of effective tax rate

Calculated tax at the Danish tax rate of 22% (2023: 22%)

Tax effects of amounts which are not deductible (taxable) in

calculating taxable income:

Non-deductible expenses and income

Adjustments for current tax of prior periods

Income tax expense at the effective tax rate of 22,3%

(2023: 19,4%)

Less tax in foreign operations in relation to the Danish tax

rate of 22% rate (2023: 22%)

Deferred income tax

Page 39 of 81

Contents of the notes to the consolidated financial statements

Note 9 Deferred tax

In thousands DKK

13.421

11.987

6.822

7.646

20.243

19.633

3.863

4.410

13.421

11.987

-685

982

841

8.994

7.203

-78

-66

-22

-

13.421

11.987

-767

-74

367

284

2024

2023

2.201

4.744

11.987

7.317

Deferred tax recognised in the statement of profit or loss

Deferred tax at 1 January

Deferred tax at 31 December

Intangible assets

Property, plant and equipment

Right-of-use assets

Deferred tax relates to:

Inventories

Tax losses carried forward

Tax related to foreign operations

Deferred tax asset, recognised

Exchange adjustment

Of which presented as deferred tax assets

Of which presented as deferred tax liabilities

Deferred tax at 31 December

In line with the requirements in IAS 12, the deferred tax assets and liabilities are offset as they have a legal right to set off and

relate to income tax with the same taxation authority.

The recogonised tax assets that relates to tax losses carried forward, which is the result of previous years taxable income

ascertained in 2018. In connection with the assessment of the utilisation of the tax assets, special emphasis has been placed on that

the most significant tax loss carry forward are in markets, where the Group now is well established and these operations are

expected to generate positive results going forward.

Trade receivables

Page 40 of 81

Contents of the notes to the consolidated financial statements

Note 10

Intangible assets

In thousands DKK

At 1 January 2023

At 31 December 2023

At 1 January 2023

At 31 December 2023

Carrying amount 31 December 2023

At 1 January 2024

At 31 December 2024

At 1 January 2024

At 31 December 2024

Carrying amount 31 December 2024

248.482

21.635

8.736

242.124

24.324

6.817

-

2.191

-

3

6.355

278.853

-

-3.661

-936

248.482

23.580

8.736

-35.405

-12.073

-1.567

-

-680

-4.898

-

18

-

1.919

273.265

2.191

8.274

-4.898

21

-6

-49.045

-402

-6.000

-

229.808

-

2.617

-

213.077

9.562

-42.637

7.169

-2

-4

-

-35.405

-12.073

-1.567

-

421

-823

-6.000

-

-29.403

-12.490

-744

-

-4

-

-15.738

-35.405

213.077

7.842

6.233

-2.503

248.482

21.635

8.736

278.853

280.798

8

2.617

-680

-

8

-

-4.597

-49.045

227.152

-53.646

-4

Completed

development

projects

Total

Cost:

Additions from business combinations

Exchange differences

Amortisation charge

Impairment

Exchange differences

Acquired

trademarks and

other rights

Goodwill

Accumulated depreciation and impairment:

Additions

Disposals

Cost:

Exchange differences

Amortisation charge

Exchange differences

Accumulated depreciation and impairment:

Additions

Disposals

Page 41 of 81

Contents of the notes to the consolidated financial statements

Note 10

Intangible assets

Development projects

Development projects comprises the cost directly related to the development of the software in Group.

Acquired trademarks and other rights

Acquired trademarks and other rights are related to the subsidaries aquired in 2021 and 2023. The trademarks are mostly related

to the name and logo, which are valuable to consumers, hence a part of the purchase value have been allocated to the trademarks

and is subsequently amortised according to the accounting policies in note 1.

Impairment charge

The group tests whether goodwill has suffered any impairment on an annual basis. For the 2024 and 2023 reporting periods, the

recoverable amount of the cash-generating units (CGU's) was determined based on value in use calculations which require the use

of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a five-

year period.

Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated in specifications in note 16. These

growth rates are consistent with forecasts included in industry reports specific to the industry in which each CGU operates.

Page 42 of 81

Contents of the notes to the consolidated financial statements

Note 11 Property, plant and equipment

In thousands DKK

At 1 January 2023

At 31 December 2023

At 1 January 2023

At 31 December 2023

Carrying amount 31 December 2023

At 1 January 2024

At 31 December 2024

At 1 January 2024

At 31 December 2024

Carrying amount 31 December 2024

1.586

513.167

47.146

-

-967

-508.547

-9.522

-29.491

53.955

-4.405

-1.235

303.826

460.683

41.318

-144.220

-304.911

-28.958

-478.089

-8.765

67.964

-

805.827

866.612

-17.470

-2.499

495.517

44.876

-508.547

-9.545

-21.236

-3.307

-1.023

-5.544

-427

347.620

-153.910

-323.129

-537.692

370.241

4.943

184.954

172.620

12.667

-162.666

-340.547

-34.479

789

3.818

336

-34.088

4.392

-890

56

-153.910

-323.129

-31.508

-748

-51

-168

-5.640

-6.994

907.933

-31.508

-7.875

427

1.103

21.966

41.606

326.219

358.065

172.309

172.388

13.368

27.599

3.932

22.424

866.612

326.219

495.517

44.876

Total

Cost:

Disposals

Exchange differences

Depreciation charge

DisposalsExchange differences

Additions

Disposals

Exchange differences

Depreciation charge

Other fixtures,

fittings and

equipment

Accumulated depreciation and impairment:

Cost:

Accumulated depreciation and impairment:

Additions

Exchange differences

Land and

buildings

Plant and

machinery

Page 43 of 81

Contents of the notes to the consolidated financial statements

Note 12 Biological assets

In thousands DKK

Carrying amount at 1 January

Carrying amount at 31 December

Estimated fair value

In thousands DKK

2024

2023

8.585

7.451

-312

-681

14.786

8.192

7.451

14.222

-14.282

-13.340

9.014

7.824

Variance

Increase /

decrease in

fair value

5,00%

429

2024

2023

Layer hens

Change in fair value due to price changes

Increase due to purchases

The Group’s biological assets consist of layer hens producing barn eggs. The Group's biological assets are located in Finland. The

useful life of a layer hen is approximately 20 months depending on production efficiency.

Valuation of biological assets

For layer hens, market-based prices are not available in its present location and condition, hence fair value should be measured on

the basis of a valuation technique which is appropriate in the circumstances and for which sufficient data is available to measure

fair value.

The Group determines the fair value less costs to sell of its leyer hens using the depreciated replacement cost approach adjusted for

obsolescence, as this reflects the amount that would be required currently to replace the service capacity of the Group's layer hens.

Obsoloscene in this case is the decreased production efficiency ot the layer hens as they age, become disease infected etc.

