Sfk Food A/S (Koncern)

Development in activities and financesThe Company´s income statement for 2023 shows a profit before tax of DKK mio. 11,2 and the Company´s balance sheet on 31 December 2023 shows equity of DKK mio. 55,5.

Continued from previous years resources are spend on optimizing the Company´s future business model as part of the Solina Group which is expected to contribute to progress in revenue as well as earnings.

During 2023 the marketplace has been affected by macro-economic developments derived back from the CV19 pandemic and the instability caused by conflicts in Eastern Europe and the Middle East. Continued increasing raw material prices and high inflation rates required adaption to secure profitable business. Consumer behaviors have changed because of increasing inflation and food prices shifting consumption from high value products into low value products with increasing focus on discount channels. Despite volatile business conditions timely and careful action has been taken and consequently, Management has estimated that there is no need to change the planned ambitions entering 2024. Sustainability is a key pillar in our strategic ambitions hence, increased resources are spent to implement sustainability in all our actions. The company are now able to measure the CO2 discharge (within scop 1, 2 and part of 3) on a monthly basis, have made a roadmap with activities to reduce CO2, and involved all employees in the sustainability agenda.

Relating to exchange rate risks the Company primarily makes transactions with customers in either DKK or EUR and thus with minimal exchange rate risk. On the supply chain side, transactions are also made in e.g. USD but risk is minimized by long term contractual agreements. The financial performance in the subsidiary Solina Norway AS have however significantly been impacted by the weakened NOK vs EUR and DKK and as a result from that the subsidiary were loss making in 2023.