7RPV*UXSSHQB$QQXDO5HSRUW$6 SGI
38
Signers: Name This document package contains: - Front page (this page) - The original document(s) - The electronic signatures. These are not visible in the document, but are electronically integrated. THE SIGNED DOCUMENT FOLLOWS ON THE NEXT PAGE > This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document. Method Date Toms Gruppen_Annual Report AS 2020.pdf Annette Zeipel Lars Henrik Vejrup Hansen Henrik Brandt Betsabeh Solente Johnny Bæhr Morten Petersen Lone Nielsen Martin Schlatter Carsten Bennike Jens Thordahl Nøhr Carsten Wehrmann Louise Richter Olsen BANKID NEMID NEMID One-Time-Password NEMID One-Time-Password NEMID One-Time-Password NEMID NEMID One-Time-Password NEMID 2021-03-25 17:06 GMT+1 2021-03-25 17:08 GMT+1 2021-03-25 20:34 GMT+1 2021-03-25 21:21 GMT+1 2021-03-26 06:26 GMT+1 2021-03-26 08:06 GMT+1 2021-03-26 08:18 GMT+1 2021-03-26 08:50 GMT+1 2021-03-26 08:53 GMT+1 2021-03-26 10:14 GMT+1 2021-03-28 15:00 GMT+2 2021-04-04 17:21 GMT+2 Document ID: 016BC49BB60F4943B13076EC50493917
Transcript of 7RPV*UXSSHQB$QQXDO5HSRUW$6 SGI
Signers:
Name
This document package contains:- Front page (this page)- The original document(s)- The electronic signatures. These are not visible in the document, but are electronically integrated.
the signed document follows on the next page >
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.
Method Date
Toms Gruppen_Annual Report AS 2020.pdf
Annette ZeipelLars Henrik Vejrup HansenHenrik BrandtBetsabeh SolenteJohnny BæhrMorten PetersenLone NielsenMartin SchlatterCarsten BennikeJens Thordahl NøhrCarsten WehrmannLouise Richter Olsen
BANKIDNEMIDNEMIDOne-Time-PasswordNEMIDOne-Time-PasswordNEMIDOne-Time-PasswordNEMIDNEMIDOne-Time-PasswordNEMID
2021-03-25 17:06 GMT+12021-03-25 17:08 GMT+12021-03-25 20:34 GMT+12021-03-25 21:21 GMT+12021-03-26 06:26 GMT+12021-03-26 08:06 GMT+12021-03-26 08:18 GMT+12021-03-26 08:50 GMT+12021-03-26 08:53 GMT+12021-03-26 10:14 GMT+12021-03-28 15:00 GMT+22021-04-04 17:21 GMT+2
Document ID:016BC49BB60F4943B13076EC50493917
2020
Annu
al R
epor
t 202
0To
ms G
rupp
en A
/STh
e An
nual
Rep
ort w
as a
dopt
ed a
t th
e An
nual
Gen
eral
Mee
ting
on
25 M
arch
202
1
Hen
rik B
rand
tCh
airm
an
Regi
stra
tion
no.:
56 7
5 93
28
Tom
s Allé
1, 2
750
Balle
rup
Den
mar
k
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
2
Cont
ents
04
Co
mpa
ny D
etai
ls
06
Fi
nanc
ial H
ighl
ight
s
Man
agem
ent’
s Rev
iew
10
Le
tter
from
the
Man
agem
ent
12
M
anag
emen
t’s R
evie
w
16
Br
ands
Fina
ncia
l Sta
tem
ents
34
M
anag
emen
t’s S
tate
men
t
36
In
depe
nden
t Aud
itor’s
Rep
ort
40
G
roup
and
Par
ent C
ompa
ny F
inan
cial
Sta
tem
ents
48
In
com
e an
d Ba
lanc
e Sh
eet S
tate
men
ts
54
N
otes
70
Bo
ard
of D
irect
ors
TOM
S G
RUPP
EN A
/S
1.39
9 m
ill93
3G
ROU
P RE
VEN
UE
GRO
UP
EMPL
OYE
ES
”For
tuna
, R. (
The
Nat
iona
l Mus
eum
of D
enm
ark)
”
(201
9: 1
.530
)(2
019:
1.0
05)
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Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
4
Com
pany
Det
ails
Tom
s Gru
ppen
A/S
Tom
s Allé
127
50 B
alle
rup,
Den
mar
k
Tele
phon
e:
+4
5 44
89
10 0
0Fa
x:
+45
44 8
9 10
99
E-m
ail:
info
@to
ms.d
kW
ebsit
e:
w
ww
.tom
sgro
up.c
omRe
gist
ered
offi
ce:
Balle
rup
Regi
stra
tion
no.:
56 7
5 93
28
Esta
blish
ed:
30
Janu
ary
1924
Fina
ncia
l yea
r:
1 Ja
nuar
y - 3
1 D
ecem
ber
Ow
ners
hip
To
ms G
rupp
en A
/S is
a fu
lly o
wne
d su
bsid
iary
of
Ger
da &
Vic
tor B
. Stra
nd H
oldi
ng A
/S, B
alle
rup,
Den
mar
k,
whi
ch is
ow
ned
by G
erda
and
Vic
tor B
. Stra
nds F
ond
Gro
up C
ompa
nies
Tom
s Gru
ppen
A/S
(100
%)
Ger
da &
Vic
tor B
. Stra
nds
Fond
*
Ger
da &
Vic
tor B
. Stra
nd
Hol
ding
A/S
*(1
00%
)
Tom
s Sve
rige
AB
(100
%)
Tom
s Pol
ska
Sp.
Z.o.
o.(1
00%
)
Han
seat
ische
Ch
ocol
ade
Gm
bH
(100
%)
Tom
s Con
fect
ione
ry
Gro
up P
te L
td
(100
%)
Tom
s Con
fect
ione
ry
Gro
up N
orw
ay
(100
%)
plea
se re
fer t
o pa
ge 5
8 fo
r com
plet
e lis
t of s
ubsid
iarie
s
Tom
s Sve
rige
ABH
amng
atan
17
302
43 H
alm
stad
Swed
en(1
00 p
erce
nt o
wne
d by
Tom
s Gru
ppen
A/S
)
Tom
s Pol
ska
Sp. z
o.o
.U
l. O
krez
na 2
764
-100
Les
zno
Pola
nd(1
00 p
erce
nt o
wne
d by
Tom
s Gru
ppen
A/S
)
Han
seat
isch
es C
hoco
lade
n Ko
ntor
Gm
bH &
Co.
KG
Her
man
n-Ri
tter
-Stra
ße 1
1228
197
Brem
enG
erm
any
(100
per
cent
ow
ned
by T
oms G
rupp
en A
/S)
Tom
s Con
fect
ione
ry G
roup
Nor
way
Del
itopp
en 7
1540
Ves
tby
Nor
way
(100
per
cent
ow
ned
by T
oms G
rupp
en A
/S)
Tom
s Con
fect
ione
ry G
roup
Pte
. Ltd
.(I
ncor
pora
ted
in S
inga
pore
)10
3 D
efu
Lane
10,
#06
-01
FNA
Gro
up B
uild
ing
Sing
apor
e 53
9223
(100
per
cent
ow
ned
by T
oms G
rupp
en A
/S)
*) T
hese
ent
ities
are
not
incl
uded
in th
is An
nual
Rep
ort.
Sing
apor
e
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
6
Fina
ncia
l Hig
hlig
hts
Mill
DKK
1.72
9,8
612,
5
102,
3
88,7
-7,0
81,7
58,4
335,
1
681,
9
1.01
7,0
3,5
537,
4
57,9 0,0
421,
7
1.01
7,0
154,
8
-55,
1
-55,
1
0,0
99,7
1.09
0
5,9%
5,1%
14,9
%
35,4
%
161,
7%
52,8
%
11,5
%
1.76
3,1
603,
2
61,3
54,4 0,7
55,1
41,1
395,
3
744,
7
1.14
0,0
3,5
577,
9
58,1 0,0
504,
0
1.14
0,0
157,
0
-116
,7
-115
,6 0,0
40,3
1.01
0
-40,
1%
3,1%
9,6%
34,2
%
147,
8%
50,7
%
7,4%
1.76
4,5
602,
3
61,7
50,3
-4,7
45,6
44,5
588,
1
817,
1
1.40
5,3
3,5
787,
5
58,2
201,
2
358,
5
1.40
5,3
23,7
-196
,0
-196
,9
210,
5
38,2
1.03
1
0,7%
2,9%
7,5%
34,1
%
227,
9%
56,0
%
6,5%
1.52
9,7
479,
0
85,6 5,2
11,5
16,7 1,1
858,
7
532,
7
1.39
1,4
3,5
784,
9
94,4
186,
0
326,
2
1.39
1,4
31,1
-330
,2
-327
,3
29,9
-269
,2
1.00
5
38,6
%
0,3%
0,6%
31,3
%
163,
3%
56,4
%
0,1%
1.39
8,7
427,
4
-3,2
-26,
0
-40,
8
-66,
8
-58,
6
830,
4
486,
1
1.31
6,5
3,5
702,
8
46,1
187,
2
380,
4
1.31
6,5
108,
5
-106
,9
-106
,0 4,6
6,1
933
-103
,8%
-1,9
%
-3,0
%
30,6
%
126,
2%
53,4
%
-7,9
%
Reve
nue
Gro
ss p
rofit
Ope
rati
ng p
rofit
bef
ore
spec
ial i
tem
s **
Ope
rati
ng p
rofit
Net
fina
ncia
ls
Profi
t/lo
ss b
efor
e ta
x
Profi
t/lo
ss fo
r the
yea
r
Non
-cur
rent
ass
ets
Curre
nt a
sset
s
Tota
l ass
ets
Shar
e ca
pita
l
Equi
ty
Prov
ision
s
Non
-cur
rent
liab
ilitie
s
Curre
nt li
abili
ties
Tota
l lia
bilit
ies a
nd e
quit
y
Cash
flow
from
ope
ratin
g ac
tiviti
es
Cash
flow
from
inve
stm
ent a
ctiv
ities
Of t
his i
nves
tmen
ts in
pro
perty
, pla
nt a
nd e
quip
men
t
Cash
flow
from
fina
ncia
l act
iviti
es
Tota
l inc
reas
e/de
crea
se in
cas
h an
d ca
sh e
quiv
alen
ts
Aver
age
num
ber o
f em
ploy
ees
Fina
ncia
l rat
ios*
:
Gro
wth
in o
pera
ting
profi
t bef
ore
spec
ial i
tem
s
Ope
ratin
g m
argi
n
Retu
rn o
n in
vest
ed c
apita
l
Gro
ss m
argi
n
Curre
nt ra
tio
Solv
ency
ratio
Retu
rn o
n eq
uity
*) R
efer
to p
age
68 fo
r defi
nitio
ns o
f fina
ncia
l rat
ios,
etc.
**) S
peci
al it
ems a
re d
isclo
sed
in n
ote
1 to
the
finan
cial
stat
emen
t.
2020
2019
2018
2017
2016
Ope
rati
ng p
rofit
bef
ore
spec
ial i
tem
s
Solv
ency
rati
o
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
020 -20
40%
30%
40 50%
100
70%
80 60 60%
102,
3
52,8
%
56,4
%
53,4
%
50,7
%
56,0
%
61,3
85,6
-3,2
61,7
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
8
MAN
AGEM
ENT’
S RE
VIEW
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
10
Lett
er fr
om th
e Ex
ecut
ive
Man
agem
ent
Thro
ugh
colla
bora
ting
in n
ew w
ays,
adap
ting
to fa
st-sh
iftin
g cir
cum
stan
ces,
and
dete
rmin
atio
n to
cont
inue
our
dev
elop
men
t of a
stro
ng, s
usta
inab
le p
latfo
rm fo
r fut
ure
grow
th, w
e su
ccee
ded
in p
rote
ctin
g bo
th o
ur e
mpl
oyee
s and
our
bus
ines
s thr
ough
a ch
alle
ngin
g 20
20.
Like
man
y ot
her c
ompa
nies
, Tom
s Gro
up w
as h
eavi
ly
impa
cted
by
the
coro
na p
ande
mic
in 2
020.
Inev
itabl
y,
we
wer
e hi
t by
a sig
nific
ant d
rop
in sa
les i
n Tr
avel
Ret
ail,
Bord
er b
usin
ess a
s wel
l as d
epar
tmen
t sto
res a
nd sp
ecia
l-ty
stor
es in
Ger
man
y. T
his l
et to
a m
ater
ial d
ecre
ase
in
reve
nue,
whi
ch d
espi
te st
rong
cos
t-man
agem
ent c
ause
d a
resu
lt sig
nific
antly
bel
ow 2
019.
