THORNICO HOLDING A/S — Credit Rating and Financial Key Figures

CVR number: 35258000

Havnegade 36, 5000 Odense C

Income statement (mDKK)

	2020	2021	2022	2023	2024
Fiscal period length	12	12	12	12	12
Net sales	8 575.27	10 099.66	12 131.32	9 659.09	10 072.15
Change in finished goods inventory				-40.58	-66.83
Manufacturing for enterprise's own use					21.05
Other operating income		12.46	85.28	7.29	19.57
External services		-3 634.25	-4 486.12	-1 898.90	-1 985.19
Gross profit	2 215.49	2 662.82	2 810.57	2 924.28	3 325.51
Employee benefit expenses		-1 432.83	-1 658.88	-1 792.00	-1 859.65
Total depreciation		- 332.65	- 441.86	- 449.99	- 369.36
Reduction in value of non-current assets		70.91	7.01	0.23	8.87
EBIT	747.64	968.25	716.85	682.53	1 105.37
Other financial income		210.05	111.73	75.83	82.33
Other financial expenses		- 170.49	- 293.98	- 211.75	- 206.51
Net income from associates (fin.)		7.35	2.08	-4.08	3.66
Pre-tax profit	536.67	1 015.17	536.68	147.98	984.85
Income taxes		- 184.26	- 143.43	197.28	- 230.22
Profit/loss from discontinued operations		-0.10	-91.10	374.37
Net earnings	536.67	830.80	302.15	719.63	754.63

	2020	2021	2022	2023	2024
Development expenditure		97.44	124.47	132.25	151.32
Intangible rights		126.88	103.33	87.34	80.94
Goodwill		246.60	173.08	116.72	100.23
Intangible assets total		470.91	400.88	336.30	332.49
Land and waters		856.44	972.96	921.87	956.96
Buildings		2 122.09	2 272.63	2 243.34	2 441.53
Machinery and equipment		93.01	225.90	210.33	207.94
Advance payments and construction in progress		428.64	114.67	194.46	246.45
Tangible assets total		3 500.18	3 586.15	3 570.00	3 852.88
Participating interests		45.64	47.02	42.38	45.91
Investments total	6 579.67	45.64	47.02	42.38	45.91
Non-current loans receivable		42.76	21.62	33.39	32.12
Long term receivables total		42.76	21.62	33.39	32.12
Finished products/goods		1 470.57	2 055.64	1 807.60	1 916.25
Inventories total		1 470.57	2 055.64	1 807.60	1 916.25
Current trade debtors		1 658.01	1 691.88	1 540.40	1 691.31
Current owed by particip. interest comp.		3.81		1.91	6.01
Prepayments and accrued income		138.47	142.01	138.69	200.72
Current other receivables		280.56	401.50	289.04	284.57
Current deferred tax assets		224.53	208.75	297.45	195.84
Short term receivables total		2 305.38	2 444.14	2 267.50	2 378.45
Cash and bank deposits	524.18	569.45	767.60	729.59	720.43
Cash and cash equivalents	524.18	569.45	767.60	729.59	720.43
Non-current assets for sale			91.50
Balance sheet total (assets)	7 103.85	8 404.89	9 414.54	8 786.76	9 278.53

	2020	2021	2022	2023	2024
Share capital	2 698.53	5.00	5.00	5.00	5.00
Asset revaluation reserve			6.24	6.24	6.24
Shares repurchased		20.00	20.00	20.00	20.00
Other reserves		- 174.78	-61.82	- 319.56	- 386.16
Retained earnings	- 536.67	2 514.63	3 313.69	3 018.14	3 755.47
Profit of the financial year	536.67	830.80	302.15	719.63	754.63
Minority interest (BS)		446.27	461.18	323.62	323.45
Shareholders equity total	2 698.53	3 641.93	4 046.45	3 773.07	4 478.62
Provisions		350.15	423.61	424.28	428.89
Non-current loans from credit institutions		1 357.78	1 376.18	1 341.30	1 108.84
Non-current leasing loans			105.02	100.22	90.26
Non-current deferred tax liabilities		26.87	27.71	26.88	20.85
Non-current liabilities total		1 384.65	1 508.92	1 468.39	1 219.95
Current loans from credit institutions		1 155.83	1 365.17	931.94	1 052.25
Advances received				241.31	345.47
Current trade creditors		1 023.74	1 131.71	916.63	928.37
Current owed to participating		18.87	26.63	31.89	96.51
Short-term deferred tax liabilities		142.71	73.54	218.13	114.44
Other non-interest bearing current liabilities		604.12	787.97	781.11	614.03
Accruals and deferred income		82.89	32.15
Liabilities of non-current assets for sale			18.40
Current liabilities total		3 028.16	3 435.56	3 121.02	3 151.07
Balance sheet total (liabilities)	2 698.53	8 404.89	9 414.54	8 786.76	9 278.53

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