The Group has classified its biological assets within level 3 of the fair value hierachy, being that the transaction prices used in the

depreciated replacement cost approach is not observable in active markets.

Refer to note 1 to see how the Group accounts for biological assets. See note 18 for risk management strategies regarding biological

assets.

Valuation process

Valuation inputs and the relationship to the fair value is, as a consequence of the depreciated replacement cost approach, based on

transaction prices, which means that the higher the market price of the layer hens, the higher the fair value.

The Group has a team within the External Reporting department that performs the valuation of biological assets. When

considering the appropriate market prices for layer hens to use, the team reviews available information such as the latest

transaction prices. The valuation policies and procedures, as well as changes in the fair value measurements are reviewed annually.

Sensitivity analysis of significant unobservable inputs

Layer hens market price

Decrease due to obsolescence

Page 44 of 81

Contents of the notes to the consolidated financial statements

Note 13 Inventories

In thousands DKK

75.080

95.336

148.224

144.899

2024

2023

73.144

49.563

Finished goods

Raw materials and stores

Amounts recognised in the balance sheet

The Group's inventories comprise the following:

There have been no write downs on inventory in 2024 or 2023.

Amounts recognised in profit or loss

Inventories recognised as an expense during the year ended 31 December 2024 amounted to 1.679 mDKK (2023: 1.606 mDKK).

Page 45 of 81

Contents of the notes to the consolidated financial statements

Note 14 Trade receivables

In thousands DKK

2024

2023

11.892

8.831

2024

2023

158.953

135.941

-367

-270

158.586

135.671

Trade receivables from contracts

Due to the short-term nature of the current receivables, the carrying amount is considered to be the same as the fair value.

For further information on the loss allowance provision, see note 18.

The carrying amounts of the trade receivables include receivables which are subject to a factoring arrangement. Under this

arrangement, the Group has transferred the relevant receivables to the factor in exchange for cash and is prevented from selling

or pledging the receivables. However, the

Group has retained late payment and credit risk, and

therefore continues to recognise

the transferred assets in their entirety in its balance sheet.

Transferred receivables

Classification as trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business.

They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recog

nis

ed

initially at the amount of consideration that is unconditional, unless they contain significant financing components, when th

ey

are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flo

ws

and

therefore measures them subsequently at amortised cost using the effective interest method.

Fair value of trade receivables

Carrying amount of transferred trade receivables

Management considers that in substance the factor collects the amounts receivable on the Group's behalf and retains the cash in

settlement of the separate financing transaction. The Group therefore presents the cash inflows received from the bank as

financing cash inflows and the subsequent payments by the debtor as both operating cash inflows and financing cash outflows.

Loss allowance

Offsetting arrangements

The Group gives volume

-

based rebates to selected wholesalers. Under the terms of the supply agreements, the amounts payable

by

the Group are offset against receivables from the wholesalers and only the net amounts are settled. The relevant amounts

have therefore been presented net in the statement of financial position. The

offsetting arrangements amounts to DKK 30.713

thousands in 2024 (2023: DKK 35.604 thousands). If presented gross, the recognised trade receivables would have been DKK

189.299 thousands in 2024 (2023: DKK 171.275 thousands) and the recognised trade payables would have been DKK 176.033

thousands in 2024 (2023: DKK 165.669 thousands).

Page 46 of 81

Contents of the notes to the consolidated financial statements

Note 15 Leases

In thousands DKK

5.684

6.195

2.702

2.931

2.806

4.214

5.330

5.900

3.673

3.410

1.419

2.014

2024

2023

238

476

2.982

3.264

563

187

2.015

1.897

795

818

3.373

2.902

11

18

-209

-148

3.319

3.077

636

303

The balance sheet shows the following amounts relating to leases:

Properties

Vehicles

Equipment

Other equipment

Current

Non-current

Lease liabilities

Additions to the right-of-use assets

Right-of-use assets

Amounts recognised in the statement of profit or loss

Depreciation charge of right-of-use assets

Properties

Vehicles

Other equipment

Interest expense on lease liabilities

Expense relating to short-term leases

Expense relating to leases of low-value assets

Total cash outlow for leases

Amounts recognised in the balance sheet

The statement of profit or loss shows the following amounts relating to leases:

Extension and termination options

Property leasing covers on single property located in Färgelanda, Sweden. The contract commenced on 1 March 2016 and was

initially set to expire on 28 February 2020. However, the contract automatically extends for one year if neither the lessor nor

Danæg gives notice of termination to the other party. This notice must be given at least nine months before the contract's

expiration.

Car leases generally have a lease period of three to five years, with no extension or termination options included in the contracts.

Leases for machinery and other equipment generally have a lease period of three to five years, with no extension or termination

options included in the contracts.

Page 47 of 81

Contents of the notes to the consolidated financial statements

Note 16 Impairment tests

In thousands DKK

2023

2024

206.721

6.356

213.077

206.721

6.356

213.077

Impairment tests for goodwill

Goodwill relates to the acquisition of Munax Oy and Torggummans Ägg AB. The carrying amount of goodwill amounts to DKK

213.077 thousands (2023: DKK 213.077 thousands) For both companies an impairment test in respect of goodwill has been carried

out at December 31, 2024 based on value in use. The impairment test was performed through a calculation of value based on a DCF

model applying the following assumptions.

Sweden

Finland

Goodwill

Total

Goodwill

Total

Sweden

Finland

Key assumptions used for value in use calculations

The DCF model use cash flow projections based on financial budgets approved by management covering a five-year period. Applied

EBIT-margins corresponds to the EBIT-margins realized in 2024. No growth rate for EBIT-margins has been applied for the five-

year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rate of 1,5% (2023: 1,5%). For

both companies a pre-tax discount rate of 10,5% (2023: 11,3%) has been applied. The applied discount rate is based on specific

risks relevant to the segments and the countries in which they operate. Annual capital expenditure is based on historical

expenditure and planned investments.

No impairment losses on goodwill have been recognized in 2024.

A reasonable change in the applied key assumptions on which the management has based its estimation of the recoverable

amounts would not cause the carrying amounts to exceed the recoverable amount of goodwill.

Page 48 of 81

Contents of the notes to the consolidated financial statements

Note 17 Financial assets and financial liabilities

In thousands DKK

169.780

140.343

2024

2023

158.586

135.671

4.205

305

-

44

-

44

6.989

4.367

552.724

497.350

317.389

264.463

5.684

6.195

16

147

84.331

96.627

145.320

130.065

51.041

65.993

51.057

66.140

The Group holds the following financial instruments:

Financial assets

Financial assets at amortised cost

Trade receivables

Cash and cash equivalents

Financial liabilities

Liabilities at amortised cost

Trade payables

Borrowings

Lease liabilities

Derivatives not designated as hedging instruments

Foreign exchange forward contracts

Derivatives not designated as hedging instruments

Foreign exchange forward contracts

Other liabilities

Derivatives not designated as hedging instruments reflect the positive change in fair value of those foreign exchange forward

contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk

for expected sales and purchases

Financial liabilities at fair value through profit or loss

Contingent consideration

Total financial liabilites at fair value

Total financial assets at fair value

Trade payables are unsecured and are usually paid within 30 days of recognition. Where trade payables are settled via electronic

cash transfer, they are derecognised when the Group has no ability to withdraw, stop or cancel the payment, has lost the practical

ability to access the cash as a result of the electronic payment instruction, and the risk of a settlement not occurring is insignificant.