Look
ing
back
at t
his c
halle
ngin
g ye
ar, w
e ar
e pr
oud
and
grat
eful
thou
gh, t
hat w
e th
roug
hout
the
year
man
aged
to
pro
tect
our
em
ploy
ees a
nd o
ur b
usin
ess,
whi
le p
ro-
gres
sing
in k
ey st
rate
gic
area
s to
enab
le fu
ture
pro
fitab
le
grow
th.
Whe
ther
wor
king
from
hom
e, fr
om o
ur p
rodu
ctio
n sit
es,
or in
fiel
d sa
les,
the
empl
oyee
s of t
he T
oms G
roup
hav
e do
ne tr
emen
dous
wor
k ad
aptin
g to
the
rest
rictio
ns,
colla
bora
ting
in n
ew w
ays,
and
keep
ing
the
spiri
t up
whi
le
prot
ectin
g ea
ch o
ther
. Ada
ptab
ility
and
the
pow
er o
f co
llabo
ratio
n is
why
the
effe
cts o
f the
cor
ona
pand
emic
di
d no
t hit
us e
ven
hard
er.
We
man
aged
to o
ffse
t the
neg
ativ
e im
pact
of t
he C
oro-
na p
ande
mic
par
tly b
y so
lid p
erfo
rman
ce in
the
Nor
dic
mar
kets
. We
also
man
aged
to c
ontin
ue th
e tra
nsfo
rma-
tion
of o
ur su
pply
cha
in a
nd p
rodu
ctio
n se
t-up,
as w
ell
as th
e op
timiza
tion
of o
ur c
ross
-bus
ines
s sys
tem
s and
or
gani
zatio
n. A
ll of
whi
ch c
ontr
ibut
ed to
us s
ucce
edin
g in
op
erat
ing
as a
fully
con
nect
ed g
roup
in 2
020.
Des
pite
trav
el re
stric
tions
slow
ing
com
plic
ated
kno
w-
ledg
e tra
nsfe
r, w
e re
ache
d th
e m
ilest
one
of se
eing
our
br
and-
new
fact
ory
in P
olan
d pr
oduc
ing
at a
hig
h se
rvic
e le
vel a
nd q
ualit
y. A
mile
ston
e, w
hich
is th
e re
sult
of
sust
aine
d an
d pa
ssio
nate
eff
orts
from
Dan
ish, G
erm
an,
and
Polis
h co
lleag
ues.
The
new
faci
lity
is bu
ilt o
n a
solid
fo
unda
tion
of m
any
year
s of e
xper
ienc
e in
pro
duci
ng
high
-qua
lity
choc
olat
e. It
is b
uilt
up in
com
plia
nce
with
the
stric
t qua
lity
and
food
safe
ty re
quire
men
ts o
f the
To
ms G
roup
and
has
in 2
020
succ
essf
ully
pas
sed
IFS
and
FSSC
220
00 c
ertifi
catio
ns.
We
com
plet
ed th
e cl
osur
e of
our
form
er c
hoco
late
fact
ory
in G
erm
any.
Our
Ger
man
sale
s org
aniza
tion
has r
eloc
ated
to
new
offi
ces,
read
y to
con
tinue
the
deve
lopm
ent a
s a
prem
ium
pla
yer i
n G
erm
any.
We
are
in m
any
aspe
cts a
t the
fina
l sta
ges o
f the
jour
-ne
y w
e em
bark
ed o
n in
201
6: B
uild
ing
a st
rong
pla
tfor
m
for f
utur
e, su
stai
nabl
e gr
owth
. An
impo
rtant
par
t of t
his
jour
ney
is ou
r con
tinue
d de
velo
pmen
t tow
ards
soci
al a
nd
envi
ronm
enta
l sus
tain
abili
ty. I
n 20
20, w
e ac
cele
rate
d th
e in
tegr
atio
n of
sust
aina
bilit
y in
our
bus
ines
s con
duct
. With
th
e U
N’s
Sus
tain
able
Dev
elop
men
t Goa
ls as
our
gui
ding
fra
mew
ork
and
with
top-
man
agem
ent e
ngag
emen
t, w
e co
nduc
ted
a co
mpr
ehen
sive
asse
ssm
ent o
f whe
re
Tom
s Gro
up c
an h
ave
the
bigg
est i
mpa
ct o
n su
stai
nabl
e de
velo
pmen
t. In
202
1, th
is pr
oces
s will
con
tinue
with
the
iden
tifica
tion
of k
ey ta
rget
s and
road
map
s.
Plea
se lo
ok to
our
non
-fina
ncia
l ann
ual r
epor
t for
m
ore
info
rmat
ion
on o
ur a
ppro
ach
to a
nd in
itiat
ives
for
a re
spon
sible
and
sust
aina
ble
deve
lopm
ent o
f the
Tom
s G
roup
.
Fina
lly, z
oom
ing
in o
n ou
r bra
nds a
nd p
rodu
cts,
our 2
020
laun
ch su
cces
ses s
how
that
we
have
a st
rong
pla
tfor
m fo
r gr
owth
, bot
h na
tiona
lly a
nd in
tern
atio
nally
:
• H
ACH
EZ A
Mat
ter o
f Tas
te ta
blet
s saw
con
tinue
d po
pula
rity
and
grow
th in
Ger
man
y. T
his w
as e
mph
a-siz
ed w
hen
Stift
ung
War
ente
st, a
non
-pro
fit c
onsu
mer
or
gani
zatio
n th
at e
njoy
s a h
igh
leve
l of t
rust
am
ong
Ger
man
con
sum
ers,
decl
ared
the
tabl
et H
ACH
EZ E
dle
Bitt
er 6
6% a
s the
202
0 w
inne
r – b
est d
ark
choc
olat
e ta
blet
in G
erm
any,
• 20
20 a
lso sa
w th
e ve
ry su
cces
sful
laun
ch o
f our
Ant
hon
Berg
pre
miu
m ta
blet
s A M
atte
r of T
aste
in D
enm
ark
and
Swed
en,
• In
the
Nor
dic
mar
ket,
we
saw
a st
rong
dev
elop
men
t in
the
non-
Pick
&M
ix se
gmen
ts, w
hich
con
trib
uted
to so
lid
grow
th a
nd re
-gai
n of
mar
ket s
hare
s at t
he e
nd o
f the
ye
ar,
• In
202
0, T
oms a
dded
seve
ral n
ew v
aria
nts t
o th
e po
pula
r and
lead
ing
crea
my
asso
rtm
ent w
ith th
e ic
onic
ch
ocol
ate
Turt
le a
nd F
rog:
A m
int v
aria
nt o
f the
cla
ssic
ch
ocol
ate
frog
– as
wel
l as m
ini v
aria
nts o
f the
frog
in
both
Min
t, Sa
lty C
aram
el, a
nd N
ouga
t. Al
l new
add
i-tio
ns w
ere
quic
kly
embr
aced
and
hav
e be
com
e fa
vorit
es
amon
g th
e co
nsum
ers,
and
Tom
s now
hol
ds 5
0% o
f th
e cr
eam
y se
gmen
t in
Den
mar
k.
Succ
esse
s lik
e th
ese
will
con
tinue
to d
rive
our g
row
th in
20
21. A
s will
our
par
tner
ship
s. To
men
tion
two
of th
e m
ost i
mpo
rtant
from
202
0, A
ntho
n Be
rg te
amed
up
with
Ba
ileys
to la
unch
an
ambi
tious
Tra
vel R
etai
l Exc
lusiv
e pr
oduc
t lin
e. T
he la
unch
, how
ever
, has
bee
n po
stpo
ned
to
2021
due
to th
e co
rona
pan
dem
ic.
We
also
est
ablis
hed
a pa
rtne
rshi
p on
liqu
or-fi
lled
cho-
co
late
with
the
Chin
ese
Baiji
u br
and
Yang
he. W
e ha
ve
high
hop
es fo
r thi
s and
oth
er p
artn
ersh
ips i
n Ch
ina
in th
e co
min
g ye
ars.
In M
ay 2
020,
Tom
s Gro
up w
elco
med
two
new
mem
bers
to
the
Boar
d: B
etsa
beh
Sole
nte
and
Mar
tin S
chla
tter
. An
d in
Feb
ruar
y 20
21, T
oms G
roup
wel
com
ed th
ree
new
mem
bers
to th
e M
anag
emen
t Tea
m:
CEO
Ann
ette
Ze
ipel
, Gro
up S
uppl
y Ch
ain
Dire
ctor
Jens
Sko
vbo
Ingv
ard-
sen,
and
Gro
up M
arke
ting
and
Inno
vatio
n D
irect
or M
ette
Fj
elds
øe.
Toge
ther
with
our
ded
icat
ed c
olle
ague
s, th
e en
tire
Man
-ag
emen
t Tea
m lo
oks f
orw
ard
to c
ontin
uing
the
stro
ng,
sust
aina
ble,
nat
iona
l and
inte
rnat
iona
l dev
elop
men
t of
the
Tom
s Gro
up in
202
1 an
d be
yond
.
Lars
Hen
rik V
ejru
p H
anse
n, C
FO a
nd in
terim
CEO
sinc
e Ju
ne 2
020;
Ann
ette
Zei
pel,
CEO
sinc
e Fe
brua
ry 1
, 202
1
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
12
REV
ENU
E 20
20
Prin
cipa
l act
ivit
ies
of th
e Co
mpa
nyTo
ms G
rupp
en A
/S m
anuf
actu
res,
mar
kets
and
sells
con
-fe
ctio
nery
.
Den
mar
k is
the
larg
est m
arke
t, in
clud
ing
sale
s to
Dan
ish/
Ger
man
bor
der s
hops
. Mai
nly
bran
ded
prod
ucts
are
sold
in
Den
mar
k, an
d To
ms G
rupp
en A
/S is
a m
arke
t lea
der
acro
ss th
e co
nfec
tione
ry c
ateg
ory
as a
tota
l.
In G
erm
any,
sale
s mai
nly
cons
ist o
f pre
miu
m c
hoco
late
un
der t
he b
rand
s of H
ache
z, Fe
odor
a an
d An
thon
Ber
g.
In S
wed
en, s
ales
con
sist o
f Pic
k-an
d-M
ix sw
eets
as w
ell a
s br
ande
d pr
oduc
ts li
ke A
ntho
n Be
rg a
nd T
oms.
The
inte
rnat
iona
l bus
ines
s uni
t prim
arily
exp
orts
to th
e m
ain
mar
kets
in N
orth
Am
eric
a, C
hina
, Aus
tralia
, New
Ze
alan
d an
d th
e Fa
r and
Mid
dle
East
. In
seve
ral m
arke
ts,
sale
is h
andl
ed th
roug
h di
strib
utor
s. Th
e bu
sines
s uni
t is
also
resp
onsib
le fo
r sal
es to
the
trave
l ret
ail m
arke
t.
The
Gro
up’s
pro
duct
ion
take
s pla
ce a
t the
Gro
up’s
ow
n fo
ur fa
ctor
ies i
n D
enm
ark
(2),
and
Pola
nd (2
).
Dev
elop
men
t in
acti
viti
es
and
finan
cial
pos
itio
nTh
e ou
tbre
ak o
f CO
VID
19 m
ade
2020
a v
ery
chal
leng
ing
year
for t
he G
roup
. Cer
tain
mar
kets
and
sale
s cha
nnel
s ha
ve b
een
clos
ed d
urin
g pa
rts o
f the
yea
r res
ultin
g in
less
tu
rnov
er a
nd th
ereb
y a
resu
lt sig
nific
antly
bel
ow 2
019.
Profi
t for
the
year
The
Gro
up’s
reve
nue
for 2
020
amou
nted
to D
KK 1
.398
,7
milli
on a
gain
st D
KK 1
.529
,7 m
illion
in 2
019.
The
neg
ativ
e de
velo
pmen
t is m
ainl
y du
e to
a si
gnifi
cant
dro
p in
the
sale
s in
Trav
el R
etai
l, Bor
der b
usin
ess a
nd d
epar
tmen
t st
ores
and
spec
ialty
stor
es in
Ger
man
y du
e to
CO
VID
19.
Solid
per
form
ance
in th
e N
ordi
c m
arke
ts p
artly
off
set t
his
nega
tive
deve
lopm
ent.
Giv
en th
e sa
me
circ
umst
ance
s the
ope
ratin
g pr
ofit b
efor
e sp
ecia
l item
s end
ed a
t DKK
-3,2
milli
on w
hich
is b
elow
the
2019
resu
lt of
DKK
85,
6 m
illion
, and
sign
ifica
ntly
bel
ow
expe
ctat
ions
pre
CO
VID
19.
Net
fina
ncia
ls sh
owed
an
expe
nse
of D
KK 4
0,8
milli
on in
20
20 c
ompa
red
to a
n in
com
e of
DKK
11,
5 m
illion
in 2
019.
