CONTENTS MANAGEMENT'S REVIEW 6 Record turnover and strong profits in an extraordinary year 7 Key Performance Indicators 9 Financial results 10 Main objectives 2021 12 Risk management 14 Corporate management team 15 Danish Agro’s Board of Directors 16 The Board of Directors’ competency profile 17 Unity during hard times 18 Increased focus on sustainability 20 What happened 2020 22 BUSINESS DIVISIONS 28 Agribusiness Denmark 30 Agribusiness International 36 Agribusiness Support 42 Agribusiness Machinery 48 Special Feed 56 Food Activities 62 FINANCIAL STATEMENTS 70 Management's statement 72 Independent auditor's report 73 Income statement 75 Balance sheet 76 Equity explanation 78 Cash flow statement 79 Accounting policies 80 Notes 84 Company information 94 Danish Agro group companies 96
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