The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.

Derivatives not designated as hedging instruments reflect the negative change in fair value of those foreign exchange forward

contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk

for expected sales and purchases.

Other receivables

Page 49 of 81

Contents of the notes to the consolidated financial statements

Note 17 Financial assets and financial liabilities

In thousands DKK

2024

2023

11.666

109.964

11.179

121.630

97.990

109.169

218.145

317.389

88.065

99.244

120.155

208.220

142.833

264.463

44.797

219.666

33.131

109.702

Borrowings

Total

Non-current

CurrentTotal

Non-current

Current

Mortgage loans

Bank loans

For the borrowings, the fair values are not materially different from their carrying amounts, since the interest payable on those

borrowings is either close to current market rates or the borrowings are of a short-term nature. All financial instruments are

measured based on level 2 input. The fair values of non-current borrowings are based on discounted cash flows using a current

borrowing rate.

The borrowings for the Group are divided into mortgage and bank loans and covers plenty different loans. Part of them is

remunerated at fixed rate in the range of 1,08% to 1,55%. Their maturity period ends from beginning of 2025 until end of 2032.

The other part is remunerated at variable rate in the range of 6,26% to 7,30% and the maturity periode ends in 2029 and 2043.

The Group’s exposure to various risks associated with the derivative financial instruments are explained in note 18.

Contingent consideration is in relation to acquisition of a subsidiary in 2021, where part of the total purchase value is based on an

earn-out agreement. This earn-out agreement is payable in the financial years 2022, 2023 and 2027 and is contingent on EBITDA

achieved by the subsidiary for the financial years above. The potential undiscounted amount payable under the agreement is DKK

53,8 millions. The fair value of the contingent consideration was estimated by calculating the present value of the future expected

cash flows discounted by the incremental borrowing rate of Finnish unsecured debt instruments, without adjustment of any

interest supplement but assumed probability-adjusted sales. It is assessed that the earn-out agreement payable in the financial

year 2027 is highly probable, hence the recognised amount is close to the expected cash payment.

for expected sales and purchases.

Page 50 of 81

Contents of the notes to the consolidated financial statements

Note 18 Financial risk management

In thousands DKK

2024

2023

-1.999

-1.786

2.999

2.679

The Group’s principal financial liabilities, other than derivatives, primarily comprise mortgage loans, bank loans, and trade and

other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group’s principal financial

assets include trade receivables, and cash and cash equivalents. The Group also enters into derivative transactions.

Market risk

Interest rate risk

The Group is exposed to market risk, credit risk and liquidity risk. The Group’s management oversees the management of these

risks. The Group’s management is supported by the Board of Directors that advises on financial risks and the appropriate financial

risk governance framework for the Group. The Board of Directors provides assurance to the Group’s management that the Group’s

financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and

managed in accordance with the Group’s policies and risk objectives. The Board of Directors reviews and agrees policies for

managing each of these risks, which are summarised below.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market

prices. Market risk for the Group comprises interest rate risk and currency risk. Financial instruments affected by market risk

include borrowings, trade receivables, trade payables and derivative financial instruments.

The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow

interest rate risk. The Group continuously monitor interest rate trends and market conditons to anticipate potential changes and

regularly assess the impact of interest rate ﬂuctuations on financial statements and adjust financial strategies accordingly.

Currency risk

The Group operates internationally and is exposed to foreign exchange risk, primarily Euro, SEK, GBP and the USD. Foreign

exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is

not the functional currency of the relevant Group entity. The Group uses foreign currency forwards to hedge its exposure to foreign

currency risk, see note 17.

Generally, the Group's policy is to enter into long-term fixed rate borrowings to manage risks, primarily denominated in DKK and

EUR.

A reasonably possible change in the market interest rate compared to the interest rates as of the end of the reporting period will

have the following hypothetical impact on profit after tax and equity:

Impact on post tax profit and equity

Interest rate - increase of 1,0% (2023 of 1%)

Interest rate - decrease of 1,5% (2023 of 1,5%)

The Group’s exposure to changes in EUR, GBP and USD are not material, whereas a 4% change in the currency rate for SEK will

have a 12.844 tDKK impact on post tax profit and equity (2023: 9.978 tDKK)

Page 51 of 81

Contents of the notes to the consolidated financial statements

Note 18 Financial risk management

In thousands DKK

At 31 December 2024

At 31 December 2023

125

-

100

45

270

1%

0%

20%

50%

-

125.827

9.559

761

-206

135.941

145.954

0%

-

158.953

367

125

20%

12.999

242

0%

-

1%

Current

More than 30

days past due

More than 60

days past due

More than 120

days past due

Total

Expected loss rate

Gross carrying amount - trade receivables

Loss allowance

Expected loss rate

Gross carrying amount - trade receivables

Loss allowance

The loss allowances for trade receivables as at 31 December reconcile to the opening loss allowances as follows:

Trade receivables

The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss

allowance for all trade receivables.

To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days

past due. On that basis, the loss allowance as at 31 December 2024 and 31 December 2023 was determined as follows for both

trade receivables.

Credit risk is managed on a Group basis. For banks and financial institutions, the Group has established relationships with reliable

banks. Furthermore, the Group maintains adequate cash reserves and identifies risks while ensuring proper segregation of duties

where possible.

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to

a financial loss. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as

credit exposures to wholesale customers, including outstanding receivables.

Credit risk

Page 52 of 81

Contents of the notes to the consolidated financial statements

Note 18 Financial risk management

In thousands DKK

At 31 December 2024

97

103.298

86.905

44.031

234.234

208.220

84.347

51.041

-

135.388

2.702

2.982

-

5.684

45

109.169

13.258

66.290

50.931

130.479

-

2024

2023

270

225

367

270

145.320

-

145.320

348.925

207.218

94.962

651.105

603.781

Trade receivables

Opening loss allowance

Receivables written off during the year as uncollectible

Closing loss allowance

Liquidity risk

Maturities of financial liabilities

The amounts disclosed in the following table are the contractual undiscounted cash flows. Balances due within 12 months equal

their carrying balances as the impact of discounting is not significant.