Th
e sig
nific
ant n
egat
ive
impa
ct o
n th
e ne
t fina
ncia
ls is
due
to e
xcha
nge
rate
loss
es o
rigin
ated
from
the
larg
e de
cline
in
the
rate
of e
xcha
nge
of P
LN. A
roun
d ha
lf of
the
net
finan
cial
s rel
ates
to n
on-c
ash
exch
ange
rate
loss
es.
Spec
ial it
ems (
as d
isclo
sed
in n
ote
1) in
clude
d in
pro
duc-
tion
cost
and
adm
inist
rativ
e ex
pens
es a
mou
nted
to D
KK
22,7
milli
on c
ompa
red
to D
KK 8
0,4
milli
on in
201
9, m
ainl
y dr
iven
by
cost
s rel
ated
to tr
ansf
orm
atio
n pr
ojec
t cos
t as
wel
l as s
tart-
up c
osts
incu
rred
in P
olan
d. A
ccor
ding
ly, t
he
net r
esul
t for
202
0 am
ount
ed to
DKK
-58,
6 m
illion
com
-pa
red
to D
KK 1
,1 m
illion
in 2
019.
Bala
nce
shee
t and
equ
ity
deve
lopm
ent
The
Gro
up’s
tota
l ass
ets a
t yea
r-end
dec
reas
ed b
y D
KK
74,9
mill
ion
in 2
020
to D
KK 1
.316
,5 m
illio
n. T
his i
s due
to
the
low
er a
ctiv
ity le
vel i
n 20
20 re
sulti
ng in
low
er
rece
ivab
les a
nd in
vent
orie
s at y
ear-e
nd 2
020
com
pare
d to
201
9. T
he e
quity
dec
lined
by
82,0
mD
KK a
nd e
nded
at
DKK
702
,8 m
illio
n co
mpa
red
to D
KK 7
84,9
mill
ion
in
2019
. The
solv
ency
ratio
for 2
020
decl
ined
to 5
3,4
%
com
pare
d to
56,
4 %
in 2
019.
Inve
stm
ents
and
cas
h flo
wN
et in
vest
men
ts in
Pro
pert
y, p
lant
and
equ
ipm
ent,
etc.
,am
ount
ed to
DKK
106
,9 m
illio
n in
202
0 ag
ains
t DKK
330,
2 m
illio
n in
201
9. T
otal
cas
h flo
w fo
r the
yea
r was
po
sitiv
e by
DKK
6,1
mill
ion
com
pare
d to
DKK
-269
,2 m
il-lio
n in
201
9. T
he st
rong
er c
ash
flow
was
prim
arily
rela
ted
to th
e lo
wer
inve
stm
ent l
evel
due
to h
avin
g fin
ished
the
cons
truc
tion
of th
e N
owa
Sol p
rodu
ctio
n fa
cilit
y in
201
9to
geth
er w
ith st
rong
cas
h flo
w fr
om o
pera
ting
activ
ities
of
DKK
108
,5 m
illio
n co
mpa
red
to D
KK 3
1,1
mill
ion
in
2019
, im
pact
ed b
y im
prov
ed w
orki
ng c
apita
l.
Dev
elop
men
t act
ivit
ies
Cost
s are
con
tinuo
usly
incu
rred
for d
evel
opm
ent o
f the
pr
oduc
t por
tfol
io. D
evel
opm
ent a
ctiv
ities
incl
ude
the
deve
lopm
ent o
f new
pro
duct
s as w
ell a
s dev
elop
men
t of
exist
ing
prod
ucts
and
con
cept
s. Al
l dev
elop
men
t cos
ts
wer
e ex
pens
ed.
Man
agem
ent’
s Re
view
Fina
ncia
l hig
hlig
hts
928
mill
283
mill
187
mill
DEN
MAR
K/SW
EDEN
GER
MAN
YO
THER
66 %
20 %
14 %
Tom
s Gru
ppen
A/S
, Now
a Só
l, Po
land
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
14
2021
Out
look
Man
agem
ent e
xpec
ts th
at th
e m
arke
t will
con
tinue
to
be im
pact
ed b
y cl
osed
mar
kets
and
sale
s cha
nnel
s in
the
first
hal
f of 2
021
whe
reaf
ter i
t is e
xpec
ted
that
the
mar
kets
gra
dual
ly w
ill m
ove
back
tow
ards
the
sam
e le
vel
as 2
019.
Man
agem
ent e
xpec
ts re
venu
e an
d op
erat
ing
profi
t bef
ore
spec
ial i
tem
s sig
nific
antly
abo
ve th
e le
vel
in 2
020.
The
out
look
is su
bjec
t to
signi
fican
t unc
erta
inty
du
e to
CO
VID
19 a
nd it
’s u
ncer
tain
impa
ct o
n bu
sines
s ac
tiviti
es in
202
1.
Part
icul
ar ri
sks
Gen
eral
risk
sTh
e G
roup
’s m
ain
oper
atin
g ris
ks a
re a
ttrib
utab
le to
the
deve
lopm
ent o
f the
com
petit
ive
envi
ronm
ent i
n th
e re
tail
mar
ket.
In a
dditi
on, r
isks a
re a
ssoc
iate
d w
ith th
e de
vel-
opm
ent o
f wor
ld m
arke
t pric
es o
f the
key
raw
mat
eria
ls su
ch a
s coc
oa, c
ocoa
but
ter,
alm
onds
, apr
icot
ker
nels,
ge
latin
and
suga
r.
New
pro
duct
ion
faci
lity
The
new
pro
duct
ion
faci
lity
in N
owa
Sol,
Pola
nd h
as b
een
unde
r ram
p-up
dur
ing
2020
and
will
con
tinue
into
202
1.
The
spee
d an
d co
mpl
exity
of t
he ra
mp-
up c
arrie
s an
inhe
rent
risk
to th
e fin
anci
al p
erfo
rman
ce in
thes
e ye
ars
whi
ch a
re m
itiga
ted
thro
ugh
clos
e pr
ojec
t man
agem
ent,
esta
blish
ed sa
fety
stoc
ks a
nd u
tilizi
ng B
alle
rup
faci
lity
as
back
-up
whe
re p
ossib
le.
Fina
ncia
l ris
ksIn
tere
st ra
te ri
sks
Inte
rest
rate
risk
s aris
es in
rela
tion
to in
tere
st-b
earin
g as
sets
and
liab
ilitie
s. Th
e Co
mpa
ny’s
net
deb
t pos
ition
is
cash
neg
ativ
e in
202
0 an
d w
ill re
mai
n ne
gativ
e in
202
1 du
e to
con
tinue
d in
vest
men
t in
the
supp
ly c
hain
foot
-pr
int.
The
Gro
up h
as fi
xed
inte
rest
rate
mor
tgag
e lo
ans
and
bank
ove
rdra
ft w
ith fl
oatin
g in
tere
st.
Liqu
idit
y ris
ksTh
e st
rate
gic
inve
stm
ent i
n th
e su
pply
cha
in fo
otpr
int
over
rece
nt y
ears
has
bee
n fin
ance
d th
roug
h ex
cess
cas
h,
mor
tgag
e in
Dan
ish b
uild
ings
as w
ell a
s a c
omm
itted
ov
erdr
aft f
acili
ty. D
espi
te C
OVI
D19
, the
Gro
up st
ayed
w
ell w
ithin
its fi
nanc
ial c
oven
ants
in 2
020
and
expe
cts
to li
kew
ise c
ompl
y w
ith c
oven
ants
dur
ing
2021
. On
this
basis
, Man
agem
ent h
as c
oncl
uded
that
the
com
mitt
ed
over
draf
t fac
ility
pro
vide
s ade
quat
e liq
uidi
ty fo
r the
G
roup
.
Curr
ency
risk
sTh
e G
roup
’s c
urre
ncy
risks
occ
ur p
artly
bec
ause
ther
e is
an im
bala
nce
betw
een
inco
me
and
expe
nses
in e
ach
curre
ncy
(tra
nsac
tion
risk)
, and
par
tly b
ecau
se th
e G
roup
in
clud
es c
ompa
nies
with
a fu
nctio
nal c
urre
ncy
othe
r tha
n D
KK (t
rans
latio
n ris
k).
Net
inve
stm
ent r
isk: T
he G
roup
incu
rs c
urre
ncy
risk
mai
nly
due
to n
et in
vest
men
ts in
Pol
and.
The
Gro
up h
as d
ecid
ed
not t
o he
dge
the
curre
ncy
risk
rela
ted
to n
et in
vest
men
ts
in fo
reig
n su
bsid
iarie
s but
mon
itor t
he e
ffec
t clo
sely
. Tr
ansa
ctio
n ris
k: T
he G
roup
incu
rs c
osts
in fo
reig
n cu
r-re
ncy
for t
he p
urch
ase
of ra
w m
ater
ials
and
inve
stm
ents
, an
d th
e in
divi
dual
com
pani
es h
ave
reve
nues
in fo
reig
n cu
rrenc
ies.
The
Gro
up’s
cur
renc
y po
licy
stip
ulat
es a
s a
gene
ral r
ule
that
the
net c
ash
flow
s in
the
maj
or c
urre
n-ci
es (S
EK, P
LN, U
SD a
nd C
AD) m
ust b
e he
dged
acc
ord-
ing
to p
olic
y. H
edgi
ng is
mai
nly
mad
e by
usin
g fo
rwar
d co
ntra
cts.
Tran
slatio
n ris
k: In
202
0, th
e in
com
e st
atem
ent a
nd
bala
nce
shee
t wer
e af
fect
ed m
ainl
y by
a d
ecre
ase
in
the
PLN
rate
of e
xcha
nge.
Thi
s im
pact
ed th
e co
st o
f the
oper
atio
ns in
Pol
and
posit
ivel
y fo
r the
Gro
up b
ut a
t the
sa
me
time
gave
a n
egat
ive
effe
ct o
n th
e fin
anci
al it
ems
whe
n co
nver
ting
fore
ign
curre
ncy
into
the
func
tiona
l cu
rrenc
y.
Cred
it ri
sks
The
Gro
up’s
cre
dit r
isks a
re re
late
d to
the
prim
ary
finan
-ci
al a
sset
s. Th
e G
roup
’s p
olic
y fo
r und
erta
king
cre
dit r
isks
mea
ns th
at a
ll ne
w m
ajor
cus
tom
ers a
nd o
ther
bus
ines
s pa
rtne
rs m
ust b
e cr
edit
rate
d. A
larg
e pr
opor
tion
of
trans
actio
ns w
ith c
usto
mer
s out
side
the
loca
l mar
kets
are
in
sure
d. F
urth
erm
ore,
sign
ifica
nt n
on-in
sure
d cu
stom
ers
are
revi
ewed
on
a pe
riodi
c ba
sis.
Corp
orat
e so
cial
resp
onsi
bilit
yTh
e G
roup
has
dec
ided
to p
ublis
h th
e st
atut
ory
repo
rt o
n so
cial
resp
onsib
ility
acc
ordi
ng to
sect
ion
99a
and
99b
of
the
Dan
ish F
inan
cial
Sta
tem
ents
Act
on
our w
ebsit
e. T
he
Glo
bal C
ompa
ct R
epor
t can
be
foun
d at
htt
p://t
oms-
grou
p.co
m/e
n/ou
r_re
spon
sibi
lity/
resu
lts_p
olic
ies/
an
d is
an in
tegr
al p
art o
f the
Man
agem
ent’
s rev
iew
.
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Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
16
BRAN
DS
&
PART
NER
SHIP
S
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
18
Furt
her s
tren
gthe
ning
of
the
Gul
d Ba
rre
150g
por
tfol
ioTh
e G
uld
Barre
150
g ta
blet
for s
harin
g an
d fa
mily
occ
asio
ns sa
w
two
new
pop
ular
flav
ors i
n 20
20.
In 2
020
Tom
s ext
ende
d th
e po
rtfo
lio w
ith a
noth
er tw
o po
pula
r cho
cola
te fl
avor
s – M
ilk C
hoco
late
with
cru
nch
and
Dar
k Ch
ocol
ate
with
ora
nge
crun
ch, b
oth
popu
lar
and
desir
ed fl
avor
s am
ong
our c
onsu
mer
s.
The
laun
ch o
f the
cru
nch
varia
nt w
as b
acke
d by
a
natio
nwid
e sp
ecta
cula
r, “o
vers
ized”
out
door
and
SoM
e ca
mpa
ign
that
rest
ated
the
mes
sage
abo
ut G
uld
Barre
’s
avai
labi
lity
in b
ig fo
rmat
s.
