Annual Report 2025
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 26/2 2026
Dirigent
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Contents
Introduction
Management's Statement 3
Independent Auditor's Report 4
Company Information 7
Financials Highlights 8
Management Report 9
Consolidated report
Consolidated Income Statement 16
Consolidated statement of comprehensive income 17
Consolidated Balance Sheet 18
Consolidated statement of changes in equity 20
Consolidated statement of cash flows 22
Contents of the notes to the consolidated financial statements 23
Parent report
Parent income statement 66
Parent balance sheet 67
Parent statement of changes in equity 69
Parent notes 70
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Executive Board
Board of Directors
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CVR No 33 77 12 31
mne30224 mne51511
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Company Information
The Company
Mail: danaeg@danaeg.com
Web: www.danaeg.com
CVR No: 35 53 0 2 23
Financial Year: 1 January - 31 December
Municipality: Kolding
Board of Directors
Executive Board
Auditor
Ole Thulstrup Bruhn, Chairman
Peter Giørtz-Carlsen, Vice chairman
Robert Helge Beck
Mikael Robert Gilbertsson
Asbjørn Børsting
Carl Christian Lei
Anders Jeppesen Jensen
Jann Dollerup Vig Jensen
Jesper Vikelsø Jensen
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Financials Highlights
2025 2024 2023 2022 2021
In million DKK
Income statement
2.501 2.155 2.083 1.879 1.481
368 305 320 234 207
83 55 82 14 50
Balance sheet
1.021 944 902 885 844
57 54 68 54 46
373 313 312 227 226
Cash flow statement
104 76 164 23 150
-61 -60 -71 -55 -309
-42 -15 -97 34 159
1 - -4 3 1
410 406 389 357 331
Ratios
14,7% 14,2% 15,4% 12,5% 14,0%
4,8% 4,2% 5,5% 1,4% 4,2%
11,8% 9,6% 12,8% 3,1% 7,4%
36,6% 33,1% 34,6% 25,5% 26,6%
28,0% 22,7% 32,9% 6,3% 24,2%
168 137 156 77 77
1,9 2,4 1,7 4,6 4,1
85% 103% 87% 156% 141%
120 90 116 27 62
104 71 102 20 58
316 323 270 354 318
190 161 151 142 113
83 55 82 14 50
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
Change in cash and cash equivalents for the year
Gross margin, %
Operating margin, %
Return on assets, %
Equity ratio, %
Return on equity, %
EBITDA
Leverage
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.
Gearing
The number formatting is consistent with the Danish version, even though the financial statements are presented in English.
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Management Report Danæg Holding A/S
Main activities
The Danæg Group’s core operations focus on the collection, sorting, and marketing of shell eggs. These eggs are sourced primarily
from the Danæg Amba cooperative, ensuring a consistent and reliable supply for the company’s processing activities. In addition
to handling shell eggs, the Group is also engaged in the production and marketing of processed egg-related products, further
diversifying its product portfolio and market reach.
Danæg Group operates production facilities in Denmark, Sweden, and Finland, which together form the company’s main markets.
However, the Group is not limited to the Nordic region; in recent years, it has experienced ongoing growth in export markets
outside these areas, expanding its international footprint.
Looking ahead, the Danæg Group’s long-term strategy is centered on achieving profitable growth. This is pursued through a
market-oriented approach that emphasizes a product range composed primarily of self-produced items, supplemented by
products purchased from external sources when necessary. This strategic focus is designed to strengthen the Group’s market
position and support sustainable business development.
Development during the year
The Danæg Group’s income statement for 2025 shows a profit of 82.6 million DKK (2024: 55.1 million DKK) and Danæg Group’s
balance sheet as of 31 December 2025 shows an equity of 373.2 million DKK (2024: 313.0 million DKK).
The result for the year is better than expected at the beginning of the financial year. Danæg Group benefitted from a business
model consisting of both processing plants, packaging plants and own production of shell eggs enabling resilience toward volatile
markets and egg prices.