Less than

1 year

More than

5 years

Total

contractual

cash flows

Carrying

amount

Contractual maturities of financial liabilities

1 - 5 years

Trade payables

Bank loans

Other liabilities

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount

of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying businesses, the Group

maintains flexibility in funding by maintaining availability under committed credit lines. To obtain the flexibility in funding the

Group has selected to obtain short term overdraft facilities in different currencies to be able to meet obligations when due. The

bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice.

The Group’s policy is to secure adequate liquidity to always meet the planned future financial and operational payment obligations

for minimum of the next 12 months period. The Group has an adequate liquidity position allowing management to carry out the

planned strategy. The Group monitors the liquidity risk through follow up against plans and forecasting of cash flow.

Mortgage loans

Lease liabilities

For some trade receivables the Group may obtain security in the form of credit insurance, which can be called upon if the

counterparty is in default under the terms of the agreement. The Group has insured approximately 70% of its trade receivables at a

large global insurance company, while the remaining uninsured 30% are trade receivables from counterparties with no historic

loss. Trade receivables and contract assets are written off where there is no reasonable expectation of recovery.

Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of

amounts previously written off are credited against the same line item.

Reserved for loss allowance during the year

Page 53 of 81

Contents of the notes to the consolidated financial statements

Note 18 Financial risk management

In thousands DKK

At 31 December 2023

296.177

229.283

66.488

591.948

563.489

111.776

50.990

-

162.766

66.120

65.702

145.046

121.630

130.065

-

130.065

162.766

142.833

2.931

3.264

-

6.195

38.181

108.909

786

147.876

130.065

13.224

Trade payables

Mortgage loans

Lease liabilities

Bank loans

Other liabilities

Financial risk management strategies for biological assets

The Group is exposed to risks arising from disease outbreak and financial risk in respect of the Group's biological assets. The

Group manages disease outbreak by segregating of layer hens as well as significant testing of both layer hens and eggs. The Group

has strong environmental policies and procedures in place to comply with environmental and other laws.

The Group is exposed to risks arising from fluctuations in the price of layer hens, however the Group has long-term relationships

with layer hen suppliers to ensure a stable supply. For price fluctuations, the Group follows analyses the market for the input of

raising the layer hens, hence the Group has an overview of price fluctuations.

Less than

1 year

More than

5 years

Total

contractual

cash flows

Carrying

amount

Contractual maturities of financial liabilities

1 - 5 years

To reduce risk related to disease outbreak, the Group has taken out relevant and sufficient insurance. Insurance coverage and

terms are reviewed annually.

Page 54 of 81

Contents of the notes to the consolidated financial statements

Note 19

Fair values

In thousands DKK

2024

Fair value hierarchy

-

8.585

-

Total

51.041

-

51.041

8.585

-

Level 1

-

8.585

Level 2

Level 3

-

8.585

16

-

16

-

51.041

-

51.041

-

16

-

16

-

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

recognised and measured at fair value in the financial statements. The Group has no financial instruments measured at fair value

based on level 1 input (quoted active market prices).

Assets measured at fair value

Derivative financial instruments

All financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or

indirectly), except biological assets which are measured based on level 3 input. See note 12 for a specification on biological assets.

Derivative financial instruments

The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using

available observable market data. Calculated fair values are verified against comparable external market quotes.

Biological assets

The Group has classified its biological assets within level 3 of the fair value hierachy, being that the transaction prices used in the

depreciated replacement cost approach is not observable in active markets.

Other liabilities measured at fair value

Contingent consideration

Foreign exchange forward contracts

Liabilities measured at fair value

Other assets measured at fair value

Biological assets

Derivative financial instruments

Foreign exchange forward contracts

Interest rate swaps

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities.

Contingent consideration

The Group has classified its contingent consideration in relation to a previous business combination within level 3 of the fair value

hierachy, being that the liability is based on the present value of discounted cash flows - see note 17.

Page 55 of 81

Contents of the notes to the consolidated financial statements

Note 19

Fair values

In thousands DKK

44

-

44

7.451

-

7.451

-

44

-

44

2023

Total

Level 1

-

Fair value hierarchy

Level 3

Level 2

65.993

-

65.993

7.451

147

-

147

-

147

-

65.993

-

65.993

147

-

There were no transfers between any levels during 2024 (2023: no transfers).

Assets measured at fair value

Derivative financial instruments

Other liabilities measured at fair value

Contingent consideration

Foreign exchange forward contracts

Liabilities measured at fair value

Other assets measured at fair value

Biological assets

Derivative financial instruments

Foreign exchange forward contracts

Interest rate swaps

Page 56 of 81

Contents of the notes to the consolidated financial statements

Note 20 Cash flow specifications

In thousands DKK

At 1 January 2023

At 31 December 2023

At 31 December 2024

-52.926

-49.607

96.909

-4.214

-81

-363.273

3.077

-4.214

-81

3.319

-26.013

23.343

-

79.483

75.448

2.891

25.701

-26.447

-

-110

2024

2023

-4.559

-4.596

24.026

17.743

47.229

50.750

15.843

19.934

-1.009

-9.013

630

-2.047

27.194

-3.325

-21.740

-

-317.388

-5.684

-

-323.072

-2.806

-

2

-2

-264.464

-6.195

-270.659

-358.296

-4.977

93.832

-

Financial income

Financial expenses

Adjustments

Changes in net working capital

Change in inventories

Change in trade receivables and prepayments

Change in cash flow hedges

Depreciation, amortisation and impairment charges

Income tax

Other adjustments

Change in trade payables, other payables and contract liabilities

Net debt reconciliation

This section sets out an analysis of net debt and the movements in net debt for the period presented.

Total

Net debt:

Cash flows

New leases

Other changes

Foreign currency translation

Non-cash investing and financing activities

Non-cash activity

Borrowings Leases

Liabilities from financing activities

Cash flows

New leases

Other changes

Page 57 of 81

Contents of the notes to the consolidated financial statements

Note 21 Share capital

Nominal value in tDKK

400.000

40.000

2023

2024

400.000

75,0

-

2024

2023

-

125,0

DKK per share

40.000

Ordinary shares (fully paid)

The share capital comprise:

Number of

shares

Nominal

value

Number of

shares

Nominal

value

No shares carry any special rights.

Total dividend paid out for the year

Total dividend proposed for the year

Page 58 of 81

Contents of the notes to the consolidated financial statements

Note 22 Capital management

137

156

2,4

1,7

103%

87%

313

312

In thousands DKK

2024

2023

323

270

The Group’s objectives when managing capital are to:

- safeguard the ability to continue as a going concern and to continue to provide returns for shareholders and benefits for other

stakeholders, and

- maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return

capital to shareholders, issue new shares or sell assets to reduce debt.

The Group monitors capital on the basis of the net debt to EBITDA ratio (leverage). As part of the acquisition of Munax Oy in

Finland in 2021, the Group has increased the net interest-bearing debt significantly, and with a long term settlement plan. The

leverage has been highly negative affected by the net debt increase, with a goal of significant improvements towards 2025, to a level

below 3,0. Furthermore the Group monitors the net debt to equity ratio (gearing).