Bran
dsN
år d
er s
kal
stor
hyg
ges
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
20
Tom
s Ya
nkie
Bar
in a
new
lim
ited
edit
ion
beca
me
a tr
ue s
umm
er h
itYa
nkie
Coc
onut
was
laun
ched
as a
lim
ited
editi
on d
urin
g Sp
ring
2020
an
d qu
ickl
y be
cam
e po
pula
r – e
spec
ially
am
ong
the
youn
ger c
onsu
mer
s, an
d it
adde
d va
lue
to th
e ba
rs se
gmen
t. Th
e la
unch
was
supp
orte
d by
a
com
mun
icat
ion
and
activ
ity p
lan
with
360
-deg
ree
touc
hpoi
nts:
SoM
e,
Out
door
, Disp
lays
and
Poi
nts o
f pur
chas
e.
(Re)
laun
ch o
f a p
opul
ar
quac
king
frog
– n
ow w
ith
min
tTh
e ch
ocol
ate
frog
was
orig
inal
ly la
unch
ed in
190
2 an
d ha
s sin
ce e
njoy
ed a
ver
y go
od re
puta
tion
amon
gst c
hoco
late
love
rs.
In 2
020
Tom
s add
ed b
oth
a M
int v
aria
nt to
its p
opul
ar a
nd le
adin
g cr
eam
y as
sort
men
t of t
urtle
s and
frog
s – a
s wel
l as
min
i var
iant
s in
both
Min
t, Sa
lty C
aram
el a
nd N
ouga
t. Al
l new
add
ition
s wer
e qu
ickl
y em
brac
ed a
nd h
ave
beco
me
fa
vorit
es a
mon
g th
e co
nsum
ers,
and
Tom
s now
hol
ds 5
0% o
f the
cre
amy
segm
ent i
n D
enm
ark.
Bran
dsBr
ands
ÅRET
SSO
MMER
HIT
6125
7_ya
nkie
_kok
os_A
brib
us_1
18,5
x175
.indd
1
6125
7_ya
nkie
_kok
os_A
brib
us_1
18,5
x175
.indd
1
11.0
3.20
20
15.3
511
.03.
2020
15
.35
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Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
22
Tom
s Se
ason
sFe
rrar
iTo
ms e
xten
sive
Chris
tmas
Ass
ortm
ent w
as a
ccom
pani
ed b
y ne
w ca
ndy
bags
and
a n
atio
nwid
e ca
mpa
ign
that
supp
orte
d To
ms’
big
gest
icon
s.Th
e To
ms’
Ferra
ri Ic
on co
ntin
ues i
ts su
bsta
ntia
l gro
wth
in S
wed
en.
Four
new
can
dy b
ags w
ere
adde
d to
the
Chris
tmas
as
sort
men
t in
2020
. Pop
ular
icon
s wer
e gi
ven
a Ch
rist-
mas
twist
and
two
othe
rs h
ad th
eir d
ebut
- al
l to
cate
r to
coz
y fa
mily
shar
ing
mom
ents
.
Tom
s lau
nche
d an
ext
ensiv
e an
d na
tionw
ide
Chris
t-m
as c
ampa
ign,
supp
ortin
g th
e bi
gges
t ico
ns. T
he
cons
umer
s saw
the
cozy
Chr
istm
as m
essa
ge d
urin
g th
e en
tire
seas
on a
nd o
n se
vera
l pla
tfor
ms:
TV sp
ots,
Onl
ine
Vide
os, S
oMe,
Out
door
and
in sh
oppi
ng m
alls.
An
d To
ms k
ept i
ts lo
ng-ti
me
posit
ion
as th
e bi
gges
t pl
ayer
of t
he se
ason
.
Tom
s Fer
rari
car i
s a w
ell-e
stab
lishe
d ic
on in
the
Swed
ish m
arke
t sin
ce th
e la
te 8
0’s.
As th
e Pi
ck a
nd M
ix m
arke
t has
be
en c
halle
nged
in 2
020
due
to C
ovid
19,
sale
s of c
andy
bag
s inc
reas
ed h
eavi
ly. P
acke
d ca
ndy
is gr
owin
g m
ore
than
25%
, how
ever
, the
Fer
rari
bag
serie
s saw
gro
wth
of c
lose
to 7
0% in
202
0. In
202
0 To
ms a
lso la
unch
ed a
new
fa
mily
mem
ber i
n th
e Fe
rrari
serie
s - th
e M
ini F
erra
ri w
hich
cat
ers f
or n
ew o
ccas
ions
and
pos
sibili
ties.
Bran
dsBr
ands
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
24
Spon
sors
hips
sup
port
ing
a ba
lanc
ed li
fest
yle
Tom
s see
k to
supp
ort b
alan
ced
and
activ
e lif
esty
les
thro
ugh
spon
sors
hips
and
par
tner
ship
s. Th
is is
in li
ne
with
the
long
hist
ory
of th
e To
ms G
roup
as a
n ac
tive
com
mer
cial
par
tner
to a
bro
ad v
arie
ty o
f spo
rts.
In 1
955,
To
ms s
igne
d th
e fir
st c
omm
erci
al sp
onso
rshi
p ag
reem
ent
beco
min
g an
act
ive
part
ner w
ithin
foot
ball.
This
was
the
begi
nnin
g of
a v
ast a
rray
of p
artn
ersh
ips b
etw
een
Tom
s an
d a
long
line
of D
anish
ath
lete
s. Fo
r man
y ye
ars,
we
have
spon
sore
d sp
orts
thro
ugh
Tom
s Lig
aen,
wom
en’s
ha
ndba
ll, Th
e G
old
Bar r
ace,
spee
dway
, as w
ell a
s sai
ling,
eq
uest
rian
spor
ts, f
ootb
all a
nd g
olf.
Supp
ort f
or fa
mily
spo
rts
Tom
s sta
rted
in 2
019
a ne
w in
itiat
ive
in p
artn
ersh
ip w
ith
DIF
(Dan
ish S
port
s Con
fede
ratio
n) c
alle
d To
ms G
uld-
pulje
n (T
oms G
old
Pool
). Th
e pu
rpos
e of
this
pool
is to
su
ppor
t and
rew
ard
initi
ativ
es th
at e
nabl
e fa
mili
es to
do
mor
e sp
orts
act
iviti
es to
geth
er. W
e m
ade
this
initi
ativ
e in
to a
trad
ition
in 2
020.
All s
ports
ass
ocia
tions
in D
enm
ark
coul
d in
the
early
sum
mer
202
0 ap
ply
for f
undi
ng a
nd
in S
epte
mbe
r, a
tota
l of 9
1 lo
cal s
port
s ass
ocia
tions
re
ceiv
ed g
rant
s fro
m th
e po
ol, w
hich
dist
ribut
ed a
tota
l of
DKK
1 m
illio
n. T
he fu
nds i
n th
e po
ol a
re sp
onso
red
by
Tom
s Fou
ndat
ion.
Tom
s an
d Ti
voli
cont
inue
ou
r str
ong
part
ners
hip
Tom
s and
Tivo
li mak
e th
e pe
rfect
par
tner
ship
; tw
o ico
nic D
anish
bra
nds
build
ing
on a
long
and
stro
ng h
istor
y an
d cr
eatin
g co
sy m
omen
ts a
nd fu
n fo
r the
who
le fa
mily
.
The
part
ners
hip
with
Tiv
oli w
as in
itiat
ed in
201
7 w
ith
Hyg
gehj
ulet
, a w
heel
of f
ortu
ne, w
here
gue
sts c
ould
win
ic
onic
cho
cola
te fr
om T
oms a
nd b
ring
good
mem
orie
s for
th
e w
hole
fam
ily.
In 2
018
the
part
ners
hip
was
exp
ande
d w
ith th
e op
en-
ing
of T
oms H
ygge
bod,
a c
osy
stor
e, w
here
visi
tors
can
bu
y To
ms’
con
fect
ione
ry a
nd p
rem
ium
cho
cola
te fr
om
Anth
on B
erg.
Spon
sors
hips
Sp
onso
rshi
ps
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Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
26
Ant
hon
Berg
- It
is a
ll ab
out
A M
atte
r of T
aste
2020
saw
a v
ery
succ
essf
ul la
unch
of A
Mat
ter o
f Tas
te
– An
thon
Ber
g pr
emiu
m ta
blet
s with
four
uni
que
and
indu
lgin
g ta
ste
expe
rienc
es e
volv
ing
in c
ocoa
stre
ngth
. Th
e ra
nge
cove
rs tw
o m
ilk c
hoco
late
var
iant
s, a
44%
M
ilk ta
blet
off
erin
g a
crea
my
choc
olat
e ex
perie
nce
with
de
licat
e no
tes o
f haz
elnu
t and
a m
ild fr
uity
touc
h, a
nd a
55
% D
ark
Milk
tabl
et w
hich
off
ers a
disc
reet
swee
tnes
s an
d ex
pres
sive
note
s of c
ocoa
in a
cre
amy
com
posit
ion
with
hin
ts o
f alm
onds
and
cre
am. T
he tw
o da
rker
cho
co-
late
var
iant
s off
er a
66%
Dar
k ta
blet
brin
ging
a st
imul
at-
ing
choc
olat
e ex
perie
nce
with
frui
ty-fl
oral
not
es, d
elic
ate
acid
ity a
nd e
lega
nt b
itter
not
es a
nd a
n Ex
tra D
ark
tabl
et
with
77%
coc
oa c
ombi
ning
defi
nite
bitt
er-fr
uity
coc
oa
note
s with
fine
aci
dity
and
touc
hes o
f ora
nge
and
spic
y sm
oke.
To su
ppor
t the
con
sum
er in
cho
osin
g th
eir f
avor
ite,
a un
ique
Tas
te N
avig
ator
is in
clud
ed o
n al
l tab
lets
to
navi
gate
with
in c
ocoa
den
sity,
frui
tines
s, sw
eetn
ess a
nd
crea
min
ess.
The
laun
ch w
as su
ppor
ted
by o
utdo
or, S
oMe,
TV
com
-m
erci
als a
nd sa
mpl
ing,
and
bot
h ca
mpa
ign
and
prod
ucts
w
ere
very
wel
l rec
eive
d by
our
con
sum
ers i
n D
enm
ark
and
Swed
en.
Bran
ds
Ant
hon
Berg
Sea
sons
Anth
on B
erg
cate
rs to
the
Dan
ish a
nd S
wed
ish m
arzip
an lo
vers
, and
our
cla
ssic
and
icon
ic m
arzip
an E
aste
r egg
s ha
ve d
elig
hted
con
sum
ers f
or m
any
year
s. In
202
0 An
thon
Ber
g ad
ded
a ne
w v
aria
nt to
the
popu
lar r
ange
- cl
assic
m
arzip
an w
ith a
fres
h tw
ist o
f ora
nge,
coa
ted
with
dar
k, bi
tter
cho
cola
te –
the
perfe
ct c
ombi
natio
n. T
he n
ew
varia
nt w
as so
ld in
3 x
30g
and
, alo
ng w
ith th
e cl
assic
s, ad
ded
anot
her f
avor
ite to
the
stro
ng E
aste
r ass
ortm
ent..
Bran
ds
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 201
9P
age
28
Anth
on B
erg
choc
olat
e liq
uor b
ottle
sTh
e Co
gnac
Sel
ectio
nAn
thon
Ber
g te
amed
up
with
Bai
leys
and
laun
ched
an
am
bitio
us T
rave
l Ret
ail E
xclu
sive
prod
uct l
ine
In 2
019,
Ant
hon
Berg
pre
sent
ed th
e Si
ngle
Mal
ts S
cotc
h Co
llect
ion
with
such
gre
at su
cces
s tha
t it w
as fo
llow
ed u
p in
202
0 w
ith a
n ite
m w
ithin
the
fine
wor
ld o
f Cog
nac
- Th
e Co
gnac
Sel
ectio
n. A
rang
e th
at is
equ
ally
suita
ble
for
gift
ing,
shar
ing
and
self-
cons
umpt
ion.
Anth
on B
erg
team
ed u
p w
ith fi
ve o
f the
wor
ld’s
mos
t re
now
ned
Cogn
acs a
nd a
re ta
king
a to
ur o
f the
terro
irs
of th
e re
gion
by
enca
psul
atin
g th
e de
ep g
olde
n dr
ops
in o
ur w
orld
-reno
wne
d ch
ocol
ate
liquo
r bot
tles.
We
are
wor
king
with
the
wor
ld’s
lead
ing
Cogn
ac la
bels:
Rém
y M
artin
VSO
P, C
amus
VSO
P, C
ourv
oisie
r VS,
Lou
is Ro
yer
VSO
P an
d G
autie
r VSO
P.
Bran
ds
The
perf
ect m
atch
With
Bai
leys
Irish
Cre
ams w
e co
mbi
ne th
e be
st o
f tw
o w
orld
s. It
is a
per
fect
mat
ch w
hen
we
invi
te th
e w
orld
’s
# 1
crea
m li
queu
r int
o ou
r wor
ld-le
adin
g liq
uor c
hoco
late
bra
nd. T
he a
llian
ce o
f Bai
leys
and
Ant
hon
Berg
is a
m
erge
of s
tron
g br
ands
and
subl
ime
qual
ity. T
he ra
nge
cons
ists o
f five
pra
lines
in si
x di
ffer
ent p
rodu
ct c
ombi
natio
ns
cove
ring
a nu
mbe
r of p
urch
ase
occa
sions
.
