Mille Food A/S

The income statement for 2021 shows a loss of DKK 38,547 thousand against a profit of DKK 14,058 thousand last year, and the balance sheet at 31 December 2021 shows equity of DKK 34,147 thousand.
The financial year has been influenced by a significant drop in sales of significant product groups on the primary market in China. The level of revenue deviates from management expectations, due to COVID -19 situation in China in 2021 and thereof the difficulties in the Chinese market in terms of distribution of goods in the market.

The significant EBITDA loss in 2021 has triggered a write-down of fixed assets. Write-down of the company's deferred tax assets and fixed assets amounts to DKK 1,948 thousand and DKK 21,926 thousand respectively.

The development must be compared with the fact that the company in the annual report for 2020 expected a result in the lower million range for 2021.

Management considers the result for the year to be unsatisfactory.
The Danish Veterinary and Food Administration reported Mille Food A/S to the police and postulated that Mille Food A/S has had profits of approximately DKK 32,000 thousand on the basis of allegedly used illegal ingredients in their production. The Company has a potential counter claim of DKK 20,000 thousand in relation to seized and destroyed goods. It is management's assessment that the claim will be waived and consequently no provision has been made in this respect.