During 2024, the Group’s strategy was unchanged from 2023.

Net interest-bearing debt

Equity

EBITDA

Leverage (net debt / EBITDA)

Gearing (net debt / equity)

Ratios

Loan covenants

Under the terms of the major borrowing facilities, no covenants exists.

The Group's goal is to reach and/or maintain the following levels on key figures no later than 2025:

• the leverage (NIBD/EBITDA) must be <2,0

• the gearing (NIBD/equity) must be <75%

• the equity ratio (equity/total assets) to be above 40%

Dividends

The board has recommended payment of dividend in 2024 of 30,0 mDKK

Page 59 of 81

Contents of the notes to the consolidated financial statements

Note 23 Contingent liabilities, commitments and contingencies

In thousands DKK

2024

2023

25.991

24.427

-

75

For information on the contingent consideration in connection with the acquisition of Munax Oy, see note 17.

Contingent liabilities

An agreement has been made with a supplier on a minimum stock of packaging, which the Group has agreed to purchase. The

obligation can amount to a maximum of DKK 1.373 thousands.

Capital commitments

Assets pledged as security

Collateral for mortgage institutions

The carrying amounts of assets pledged as security for borrowings are:

The following assets are secured for the mortgage institution:

Land and buildings with a carrying amount of:

Collateral for bank loans

Unlisted shares in Munax Oy, tEUR

The Group's companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. The total amount of

corporation tax due is shown in the annual report for Vitfoss A/S, CVR-nr. 82 77 62 14, which is the management company in

relation to the joint taxation. The Group's companies are also jointly and severally liable for Danish withholding taxes in the form

of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in

the company's liability amounting to a higher amount.

For continued egg production, the Group has made an agreement with a supplier for the delivery of layer hens. The obligation is

expected to amount to approximately of DKK 1.931 thousands.

Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:

Page 60 of 81

Contents of the notes to the consolidated financial statements

Note 24 Related party transactions

In thousands DKK

2024

50%

2023

411

499

690.590

610.864

50%

2024

2023

50%

The Group is controlled by the following entities:

The following transactions occurred with related parties:

Name of entity Type

Place of business

Ownership interests

Dansk Landbrugs Grovvareselskab

A.M.B.A.

Danæg A.M.B.A

Ultimate parent

company and

controlling party

Significant non-

controlling party

Christiansfeld

Fredericia

Information about remuneration to key management personnel has been disclosed in note 5.

Interests in subsidiaries are set out in note 26.

Transactions with related parties

Dansk Landbrugs Grovvareselskab A.M.B.A

Danæg A.M.B.A

Vilofoss A/S Immediate parent

company

Fredericia

Dansk Landbrugs Grovvareselskab A.M.B.A. holds 100% of the issued ordinary shares of Vilofoss A/S. The Group is included in

the consolidated financial statements of Dansk Landbrugs Grovvareselskab A.M.B.A.

The following table provides the total amount of transactions that have been entered into with related parties for the relevant

financial year.

Purchase of employee services from parent

Purchase of shell eggs

Terms and conditions of transactions with related parties

The purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding

balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or

received for any related party receivables or payables.

Page 61 of 81

Contents of the notes to the consolidated financial statements

Note 25 Fee to auditors appointed at the general meeting

In thousands DKK

Note 26 Subsidiaries

Note 27 Subsequent events

100%

0%

100%

2024

156

226

7

163

233

100%

2023

100%

2024

2023

791

805

1.088

1.296

40

66

388

142

101

51

Audit fee

PricewaterhouseCoopers

Tax advisory service

Other services

EY

Audit fee

Other services

Name of entity

The Group’s principal subsidiaries at year end are set out below. Unless otherwise stated, they have share capital consisting solely

of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held

by the group. The country of incorporation or registration is also their principal place of business.

Place of business

Ownership interests held by

the group

Christianfeld, Denmark

Perstorp, Sweden

DANÆG A/S

Kronägg AB

DANÆG Products A/S Roskilde, Denmark

Töreboda, SwedenKällbergs Industri AB

Munax Oy Laitila, Finland

Torggummans Ägg AB Färgelanda, Sweden

BioChick A/S

Sunds, Denmark

No circumstances have occurred that have a material impact on the assessment of the annual report.