Bran
ds
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
30
Hac
hez
HAC
HEZ
A M
atte
r of T
aste
tabl
ets w
on a
pre
stig
ious
priz
e in
Ger
man
yHA
CHEZ
A M
atte
r of T
aste
tabl
ets s
ee co
ntin
ued
popu
larit
y an
d gr
owth
in G
erm
any.
Thi
s was
em
phas
ized
whe
n th
e St
iftun
g W
aren
test
, a n
on-p
rofit
con
sum
er o
rgan
i-za
tion
that
enj
oys a
hig
h le
vel o
f tru
st a
mon
g G
erm
an
cons
umer
s, de
clar
ed th
e ta
blet
HAC
HEZ
Edl
e Bi
tter
66%
th
e 20
20 w
inne
r as t
he b
est d
ark
choc
olat
e ta
blet
in th
e G
erm
an m
arke
t.
The
HAC
HEZ
A M
atte
r of T
aste
Tria
l Size
Act
ivity
supp
ort-
ed a
nd e
nsur
ed a
third
yea
r of e
xtra
ordi
nary
gro
wth
in
the
groc
ery
chan
nel.
Bran
ds
Feod
ora
cele
brat
ed it
s 110
yea
rs a
nniv
ersa
ry
Feod
ora
Feod
ora
choc
olat
e w
as la
unch
ed in
191
0 an
d w
as n
amed
aft
er th
e la
te p
rince
ss F
eodo
ra (1
874-
1910
).Th
e an
nive
rsar
y of
the
popu
lar F
eodo
ra c
hoco
late
s was
cel
ebra
ted
with
a sp
ecia
l disp
lay
that
hig
hlig
hted
the
anni
vers
ary
and
the
exce
llent
Feo
dora
cho
cola
te q
ualit
y.
Bran
ds
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
32
Fina
ncia
l Sta
tem
ents
202
0
34
Man
agem
ent’
s Sta
tem
ents
36
Au
dito
r’s R
epor
t
40
G
roup
and
Par
ent C
ompa
ny F
inan
cial
Sta
tem
ents
Ac
coun
ting
polic
ies
48
In
com
e St
atem
ent
50
Ba
lanc
e Sh
eet
52
St
atem
ent o
f Cha
nges
in E
quity
53
Ca
sh F
low
Sta
tem
ent
54
N
otes
FIN
ANCI
AL
STAT
EMEN
TS
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
34
Stat
emen
t by
the
Boar
d of
D
irect
ors
and
the
Exec
utiv
e Bo
ard
The
Boar
d of
Dire
ctor
s and
the
Exec
utiv
e Bo
ard
have
toda
y
disc
usse
d an
d ap
prov
ed th
e An
nual
Rep
ort o
f Tom
s Gru
ppen
A/S
fo
r the
fina
ncia
l yea
r 1 Ja
nuar
y –
31 D
ecem
ber 2
020.
The
Annu
al R
epor
t has
bee
n pr
epar
ed in
acc
orda
nce
with
th
e D
anish
Fin
anci
al S
tate
men
ts A
ct.
It is
our
opi
nion
that
the
cons
olid
ated
fina
ncia
l sta
te-
men
ts a
nd th
e pa
rent
com
pany
fina
ncia
l sta
tem
ents
gi
ve a
true
and
fair
view
of t
he G
roup
’s a
nd th
e Co
mpa
-ny
’s fi
nanc
ial p
ositi
on a
t 31
Dec
embe
r 202
0 an
d of
the
resu
lts o
f the
Gro
up’s
and
the
Com
pany
’s o
pera
tions
and
co
nsol
idat
ed c
ash
flow
s for
the
finan
cial
yea
r 1 Ja
nuar
y –
31 D
ecem
ber 2
020.
Furt
herm
ore,
in o
ur o
pini
on, t
he M
anag
emen
t’s r
evie
w
give
s a fa
ir re
view
of t
he d
evel
opm
ent i
n th
e G
roup
’s a
nd
the
Com
pany
’s o
pera
tions
and
fina
ncia
l mat
ters
and
the
resu
lts o
f the
Gro
up’s
and
the
Com
pany
’s o
pera
tions
and
fin
anci
al p
ositi
on.
We
reco
mm
end
that
the
Annu
al R
epor
t be
appr
oved
at
the
Annu
al G
ener
al M
eetin
g.
Balle
rup,
24
Mar
ch 2
021
Hen
rik B
rand
tCh
airm
an
Cars
ten
Benn
ike
Vice
Cha
irman
Mor
ten
Pete
rsen
Vice
Cha
irman
Bets
abeh
Sol
ente
Ca
rste
n D
. Weh
rman
n M
artin
Sch
latt
er
Lone
C. N
ielse
n
Loui
se R
icht
er O
lsen
John
ny B
æhr
Boar
d of
Dire
ctor
s
Anne
tte
Zeip
elCE
OLa
rs H
enrik
Vej
rup
Han
sen
CFO
Exec
utiv
e Bo
ard
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
36
Inde
pend
ent
Aud
itor
’s R
epor
t To
the
shar
ehol
der o
f Tom
s Gru
ppen
A/S
Opi
nion
W
e ha
ve a
udite
d th
e co
nsol
idat
ed fi
nanc
ial s
tate
men
ts a
nd th
e pa
rent
com
- pa
ny fi
nanc
ial s
tate
men
ts o
f Tom
s Gru
ppen
A/S
for t
he fi
nanc
ial y
ear 1
Janu
ary
– 3
1 D
ecem
ber 2
020,
whi
ch c
ompr
ise in
com
e st
atem
ent,
bala
nce
shee
t, st
atem
ent o
f cha
nges
in e
quity
and
not
es, i
nclu
ding
acc
ount
ing
polic
ies,
for
the
Gro
up a
nd th
e Pa
rent
Com
pany
, and
a c
onso
lidat
ed c
ash
flow
stat
emen
t. Th
e co
nsol
idat
ed fi
nanc
ial s
tate
men
ts a
nd th
e pa
rent
com
pany
fina
ncia
l sta
te-
men
ts a
re p
repa
red
in a
ccor
danc
e w
ith th
e D
anish
Fin
anci
al S
tate
men
ts A
ct.
In o
ur o
pini
on, t
he c
onso
lidat
ed fi
nanc
ial s
tate
men
ts a
nd th
e pa
rent
com
pany
fin
anci
al st
atem
ents
giv
e a
true
and
fair
view
of t
he fi
nanc
ial p
ositi
on o
f the
G
roup
and
the
Pare
nt C
ompa
ny a
t 31
Dec
embe
r 202
0 an
d of
the
resu
lts o
f th
e G
roup
’s a
nd th
e Pa
rent
Com
pany
’s o
pera
tions
as w
ell a
s the
con
solid
ated
ca
sh fl
ows f
or th
e fin
anci
al y
ear 1
Janu
ary
– 31
Dec
embe
r 202
0 in
acc
orda
nce
with
the
Dan
ish F
inan
cial
Sta
tem
ents
Act
. Ba
sis
for o
pini
on
We
cond
ucte
d ou
r aud
it in
acc
orda
nce
with
Inte
rnat
iona
l Sta
ndar
ds o
n Au
-di
ting
(ISA
s) a
nd a
dditi
onal
requ
irem
ents
app
licab
le in
Den
mar
k. O
ur re
spon
-sib
ilitie
s und
er th
ose
stan
dard
s and
requ
irem
ents
are
furt
her d
escr
ibed
in th
e “A
udito
r’s re
spon
sibili
ties f
or th
e au
dit o
f the
con
solid
ated
fina
ncia
l sta
tem
ents
an
d th
e pa
rent
com
pany
fina
ncia
l sta
tem
ents
” (he
rein
afte
r col
lect
ivel
y re
ferre
d to
as “
the
finan
cial
stat
emen
ts”)
sect
ion
of o
ur re
port
. We
belie
ve th
at th
e au
-di
t evi
denc
e w
e ha
ve o
btai
ned
is su
ffici
ent a
nd a
ppro
pria
te to
pro
vide
a b
asis
for o
ur o
pini
on.
Inde
pend
ence
We
are
inde
pend
ent o
f the
Gro
up in
acc
orda
nce
with
the
Inte
rnat
iona
l Eth
ics
Stan
dard
s Boa
rd fo
r Acc
ount
ants
’ Cod
e of
Eth
ics f
or P
rofe
ssio
nal A
ccou
ntan
ts
(IES
BA C
ode)
and
add
ition
al re
quire
men
ts a
pplic
able
in D
enm
ark,
and
we
have
fulfi
lled
our o
ther
eth
ical
resp
onsib
ilitie
s in
acco
rdan
ce w
ith th
ese
rule
s an
d re
quire
men
ts.
Man
agem
ent’
s re
spon
sibi
litie
s fo
r the
fin
anci
al s
tate
men
ts
Man
agem
ent i
s res
pons
ible
for t
he p
repa
ratio
n of
con
solid
ated
fina
ncia
l sta
te-
men
ts a
nd p
aren
t com
pany
fina
ncia
l sta
tem
ents
that
giv
e a
true
and
fair
view
in
acc
orda
nce
with
the
Dan
ish F
inan
cial
Sta
tem
ents
Act
and
for s
uch
inte
rnal
co
ntro
l as M
anag
emen
t det
erm
ines
is n
eces
sary
to e
nabl
e th
e pr
epar
atio
n of
fin
anci
al st
atem
ents
that
are
free
from
mat
eria
l miss
tate
men
t, w
heth
er d
ue to
fra
ud o
r erro
r.
In p
repa
ring
the
finan
cial
stat
emen
ts, M
anag
emen
t is r
espo
nsib
le fo
r ass
ess-
ing
the
Gro
up’s
and
the
Pare
nt C
ompa
ny’s
abi
lity
to c
ontin
ue a
s a g
oing
con
-ce
rn, d
isclo
sing,
as a
pplic
able
, mat
ters
rela
ted
to g
oing
con
cern
and
usin
g th
e go
ing
conc
ern
basis
of a
ccou
ntin
g in
pre
parin
g th
e fin
anci
al st
atem
ents
unl
ess
Man
agem
ent e
ither
inte
nds t
o liq
uida
te th
e G
roup
or t
he P
aren
t Com
pany
or
to c
ease
ope
ratio
ns, o
r has
no
real
istic
alte
rnat
ive
but t
o do
so.
Aud
itor
’s re
spon
sibi
litie
s fo
r the
aud
it o
f the
fin
anci
al s
tate
men
ts
Our
obj
ectiv
es a
re to
obt
ain
reas
onab
le a
ssur
ance
as t
o w
heth
er th
e fin
anci
al
stat
emen
ts a
s a w
hole
are
free
from
mat
eria
l miss
tate
men
t, w
heth
er d
ue to
fra
ud o
r erro
r, an
d to
issu
e an
aud
itor’s
repo
rt th
at in
clud
es o
ur o
pini
on. R
ea-
sona
ble
assu
ranc
e is
a hi
gh le
vel o
f ass
uran
ce, b
ut is
not
a g
uara
ntee
that
an
audi
t con
duct
ed in
acc
orda
nce
with
ISAs
and
add
ition
al re
quire
men
ts a
ppli-
cabl
e in
Den
mar
k w
ill a
lway
s det
ect a
mat
eria
l miss
tate
men
t whe
n it
exist
s. M
issta
tem
ents
can
aris
e fro
m fr
aud
or e
rror a
nd a
re c
onsid
ered
mat
eria
l if,
in-
divi
dual
ly o
r in
the
aggr
egat
e, th
ey c
ould
reas
onab
ly b
e ex
pect
ed to
influ
ence
th
e ec
onom
ic d
ecisi
ons o
f use
rs ta
ken
on th
e ba
sis o
f the
fina
ncia
l sta
tem
ents
.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
38
As p
art o
f an
audi
t con
duct
ed in
acc
orda
nce
with
ISAs
and
add
ition
al re
quire
-m
ents
app
licab
le in
Den
mar
k, w
e ex
erci
se p
rofe
ssio
nal j
udge
men
t and
mai
n-ta
in p
rofe
ssio
nal s
cept
icism
thro
ugho
ut th
e au
dit.
We
also
:
Ide
ntify
and
ass
ess t
he ri
sks o
f mat
eria
l miss
tate
men
t of t
he fi
nanc
ial s
tate
-m
ents
, whe
ther
due
to fr
aud
or e
rror,
desig
n an
d pe
rform
aud
it pr
oced
ures
re
spon
sive
to th
ose
risks
and
obt
ain
audi
t evi
denc
e th
at is
suffi
cien
t and
ap
prop
riate
to p
rovi
de a
bas
is fo
r our
opi
nion
. The
risk
of n
ot d
etec
ting
a m
ater
ial m
issta
tem
ent r
esul
ting
from
frau
d is
high
er th
an fo
r one
resu
lting
fro
m e
rror,
as fr
aud
may
invo
lve
collu
sion,
forg
ery,
inte
ntio
nal o
miss
ions
, m
isrep
rese
ntat
ions
or t
he o
verri
de o
f int
erna
l con
trol
.
