Cena Partnerskab Holding Aps

Particular risksBusiness risks The Group’s most significant business risk relates to the quality and food safety of the products distributed. Financial risks As a consequence of its operations, investments and financing, the Group is exposed to changes in the level of interest and exchange rates. The Group pursues a fiscal policy operating with a low risk profile so that currency risks, interest risks and credit risks only arise based on commercial matters. Currency risks Where possible, the Group’s currency exposure is hedged through matching of payments received and made in the same currency and by using forward exchange contracts and currency options. At the end of the financial year 2020, the notional value of the Group’s forward exchange contracts and currency options for meeting future currency risks amounted to negative 1.448 t.DKK Forward exchange contracts and currency options consist of hedging of activities in EUR, USD, NOK and SEK with a term up to 24 months.

Development in activities and financesThe Group generated a profit before tax of 36.916 t.DKK in the financial year. The profit before tax for the year is considered satisfactory by the Board of Directors. The expected net profit of 5-10 m.DKK stated in the outlook of the annual report from 2019 has been exceeded due to higher revenue in Denmark and other Nordic countries. The Group has been and continues to be favoured by high demand from the retail segment during the year which has had a positive impact on the Groups revenue and result.