Other assurance services

Page 62 of 81

Annual Report 2024

DANÆG Holding A/S

Parent company

Page 63 of 81

Parent income statement

for the year ended 31 December 2024

In thousands DKK Notes

1

2

3

4

47.077

46.069

2024

2023

47.077

46.069

-49.040

-48.099

-

10.486

-

-31

-1.963

8.425

11.977

7.094

54.884

67.729

-24.128

-14.148

40.770

69.100

2.832

2.009

43.602

71.109

3.148

57.729

13.380

-39.546

43.602

71.109

30.000

-

50.000

-

Revenue

Gross profit

Financial income

Profit before income tax

Income tax expense

Net profit for the year

Financial expenses

Administrative expenses

Operating profit

Other operating income

Other operating expenses

Income from investments in subsidiaries

Distribution of profit

Net revaluation reserve according to the equity method

Retained earnings

Proposed dividend for the year

Extraordinary dividend

Page 64 of 81

Parent balance sheet

as per 31 December 2024

In thousands DKK Notes

5

6

7

2

-

2024

2023

42.591

24.427

4.465

5.533

4.465

47.933

29.268

5.342

4.841

625.422

602.408

568.819

567.301

305

573.024

567.606

3.900

-

7.931

7.356

3.051

1.660

3.290

2.981

-

19

10.082

10.149

649.778

624.573

24.356

22.165

Assets

Completed development projects

Plant and equipment

Total non-current assets

Receivables from group entities

Other receivables

Deferred tax

Other financial assets at amortised cost

Income tax receivable

Total current assets

Total assets

Fixed assets investments

Prepayments

Investments in subsidiaries

Land and buildings

Property, plant and equipment

Intangible assets

Financial assets

Cash and cash equivalents

Deposits

Page 65 of 81

Parent balance sheet

as per 31 December 2024

In thousands DKK Notes

8

9

10

11

2024

2023

3.484

4.317

40.000

70.774

71.257

143.128

181.841

287.386

297.415

30.000

-

53.861

53.810

42.755

45.548

105.281

101.639

201.897

200.997

1.936

1.663

97.682

146.536

5.606

22.403

6.289

4.413

128

-

362.392

327.158

160.495

126.161

649.778

624.573

Non-current liabilities

Liabilities

Mortgage loans

Bank loans

Total non-current liabilities

Current liabilities

Trade payables

Mortgage loans

Bank loans

Total current liabilities

Total liabilities

Total liabilities and equity

Other liabilities

Equity

Share capital

Reserve for development costs

Retained earnings

Total equity

Other liabilities

Payables to group entities

Net revaluation reserve according to the equity method

Contingent liabilities, commitments and contingencies

Related parties

Material accounting policy information

Proposed dividend

Page 66 of 81

Parent statement of changes in equity

for the year ended 31 December 2024

In thousands DKK

As at 1 January 2024

As at 31 December 2024

297.415

40.000

71.257

4.317

181.841

-

-3.631

-

-3.631

-

1.855

-1.855

-

-50.000

-

-2.688

2.688

-

-50.000

-

43.602

-

3.148

-

10.454

30.000

287.386

40.000

70.774

3.484

143.128

30.000

Development costs for the year

Share capital

Net revaluation

reserve according to

the equity method

Reserve for

development costs

Retained earnings Total equity

Currency exchange foreign entities

Profit for the period

Proposed dividend

Amortisation and impairment for the year

Dividends paid

Page 67 of 81

Contents of the notes to the parent financial statements

Note 1 Staff costs

In thousands DKK

Note 2 Other income and expense items

In thousands DKK

25.787

22.966

21

20

353

359

25.787

22.966

2024

2023

24.031

21.367

1.403

1.240

-

10.486

2024

2023

-

10.486

Pension cost, defined contribution plans

Wages, salaries, pensions, other social security costs and staff costs are presented in income

statement as administrative expenses.

Other social security costs

Remuneration paid or payables to the Executive Board and the Board of Directors - please refer to note 5 to the consolidated

financial statements.

Wages and salaries

Average number of employees

Change in contingent consideration related to business combination

Other income and expenses

Page 68 of 81

Contents of the notes to the parent financial statements

Note 3 Financial income and expenses

In thousands DKK

-24.128

-14.148

-12.151

-7.054

4.320

3.162

-16.466

-12.943

-171

-1.153

-7.491

-52

7.657

3.932

11.977

7.094

2024

2023

Interest income from bank and customers

Financial expenses

Interest expenses from group entities

Financial income

Total financial expenses

Total financial income

Other interest expenses

Foreign exchange rate losses

Net finance costs

Interest income from group entities

Page 69 of 81

Contents of the notes to the parent financial statements

Note 4 Income tax expense

In thousands DKK

2.832

1.985

2.832

1.985

2.832

2.009

-

-24

2.900

1.560

-

2

-68

423

2024

2023

Current tax

Current tax on profits for the year

Adjustments for current tax of prior periods

Income tax expense

The tax is specified as follows:

Deferred income tax

Tax on profits for the year

Tax on changes in equity

Page 70 of 81

Contents of the notes to the parent financial statements

Note 5

Intangible assets

In thousands DKK

At 1 January 2024

At 31 December 2024

At 1 January 2024

At 31 December 2024

Carrying amount 31 December 2024

Note 6 Property, plant and equipment

In thousands DKK

At 1 January 2024

At 31 December 2024

At 1 January 2024

At 31 December 2024

Carrying amount 31 December 2024

Period of depriciation

42.591

5.342

-86.715

-6.244

-1.482

-1.702

126

-

-85.233

-4.668

-754

-

129.306

11.586

109.660

9.509

19.646

2.831

4.465

-12.416

680

-3.446

-9.650

16.881

10-25 years

3-6 years

15.184

-681

2.378

Completed

development

projects

Cost:

Disposals

Depreciation charge

Depreciation and impairment on disposals for the year

Additions

Disposals

Depreciation charge

Accumulated depreciation and impairment:

Cost:

Accumulated depreciation and impairment:

Additions

Plant and

equipment

Land and

buildings

Depreciation and impairment on disposals for the year

Page 71 of 81

Contents of the notes to the parent financial statements

Note 7 Investments in subsidiaries

In thousands DKK

At 1 January 2024

At 31 December 2024

Revaluations:

At 1 January 2024

At 31 December 2024

Carrying amount 31 December 2024

2.000

10.165

495.379

485.214

497.379

495.379

71.922

12.403

-3.631

1.789

69.322

80.980

-51.736

-10.000

-14.437

-13.954

-

704

71.440

71.922

568.819

567.301

-

8.275

tDKK 1.000

100%

tSEK 4.000

100%

2024

2023

tDKK 3.100

100%

212.258

226.696

100%

tSEK 100

100%

tSEK 12.000

100%

tEUR 75

100%

tDKK 2.000

Cost:

Amortisation goodwill

Adjustment in internal profit on inventories

Additions

Profit/Loss for the year

Received dividends for the year

Exchange rate adjustment

Positive difference amounts, which are identified on first recognition of subsidiaries

at net asset value

Remaining positive difference amount, which is included in the above accounting

value

Investments in subsidiaries are specified as follows:

Name of entity

Place of business

Ownership

interests held

by the group

Christianfeld, Denmark

Perstorp, Sweden

DANÆG A/S

Kronägg AB

DANÆG Products A/S Roskilde, Denmark

Töreboda, SwedenKällbergs Industri AB

Munax Oy Laitila, Finland

Torggummans Ägg AB Färgelanda, Sweden

Capital Share

BioChick A/S Sunds, Denmark

Page 72 of 81

Contents of the notes to the parent financial statements

Note 8 Long-term liabilities

In thousands DKK

At 31 December 2024

In thousands DKK

At 31 December 2023

1.936

8.249

34.506

44.691

146.536

105.281

-

251.817

154.078

167.391

34.506

355.975

5.606

53.861

-

59.467

1.663

7.296

38.252

47.211

97.682

93.981

7.658

199.321

121.748

155.087

45.910

322.745

22.403

53.810

-

76.213

Maturities of financial liabilities

Repayments due within 1 year are listed under short-term liabilities. Other liabilities are recognized under long-term liabilities.

Less than

1 year

More than

5 years

Carrying

amount

Contractual maturities of financial liabilities

1 - 5 years

Bank loans

Mortgage loans

Other Liabilities

Bank loans

Other liabilities

Less than

1 year

More than

5 years

Carrying

amount

Contractual maturities of financial liabilities

1 - 5 years

Page 73 of 81

Contents of the notes to the parent financial statements

Note 9 Contingent liabilities, commitments and contingencies

946

931

In thousands DKK

2024

2023

-

25.991

24.427

1.118

559

2.064

1.490

75

Assets pledged as security

Collateral for mortgage institutions

The carrying amounts of assets pledged as security for borrowings are:

The following assets are secured for the mortgage institution:

Land and buildings with a carrying amount of:

Collateral for bank loans

Unlisted shares in Munax Oy, tEUR

The Group's companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. The total amount of

corporation tax due is shown in the annual report for Vitfoss A/S, CVR-nr. 82 77 62 14, which is the management company in

relation to the joint taxation. The Group's companies are also jointly and severally liable for Danish withholding taxes in the form

of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in

the company's liability amounting to a higher amount.