Obt
ain
an u
nder
stan
ding
of i
nter
nal c
ontr
ol re
leva
nt to
the
audi
t in
orde
r to
desig
n au
dit p
roce
dure
s tha
t are
app
ropr
iate
in th
e ci
rcum
stan
ces,
but n
ot
for t
he p
urpo
se o
f exp
ress
ing
an o
pini
on o
n th
e ef
fect
iven
ess o
f the
Gro
up’s
an
d th
e Pa
rent
Com
pany
’s in
tern
al c
ontr
ol.
Eva
luat
e th
e ap
prop
riate
ness
of a
ccou
ntin
g po
licie
s use
d an
d th
e re
ason
-ab
lene
ss o
f acc
ount
ing
estim
ates
and
rela
ted
disc
losu
res m
ade
by M
anag
e-m
ent.
Con
clud
e on
the
appr
opria
tene
ss o
f Man
agem
ent’
s use
of t
he g
oing
con
-ce
rn b
asis
of a
ccou
ntin
g in
pre
parin
g th
e fin
anci
al st
atem
ents
and
, bas
ed o
n th
e au
dit e
vide
nce
obta
ined
, whe
ther
a m
ater
ial u
ncer
tain
ty e
xist
s rel
ated
to
eve
nts o
r con
ditio
ns th
at m
ay c
ast s
igni
fican
t dou
bt o
n th
e G
roup
’s a
nd
the
Pare
nt C
ompa
ny’s
abi
lity
to c
ontin
ue a
s a g
oing
con
cern
. If w
e co
nclu
de
that
a m
ater
ial u
ncer
tain
ty e
xist
s, w
e ar
e re
quire
d to
dra
w a
tten
tion
in o
ur
audi
tor’s
repo
rt to
the
rela
ted
disc
losu
res i
n th
e fin
anci
al st
atem
ents
or,
if su
ch d
isclo
sure
s are
inad
equa
te, t
o m
odify
our
opi
nion
. Our
con
clus
ions
are
ba
sed
on th
e au
dit e
vide
nce
obta
ined
up
to th
e da
te o
f our
aud
itor’s
repo
rt.
How
ever
, fut
ure
even
ts o
r con
ditio
ns m
ay c
ause
the
Gro
up a
nd th
e Pa
rent
Co
mpa
ny to
cea
se to
con
tinue
as a
goi
ng c
once
rn.
Eva
luat
e th
e ov
eral
l pre
sent
atio
n, st
ruct
ure
and
cont
ents
of t
he fi
nanc
ial
stat
emen
ts, i
nclu
ding
the
note
disc
losu
res,
and
whe
ther
the
finan
cial
stat
e-m
ents
repr
esen
t the
und
erly
ing
trans
actio
ns a
nd e
vent
s in
a m
anne
r tha
t gi
ves a
true
and
fair
view
.
Obt
ain
suffi
cien
t app
ropr
iate
aud
it ev
iden
ce re
gard
ing
the
finan
cial
info
r-m
atio
n of
the
entit
ies o
r bus
ines
s act
iviti
es w
ithin
the
Gro
up to
exp
ress
an
opin
ion
on th
e co
nsol
idat
ed fi
nanc
ial s
tate
men
ts. W
e ar
e re
spon
sible
for t
he
dire
ctio
n, su
perv
ision
and
per
form
ance
of t
he g
roup
aud
it. W
e re
mai
n so
lely
re
spon
sible
for o
ur a
udit
opin
ion.
We
com
mun
icat
e w
ith th
ose
char
ged
with
gov
erna
nce
rega
rdin
g, a
mon
g ot
her m
atte
rs, t
he p
lann
ed sc
ope
and
timin
g of
the
audi
t and
sign
ifica
nt a
udit
findi
ngs,
incl
udin
g an
y sig
nific
ant d
efici
enci
es in
inte
rnal
con
trol
that
we
iden
ti-fy
dur
ing
our a
udit.
Stat
emen
t on
the
Man
agem
ent’
s re
view
M
anag
emen
t is r
espo
nsib
le fo
r the
Man
agem
ent’
s rev
iew
.
Our
opi
nion
on
the
finan
cial
stat
emen
ts d
oes n
ot c
over
the
Man
agem
ent’
s re
view
, and
we
do n
ot e
xpre
ss a
ny fo
rm o
f ass
uran
ce c
oncl
usio
n th
ereo
n.
In c
onne
ctio
n w
ith o
ur a
udit
of th
e fin
anci
al st
atem
ents
, our
resp
onsib
ility
is to
re
ad th
e M
anag
emen
t’s r
evie
w a
nd, i
n do
ing
so, c
onsid
er w
heth
er th
e M
an-
agem
ent’
s rev
iew
is m
ater
ially
inco
nsist
ent w
ith th
e fin
anci
al st
atem
ents
or
our k
now
ledg
e ob
tain
ed d
urin
g th
e au
dit,
or o
ther
wise
app
ears
to b
e m
ater
ial-
ly m
issta
ted.
Mor
eove
r, it
is ou
r res
pons
ibili
ty to
con
sider
whe
ther
the
Man
agem
ent’
s rev
iew
pr
ovid
es th
e in
form
atio
n re
quire
d un
der t
he D
anish
Fin
anci
al S
tate
men
ts A
ct.
Base
d on
the
wor
k w
e ha
ve p
erfo
rmed
, we
conc
lude
that
the
Man
agem
ent’
s re
view
is in
acc
orda
nce
with
the
finan
cial
stat
emen
ts a
nd h
as b
een
prep
ared
in
acco
rdan
ce w
ith th
e re
quire
men
ts o
f the
Dan
ish F
inan
cial
Sta
tem
ents
Act
. We
did
not i
dent
ify a
ny m
ater
ial m
issta
tem
ent o
f the
Man
agem
ent’
s rev
iew
.
Cope
nhag
en, 2
4 M
arch
202
1EY
God
kend
t Rev
ision
spar
tner
selsk
abCV
R no
. 30
70 0
2 28
Jens
Tho
rdah
l Nøh
rSt
ate
Auth
orise
d Pu
blic
Acc
ount
ant
mne
3221
2
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
40
Fore
ign
subs
idia
ries a
nd a
ssoc
iate
s are
con
sider
ed
sepa
rate
ent
ities
. The
inco
me
stat
emen
ts a
re tr
ansla
ted
at th
e av
erag
e ex
chan
ge ra
tes f
or th
e m
onth
, and
the
bala
nce
shee
t ite
ms a
re tr
ansla
ted
at th
e ex
chan
ge ra
tes
at th
e ba
lanc
e sh
eet d
ate.
For
eign
exc
hang
e di
ffer
ence
s ar
ising
on
trans
latio
n of
the
open
ing
equi
ty o
f for
eign
su
bsid
iarie
s at t
he e
xcha
nge
rate
s at t
he b
alan
ce sh
eet
date
and
on
trans
latio
n of
the
inco
me
stat
emen
ts fr
om
aver
age
exch
ange
rate
s to
the
exch
ange
rate
s at t
he
bala
nce
shee
t dat
e ar
e re
cogn
ised
dire
ctly
in e
quity
.
Fore
ign
exch
ange
adj
ustm
ents
of i
ntra
-gro
up b
alan
ces
with
inde
pend
ent f
orei
gn su
bsid
iarie
s whi
ch a
re c
on-
sider
ed p
art o
f the
inve
stm
ent i
n th
e su
bsid
iary
are
re
cogn
ised
dire
ctly
in e
quity
. For
eign
exc
hang
e ga
ins
and
loss
es o
n lo
ans a
nd d
eriv
ativ
e fin
anci
al in
stru
men
ts
desig
nate
d as
hed
ges o
f for
eign
subs
idia
ries a
re a
lso
reco
gnise
d di
rect
ly in
equ
ity.
Der
ivat
ive
finan
cial
inst
rum
ents
Der
ivat
ive
finan
cial
inst
rum
ents
are
initi
ally
reco
gnise
d in
th
e ba
lanc
e sh
eet a
t cos
t and
are
subs
eque
ntly
mea
-su
red
at fa
ir va
lue.
Pos
itive
and
neg
ativ
e fa
ir va
lues
of
deriv
ativ
e fin
anci
al in
stru
men
ts a
re in
clud
ed in
oth
er
rece
ivab
les a
nd p
ayab
les,
resp
ectiv
ely.
Chan
ges i
n th
e fa
ir va
lue
of d
eriv
ativ
e fin
anci
al in
stru
-m
ents
des
igna
ted
as a
nd q
ualif
ying
for r
ecog
nitio
n as
a
hedg
e of
the
fair
valu
e of
a re
cogn
ised
asse
t or l
iabi
lity
are
reco
gnise
d in
the
inco
me
stat
emen
t tog
ethe
r with
ch
ange
s in
the
fair
valu
e of
the
hedg
ed a
sset
or l
iabi
lity.
Chan
ges i
n th
e fa
ir va
lue
of d
eriv
ativ
e fin
anci
al in
stru
-m
ents
des
igna
ted
as a
nd q
ualif
ying
for r
ecog
nitio
n as
a he
dge
of fu
ture
ass
ets a
nd li
abili
ties a
re re
cogn
ised
in
othe
r rec
eiva
bles
or o
ther
pay
able
s and
in e
quity
. If t
he
fore
cast
tran
sact
ion
resu
lts in
the
reco
gniti
on o
f ass
ets
or li
abili
ties,
amou
nts p
revi
ously
reco
gnise
d in
equ
ity a
re
trans
ferre
d to
the
cost
of t
he a
sset
or l
iabi
lity,
resp
ectiv
e-ly
. If t
he fo
reca
st tr
ansa
ctio
n re
sults
in in
com
e or
exp
ens-
es, a
mou
nts p
revi
ously
reco
gnise
d in
equ
ity a
re tr
ans-
ferre
d to
the
inco
me
stat
emen
t in
the
perio
d in
whi
ch th
e he
dged
item
aff
ects
pro
fit o
r los
s.
For d
eriv
ativ
e fin
anci
al in
stru
men
ts th
at d
o no
t qua
lify
for
hedg
e ac
coun
ting,
cha
nges
in fa
ir va
lue
are
reco
gnise
d in
th
e in
com
e st
atem
ent o
n a
regu
lar b
asis.
Inco
me
stat
emen
tRe
venu
eIn
com
e fro
m th
e sa
le o
f goo
ds fo
r res
ale
and
finish
ed
good
s is r
ecog
nise
d in
the
inco
me
stat
emen
t whe
n de
liv-
ery
and
trans
fer o
f risk
to th
e bu
yer h
ave
take
n pl
ace
and
prov
ided
that
the
inco
me
can
be re
liabl
y m
easu
red
and
is ex
pect
ed to
be
rece
ived
.
Reve
nue
is m
easu
red
at fa
ir va
lue
of th
e ag
reed
con
-sid
erat
ion
ex. V
AT a
nd ta
xes c
harg
ed o
n be
half
of th
ird
part
ies.
All d
iscou
nts g
rant
ed a
re re
cogn
ised
in re
venu
e.Th
e co
mpa
ny u
ses I
AS 1
8 as
inte
rpre
tatio
n fo
r the
re
cogn
ition
of r
even
ue.
Prod
ucti
on c
osts
Prod
uctio
n co
sts c
ompr
ise co
sts,
inclu
ding
dep
recia
tion
and
amor
tisat
ion
and
sala
ries,
incu
rred
in g
ener
atin
g th
e re
ve-
nue
for t
he y
ear.
Such
cost
s inc
lude
dire
ct a
nd in
dire
ct co
sts
for r
aw m
ater
ials
and
cons
umab
les,
wag
es a
nd sa
larie
s, re
nt
and
leas
es, a
nd d
epre
ciatio
n of
pro
duct
ion
plan
ts.
Gro
up a
nd P
aren
t Com
pany
Fi
nanc
ial S
tate
men
ts
Acc
ount
ing
Polic
ies
For t
he p
erio
d 1
Janu
ary
– 31
Dec
embe
r 202
0
Com
plia
nce
The
annu
al re
port
of T
oms G
rupp
en A
/S fo
r 202
0 ha
s be
en p
repa
red
in a
ccor
danc
e w
ith th
e pr
ovisi
ons a
p-pl
ying
to re
port
ing
clas
s C e
nter
prise
s (la
rge)
und
er th
e D
anish
Fin
anci
al S
tate
men
ts A
ct.
