International strategy ensures record results in an extraordinary year

2022 was an eventful year for Danish Agro, which based on the group’s international strategy delivered the all-time best result ever. That entails an extraordinarily large profit distribution.

The reason for the extraordinarily fine result is not least that our international strategy has indeed had the intended effect in 2022. In particular, the group's agribusiness activities in Estonia, Latvia, Lithuania, Poland and not least Germany have achieved excellent results.

In 2022, the significant financial robustness of the Danish Agro group also became very evident. In the autumn, we had a new credit line of EUR 600 million refinanced. The support from the banks was large, and the transaction was over-subscribed. It is very positive that our banks support us so much.

Financial results

2022 was a year characterised by large volatility, primarily due to the conflict in Ukraine and the resulting commercial challenges. Despite this, the Danish Agro group has generated extraordinarily fine, financial results.


The Danish Agro group has generated a result before tax (EBT) at EUR 162 million, which is EUR 75 million higher than the year before.

That is a very satisfactory result deviating positively in relation to the group’s budgets and targets for the year, and which has been realised despite difficult market conditions with volatile prices and international logistical challenges.


Profit before tax has been realised based on the largest turnover so far in the group’s history of EUR 7.9 billion, which is 34.2% higher than in 2021. 

The increase in turnover bears witness of a high price increase in crops, fertiliser and raw materials, an increased scope of activity in particularly the Baltic countries and Germany, and a generally good harvest in 2022 in terms of value.


The Danish Agro group’s operating income (EBITDA) reached a record-high result at EUR 265 million, which is EUR 93 million better than in 2021. The fine result has been achieved based on a large increase in the operating income in the business area Agribusiness International and maintaining of the operating income in the group’s other business areas. In total, the result shows that the Danish Agro group is strong with a healthy business and a positive development.


The total balance sheet has been realised by EUR 3.1 billion as against EUR 2.7 billion in 2021. The primary reason for this is the generally high prices of crops, fertiliser and raw materials. This impacts especially money tied up in inventories and trade receivables.


The group equity has increased by EUR 134 million and is EUR 908 million at the end of the year. Consequently, the financial solidity increases to 29.6% as against 29.1% last year.


See the total income statement and balance sheet, as well as the cash flow statement and various key performance indicators.


The Danish Agro group comprises six divisions which within various
specialist areas service the modern farmer.

Danish Agro’s articles of association provide that the members of the association may be paid for through distribution of profit by 10% of the profit after tax when the equity ratio is between 25-30%. This year, the Board of Directors has decided to distribute EUR 26.8 million in addition to this framework. This means that a total of EUR 34.9 million will be distributed to Danish Agro’s members.

Danish Agro will distribute EUR 34.9 million to the members. The amount comprises the distribution for the year of EUR 8.1 million, corresponding to 10% of the parent company profit before tax, and an extraordinary distribution of EUR 26.8 million. Thus, for the past five years, Danish Agro has distributed a total of more than EUR 67 million to the members.

Coorperative ownership company structure

Danish Agro is a cooperative society owned by 8,250 Danish farmers. To be a reliable and successful co-operative society, it is decisive to safeguard members’ interests and ensure that their wishes and needs are met.

Our owners elect members to the delegate assembly, which then elects the Board of Directors. The management of the company is attended to jointly by the delegate assembly, the Board of Directors and the Executive Board.


Danish Agro is today owned by 8,250 Danish farmers. Our most important task is to continue to be the best possible collaboration partner for our owners and customers and create the greatest possible added value for the farmers with whom we cooperate.


The main focus of the Danish Agro group is to ensure that the maximum added value is achieved for the individual farmer. This comes from our vision to be the preferred and most significant partner for agriculture in Scandinavia and the Baltic Sea region.

In the Danish Agro group we believe that the best results are achieved together. Therefore, we call our corporate strategy Stronger Together. In fact, this means that we aim at creating the best possible collaboration, both internally in the group and with our customers, so that to an even greater extent we are able to utilise our accumulated knowledge and strength.

The strategy is based on the trends seen by the Danish Agro group for agriculture, the consumers and the market in general. The development toward fewer and larger farms, sustainability, food requirements, digitisation and new business models are good examples.

On that basis, a number of specific initiatives have been defined all with the general purpose of creating value on the individual farm. Five general themes will be the focal point for the strategic initiatives that have been in focus in 2022 and will define the efforts in the years to come.

In collaboration with farmers and other stakeholders, we must set up our organisation and develop new products to create value for our customers.

We must ensure that our own digital setup and the products we develop create value for farms. At the same time, we must ensure a very large degree of IT security.

We must collaborate within the energy area and assist farmers with solutions and services so that they can participate actively in the green transition to an even higher degree.

We must take part in the development of new plant-based foods. We must also future-proof a responsible protein supply for food production and participate in the development of new protein products.

We must assume responsibility for disseminating the fantastic potential present in the farming industry to the future employees. We need to be able to both attract new skills and develop the skilled employees we already have.

Business areas

Danish Agro was brought into the world to support farmers producing world-class foodstuffs.
Our value chain stretches all the way from the microscope in the laboratory over the machines in the fields and to the dinner table.

Main objectives 2023

The Danish Agro group has a strong position following a financial record year in 2022. Uncertainty within a large number of parameters, however, blurs visibility for the coming year. This affects the expectations for 2023.

In 2023, management of costs and risks will become very central in Danish Agro as sharply increasing interest rates, high energy costs and continued volatility on the markets are expected to characterise the year. At the same time, we will continue to seek growth options, so that we can deliver a solid result in 2023 to the benefit of our owners.

2022 was characterised by historically high prices for, among other things, crops and fertiliser, which contributed to ensuring an extraordinarily high top line. In general, 2022 was a year with very little adversity for the group. Particularly in our international agribusiness, we succeeded in translating the high prices into markedly higher earnings than before. That can be attributed to a strong organisation, efficiency and optimal risk management.

In 2023, the same tailwind cannot be expected on the market as in 2022, and the many impending uncertainties make their mark on the Danish Agro group’s financial objectives for 2023. Therefore, we are budgeting with group earnings before tax, EBT, of EUR 70 million, which is lower than what we realised in 2022. 

In 2022, we experienced a large activity level, which has also resulted in increased market shares in a number of products. We expect this development to continue in 2023, and we see turnover for the year of around EUR 7.2 billion.That will be a decline from the extraordinary result in 2022, but still an increase of more than EUR 1.3 billion as against the 2021 level.

We also expect to increase the equity ratio to a little less than 32%, which ensures a balance that allows for both the development of the business and the remuneration of our owners through distribution of profit. Structurally, a focus area for the next year will be to obtain further synergies in the agribusiness area, including the merger of Hedegaard into Danish Agro. Also, there is much focus on the implementation of the new business and IT system AGRO365.