Royal Greenland A/S Annual Report October 1st 2008 – September 30th 2009 The annual report has been prepared and approved by th
Royal Greenland A/S 2 Contents Page Statements and reports: Statement by the Management on the Annual Report Auditors’ report 3
Royal Greenland A/S 3 Statement by the Management on the annual report The Supervisory and Executive Boards have today consider
Royal Greenland A/S 4 Independent auditor's report To the shareholder of Royal Greenland A/S We have audited the annual report
Royal Greenland A/S 5 Management’s review Company details Company Royal Greenland A/S Qasapi 4 P.O. Box 1073 3900 Nuuk Telephon
Royal Greenland A/S Group Chart 6 Royal Greenland A/S Royal Greenland Seafood A/S, 100% Royal Greenland Seafood GmbH, 100% Unip
Royal Greenland A/S 7 Financial highlights and key ratios 2008/09 DKK million Key figures Profit/loss Net revenue Profit from o
Royal Greenland A/S 8 Management's review 2008/09 2008/09 was a very difficult year for Royal Greenland, due amongst other thin
Royal Greenland A/S In response to the difficult working conditions, the Company launched a 12-point plan of action in the firs
Royal Greenland A/S Alongside the capital injection from the owners, the Company also took out new private placement loans for
Royal Greenland A/S The priorities expressed in the initiated plan of action will be retained, in order to ensure that the Comp
Royal Greenland A/S 12 Product development Innovative skills are required in order to realise the vision of being an internatio
Royal Greenland A/S 13 The distribution of the quota between coastal and deep-sea fishing remains unchanged, with 57% for deeps
Royal Greenland A/S unaltered. The quotas in Disko Bay and Uummannaq rely on biological advice, while such advice is still lack
Royal Greenland A/S First sales prices fell, and restrictions were introduced in some places, resulting in a drop in first sale
Royal Greenland A/S lower volumes for the factory. At the same time, the trend in the US dollar and poor fishing conditions in
Royal Greenland A/S 17 Canada Production in Canada has proceeded satisfactorily. Supplies of raw materials have been greater th
Royal Greenland A/S EBIT (DKK mill.) 18 250 200 150 100 50 0 2004/05 -50 -100 2005/06 2006/07 2007/08 2008/09 The plan of actio
Royal Greenland A/S 19 Balance sheet sum, equity (DKK mill.) and equity ratio (%) Balance 4.500 4.000 22.5% 3.500 3.000 2.500 2
Royal Greenland A/S Interest-bearing debt (DKK mill.) and interest-bearing debt/ EBITDA Interest-bearing debt Interest-bearing
Royal Greenland A/S Staff satisfaction surveys have been held at our four largest locations in Greenland, Denmark and Wilhelmsh
Royal Greenland A/S factories in Canada, Germany, Poland and Denmark are all certified to produce these. The Marine Stewardship
Royal Greenland A/S In the long term, the aim is to achieve an EBIT margin of 5%, and next year an EBIT margin of 2.5 - 3.0% is
Royal Greenland A/S Exchange rate exposure The Group's activities are influenced by exchange rate fluctuations, as sales are pr
Royal Greenland A/S Accounting policies 25 Basic of accounts The annual report of Royal Greenland A/S has been prepared in acco
Royal Greenland A/S The consolidated financial statements consolidate the financial statements of the Parent and of the individ
Royal Greenland A/S Exchange differences that arise between the rate at the transaction date and the one in effect at the payme
Royal Greenland A/S 28 Other operating income and expenses Other operating income and expenses comprise income and expenses of
Royal Greenland A/S estimated to be triggered as current tax. Changes in deferred tax resulting from changed tax rates are reco
Royal Greenland A/S Property, plant and equipment Land and buildings, vessels, plant and machinery as well as other fixtures an
Royal Greenland A/S The Parent's share of the enterprises' profits or losses after elimination of unrealised intra-group profit
Royal Greenland A/S Goods in progress and finished goods, including finished goods produced on board own trawlers, are measured
Royal Greenland A/S Other financial liabilities Other financial liabilities are recognised at amortised cost which usually corr
Royal Greenland A/S Management is of the impression that the Group solely operates with one individual business segment why the
Royal Greenland A/S 35 Income statement October 1st 2008 – September 30th 2009 Parent 2007/08 2008/09 DKK '000 DKK '000 Group 2
Royal Greenland A/S 36 Assets at September 30th Parent 2008 DKK '000 Group 2009 2009 Note 10 DKK '000 2008 DKK '000 DKK '000 25
Royal Greenland A/S 37 Equity and liabilities at September 30th Parent 2008 DKK '000 Group 2009 2009 Note DKK '000 2008 DKK '00
