Danish Crown reports better financial results for 2021
Despite the pandemic, Danish Crown's earnings are consistently higher from a year ago. The group is reporting earnings up by 40% for the three processing companies in Poland, Sweden and Denmark. "It's a strong account. We are closer to our customers and consumers than ever before. Our focus on sustainability opens doors, and over the past six months, sustainability has been a crucial factor in negotiations, where we have secured significant orders from major international players in both retail and foodservice. It gives energy and faith in the continued work, where there is more to be gained through a targeted effort", says Jais Valeur, Group CEO of Danish Crown.
Danish Crown is growing, and has, calculated in kilos, sold three percent more in the first half of the financial year than in the same period last year. Global price declines for meat due to COVID-19 and a lower dollar exchange rate affect revenue in a downward direction, but earnings are maintained at a high level with a net profit of €179 million.
Local outbreaks of COVID-19 cut off some of the group's factory plants from exporting to China at the beginning of the first half of the year, and therefore almost 30% less was exported to China compared to last year. Nevertheless, the ASF outbreak in Germany has changed the game in the international market. Even if that posed challenges for the group, the financial results are matching last year's performances, according to Mr Valeur. "Despite some headwinds at the start of the year, we largely manage to match last year's record result. We can only be satisfied with this when we have at the same time delivered a competitive settlement to our owners. This is not least due to the formidable efforts of all our 26,000 employees. I have great respect for our employees who have faithfully turned up at our slaughterhouses and factories every single day, while others have hung in and solved their tasks from the home office. This has ensured that none of our customers have been short of goods during the pandemic. It is an achievement we can afford to be proud of," he added.
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