Stauning Whisky A/S

Ledelsesberetning

Key activities The Company's activity consists of producing and selling whisky and running related businesses. Development in the year The income statement of the Company for 2024 shows a loss of DKK 71,957,230, and at 31 December 2024 the balance sheet of the Company shows a positive equity of DKK 220,832,497. Financial results for 2024 are below budget and therefore have not lived up to management´s expectations. Main reason is significant write-down of building and equipment. 2024 has been a difficult market to navigate with war in Europe, ongoing consumer caution and overall decline in the spirit industry. Achieving significant growth in volume for Stauning Whisky is satisfying in the current global environment for spirit businesses. Targets and expectations for the year ahead 2025 is expected to be another challenging year. Strategical change from Diageo to stop future investment through Distill Venture, including Stauning Whisky, will lead to a change in strategy for Stauning Whisky. The organization will be adjusted to the new scenario to make Stauning Whisky a financial sustainable company during the coming years.Due to changes in investment strategy, there will be unknown situations and solutions for 2025. However, it is expected that we will minimize the annual loss in 2025 compared to 2024. The result is expected to be a loss in the range of 20-30 mDKK.It is expected we will be able to grow sales volume in 2025 compared to 2024. Subsequent events In the period from end of financial year 2024 the strategical changes from Diageo have been informed to Stauning Whisky, meaning that there have been made extraordinary write-down on buildings and equipment due to less daily use in operation. The strategical change from Diageo has led to change in strategy for Stauning Whisky as well, with adjustments in organization that reflects adjusted and reduced growth plan and changes of market strategy and focus.