Royal Greenland A/S 38 Statement of changes in equity Parent Reserve under the equity method 197 (1,768) 310 1,908 (647) 0 0 (3
Royal Greenland A/S 39 Consolidated cash flow statement October 1st 2008 to September 30th 2009 DKK '000 Note 2008/09 (196,007)
Royal Greenland A/S 40 Notes to the annual report 1. Net turnover Parent Geographical markets Revenue 2008/09 DKK ‘000 2007/08
Royal Greenland A/S 41 Notes to the annual report 3. Staff costs Parent 2007/08 DKK ‘000 Group 2008/09 DKK ‘000 2008/09 DKK ‘00
Royal Greenland A/S 42 Notes to the annual report 5. Profit/loss from investments in group enterprises Parent 2007/08 DKK ‘000
Royal Greenland A/S 43 Notes to the annual report 8. Other financial expenses Parent 2007/08 DKK ‘000 Group 2008/09 DKK ‘000 20
Royal Greenland A/S 44 Notes to the annual report 10. Intangible assets Parent Quotas DKK ‘000 IT DKK ‘000 Cost at October 1st
Royal Greenland A/S 45 Notes to the annual report 10. Intangible assets (continued) Group Groupgoodwill DKK ‘000 Quotas DKK ‘00
Royal Greenland A/S 46 Notes to the annual report 11. Property, plant and equipment Parent Plant and machinery DKK ‘000 Buildin
Royal Greenland A/S 47 Notes to the annual report 11. Property, plant and equipment (continued) Group Plant and machineBuilding
Royal Greenland A/S 48 Notes to the annual report 12. Investments in group enterprises and associates Parent Group enterprises
Royal Greenland A/S 49 Notes to the annual report 13. Receivables from subsidiaries and associates Parent Subsidiaries DKK '000
Royal Greenland A/S 50 Notes to the annual report 15. Inventories Parent 30.09.2008 DKK ‘000 Group 30.09.2009 DKK ‘000 30.09.20
Royal Greenland A/S 51 Notes to the annual report 19. Deferred tax Parent 30.09.2008 DKK ‘000 Group 30.09.2009 DKK ‘000 30.09.2
Royal Greenland A/S 52 Notes to the annual report 21. Long-term liabilities other than provisions (continued) Interest and term
Royal Greenland A/S 53 Notes to the annual report 24. Assets charged and contingent liabilities Parent 30.09.2008 DKK ‘000 Grou
Royal Greenland A/S 54 Notes to the annual report 25. Financial exposure Positions in the most important currencies: Group Hedg
Royal Greenland A/S 55 Notes to the annual report 26. Fees to auditors appointed by the general meeting Parent 2007/08 DKK ‘000
Royal Greenland A/S 56 Notes to the annual report 28. The managerial positions held by members of the Supervisory Board and Exe
Royal Greenland A/S 57 Notes to the annual report 28. The managerial positions held by members of the Supervisory Board and Exe
Royal Greenland A/S 58 Notes to the annual report 2008/09 DKK ‘000 2007/08 DKK ‘000 29. Adjustments relating to net profit for
Page 1:
Annual Repo
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Royal Greenland A/S Annual Report October 1st 2008 – September
Page 3:
Royal Greenland A/S 2 Contents Page Statements and reports: Sta
Page 4:
Royal Greenland A/S 3 Statement by the Management on the annual
Page 5:
Royal Greenland A/S 4 Independent auditor's report To the share
Page 6:
Royal Greenland A/S 5 Management’s review Company details Compa
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Royal Greenland A/S Group Chart 6 Royal Greenland A/S Royal Gre
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Royal Greenland A/S 7 Financial highlights and key ratios 2008/
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Royal Greenland A/S 8 Management's review 2008/09 2008/09 was a
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Royal Greenland A/S In response to the difficult working condit
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Royal Greenland A/S Alongside the capital injection from the ow
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Royal Greenland A/S The priorities expressed in the initiated p
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Royal Greenland A/S 12 Product development Innovative skills ar
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Royal Greenland A/S 13 The distribution of the quota between co
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Royal Greenland A/S unaltered. The quotas in Disko Bay and Uumm
Page 16:
Royal Greenland A/S First sales prices fell, and restrictions w
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Royal Greenland A/S lower volumes for the factory. At the same
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Royal Greenland A/S 17 Canada Production in Canada has proceede
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Royal Greenland A/S EBIT (DKK mill.) 18 250 200 150 100 50 0 20
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Royal Greenland A/S 19 Balance sheet sum, equity (DKK mill.) an
