Noridane Food A/S

Development in activities and finances2023 was characterized by overall more stable market conditions than in 2022, despite still being impacted by wars, political instability, animal diseases etc. in specific markets and areas.

Decreasing production of pork in the European market made prices of pork more turbulent, as the markets were trying to find the market equilibrium.

Again, this year the management and the employees of the company have been able to navigate well to the current market conditions. Good focus on collaboration with customers and suppliers have brought us closer to the clients and thereby increased business activity, reduced risk and fulfilling client’s needs. The positive trends are reflected in the result for 2023.

The year showed good activity and growth in several of the company's main markets as planned. However, some markets were challenged by animal diseases, which negatively impacted purchases and sales to these markets.

In 2023, NoriDane continued investments in new product groups and new geographical markets where the company has not previously focused. Further NoriDane have started investing in a new digital platform for the companies internal systems, in order to stay competitive and efficient in the future.
The work on and investments in these new activities and system will continue over the next years.

As a result of Russia's continued invasion of Ukraine, NoriDane has still ceased all trade with customers and suppliers in Russia and Belarus. This decision is made for ethical, moral and compliance reasons, even though sanctions against the countries do not prevent us from trading food products.
This decision has a significant impact on turnover and earnings in the year.

In 2023 NoriDane implemented “The Transform to Perform” strategy, which will go from 2023 to 2027.
The strategy aims to grow business in new geographical areas and other commodities than meat, while continuing to develop current markets and products. Further, the strategy will focus on keeping a solid foundation in the company for the employees to ensure an optimal environment for growing the company.

At the end of 2023 NoriDane made several organizational adjustments which amongst others meant that the executive team was expanded to 5 people from previous 2.

The company realized a turnover of 1.846 million DKK in the financial year, an increase of 7,4% compared to the previous year and above expectations for the year. The increased turnover is primarily achieved by increased prices.

A pre-tax profit of 34.790 million DKK was realized, which is an increase of 27% compared to the previous year.

The company's balance sheet as of December 31, 2023 showed equity of 121.044 million DKK. The company's solvency ratio was 45% compared to 34% the previous year.

The management considers the realized result to be satisfactory.