Lease commitments

Lease commitments from operative leasing agreements. Total future

leasing payments:

Less than 1 year

1-5 years

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Contents of the notes to the parent financial statements

Note 10 Related parties

50%

2024

2023

50%

Name of entity Type

Place of business

Ownership interests

Dansk Landbrugs Grovvareselskab

A.M.B.A.

Danæg A.M.B.A

Ultimate parent

company and

controlling party

Significant non-

controlling party

Christiansfeld

Fredericia

Vilofoss A/S Immediate parent

company

Fredericia

DANÆG Holding A/S is owned equally by DANÆG amba and Dansk Landbrugs Grovvareselskab amba. Dansk Landbrugs

Grovvareselskab A.M.B.A. holds 100% of the issued ordinary shares of Vilofoss A/S. DANÆG Holding A/S is included in the

consolidated financial statements of Dansk Landbrugs Grovvareselskab A.M.B.A. The consolidated annual report can be requested

on the adress of Ballesvej 2, 7000 Fredericia.

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Contents of the notes to the parent financial statements

Note 11 Material accounting policy information

The annual report for DANÆG Holding A/S of 2024 has been prepared in accordance with provisions of the Danish Financial

Statements Act applying to medium-sized enterprises of reporting class C.

Recognition and measurement

The financial statements are presented in thousands Danish Kroner ('DKK') and all values are rounded to the nearest thousand,

except when otherwise indicated.

The accounting policies have not been changed from last year.

The income is recognised in the income statement as earned. Further to this, value adjustments of financial assets and liabilities

measured at fair value or amortised cost are recognised. Furthermore, all costs incurred to earn the profit or loss for year have

been recognised in the income statement, including amortisation, depreciation, write-down and provisions as well as reversals as a

consequence of changed accounting estimates of amounts previously recognised in the income statement.

Assets are recognised in the balance sheet when it is probable that future economic benefits will flow into the Company, and the

value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and

the value of the liability can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described

below for each financial statement item.

Business combinations

Business combinations completed on or after 1 July 2018

Purchases of subsidiaries are treated according to the acquisition method, according to which the acquired company's identifiable

assets and liabilities are measured at fair value at the time of acquisition.

The time of acquisition is the time when the group obtains control over the acquired company.

The cost price of the purchased business constitutes the fair value of the agreed consideration, including consideration contingent

on future events. Transaction costs that can be directly attributed to the purchase of subsidiaries are recognised in the income

statement as they are incurred.

Positive difference between the cost price of the acquired business and the identified assets and liabilities is recognised in the

balance sheet under intangible assets as goodwill, which is written off straight-line in the income statement over the expected

useful life. If the difference amount is negative, this is recognised immediately in the income statement.

If the purchase price allocation is not final, positive and negative difference amounts from purchased subsidiaries, as a result of

changes in recognition and measurement of the identified net assets, can be adjusted up to 12 months from the time of acquisition.

These adjustments are simultaneously reflected in the value of goodwill or negative goodwill, including in depreciations already

made.

If the cost includes contingent consideration, these are measured at fair value at the time of acquisition. Contingent remuneration

is subsequently remeasured at fair value. Value adjustments are recognised in the income statement.

The number formatting is consistent with the Danish version, even though the financial statements are prsented in English.

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Note 11 Material accounting policy information

-

Business combinations completed before 1 July 2018

Leasing

Leasing contracts, where the company has all significant risks and benefits associated with ownership (financial leasing), are

recognised in the balance sheet at the lower of the fair value of the asset and the present value of the lease payments, calculated

using the lease agreement's internal interest rate or an alternative loan interest rate as a discount factor.

The capitalised residual leasing obligation is recognised in the balance sheet as a liability, and the interest part of the leasing

service is expensed on an ongoing basis in the income statement.

All other leasing contracts are considered operational leasing. Services in connection with operational leasing are recognised on a

straight-line basis in the income statement over the leasing period.

Foreign currency translation

Transactions in foreign currency are converted at the exchange rate on the day of the transaction. Exchange rate differences that

arise between the exchange rate on the day of the transaction and the exchange rate on the day of payment are recognised in the

income statement as a financial item. If currency positions are considered to be a hedge of future cash flows, the value adjustments

are recognised directly in equity.

Danish kroner is used as the presentation currency. All other currencies are considered foreign currency.

In the case of incremental acquisitions, the value of the previous holding of capital shares in the acquired company is remeasured

to the fair value at the time of aquisition. The difference between the book value of the previous equity share and the fair value is

recognised in the income statement.

Company acquisitions completed before 1 July 2018 are, with certain exceptions, treated according to the same accounting

practices as business combinations completed on 1 July 2018 or later. The main exceptions are:

Identified assets and liabilities in the acquired business are only recognised if they are probable.

Identified contingent liabilities in the acquired company are not recognised in the consolidated balance sheet.

If the purchase price allocation is not final, positive and negative difference amounts, as a result of changes in recognition

and measurement of acquired net assets, can be adjusted until the end of the financial year that follows the year of

acquisition.

Transaction costs that can be directly attributed to the purchase of subsidiaries are included as part of the purchase price.

Adjustment of contingent consideration after initial recognition is recognized directly against the original purchase price,

whereby a correction is made to the value of goodwill or negative goodwill.

In the case of incremental acquisitions, the book value of the existing capital shares is included in the cost price.

Business mergers

In the case of group internal business pooling, the pooling of interest is used. In this way, the two companies are merged at book

values, and no difference amounts are identified. Any consideration that exceeds the book value of the acquired company is

recognised directly in equity. The merger method is carried out as if the two companies had always been merged when adjusting

comparative figures.

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Contents of the notes to the parent financial statements

Note 11 Material accounting policy information

are recognised directly in equity.

Receivables, debts and other monetary items in foreign currency that are not settled on the balance sheet date are measured at the

balance sheet date's exchange rate. The difference between the exchange rate on the balance sheet date and the exchange rate at

the time the receivable or debt arose is recognised in the income statement under financial income and expenses.

Fixed assets purchased in foreign currency are measured at the exchange rate on the day of the transaction.

Derived finansial instruments

Derivative financial instruments are first recognised in the balance sheet at cost and subsequently measured at fair value. Positive

and negative fair values of derivative financial instruments are classified as "Other receivables" and "Other liabilities".

Changes in the fair value of derivative financial instruments are recognised in the income statement, unless the derivative financial

instrument is classified as and meets the criteria for hedge accounting.

Hedge accounting

Changes in the fair value of financial instruments that are classified as and meet the criteria for hedging the fair value of a

recognised asset or a recognised liability are recognised in the income statement together with the changes in the fair value of the

hedged asset or the hedged liability that can be attributed to the risk that is hedged.

