3.1EQUITY INVESTMENTS IN AND JOINT VENTURES 2024 mDKK Total profit Associates 26 Joint ventures 71 Total 97 Total profit includes special items amounting to -84 mDKK. Dividend received 169 8 177 Investments in associates and joint ventures 1,692 936 2,628 2023 mDKK Associates Joint ventures Total 167 67 1,814 79 8 873 246 75 2,687 Refer to note 5.8 for a complete list of the group’s associates and joint ventures. Difference between the group’s share of the entities’ equity and the carrying amount is related to goodwill. mDKK Ownership interest Dividend Revenue Profit/loss for the year Non-current assets Current assets Equity Carrying amount mDKK Ownership interest Revenue Profit/loss for the year Non-current assets Current assets Equity Carrying amount HaBeMa 2024 50.0% 109 2,595 56 537 316 538 285 Associates DCC Holding Denmark 2023 2024 2023 50.0% 34.1% 34.1% 51 200 - 3,509 12,265 13,371 100 194 229 547 1,022 992 297 2,258 2,118 591 1,639 1,638 312 851 846 DanHatch 2024 50.0% 1,371 44 760 372 722 356 Joint ventures Scandagra Group 2023 2024 2023 50.0% 50.0% 50.0% 1,290 5,328 5,897 35 90 99 724 231 229 328 1,907 2,055 684 850 759 332 424 380 ASSOCIATES ACCOUNTING POLICIES Equity investments in associates comprise ownership interests in enterprises in which the group exercises significant influence. Joint ventures are enterprises in which the group has shared joint control through collaborative agreements with one or more parties. Shared joint control means that decisions regarding the relevant activities require unanimity among the parties holding the shared joint control. Equity investments in associates and joint ventures are recognised and measured in the Consolidated Financial Statements according to the equity method. This means that the equity investments are measured at the proportionate share of the enterprises’ carrying amount, calculated according to the group’s accounting policies, with deduction and addition of proportionate intercompany gains and losses, and with addition of the carrying amount of goodwill. The income statement includes the proportionate share of enterprises’ post-tax earnings after elimination of a proportionate share of unrealised intercompany gains and losses and with deduction of any impairment losses relating to goodwill. Other comprehensive income for the group includes the proportionate share of all transactions and events recognised in other comprehensive income in the enterprise. Income from associates and jointly controlled enterprises engaged in activities within the group’s core business areas, and where DLG takes an active part in operations, is recognised as part of the operating profit. Equity investments in associates and jointly controlled enterprises with a negative carrying amount are measured at DKK 0. A provision to cover the remaining negative equity value is only recognised if the group has a legal or constructive obligation to cover the liabilities of the enterprise in question. Upon acquisition of equity investments in associated companies and joint ventures, the acquisition method is applied, cf. section 6.3 on the consolidated financial statements. See the group overview in note 5.8. COMMENTS In 2024, the group invested in Entre Rios Chrushing S.A. to support deliveries of deforestation-free soy to the Northern European market. Additionally, as in 2023, capital increases were made in BioRefine Denmark A/S. The implementation of the green transition has proven to be more challenging than anticipated, leading to write downs in our greener investments. Furthermore, certain impairments were made as a result of the simplification of the business portfolio. The impairments were made in accordance with the impairment test described in note 2.1. Please refer to note 1.3 for a description of the write downs performed. 101 Introduction – Results – Business Areas – ESG Introduction – Environment – Social – Governance – Consolidated Finansial Statement, Group
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