The past year and follow-up on development expectations from last year
Throughout 2025, Danæg Group delivered strong overall performance despite market challenges and isolated operational
disruptions. Year-to-date earnings significantly exceeded both the expectations of a group result of DKK 40-60 million after tax
and last year’s DKK 55 million. This was achieved while maintaining a solid contribution margin of 14.7%, compared to last year
14.2%.
All subsidiaries demonstrated resilience and adaptability. An even stronger focus on supply optimization across segments and
sharp market prioritization helped in navigating disease outbreaks in the supply chain and delayed price pass-through caused by
the explosive increase in raw materials seen in the beginning of 2025.
Investments, mainly in production equipment and facilities, were initiated and prioritized according to the strategy and totaled an
amount of DKK 57 million in the financial year.
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Capital readiness
Special risks - operational risks and financial risks
Operation
Danæg Group faces the typical commercial risks associated with fluctuations in commodity prices, foreign exchange rates and
disease outbreaks. These risks are carefully monitored as part of the company’s daily operations, recognizing that significant
changes in these variables may affect overall financial results. To mitigate such exposures, the Group has established and
implemented appropriate policies aimed at reducing its vulnerability to market volatility.
A strong emphasis is placed on maintaining exceptionally high standards of hygiene, traceability, working environment, and the
management of waste and energy throughout all operational activities. The Group’s Danish, Swedish, and Finnish egg producers
are subject to increasingly stringent requirements, reflecting the commitment to maintaining the outstanding quality of eggs
from these regions. This commitment is evidenced by the minimal occurrence of salmonella in Danish, Swedish, and Finnish
eggs, a standard the Group aims not only to sustain but also to enhance. However, upholding and improving these high standards
inevitably results in increased production costs.
In accordance with its insurance policy, Danæg Group has secured all relevant insurance coverages. These insurance policies are
reviewed annually to ensure that the coverage remains appropriate and comprehensive for the Group's operational needs.
The solvency ratio amounts to 36.6% (2024: 33.1%) corresponding to an equity as of 31 December 2025 of 373 million DKK
(2024: 313 million DKK).
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 2026, Danæg Group anticipates a group result after tax in the range of DKK 95-110 million. The volume of
weigh-ins is projected to remain consistent with 2025 levels, with a modest increase expected as a result of the expansion of
Danæg’s primary production operations in Finland.
The Group's pricing strategy, together with focused market and supply prioritization, are identified as the principal factors driving
the anticipated improvement in financial performance for the upcoming year.
It is important to note that market volatility stemming from disease outbreaks is considered a general condition, and the
possibility of adverse impacts on earnings cannot be excluded.
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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, food service and industrial segments.
Ongoing costs are incurred for the development and marketing of new products in individual companies as well as for the
optimization of methods and processes.
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 2025 as well as the result of Danæg Group’s activities
and cash flows for 2025 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.
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Danæg Group Policies
In 2026, Danæg will begin creating a new strategic plan to replace “Danæg 4-2-1,” launching in 2027. As part of intensified
sustainability efforts, all policies will be reviewed and updated to align with the new strategy, UN Global Compact principles, and
SBTi targets.
Updates will also simplify, modernize, and standardize language across all policies, ensuring clarity and clear definitions.
The revised policies will apply to all Danæg Group companies. Subsidiaries may add their own supplemental guidelines if needed.
Key group policies will be reviewed and approved by the Board of Directors at least annually.