The
acco
untin
g po
licie
s for
use
d in
pre
para
tion
of th
e
finan
cial
stat
emen
ts a
re c
onsis
tent
with
thos
e of
last
ye
ar.
Reco
gnit
ion
and
mea
sure
men
tAs
sets
are
reco
gnise
d in
the
bala
nce
shee
t whe
n it
is pr
obab
le th
at fu
ture
eco
nom
ic b
enefi
ts w
ill fl
ow to
the
Gro
up a
nd th
e in
com
e ca
n be
mea
sure
d re
liabl
y.Li
abili
ties a
re re
cogn
ised
in th
e ba
lanc
e sh
eet w
hen
the
Gro
up a
s a re
sult
of a
pas
t eve
nt h
as a
lega
l or c
onst
ruc-
tive
oblig
atio
n an
d it
is pr
obab
le th
at fu
ture
eco
nom
ic
bene
fits w
ill fl
ow fr
om th
e G
roup
, and
the
valu
e ca
n be
m
easu
red
relia
bly.
In re
cogn
ising
and
mea
surin
g as
sets
and
liab
ilitie
s, an
y ga
ins,
loss
es a
nd ri
sks o
ccur
ring
prio
r to
the
pres
enta
tion
of th
e an
nual
repo
rt th
at e
vide
nce
cond
ition
s exi
stin
g at
th
e ba
lanc
e sh
eet d
ate
are
take
n in
to a
ccou
nt.
Inco
me
is re
cogn
ised
in th
e in
com
e st
atem
ent a
s it
occu
rs, i
nclu
ding
val
ue a
djus
tmen
ts o
f fina
ncia
l ass
ets
and
liabi
litie
s mea
sure
d at
fair
valu
e or
am
ortis
ed c
ost.
In a
dditi
on, c
osts
incu
rred
to g
ener
ate
the
year
’s e
arn-
ings
, inc
ludi
ng d
epre
ciat
ion,
am
ortis
atio
n, p
rovi
sions
an
d re
vers
als d
ue to
cha
nges
in a
ccou
ntin
g es
timat
es
of a
mou
nts p
revi
ously
reco
gnise
d in
the
cons
olid
ated
fin
anci
al st
atem
ents
and
the
pare
nt c
ompa
ny fi
nanc
ial
stat
emen
ts.
Cons
olid
ated
fina
ncia
l sta
tem
ents
The
cons
olid
ated
fina
ncia
l sta
tem
ents
com
prise
the
pare
nt c
ompa
ny, T
oms G
rupp
en A
/S, a
nd su
bsid
iarie
s in
whi
ch T
oms G
rupp
en A
/S d
irect
ly o
r ind
irect
ly h
olds
mor
e th
an 5
0 pe
rcen
t of t
he v
otin
g rig
hts o
r whi
ch it
, in
som
e ot
her w
ay, c
ontr
ols.
Ente
rpris
es in
whi
ch th
e G
roup
hol
ds
betw
een
20 p
erce
nt a
nd 5
0 pe
rcen
t of t
he v
otin
g rig
hts
and
over
whi
ch it
exe
rcise
s sig
nific
ant i
nflue
nce,
but
w
hich
it d
oes n
ot c
ontr
ol, a
re c
onsid
ered
ass
ocia
tes.
On
cons
olid
atio
n, in
tra-g
roup
inco
me
and
expe
nses
, sh
areh
oldi
ngs,
intra
-gro
up b
alan
ces a
nd d
ivid
ends
, and
re
alise
d an
d un
real
ised
gain
s and
loss
es o
n in
tra-g
roup
tra
nsac
tions
are
elim
inat
ed.
Inve
stm
ents
in su
bsid
iarie
s are
set o
ff a
gain
st th
e pr
opor
tiona
te sh
are
of th
e su
bsid
iarie
s’ fa
ir va
lue
of n
et
asse
ts o
r lia
bilit
ies a
t the
acq
uisit
ion
date
.
Fore
ign
curr
ency
tran
slat
ion
On
initi
al re
cogn
ition
, tra
nsac
tions
den
omin
ated
in
fore
ign
curre
ncie
s are
tran
slate
d at
the
exch
ange
rate
s at
the
trans
actio
n da
te. F
orei
gn e
xcha
nge
diff
eren
ces a
ris-
ing
betw
een
the
exch
ange
rate
s at t
he tr
ansa
ctio
n da
te
and
at th
e da
te o
f pay
men
t are
reco
gnise
d in
the
inco
me
stat
emen
t as fi
nanc
ial i
ncom
e or
fina
ncia
l exp
ense
s.
Rece
ivabl
es, p
ayab
les a
nd o
ther
mon
etar
y ite
ms d
enom
i-na
ted
in fo
reig
n cu
rrenc
ies a
re tr
ansla
ted
at th
e ex
chan
ge
rate
s at t
he b
alan
ce sh
eet d
ate.
The
diff
eren
ce b
etw
een
the
exch
ange
rate
s at t
he b
alan
ce sh
eet d
ate
and
at th
e da
te a
t w
hich
the
rece
ivabl
e or
pay
able
aro
se o
r was
reco
gnise
d in
th
e la
test
fina
ncia
l sta
tem
ents
is re
cogn
ised
in th
e in
com
e st
atem
ent a
s fina
ncia
l inco
me
or fi
nanc
ial e
xpen
ses.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
42
Sale
s and
dis
trib
utio
n co
sts
Cost
s inc
urre
d in
dist
ribut
ing
good
s sol
d du
ring
the
year
an
d in
con
duct
ing
sale
s cam
paig
ns, e
tc., d
urin
g th
e ye
ar
are
reco
gnise
d as
sale
s and
dist
ribut
ion
cost
s. Al
so, c
osts
re
latin
g to
sale
s sta
ff, a
dver
tisin
g, e
xhib
ition
s and
dep
re-
ciat
ion
are
reco
gnise
d as
sale
s and
dist
ribut
ion
cost
s.
Adm
inis
trat
ive
expe
nses
Adm
inist
rativ
e ex
pens
es c
ompr
ise e
xpen
ses i
ncur
red
durin
g th
e ye
ar fo
r com
pany
man
agem
ent a
nd a
dmin
-ist
ratio
n, in
clud
ing
expe
nses
for a
dmin
istra
tive
staf
f, m
anag
emen
t, of
fice
prem
ises,
offic
e ex
pens
es a
nd
depr
ecia
tion.
Oth
er o
pera
ting
inco
me
Oth
er o
pera
ting
inco
me
com
prise
s ite
ms s
econ
dary
to
the
Com
pany
’s a
ctiv
ities
, inc
ludi
ng g
ains
on
disp
osal
of
inta
ngib
le a
sset
s and
item
s of p
rope
rty,
pla
nt a
nd
equi
pmen
t.
Oth
er o
pera
ting
cos
tsO
ther
ope
ratin
g co
st c
ompr
ises i
tem
s sec
onda
ry to
the
Com
pany
’s a
ctiv
ities
, inc
ludi
ng lo
sses
on
disp
osal
of
inta
ngib
le a
sset
s and
item
s of p
rope
rty,
pla
nt a
nd e
quip
-m
ent.
Shar
e of
pro
fit/lo
ss in
subs
idia
ries a
fter
tax
The
prop
ortio
nate
shar
e of
the
resu
lts a
fter
tax
of th
e in
divi
dual
subs
idia
ries i
s rec
ogni
sed
in th
e in
com
e st
ate-
men
t of t
he p
aren
t com
pany
aft
er fu
ll el
imin
atio
n of
in
tra-g
roup
pro
fits/
loss
es.
Fina
ncia
l inc
ome
and
expe
nses
Fina
ncia
l inco
me
and
expe
nses
com
prise
inte
rest
inco
me
and
expe
nse,
gai
ns a
nd lo
sses
on
secu
ritie
s, pa
yabl
es a
nd
trans
actio
ns d
enom
inat
ed in
fore
ign
curre
ncie
s, am
ortis
a-tio
n of
fina
ncia
l ass
ets a
nd lia
bilit
ies a
s wel
l as s
urch
arge
s an
d re
fund
s und
er th
e on
-acc
ount
tax
sche
me,
etc
.
Tax
on p
rofit
/loss
for t
he y
ear
Tax
for t
he y
ear c
ompr
ises c
urre
nt ta
x fo
r the
yea
r and
ch
ange
s in
defe
rred
tax.
The
tax
expe
nse
rela
ting
to th
e pr
ofit/
loss
for t
he y
ear i
s rec
ogni
sed
in th
e in
com
e st
ate-
men
t, an
d th
e ta
x ex
pens
e re
latin
g to
am
ount
s dire
ctly
re
cogn
ised
in e
quity
is re
cogn
ised
dire
ctly
in e
quity
.
The
pare
nt co
mpa
ny, G
erda
& V
ictor
B. S
trand
Hol
ding
A/S
, is
cove
red
by th
e D
anish
rule
s on
com
pulso
ry jo
int t
axa-
tion
of th
e G
roup
’s D
anish
subs
idia
ries.
Subs
idia
ries f
orm
pa
rt o
f the
join
t tax
atio
n fro
m th
e da
te o
n w
hich
they
are
incl
uded
in th
e co
nsol
idat
ion
of th
e co
nsol
idat
ed
finan
cial
stat
emen
ts a
nd u
p to
the
date
on
whi
ch th
ey
exit
the
cons
olid
atio
n.
Ger
da &
Vic
tor B
. Stra
nd H
oldi
ng A
/S is
the
adm
inist
ra-
tive
com
pany
for t
he jo
int t
axat
ion
and
cons
eque
ntly
set-
tles a
ll co
rpor
ate
tax
paym
ents
with
the
tax
auth
oriti
es.
The
curre
nt D
anish
cor
pora
te ta
x is
allo
cate
d by
sett
le-
men
t of j
oint
taxa
tion
cont
ribut
ion
betw
een
the
join
tly
taxe
d co
mpa
nies
in p
ropo
rtio
n to
thei
r tax
able
inco
me.
In
this
rela
tion,
com
pani
es w
ith ta
x lo
ss c
arry
forw
ards
re
ceiv
e jo
int t
axat
ion
cont
ribut
ion
from
com
pani
es
that
hav
e us
ed th
ese
loss
es to
redu
ce th
eir o
wn
taxa
ble
profi
ts.
Tax
for t
he y
ear c
ompr
ises c
urre
nt ta
x, jo
int t
axat
ion
cont
ribut
ions
for t
he y
ear a
nd c
hang
es in
def
erre
d ta
x fo
r th
e ye
ar –
due
to c
hang
es in
the
tax
rate
. The
tax
ex-
pens
e re
latin
g to
the
profi
t/lo
ss fo
r the
yea
r is r
ecog
nise
d in
the
inco
me
stat
emen
t, an
d th
e ta
x ex
pens
e re
latin
g to
am
ount
s dire
ctly
reco
gnise
d in
equ
ity is
reco
gnise
d di
rect
ly in
equ
ity.
Bala
nce
shee
tG
oodw
ill a
nd tr
adem
arks
Goo
dwill
and
trad
emar
ks a
re a
mor
tised
ove
r the
est
imat
-ed
use
ful l
ife d
eter
min
ed o
n th
e ba
sis o
f Man
agem
ent’
s ex
perie
nce
of th
e sp
ecifi
c bu
sines
s are
as. G
oodw
ill a
nd
trade
mar
ks a
re a
mor
tised
on
a st
raig
ht-li
ne b
asis
over
a
max
imum
am
ortis
atio
n pe
riod
of 2
0 ye
ars,
long
est
for s
trate
gica
lly a
cqui
red
ente
rpris
es w
ith st
rong
mar
ket
posit
ions
and
long
-term
ear
ning
s pro
files
.
Prop
erty
, pla
nt a
nd e
quip
men
tLa
nd a
nd b
uild
ings
, pla
nt a
nd m
achi
nery
and
fixt
ures
an
d fit
tings
, too
ls an
d eq
uipm
ent a
re m
easu
red
at c
ost
less
acc
umul
ated
dep
reci
atio
n an
d im
pairm
ent l
osse
s. La
nd is
not
dep
reci
ated
.
Cost
com
prise
s the
pur
chas
e pr
ice
and
any
cost
s dire
ctly
at
trib
utab
le to
the
acqu
isitio
n un
til th
e da
te w
hen
the
asse
t is a
vaila
ble
for u
se. T
he c
ost o
f sel
f-co
nstr
ucte
d as
sets
com
prise
s dire
ct a
nd in
dire
ct c
osts
of m
ater
ials,
co
mpo
nent
s, su
bsup
plie
rs, a
nd w
ages
and
sala
ries.
