a surplus of EUR 65 million, which increases the group's equity at the beginning of the year by 15%. Group equity increased by EUR 130 million from EUR 425 million to EUR 555 million. The group's solvency ratio is 30%, correspon ding to last year's level. The fact that the ratio has not increased is solely due to the acquisition of Ceravis AG, that helped increase the group's overall balance sheet totals. INTERNATIONAL STRENGTH, LOCAL PRESENCE Danish Agro played an active role in the continued consolidation of the international agribusiness industry in 2015. A strengthened market position in Germany and most recently in Sweden means that we can now match to a greater degree the demands of suppliers, business associates and customers for professional service. Our international strength will be ensured through a longterm growth strategy, in which our declared goal is to grow around 10% per year. That’s necessary to be able to maintain relative competitiveness against suppliers and competitors, whilst remaining the best possible partner for the farmers we deal with. As farms become bigger and more specialised, we need to react by providing what farmers want. We believe it is our job to be able to help far mers create the best conditions for growth, value and profit. Increased international strength is not enough on its own. The group has constant focus on maintaining the right balance between international strength and local pres ence. That’s what creates value for farmers. High quality products at competitive prices have to go hand in hand with local insight and services. Local presence is ensured through working closely with farmers on the markets we operate on. That's why, inter nationally, we prioritise local management in our subsi AGRIBUSINESS DENMARK AGRIBUSINESS INTERNATIONAL The group's business units FOOD ACTIVITIES SPECIAL FEED AGRIBUSINESS SUPPORT AGRIBUSINESS MACHINERY 4 MANAGEMENT'S REPORT • ANNUAL REPORT 2015 diaries who speak the local language and understand the local culture. The Danish Agro group has sales, warehou sing and office facilities in 15 different countries – and 15 different nationalities of management for our respective subsidiaries. We believe that gives us the best possible insight into the needs and services we have to fulfil for each individual farmer. The strategic focus in 2015 formed the basis for the many new initiatives we successfully implemented throughout the Danish Agro group, which consists of six strategic business units: • • • • • • Agribusiness Denmark Agribusiness International Agribusiness Support Agribusiness Machinery Special Feed Food Activities Net turnover Trends in consolidated turnover (MEUR) 4,000 Gross profit margin Trends in consolidated gross profit (MEUR) 550 Costs Trends in consolidated costs (MEUR) EBITDA Trends in consolidated earnings before interest, taxes, depreciation and amortisation EBITDA (MEUR) 150 400 3,200 440 320 120 2,400 330 240 90 1,600 220 160 60 800 110 80 30 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015
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