Governance
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Consolidated Income Statement
for the year ended 31 December 2025
In thousands DKK Notes
3
4
4
7
7
8
-21.767 -15.843
-15.953 -24.026
-143.295 -125.178
-105.318 -90.542
-158 -
-1.849.303 -2.133.541
2025 2024
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
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Consolidated statement of comprehensive income
for the year ended 31 December 2025
In thousands DKK Notes
2025 2024
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
Other adjustments
Other comprehensive income for the period, net of tax
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Consolidated Balance Sheet
as per 31 December 2025
In thousands DKK Notes
10, 16
10
10
11
12
15
9
13
14
17
2025 2024
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
Income tax receivables
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Consolidated balance sheet
as per 31 December 2025
In thousands DKK Notes
21
17
15
9
17
17
15
17
17
-1.460 -8.895
2024
2025
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
Retained earnings
Foreign currency translation reserve
Total equity
Other liabilities
Proposed dividend
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Consolidated statement of changes in equity
for the year ended 31 December 2025
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As at 1 January 2025 40.000 -8.895 251.878 30.000 312.983
Profit for the period
Other comprehensive income
Total comprehensive income
Transactions with owners in their
capacity as owners
Dividends paid
As at 31 December 2025
-1.460 284.686 50.000 373.226
In thousands DKK
Share capital
Foreign currency
translation reserve
Retained earnings
Proposed dividend
Total equity
Consolidated statement of changes in equity
for the year ended 31 December 2024
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As at 1 January 2024 40.000 -5.264 276.888 - 311.624
Profit for the period
Other comprehensive income
-3.631
-87
-3.718
Total comprehensive income
-3.631 24.990 30.000 51.359
Transactions with owners in their
capacity as owners
Dividends paid
As at 31 December 2024
-8.895 251.878 30.000 312.983
In thousands DKK
Share capital
Foreign currency
translation reserve
Retained earnings
Proposed dividend
Total equity
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Consolidated statement of cash flows
for the year ended 31 December 2025
In thousands DKK
Notes
2025
2024
Cash flows from operating activities
Net profit for the year
Adjustments
20
Changes in net working capital
20
-31.059
-26.447
Interest received
Interest paid
-15.953
-24.026
Income taxes paid
-21.411
-13.116
Net cash inflow from operating activities
Cash flows from investing activities
Payments for intangible assets
-4.419
-2.617
Payments for property, plant and equipment
-57.385
-53.954
Payments for biological assets
-751
-1.134
Payments for financial assets
-3.900
Proceeds from sales of tangible assets
Net cash outflow from investing activities
-61.457
-59.852
Cash flows from financing activities
Repayment of borrowings
-11.168
-12.461
Proceeds from borrowings
Principal elements of lease payments
-3.666
-3.319
Dividends paid to shareholders
-30.000
-50.000
Repayment of contingent consideration
-15.015
Net cash inflow (outflow) from financing activities
-41.505
-15.408
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
Contents of the notes to the consolidated financial statements
Note 1 Material accounting policy information
Note accounting policies
24
Note 2 Critical estimates, judgements and errors
Note estimates judgements
35
Note 3 Revenue from contracts with customers
Note revenue
36
Note 4 Other income and expense items
Note other income expenses
37
Note 5 Staff costs
Note staff costs
38
Note 6 Depreciation, amortisation and impairment
Note depreciations
39
Note 7 Financial income and expenses
Note fin. income and expenses
40
Note 8 Income tax expense
Note income tax expense
41
Note 9 Deferred tax
Note deferred tax
42
Note 10 Intangible assets
Note intangible assets
43
Note 11 Property, plant and equipment
Note PPE
45
Note 12 Biological assets
Note biological assets
46
Note 13 Inventories
Note inventories
47
Note 14 Trade receivables
Note trade receivables
48
Note 15 Leases
Note leases
49
Note 16 Impairment tests
Note impairment tests
50
Note 17 Financial assets and financial liabilities
Note fin. assets and liab.
51
Note 18 Financial risk management
Note fin. risk management
53
Note 19 Fair values
Note fair values
57
Note 20 Cash flow specifications
Note cash flow specifications
59
Note 21 Share capital
Note share capital
60
Note 22 Capital management
Note capital management
61
Note 23 Contingent liabilities, commitments and contingencies
Note contingent liabilities
62
Note 24 Related party transactions
Note related party transactions
63
Note 25 Fee to auditors appointed at the general meeting
Note fee to auditors
64
Note 26 Subsidiaries
Note subsidiaries
64
Note 27 Subsequent events
Note subsequent events
64
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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 2025 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 presented in English.
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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.
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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
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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.
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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.
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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
The Danish companies in the Group 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).
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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 30 of 83
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 31 of 83
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 32 of 83
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.
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 33 of 83
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 / Equity
Net interest bearing debt (NIBD) Net interest-bearing debt minus cash
Net working capital (NWC) Inventory + trade receivables - trade payables
Cash and cash equivalents
Cash and cash equivalents comprises cash and bank balances.