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Royal Greenland A/S Interest-bearing debt (DKK mill.) and inter
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Royal Greenland A/S Staff satisfaction surveys have been held a
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Royal Greenland A/S factories in Canada, Germany, Poland and De
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Royal Greenland A/S In the long term, the aim is to achieve an
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Royal Greenland A/S Exchange rate exposure The Group's activiti
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Royal Greenland A/S Accounting policies 25 Basic of accounts Th
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Royal Greenland A/S The consolidated financial statements conso
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Royal Greenland A/S Exchange differences that arise between the
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Royal Greenland A/S 28 Other operating income and expenses Othe
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Royal Greenland A/S estimated to be triggered as current tax. C
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Royal Greenland A/S Property, plant and equipment Land and buil
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Royal Greenland A/S The Parent's share of the enterprises' prof
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Royal Greenland A/S Goods in progress and finished goods, inclu
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Royal Greenland A/S Other financial liabilities Other financial
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Royal Greenland A/S Management is of the impression that the Gr
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Royal Greenland A/S 35 Income statement October 1st 2008 – Sept
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Royal Greenland A/S 36 Assets at September 30th Parent 2008 DKK
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Royal Greenland A/S 37 Equity and liabilities at September 30th
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Royal Greenland A/S 38 Statement of changes in equity Parent Re
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Royal Greenland A/S 39 Consolidated cash flow statement October
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Royal Greenland A/S 40 Notes to the annual report 1. Net turnov
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Royal Greenland A/S 41 Notes to the annual report 3. Staff cost
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Royal Greenland A/S 42 Notes to the annual report 5. Profit/los
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Royal Greenland A/S 43 Notes to the annual report 8. Other fina
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Royal Greenland A/S 44 Notes to the annual report 10. Intangibl
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Royal Greenland A/S 45 Notes to the annual report 10. Intangibl
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Royal Greenland A/S 46 Notes to the annual report 11. Property,
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Royal Greenland A/S 47 Notes to the annual report 11. Property,
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Royal Greenland A/S 48 Notes to the annual report 12. Investmen
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Royal Greenland A/S 49 Notes to the annual report 13. Receivabl
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Royal Greenland A/S 50 Notes to the annual report 15. Inventori
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Royal Greenland A/S 51 Notes to the annual report 19. Deferred
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Royal Greenland A/S 52 Notes to the annual report 21. Long-term
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Royal Greenland A/S 53 Notes to the annual report 24. Assets ch
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Royal Greenland A/S 54 Notes to the annual report 25. Financial
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Royal Greenland A/S 55 Notes to the annual report 26. Fees to a
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Royal Greenland A/S 56 Notes to the annual report 28. The manag
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Royal Greenland A/S 57 Notes to the annual report 28. The manag
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Royal Greenland A/S 58 Notes to the annual report 2008/09 DKK ‘
Royal Greenland
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