Changes in the fair value of financial instruments that are classified as and meet the conditions for hedging expected future

transactions are recognised in equity under the fair value reserve as far as the effective part of the hedge is concerned. The

ineffective part is recognised in the income statement. If the secured transaction results in an asset or a liability, the amount

deferred under equity is transferred from equity and recognised in the cost price of the asset or liability respectively. If the hedged

transaction results in income or a cost, the amount deferred under equity is transferred from equity to the income statement in the

period in which the hedged transaction is recognised. The amount is recognised in the same item as the secured transaction.

Changes in the fair value of financial instruments that are classified as and meet the criteria for hedging net investments in

independent foreign subsidiaries or associated companies are recognised directly in equity as far as the effective part of the hedge

is concerned, while the ineffective part is recognised in the income statement.

Revenue

Income statement

When selling goods, net revenue is recognised when the benefits and risks relating to the sold goods have passed to the buyer, the

net revenue can be measured reliably, and it is likely that the financial benefits of the sale will accrue to the company.

Services are recognised in step with the performance of the service to which the contract relates using the production method,

whereby the net turnover corresponds to the sales value of the service performed for the year. The method is used when the total

income and costs of the service and the degree of completion on the balance sheet date can be calculated reliably, and it is likely

that the financial benefits, including payments, will accrue to the company. Costs incurred in relation to the expected total costs of

the service are used as degree of completion.

The net turnover is measured at the remuneration received and is recognised exclusive of VAT and with the deduction of discounts

in connection with the sale.

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Contents of the notes to the parent financial statements

Note 11 Material accounting policy information

10-25 years

3-6 years

Administrative expenses

Administrative costs comprises costs for the management, the administrative staff, office costs, depreciation etc. Depreciation of

goodwill is also included in the share relating to the administration activity.

Other operating income/ -expenses

Other operating income and other operating costs comprise accounting items of a secondary nature in relation to the Company's

main activity, including profit and loss on the sale of intangible and tangible assets.

Income from investments

In the income statement, the proportionate share of profit for the year is recognised under the item "Income from investment in

subsidiaries".

Financial income/ -expenses

Financial income and expenses are recognised in the income statement with the amounts relating to the financial year.

Tax on profit og loss for the year income

Tax on the year's result consists of the year's current tax and deferred tax and is recognised in the income statement with the part

that can be attributed to the year's result, and directly on the equity with the part that can be attributed to entries directly on the

equity.

The company is jointly taxed with other Danish group companies. The tax effect of the joint taxation with the subsidiaries is

distributed to both profit-making and loss-making Danish companies in relation to their taxable income (full distribution with

refund regarding tax losses).

Balance sheet

Completed development projects

Directly attributable costs that are capitalised as part of a development project include employee costs and an appropriate portion

of relevant overheads. Capitalised development costs are amortised from the point at which the asset is ready for use.

Property, plant and equipment

Property, plant and equpment are measured at cost less accumulate amortisation and depreciation.

Cost comprises the acquisition price as well as costs directly related to the adquisition until the time when the asset is ready to be

put into operation.

The depreciation basis, which is calculated as cost price reduced by any residual value, is distributed linearly over the assets'

expected useful life, which amounts to:

Production buildings

Other buildings

Plant and equipment

Depreciation period and residual value are reassessed annually. Land is not subjected to depreciations due to the assessed residual

value.

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Contents of the notes to the parent financial statements

Note 11 Material accounting policy information

Impariment of plant and equipment

The carrying amount of intangible assets and property plant and equipment is reviewed annually for indication of impaiment for

loss, apart from what is expressed by usual amortisation and depreciation. If this applies, impairment for loss is made of each asset

or group of assts, respectively, to lower recoverable amount.

Investment in subsidiaries

Investments in subsidiaries have been recognised according to the equity method.

In the balance sheet, under the item "Investment in subsidiaries", the proportional ownership share of the companies' accounting

equity value is calculated based on the fair value of the identifiable net assets at the time of acquisition, with the deduction or

addition of unrealised intra-group profits or losses and with the addition of the residual value of any capital gains and goodwill

calculated at the time of the acquisition of the companies.

The total net revaluation of capital shares in subsidiaries is allocated via the profit allocation to "Net revaluation reserve according

to the equity method" under equity. The reserve is reduced by dividend distributions to the parent company and regulated by other

equity movements in the subsidiaries.

Subsidiaries with a negative net asset value are recognised at DKK 0. If the parent company has a legal or actual obligation to cover

the company's underbalance, a provision for this obligation is recognised.

Fixed assets investments

Fixed assets investments, recognised under fixed assets, include listed bonds and shares, which are measured at the fair value on

the balance sheet date. The fair value is calculated on the basis of the most recently quoted sales price.

Investments that are not traded on an active market are measured at cost price or a lower recoverable amount.

Receivables

Receivables are measured in the balance sheet at amortised cost or a lower net realisable value, which is normally nominal value

less impairment losses.

Prepayments

Prepayments comprise prepaid costs relating to rent, insurance premiums, subscriptions and interest.

Equity and liabilities

Dividends

Dividends that management proposes to distribute for the financial year are shown as a separate item under equity.

Deferred tax assets and liabilities

Deferred tax is measured according to the liability method of temporary differences between the accounting and tax value of assets

and liabilities, calculated on the basis of the planned use of assets, respectively settlement of the liability.

Deferred tax assets, including the tax value of the tax losses to be carried forward, are measured at the value at which the asset is

expected to be realised, either by offsetting tax on future earnings or by offsetting deferred tax liabilities within the same legal tax

unit.

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Contents of the notes to the parent financial statements

Note 11 Material accounting policy information

Deferred tax is measured on the basis of the tax rules and tax rates that will apply with the balance sheet date's legislation when the

deferred tax is expected to be used as current tax. Changes in deferred tax, as a result of changes in tax rates, are recognised in the

income statement or in equity when the deferred tax relates to items recognised in equity.

Current tax receivables and liabilities

Current tax liabilities and current tax receivable are recognised in the balance sheet as calculated tax on the year's taxable income

adjusted for tax on previous years' taxable income and for taxes paid on account. Interest reimbursement and interest surcharge

under the Danish Tax Prepayment Scheme are recognised in the income statement under financial items.

Financial liabilities

Loans, such as mortgage loans and loans from credit institutions, are recognised when the loan is taken out at the proceeds

received, less transaction costs incurred. In subsequent periods, the loans are measured at amortised cost, so that the difference

between the proceeds and the nominal value is recognised in the income statement as an interest expense over the loan period.

Priority debt is thus measured at amortised cost price, which for cash loans corresponds to the remaining debt of the loan. For

bond loans, the amortised cost corresponds to a residual debt calculated as the loan's underlying cash value at the time of taking

out the loan adjusted by a write-off over the repayment period of the loan's exchange rate adjustment at the time of taking out the

loan.

Other liabilities are measured at amortised cost, which essentially corresponds to nominal value.

Page 81 of 81