EBITDA
EBIT
EBT
Operating profit before interest, tax, depreciation and amortisation
Operating profit before interest and tax
Profit before income tax
Leverage Net interest-bearing debt / EBITDA
Page 34 of 83
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 35 of 83
Contents of the notes to the consolidated financial statements
Note 3 Revenue from contracts with customers
In thousands DKK
In thousands DKK
2.154.802
2.501.216
766.348 405.930
467.025
418.588 1.019.066 467.025 2.501.216
596.537 418.588
581.930
1.019.066
400.594
400.594 581.930
2025
2024
766.348 405.930 2.154.802
596.537
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
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 56% (2024: 55%) of the total revenue. Sale of processed products
account for 44% (2024: 45%) of the total revenue.
Page 36 of 83
Contents of the notes to the consolidated financial statements
Note 4 Other income and expense items
In thousands DKK
1.098 608
2025 2024
-158 -
1.256 608
Gain on sales of assets and other income
Other income and expenses
Loss on sales of assets and other expenses
Page 37 of 83
Contents of the notes to the consolidated financial statements
Note 5 Staff costs
In thousands DKK
In thousands DKK
In thousands DKK
1.142 13.919
2025 2024
15.405 16.011
217.746 197.963
181.659 163.613
20.682 18.339
Executive
Board
Board of
Directors Total
2025
2024
12.777 1.142 13.919
12.777
Executive
Board
Board of
Directors Total
10.707 1.423 12.130
10.707 1.423 12.130
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
Wages, bonus and pensions
Page 38 of 83
Contents of the notes to the consolidated financial statements
Note 6 Depreciation, amortisation and impairment
In thousands DKK
49.091 47.229
49.091 47.229
2025 2024
5.666 5.272
3.748 3.373
38.584 39.677
Depreciation of property, plant and equipment
Amortisation of intangible assets
Depreciation of right-of-use assets
Depreciation and amortisation
Total depreciation, amortisation and impairment
Page 39 of 83
Contents of the notes to the consolidated financial statements
Note 7 Financial income and expenses
In thousands DKK
-272 -209
205 4.559
-1.203 -742
-15.748 -19.467
2025 2024
-14.478 -23.075
205 4.559
-15.953 -24.026
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 40 of 83
Contents of the notes to the consolidated financial statements
Note 8 Income tax expense
In thousands DKK
In thousands DKK
371
15.843 21.767
2025 2024
- 250
-13.642 -18.646
-3.371 -2.201
20242025
-21.767 -15.843
15.602
-869
1.110
-1.575
22.971
Current tax
Current tax on profits for the year
Adjustments for current tax and deferred income tax of prior periods
Income tax expense
Reconcilliation of effective tax rate
Calculated tax at the Danish tax rate of 22% (2024: 22%)
Tax effects of amounts which are not deductible (taxable) in
calculating taxable income:
Non-deductible expenses and income
Income tax expense at the effective tax rate of 20,8%
(2024: 22,3%)
Less tax in foreign operations in relation to the Danish tax
rate of 22% rate (2024: 22%)
Deferred income tax
Page 41 of 83
Contents of the notes to the consolidated financial statements
Note 9 Deferred tax
In thousands DKK
17.131 13.421
6.466 6.822
23.597 20.243
6.027 3.863
17.131 13.421
-685 -685
1.115 982
10.465 8.994
-83 -78
-22 -22
17.131 13.421
707 -767
314 367
2025 2024
3.003 2.201
13.421 11.987
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 liability, 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 42 of 83
Contents of the notes to the consolidated financial statements
Note 10 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
At 1 January 2025
At 31 December 2025
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
248.482 23.580 8.736
248.482 21.635 8.736
- 2.617 -
-
280.798
- -4.730 -936
248.523 28.009 8.736
-35.405 -15.738 -2.503
-49.045
-
-
-4
-35.405 -12.073 -1.567
-680 -
8 -
278.853
2.617
-680
8
-53.646
-4.597
-
227.152 213.077 7.842 6.233
280.798
-4 -
-35.405 -15.738 -2.503
- -3.661 -936
- 4.419 -
- -
-41 -5 -
-20.473 -35.446
213.077 7.536 5.297
285.268
51
4.419
-
41 10 -
-
248.482 23.580 8.736
-5.666
-53.646
225.910
-59.358
-46
-3.439
Completed
development
projects
Total
Cost:
Exchange differences
Amortisation charge
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 43 of 83
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 2025 and 2024 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 44 of 83
