Qupaq Aps

Development in activities and financesQUPAQ was rebranded from Intech after Carsoe Group A/S on 1 November 2021, had acquired all shares in Intech International A/S. The companies had overlapping businesses in the Food and Seafood segments and throughout the year, the group underwent a legal restructuring to establish two separate and streamlined businesses, where the food related activities are continuing in QUPAQ. As part of this restructuring, the activities in Norway and KM Fish A/S were transferred to Carsoe Seafood ApS. Costs in connection with rebranding and restructuring are included in the 2022 result.

The restructuring is expected to strengthen the market position and growth opportunities by allowing QUPAQ to concentrate on its area of expertise.

There has been conducted a strategic effort to combine the value propositions of the merged business and an ambitious sales growth roadmap is prepared for the coming years.

In 2022 QUPAQ has further build its preferred partner network and is now represented in 9 countries and has own sales companies in Germany and US. The US operations was established in 2022.

Throughout the year there has been both positive and negative impact from the Ukrainian conflict, mostly in the supply chain. These obstacles have been overcome.

Particular risks
Operating risks
QUPAQ’s most significant operating risks relate to its ability to gain and retain client relations, key employees and always to be at the forefront of technological development within the Company’s business areas.

Financial risks
The Group engages in purchases and sales in various currencies, exposing it to fluctuations in exchange rates. It is the Group’s policy to hedge commercial exchange rate risks. This is primarily done through foreign exchange contracts on forecasted sales and purchases. However, the Group does not hedge the currency rate between Danish Krone (DKK) and the Euro (EUR) as this rate is fixed.

Currency adjustments of investments in subsidiaries which are independent entities are recognised directly in equity. As a main rule, related currency risks related to the investment in subsidiaries are not hedged, as the Group regards these are long-term strategic investments and not affected by short term fluctuations in currency rates.