2023 was a year with many challenges, but despite this, it was one of Danish Agro’s best years ever in terms of financial performance.

With sharply rising interest rates and generally falling prices, especially for crops, raw materials and fertilisers, we saw our top and bottom line decline as expected. Yet despite this, we succeeded in realising the second-best operating income in Danish Agro’s history.

This is a great achievement by our nearly 5,500 skilled employees, who in 2023 managed to navigate through the turbulent conditions while sowing seeds for future growth.

The reason for the strong profit is not least that our four business areas demonstrated that they complement each other well, while our international strategy once again showed its strength in 2023. Meanwhile, our continuous focus on costs has paid off.

Financial results

After a 2022 characterised by rising market prices and tailwinds, 2023 proved more challenging. Market prices fell sharply for most product groups in the first half of 2023, before stabilising at the lower level. Through its usual strong focus on risk management, the Danish Agro Group has succeeded in delivering a solid financial result that fulfils the year’s budgets and expectations.


The Danish Agro Group generated profit before tax (EBT) of EUR 73 million, which is EUR 89 million lower than the extraordinary 2022 financial year. This is a very satisfactory result that exceeds the Group’s budgets and targets for the year.

The result was realised despite challenging market conditions with falling market prices and significantly higher interest rates than budgeted for. Compared to 2022, the Group’s total financial costs increased by EUR 28 million due to the significantly higher interest rate level and despite decreasing interest-bearing debt.


The Danish Agro Group’s operating income (EBITDA) reached a high result of EUR 192 million, which is EUR 73 million lower than in 2022 but EUR 20 million higher than in 2021. The operating income is the second best in the Group’s history and it was realised above the budget for the year.

The strong result was achieved based on an increase in operating income in the business areas Machinery by EUR 1 million, Special Feed by EUR 2 million and Food by EUR 10 million.

The commodity activities in Agribusiness realised a significant decrease in operating income of EUR 86 million. The realised operating income of EUR 104 million in the Agribusiness business area is on a par with 2021 and thus resumed a more normal level. Overall, the result shows that the Danish Agro Group is in a strong position with a healthy business and good diversification across its four business units.



The profit before tax was realised based on a Group turnover of EUR 6.9 billion, which is 13% lower than in 2022. The decline in turnover reflects the significantly lower prices of crops, fertilisers and raw materials, a significantly lower harvest yield in 2023 throughout our market area and a significant decline in pig production in both Denmark and Europe. Turnover increased by 16% compared to 2021, indicating that the Danish Agro Group has maintained or increased its market position.


The total balance sheet was realised at EUR 2,832 million, compared to EUR 3,064 million for 2022. The decrease amounts to EUR 232 million or 8%. The primary reason for this is the generally lower prices of crops, fertiliser and commodities. In addition, the 2023 harvest in our market area was significantly lower than in previous years and this also affected inventories, which decreased by EUR 189 million or 15%. 

Net interest-bearing debt totalled EUR 1,174 million, compared to EUR 1,274 million at the end of 2022. The decrease of EUR 100 million in net interest-bearing debt had a positive effect on interest expenses for the year, offsetting the high interest rate level.

Cash flow from the Group’s operating activities totalled EUR 143 million, compared to EUR -72 million in 2022. It is primarily the decreasing amount of funds tied up in inventory and receivables that, together with the liquidity effect of operations, is very positive in 2023.


The Group equity increased by EUR 21 million, standing at EUR 929 million at year end. The increased equity and the decreasing Group balance sheet meant that financial solidity increased to 32.8%, compared to 29.6% last year. The financial solidity of 32.8% is at an all-time high and is rapidly approaching our long-term target of 35%.


There is distributed EUR 5.8 million in profit distribution to the members, corresponding to 25% of the parent company’s profit after tax.


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


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

About Danish Agro


We work every day to create value for each of the farmers we work with. This primary focus forms the basis for our five defined strategic focus areas:

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 high degree of IT security.

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 forge partnerships and help farmers with solutions and services so that they can participate actively in the green transition to an even greater extent while also generating good financial results.

We must take responsibility for communicating the fantastic social contribution and potential of the agricultural industry to the employees of the future. We need to be able to both attract new talent and develop the highly skilled employees we already have.

Main objectives for 2024

The Danish Agro Group is financially, strategically and organisationally strong going into 2024. Our focus will be on expanding our position and continuing to be a value-adding partner for the farmers we work with.

In 2024, the Group will continue to focus strongly on keeping costs down and managing risk. This is crucial in order to maintain our position in the market and realise financial ratios that enable us to further develop the business for the benefit of the farmers and other partners we work with. The commercial challenges in 2023 were considerable and are expected to continue into 2024. These challenges include volatile markets, geopolitical unrest and subsequent high freight rates, high interest rates, the possibility of a recession and declining animal production. These factors are taken into account for the 2024 targets. Therefore, we are budgeting for a consolidated profit before tax (EBT) of EUR 70 million, which is in line with what the Group realised in 2023.

In 2023, the Group experienced significant price drops on the products we trade the most in. It is impossible to predict how the market will develop in 2024, but we are budgeting for the price levels to remain the same in 2024 and expect turnover for the year to be around EUR 6.4 billion. This will be a decline from 2023, partly because the top line will be affected by the below-average harvest yield in 2023 in our market area.

We expect to increase financial solidity to 34%. This ensures a balance that leaves room for both business development and honouring our owners through profit distribution.

Commercially, we continue to see strong opportunities in making strategic investments in the green transition, e.g. energy production, plant-based food and digital tools, which are a good link between the Group’s different business areas.

Structurally, a focus area in the coming year will be to achieve further synergies across the Group and attract and develop talent among employees. In addition, there is strong focus on the continued roll-out of the Group’s business and IT system AGRO365.