Contents of the notes to the consolidated financial statements
Note 11 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
At 1 January 2025
At 31 December 2025
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
51.169
-215
-9.545 -34.088 -21.236 -3.307
-2.974 -212
4.943
-537.692
57.385
-6.994
47.146
3.932
-1.235
-427
326.219 495.517 44.876
-153.910 -323.129 -31.508 -508.547
-5.640
53.955
-
866.612
907.933 513.167
-537.692
-10.228 -22.827 -3.796
2.355 10.922 794
380.425
-162.666 -340.547
-36.851
544.394
-584.518
391.470
-9.975
205.937 173.292 12.241
-174.488 -371.102 -38.928
-1.594 -7.728 -653
-162.666 -340.547 -34.479
3.818 336 789
-3.401
14.071
975.988
-34.479
-4.405
-1.023 -5.544
22.424 27.599
347.620
370.241 184.954 172.620 12.667
23.279 3.441 30.665
907.933 347.620 513.167 47.146
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 45 of 83
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
2025 2024
9.336 8.585
-490 -312
14.641 14.786
8.585 7.451
-13.340 -13.400
9.803 9.014
Variance
Increase /
decrease in
fair value
5,00% 467
2025 2024
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 layer 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 of 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 46 of 83
Contents of the notes to the consolidated financial statements
Note 13 Inventories
In thousands DKK
81.649 75.080
172.095 148.224
2025 2024
90.446 73.144
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 2025 or 2024.
Amounts recognised in profit or loss
Inventories recognised as an expense during the year ended 31 December 2025 amounted to 1.957 mDKK (2024: 1.679 mDKK).
Page 47 of 83
Contents of the notes to the consolidated financial statements
Note 14 Trade receivables
In thousands DKK
In thousands DKK 2025 2024
12.785 11.892
2025 2024
185.885 158.953
-225 -367
185.660 158.586
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 recognised
initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows
and
therefore measures them subsequently at amortised cost using the effective interest method.
Fair value of trade receivables
Carrying
amount of t
ransferred
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 25.973
thousands in 2025 (2024: DKK 30.713 thousands). If presented gross, the recognised trade receivables would have been DKK
211.633 thousands in 2025 (2024: DKK 189.299 thousands) and the recognised trade payables would have been DKK 193.414
thousands in 2025 (2024: DKK 176.033 thousands).
Page 48 of 83
Contents of the notes to the consolidated financial statements
Note 15 Leases
In thousands DKK
8.028 5.684
3.700 2.702
3.782 2.806
7.654 5.330
4.806 3.673
2.151 1.419
2025 2024
697 238
4.328 2.982
597 563
2.398 2.015
753 795
3.748 3.373
- 11
-272 -209
3.666 3.319
582 636
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 49 of 83
Contents of the notes to the consolidated financial statements
Note 16 Impairment tests
In thousands DKK
In thousands DKK
2024
2025
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 (2024: DKK 213.077 thousands) For both companies an impairment test in respect of goodwill has been carried
out at December 31, 2025 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 2025. 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% (2024: 1,5%). For
Munax Oy a pre-tax discount rate of 14,4% (2024: 10,5%) and Torggumman Ägg AB 10,4% (2024: 10,5%) 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 2025.
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 50 of 83
Contents of the notes to the consolidated financial statements
Note 17 Financial assets and financial liabilities
In thousands DKK
198.978 169.780
2025 2024
185.660 158.586
4.010 4.205
1 -
1 -
9.308 6.989
568.166 552.724
309.550 317.389
8.028 5.684
12 16
83.146 84.331
167.442 145.320
51.117 51.041
51.129 51.057
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 51 of 83
Contents of the notes to the consolidated financial statements
Note 17 Financial assets and financial liabilities
In thousands DKK
2025 2024
11.179 97.990 11.276 109.169 86.726 98.002
192.461 309.550
105.813
117.089
105.735 211.548 208.220
317.389 99.244 218.145
88.065 120.155
Borrowings
Total
Non-current
CurrentTotal
Non-currentCurrent
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 2,15%. Their maturity period ends from beginning of 2025 until end of 2040.
