DLF Reports Record Revenue and A Solid Operating Result

With a turnover of 8,756 million and an EBIT of DKK 522 million. DKK in the financial year 2022/23, DLF presents a record turnover and the third best EBIT in the company's history at today's general meeting in Nyborg. Clover and grass seed sales were overall lower than in 2021/22, and operating profit was affected by inflation and rising costs associated with the large 2022 harvest

(October 31, 2023) - Group revenue is calculated at DKK 8,756 million. DKK in 2022/23. EBIT is calculated at DKK 522 million. DKK, while the group's net profit amounted to DKK 334 million.

Søren Halbye, CEO of DLF, is satisfied with the result in a challenging year:

"We are coming off some exceptionally good years, when there has been a boom in the global feed and lawn seed market. In 2022/23, business conditions reversed with a slowdown on the demand side, particularly in the Northern Hemisphere.
In addition, the seed industry generally had unused stocks at the end of the season, and lower consumption meant that the distribution chain also had significant stocks of seeds."

Sales to agriculture and professional lawn customers have been less affected, whereas sales of grass seed to private lawns have fallen significantly. Rising costs and inflation have also affected earnings, which nevertheless end up being the third best in the company's history.

DLF Beet Seed experienced a decline in primary operations due to increased costs and Danespo experienced an increase in earnings in 2022/23 compared to the previous year. The vegetable seed business in Jensen Seeds was positively affected by a larger production area than the previous year, and as a result earnings increased significantly in 2022/23 compared to the previous year.

Halbye sees a DLF that is well equipped for the future:

"I am delighted that DLF has achieved a solid result in a year with many challenges, and that we have also been able to reward our seed growers with a record settlement. The financial year was challenged by an imbalance between supply and demand in the US and Europe, and I am pleased to note that our business in South America and Australia delivered better earnings compared to the record year 2021/22.

"DLF stands on a strong financial foundation that is well aligned both geographically and business-wise with committed employees all over the world. Our presence with a complete value chain in Europe, North and South America as well as Oceania enables us to act on the business opportunities that arise locally. It is a strong starting point for further developing the business."

To read or the Danish and English version of the Annual Report:

• Annual report 2022/23 - English version
• Annual report 2022/23 - Danish version

DLF is a global seed company owned by Danish farmers with 2,282 employees in 22 countries worldwide. DLF is the global market leader in fodder and lawn grass seeds and exports seeds to more than 100 countries. DLF has a complete value chain within fodder and lawn seeds, sugar and fodder beet seeds, seed potatoes and propagation of vegetable seeds. Read more at www.dlf.dk

EBITDA: Profit before financial items, depreciation and write-downs, etc.
EBIT: Profit before financial items.