DLG ANNUAL REPORT 04 10 18 MANAGEMENT VISION AND FINANCIAL REPORT STRATEGY REPORT

Business areas ...... 4 Strategy ...... 10 Financial overview ...... 18

Chairman’s report ...... 6 Important events ...... 14 Financial highlights ...... 22

Group CEO’s report ...... 8 Agribusiness ...... 24

Premix & Nutrition ...... 32

Energy & Retail ...... 38 CONTENTS 60 122 150 152 ...... Parent company Financial Statements Statements Financial company Parent Statements Financial report auditor’s Independent Consolidated Financial Statements Statements Financial Consolidated CONSOLIDATED STATEMENTS FINANCIAL 60 44 48 50 52 54 56 ......

......

CORPORATE GOVERNANCE

Management structureManagement This is a translation of the original Danish document. In case of discrepancy, the Danish version shall prevail.

DLG’s Board of DirectorsDLG’s Executive Management management Risk becameWhen COVID-19 part of our lives CSR 44 04 DLG’S BUSINESS AREAS

MANAGEMENT REPORT G T L E O K BAL MAR Business areas

Chairman’s report

C R Group CEO’s report O N O P TI PRODUC

VISION AND STRATEGY

V

S E

FINANCIAL REPORT P G

O E R T A C CORPORATE B & EN Y LE E GOVERNANCE ERG PRODUC

CONSOLIDATED FINANCIAL A N N IM IO STATEMENTS A IT L NUTR

P

R S O C D I T U IS CT G ION & LO

4 DLG ANNUAL REPORT 2020 BUSINESS AREAS SHARE OF REVENUE STRATEGIC EXPECTATIONS AND EMPLOYEES

AGRIBUSINESS In 2021, Agribusiness will continue to grow through efficiency increases, cost management and optimisation of Our Agribusiness covers crops, crop production and animal both logistics and production, as well as by rethinking our nutrition, including our egg and poultry activities. Besides business model, including new investments in digitalisation. , DLG has activities in , , Poland, 62% Growth is also expected to be achieved through strategic France, Finland and the Baltic countries. investments in Denmark and abroad. DLG buys and sells crops such as grain, rapeseed, soy and maize. Our crop cultivation activities cover everything from plant breeding, seed grain and fertilisers, to crop protection and agricultural lime for the fields. Within animal nutrition, DLG sells and produces compund feed and feed 43% supplements for pigs, cattle and poultry.

PREMIX & NUTRITION As part of Strategy 2021, DLG plans to expand production capacity in the Premix & Nutrition area and invest in relevant DLG markets its Premix & Nutrition activities under the business partnerships abroad. The plan also includes organic brand of Vilofoss, which is one of ’s largest producers 6% growth based on increased sales, primarily in the European of vitamins and minerals for livestock, with 18 factories in market. At the same time, we want to strengthen the countries that include Denmark, Germany, France, Spain, business through greater group synergies. Belgium, Sweden, China, the UK and Russia. DLG has focused on Premix & Nutrition for a number of 8% years and gained significant know-how across companies and national borders.

ENERGY & RETAIL The ambition is to maintain and strengthen Energy & Retail’s market-leading position. This will be achieved through Energy & Retail covers DLG’s activities within energy, 32% increasing sales and strategic investments, particularly in DIY stores, Land & Fritid farming, home and garden supplies Germany. stores, and insurance. The subsidiary Team SE operates 194 filling stations and 80 DIY stores in Germany. In Denmark, DLG operates the Danish energy business in partnership with DCC Energi. The Land & Fritid chain has 65 stores in 49% Denmark, Sweden and Germany.

Management report – Vision and strategy – Financial report – Corporate governance – Consolidated Financial Statements DLG ANNUAL REPORT 2020 5 HEADING FOR A GREENER FU