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
53,9 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 52 of 83
Contents of the notes to the consolidated financial statements
Note 18 Financial risk management
In thousands DKK 2025 2024
-2.045 -1.999
3.067 2.999
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 EUR, 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% (2024 of 1%)
Interest rate - decrease of 1,5% (2024 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 12.180 tDKK impact on post tax profit and equity (2024: 12.844 tDKK)
Page 53 of 83
Contents of the notes to the consolidated financial statements
Note 18 Financial risk management
In thousands DKK
At 31 December 2025
At 31 December 2024
125 242 - - 367
1% 20% 0% 0% -
145.954 12.999 - - 158.953
183.249
0%
-
-
-
185.885
225 125
20%
2.636
100
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 2025 and 31 December 2024 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 54 of 83
Contents of the notes to the consolidated financial statements
Note 18 Financial risk management
In thousands DKK
In thousands DKK
At 31 December 2025
-
110.449 84.875 30.766 226.090 211.548
83.159 51.117 - 134.276 134.275
3.700 4.328 - 8.028 8.028
97
98.002 13.068 63.600 34.747 111.415
142- -
2025 2024
367 270
225 367
167.442 - - 167.442 167.442
377.818 203.920 65.513 647.251 619.295
Trade receivables
Opening loss allowance
Unused amounts reversed
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 65% of its trade receivables at a
large global insurance company, while the remaining uninsured 35% 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 55 of 83
Contents of the notes to the consolidated financial statements
Note 18 Financial risk management
In thousands DKK
At 31 December 2024
348.925 207.218 94.962 651.105 603.778
84.347 51.041 - 135.388
66.290 50.931 130.479 109.169
145.320 - - 145.320
135.384
208.221
2.702 2.982 - 5.684 5.684
103.298 86.905 44.031 234.234
145.320
13.258
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 56 of 83
Contents of the notes to the consolidated financial statements
Note 19 Fair values
In thousands DKK
2025 Fair value hierarchy
1 -
9.336 -
Total
51.117 - 51.117
9.336 - -
Level 1
- 9.336
Level 2 Level 3
1 -
-
9.336
12 - 12 -
-
51.117 - - 51.117
- -
12 - 12 -
- -
1 - 1
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 57 of 83
Contents of the notes to the consolidated financial statements
Note 19 Fair values
In thousands DKK
- - -
8.585 - -
8.585 - -
- - -
2024
Total Level 1
-
Fair value hierarchy
Level 3Level 2
51.041 - - 51.041
8.585
8.585
16 - 16 -
- - - -
16 -
-
51.041 - - 51.041
16 -
There were no transfers between any levels during 2025 (2024: 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 58 of 83
Contents of the notes to the consolidated financial statements
Note 20 Cash flow specifications
In thousands DKK
In thousands DKK
At 1 January 2024
At 31 December 2024
At 31 December 2025
7.838 11.504
-49.607
-2.806
-
-270.659
3.319
-2.806
-2
3.666
-28.196 -26.013
- -
89.710 79.483
21.008 2.891
-31.059
2025 2024
-205 -4.559
15.953 24.026
49.091 47.229
21.767 15.843
-998 -1.009
-2.047 4.102
-26.447
-23.871 -3.325
-
-309.550 -8.028
2
-317.578
-6.010 -6.010 -
- -
-317.388 -5.684 -323.072
-264.464 -6.195
-52.926
-
Financial income
Financial expenses
Adjustments
Changes in net working capital
Change in inventories
Change in trade receivables and prepayments
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 59 of 83
Contents of the notes to the consolidated financial statements
Note 21 Share capital
Nominal value in tDKK
400.000 40.000
20242025
400.000
125,0 75,0
2025 2024
75,0 125,0
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 in the year
Total dividend proposed for the year
Page 60 of 83
Contents of the notes to the consolidated financial statements
Note 22 Capital management
168 137
1,9 2,4
85% 103%
373 313
In thousands DKK 2025 2024
316 323
The Group's objective with capital management is to ensure that the capital structure aligns with the interests of the company and
its owners. The capital structure should support long-term financial growth and ensure the ability to continue as a going concern.
In addition, the Group strives to maximize returns for the Group's stakeholders by optimizing the equity-to-debt ratio.
The Group monitors capital on the basis of the net debt to EBITDA ratio (leverage) and furthermore the Group monitors the net
debt to equity ratio (gearing).
During 2025, the Group’s strategy was unchanged from 2024.
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.
Dividends
The board has recommended payment of dividend in 2025 of 50,0 mDKK
Page 61 of 83
Contents of the notes to the consolidated financial statements
Note 23 Contingent liabilities, commitments and contingencies
In thousands DKK 2025 2024
12.958 13.620
- -
75 75
For information on the contingent consideration in connection with the acquisition of Munax Oy, see note 17.
Contingent liabilities
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.
The Group has significant capital expenditure contracted at the end of the reporting period with its suppliers for delivery of goods
and other services during the financial year 2026 amounting to aprox. DKK 1.3 billion.
Danæg Amba has an ongoing obligation to purchase eggs from its cooperative members, and this obligation is passed on to Danæg
A/S and Kronägg AB. The obligation is founded in a contract estimating volume for the period, but the purchase price is
determined continuously based on market conditions.
The cooperative members of Danæg Amba is ensuring a consistent and reliable supply and therefore is the obligation considered
material to the company's operations and forms an integral part of its business model.
Page 62 of 83
Contents of the notes to the consolidated financial statements
Note 24 Related party transactions
In thousands DKK
2025
50% 50%
2024
77 411
763.030 690.590
50% 50%
2025 2024
50% 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 63 of 83
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%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
164 156
7 7
171 163
2024
100%
2025
100%
2025 2024
805 968
1.222 1.088
71 40
142 85
98 101
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 64 of 83
Annual Report 2025
DANÆG Holding A/S
Parent company
Page 65 of 83
Parent income statement
for the year ended 31 December 2025
In thousands DKK Notes
1
2
3
3
4
56.057 47.077
2025 2024
56.057 47.077
-58.731 -49.040
1.193 -
-1.481 -1.963
12.240 11.977
77.978 54.884
-21.103 -24.128
67.634 40.770
2.599 2.832
70.233 43.602
-6.515 3.148
-39.546 26.748
70.233 43.602
50.000 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
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 66 of 83
Parent balance sheet
as per 31 December 2025
In thousands DKK Notes
5
6
7
2 2
2025 2024
63.605 42.591
5.068 4.465
4.465 5.068
67.501 47.933
3.896 5.342
645.814 625.422
569.236 568.819
305 305
573.245 573.024
3.704 3.900
88.298 76.580
3.254 3.051
2.039 3.290
10.011 10.082
749.418 718.427
103.604 93.005
Assets
Completed development projects
Plant and equipment
Total non-current assets
Receivables from group entities
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 67 of 83
Parent balance sheet
as per 31 December 2025
In thousands DKK Notes
8
8
8
8
9
10
11
2025 2024
3.953 3.484
40.000 40.000
71.857 70.774
169.407 143.128
335.217 287.386
50.000 30.000
53.937 53.861
40.679 42.755
93.243 105.281
187.859 201.897
2.022 1.936
85.186 103.598
10.521 5.606
3.006 6.289
107.195 130.127
414.201 431.041
226.342 229.144
749.418 718.427
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 68 of 83
Parent statement of changes in equity
for the year ended 31 December 2025
In thousands DKK
As at 1 January 2025
As at 31 December 2025
287.386 40.000 70.774 3.484 143.128 30.000
-
- 7.598 - - - 7.598
- - 3.447 -3.447 -
-30.000
- - -2.978 2.978 - -
- - - - -30.000
70.233 - -6.515 - 26.748 50.000
335.217 40.000 71.857 3.953 169.407 50.000
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 69 of 83
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
33.465 25.787
25 21
388 353
33.465 25.787
2025 2024
31.422 24.031
1.655 1.403
1.193 -
2025 2024
1.193 -
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
Profit/Loss on sale Property, pant and equipment
Other income and expenses
Page 70 of 83
Contents of the notes to the parent financial statements
Note 3 Financial income and expenses
In thousands DKK
-21.103 -24.128
-8.863 -12.151
12.071 11.976
-10.848 -13.478
-629 -171
-9.626 -10.479
169 1
12.240 11.977
2025 2024
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 71 of 83
Contents of the notes to the parent financial statements
Note 4 Income tax expense
In thousands DKK
2.599 2.832
2.599 2.832
2.599 2.832
2.771 2.900
243 -
-415 -68
2025 2024
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
Page 72 of 83
Contents of the notes to the parent financial statements
Note 5 Intangible assets
In thousands DKK
At 1 January 2025
At 31 December 2025
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
Period of depriciation
Note 6 Property, plant and equipment
In thousands DKK
At 1 January 2025
At 31 December 2025
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
Period of depriciation
63.605 3.896
-89.096 -8.056
-2.381 -1.812
-86.715 -6.244
152.701 11.952
23.569 366
- -174
129.306 11.586
3-5 years
5.068
-3.816
-16.232
-12.416
21.300
10-25 years 3-6 years
16.881
4.419
Completed
development
projects
Cost:
Depreciation charge
Additions
Disposals
Depreciation charge
Accumulated depreciation and impairment:
Cost:
Accumulated depreciation and impairment:
Additions
Plant and
equipment
Land and
buildings
Page 73 of 83
Contents of the notes to the parent financial statements
Note 7 Investments in subsidiaries
In thousands DKK
At 1 January 2025
At 31 December 2025
Revaluations:
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
- 2.000
497.379 495.379
497.379 497.379
71.440 71.922
7.598 -3.631
92.416 69.322
-85.160 -51.736
-14.437 -14.437
71.857 71.440
569.236 568.819
tDKK 1.000 100%
tSEK 4.000 100%
2025 2024
tDKK 3.100 100%
197.821 212.258
100%
tSEK 100 100%
tSEK 12.000 100%
tEUR 75 100%
tDKK 2.000
Cost:
Amortisation goodwill
Additions
Profit/Loss for the year
Received dividends for the year
Exchange rate adjustment
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 74 of 83
Contents of the notes to the parent financial statements
Note 8 Long-term liabilities
In thousands DKK
At 31 December 2025
In thousands DKK
At 31 December 2024
2.022 8.611 32.068 42.701
103.598 72.062 21.181 196.841
116.141 134.610 53.249 304.000
10.521 53.937 - 64.458
1.936 8.249 34.506 44.691
85.186 105.281 - 190.467
92.728 167.391 34.506 294.625
5.606 53.861 - 59.467
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
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 75 of 83
Contents of the notes to the parent financial statements
Note 9 Contingent liabilities, commitments and contingencies
1.111 946
In thousands DKK 2025 2024
- -
12.958 13.620
1.369 1.118
2.480 2.064
75 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
Page 76 of 83
Contents of the notes to the parent financial statements
Note 10 Related parties
50% 50%
50% 50%
2025 2024
50% 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.
The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with
section 98(c)(6) of the Danish Financial Statements Act.
Page 77 of 83
Contents of the notes to the parent financial statements
Note 11 Material accounting policy information
The annual report for DANÆG Holding A/S of 2025 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 presented in English.
Page 78 of 83
Contents of the notes to the parent financial statements
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
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 at the rate of completion of the service to which the contract relates by using the percentage-of-completion
method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total
revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and
it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on
the basis of the ratio between the expenses incurred and the total expected expenses of the service.
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.
Page 80 of 83
Contents of the notes to the parent financial statements
Note 11 Material accounting policy information
10-25 years
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 subsidiaries
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 on a straight-line basis over the period of the expected
economic benefit from the development work. The amortisation period is 2-5 years.
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.
Page 81 of 83
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 83 of 83