Whe
re in
divi
dual
com
pone
nts o
f an
item
of p
rope
rty,
pl
ant a
nd e
quip
men
t hav
e di
ffer
ent u
sefu
l liv
es, t
hey
are
acco
unte
d fo
r as s
epar
ate
item
s, w
hich
are
dep
reci
ated
se
para
tely
.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
44
The
basis
of d
epre
ciat
ion,
whi
ch is
cal
cula
ted
as c
ost l
ess
any
resid
ual v
alue
, is d
epre
ciat
ed o
n a
stra
ight
-line
bas
is ov
er th
e ex
pect
ed u
sefu
l life
. The
exp
ecte
d us
eful
live
s ar
e as
follo
ws:
Bu
ildin
gs
30-5
0 ye
ars
In
stal
latio
ns in
bui
ldin
g 10
yea
rs
Fi
xtur
es a
nd fi
ttin
gs, t
ools
and
equi
pmen
t 5-
20 y
ears
Ca
rs
3 ye
ars
It
equ
ipm
ent
3-5
year
s
The
depr
ecia
tion
perio
d an
d th
e re
sidua
l val
ue a
re
dete
rmin
ed a
t the
tim
e of
acq
uisit
ion
and
are
reas
sess
ed
ever
y ye
ar. W
here
the
resid
ual v
alue
exc
eeds
the
carry
ing
amou
nt o
f the
ass
et, n
o fu
rthe
r dep
reci
atio
n ch
arge
s are
re
cogn
ised.
Dep
reci
atio
n is
reco
gnise
d in
the
inco
me
stat
emen
t as
prod
uctio
n co
sts,
dist
ribut
ion
cost
s and
adm
inist
rativ
e ex
pens
es, r
espe
ctiv
ely.
Gai
ns a
nd lo
sses
on
the
disp
osal
of p
rope
rty,
pla
nt a
nd
equi
pmen
t are
det
erm
ined
as t
he d
iffer
ence
bet
wee
n th
e se
lling
pric
e le
ss se
lling
cos
ts a
nd th
e ca
rryin
g am
ount
at
the
date
of d
ispos
al. G
ains
or l
osse
s are
reco
gnise
d in
the
inco
me
stat
emen
t as o
ther
ope
ratin
g in
com
e or
oth
er
oper
atin
g co
sts,
resp
ectiv
ely.
Inve
stm
ents
in su
bsid
iarie
sIn
vest
men
ts in
subs
idia
ries a
re m
easu
red
unde
r the
eq
uity
met
hod.
Inve
stm
ents
in su
bsid
iarie
s are
mea
sure
d at
the
pro-
port
iona
te sh
are
of th
e en
terp
rises
’ net
ass
et v
alue
s ca
lcul
ated
in a
ccor
danc
e w
ith th
e G
roup
’s a
ccou
ntin
g po
licie
s min
us o
r plu
s unr
ealis
ed in
tra-g
roup
pro
fits a
nd
loss
es a
nd p
lus o
r min
us a
ny re
sidua
l val
ue o
f pos
itive
or
neg
ativ
e go
odw
ill d
eter
min
ed in
acc
orda
nce
with
the
acqu
isitio
n m
etho
d.
Inve
stm
ents
in su
bsid
iarie
s with
neg
ativ
e ne
t ass
et
valu
es a
re m
easu
red
at D
KK 0
(nil)
, and
any
am
ount
s ow
ed b
y su
ch e
nter
prise
s are
writ
ten
dow
n if
the
amou
nt
owed
is ir
reco
vera
ble.
If th
e pa
rent
com
pany
has
a le
gal
or c
onst
ruct
ive
oblig
atio
n to
cov
er a
defi
cit t
hat e
xcee
ds
the
amou
nt o
wed
, the
rem
aini
ng a
mou
nt is
reco
gnise
d un
der p
rovi
sions
.
Net
reva
luat
ion
of in
vest
men
ts in
subs
idia
ries i
s rec
-og
nise
d in
the
rese
rve
for n
et re
valu
atio
n in
equ
ity
unde
r the
equ
ity m
etho
d to
the
exte
nt th
at th
e ca
rryin
g am
ount
exc
eeds
cos
ts.
On
acqu
isitio
n of
subs
idia
ries,
the
acqu
isitio
n m
etho
d is
appl
ied,
see
cons
olid
ated
fina
ncia
l sta
tem
ents
abo
ve.
Impa
irmen
t of n
on-c
urre
nt a
sset
sTh
e ca
rryin
g am
ount
of i
ntan
gibl
e as
sets
and
pro
pert
y,
plan
t and
equ
ipm
ent i
s sub
ject
to a
n an
nual
test
for i
ndi-
catio
ns o
f im
pairm
ent o
ther
than
the
decr
ease
in v
alue
re
flect
ed b
y am
ortis
atio
n or
dep
reci
atio
n.
Impa
irmen
t tes
ts a
re c
ondu
cted
of i
ndiv
idua
l ass
ets o
r gr
oups
of a
sset
s (ca
sh-g
ener
atin
g un
its) w
hen
ther
e is
an in
dica
tion
that
they
may
be
impa
ired.
Writ
e-do
wn
is m
ade
to th
e re
cove
rabl
e am
ount
if th
is is
low
er th
an th
e ca
rryin
g am
ount
.
The
reco
vera
ble
amou
nt is
the
high
er o
f an
asse
t’s n
et
selli
ng p
rice
and
its v
alue
in u
se. T
he v
alue
in u
se is
de-
term
ined
as t
he p
rese
nt v
alue
of t
he e
xpec
ted
net c
ash
flow
s fro
m th
e us
e of
the
asse
t or t
he g
roup
of a
sset
s and
ex
pect
ed n
et c
ash
flow
s fro
m th
e di
spos
al o
f the
ass
et o
r th
e gr
oup
of a
sset
s aft
er th
e en
d of
the
usef
ul li
fe.
Oth
er in
vest
men
tsO
ther
inve
stm
ents
reco
gnise
d un
der n
on-c
urre
nt a
sset
s co
mpr
ise u
nlist
ed sh
ares
mea
sure
d at
cos
t.
Loan
rece
ivab
le fr
om a
ffilia
ted
com
pani
esLo
ans t
o su
bsid
iarie
s are
mea
sure
d at
am
ortis
ed c
ost.
Inve
ntor
ies
Inve
ntor
ies a
re m
easu
red
at c
ost i
n ac
cord
ance
with
the
FIFO
met
hod.
Whe
re th
e ne
t rea
lisab
le v
alue
is lo
wer
than
co
st, in
vent
orie
s are
writ
ten
dow
n to
this
low
er v
alue
.
Goo
ds fo
r res
ale
and
raw
mat
eria
ls an
d co
nsum
able
s are
m
easu
red
at c
ost,
com
prisi
ng p
urch
ase
pric
e pl
us d
eliv
ery
cost
s.
Fini
shed
goo
ds a
nd w
ork
in p
rogr
ess a
re m
easu
red
at
cost
, com
prisi
ng th
e co
st o
f raw
mat
eria
ls, c
onsu
mab
les,
dire
ct w
ages
and
sala
ries a
nd in
dire
ct p
rodu
ctio
n ov
er-
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
46
Fina
ncia
l Lia
bilit
ies
Fina
ncia
l lia
bilit
ies a
re re
cogn
ised
at th
e tim
e of
bor
row
-in
g at
the
proc
eeds
rece
ived
aft
er d
educ
tion
of tr
ansa
c-tio
n co
sts.
In su
bseq
uent
per
iods
fina
ncia
l lia
bilit
ies a
re
mea
sure
d at
am
ortis
ed c
ost.
Oth
er fi
nanc
ial l
iabi
litie
s are
mea
sure
d at
net
real
isabl
e va
lue.
Cash
flow
sta
tem
ent
The
cash
flow
stat
emen
t sho
ws t
he g
roup
’s c
ash
flow
s fro
m o
pera
ting,
inve
stin
g an
d fin
anci
ng a
ctiv
ities
for t
he
year
, the
yea
r’s c
hang
es in
cas
h an
d ca
sh e
quiv
alen
ts
as w
ell a
s the
gro
up’s
cas
h an
d ca
sh e
quiv
alen
ts a
t the
be
ginn
ing
and
end
of th
e ye
ar.
Cash
flow
s fro
m o
pera
ting
act
ivit
ies
Cash
flow
s fro
m o
pera
ting
activ
ities
are
cal
cula
ted
as th
e pr
ofit/
loss
for t
he y
ear a
djus
ted
for n
on-c
ash
oper
atin
g ite
ms,
chan
ges i
n w
orki
ng c
apita
l and
cor
pora
tion
tax
paid
. Ca
sh fl
ows f
rom
inve
stm
ent a
ctiv
itie
sCa
sh fl
ows f
rom
inve
stm
ent a
ctiv
ities
com
prise
pay
men
ts
in c
onne
ctio
n w
ith a
cqui
sitio
ns a
nd d
ispos
als o
f ent
er-
prise
s and
act
iviti
es a
nd o
f int
angi
ble
asse
ts, p
rope
rty,
pl
ant a
nd e
quip
men
t and
inve
stm
ents
.
Cash
flow
s fro
m fi
nanc
ing
acti
viti
esCa
sh fl
ows f
rom
fina
ncin
g ac
tiviti
es c
ompr
ise th
e ra
ising
of
loan
s, re
paym
ent o
f int
eres
t-bea
ring
debt
and
pay
-m
ent o
f div
iden
ds to
shar
ehol
ders
.
Cash
and
cas
h eq
uiva
lent
sCa
sh a
nd c
ash
equi
vale
nts c
ompr
ise c
ash
at b
ank
and
in h
and
and
secu
ritie
s and
inve
stm
ents
with
a m
atur
ity
belo
w th
ree
mon
ths.
Spec
ial i
tem
sSp
ecia
l ite
ms c
onsis
ts o
f res
truc
turin
g an
d st
rate
gic
proj
ect c
osts
rela
ted
to in
vest
men
ts in
the
supp
ly c
hain
fo
otpr
int p
rogr
am a
nd w
hich
doe
s not
form
par
t of t
he
Gro
up’s
ord
inar
y op
erat
ing
activ
ities
.
Spec
ial i
tem
s for
the
year
are
disc
lose
d in
not
e 1,
incl
ud-
ing
the
line
item
s in
whi
ch th
ey a
re re
cogn
ised
in th
e in
com
e st
atem
ent.
Segm
ent i
nfor
mat
ion
Info
rmat
ion
is pr
ovid
ed o
n bu
sines
s seg
men
ts a
nd g
eo-
grap
hica
l mar
kets
. Seg
men
t inf
orm
atio
n is
base
d on
the
Com
pany
’s in
tern
al fi
nanc
ial m
anag
emen
t.
Fina
ncia
l rat
ios
Fina
ncia
l rat
ios a
re c
alcu
late
d in
acc
orda
nce
with
the
Dan
ish S
ocie
ty o
f Fin
anci
al A
naly
sts’
gui
delin
es o
n th
e ca
lcul
atio
n of
fina
ncia
l rat
ios „
Reco
mm
enda
tions
and
Fi
nanc
ial R
atio
s“.
head
s. In
dire
ct p
rodu
ctio
n ov
erhe
ads c
ompr
ise in
dire
ct
mat
eria
ls an
d w
ages
and
sala
ries a
s wel
l as m
aint
enan
ce
and
depr
ecia
tion
of p
rodu
ctio
n m
achi
nery
, bui
ldin
gs a
nd
equi
pmen
t as w
ell a
s fac
tory
adm
inist
ratio
n an
d m
an-
agem
ent.
Borro
win
g co
sts a
re n
ot in
clud
ed in
cos
t.
The
net r
ealis
able
val
ue o
f inv
ento
ries i
s cal
cula
ted
as
the
sale
s am
ount
less
cos
ts o
f com
plet
ion
and
cost
s ne
cess
ary
to m
ake
the
sale
and
is d
eter
min
ed ta
king
into
ac
coun
t mar
keta
bilit
y, o
bsol
esce
nce
and
deve
lopm
ent i
n ex
pect
ed se
lling
pric
e.
Rece
ivab
les
Rece
ivab
les a
re m
easu
red
at a
mor
tised
cos
t.
Writ
e-do
wn
is m
ade
for b
ad d
ebt l
osse
s whe
re th
ere
is an
obj
ectiv
e in
dica
tion
that
a re
ceiv
able
or a
rece
ivab
le
port
folio
has
bee
n im
paire
d. If
ther
e is
an o
bjec
tive
indi
-ca
tion
that
an
indi
vidu
al re
ceiv
able
has
bee
n im
paire
d, a
w
rite-
dow
n is
mad
e on
an
indi
vidu
al b
asis.
The
com
pany
use
s IAS
39
as in
terp
reta
tion
for t
he
reco
gniti
on o
f writ
e-do
wn
of re
ceiv
able
s.
Secu
ritie
s and
inve
stm
ens
Secu
ritie
s and
inve
stm
ens a
re m
easu
red
at fa
ir va
lue
at
the
bala
nce
shee
t dat
e.
Cash
at b
ank
and
in h
and
Tom
s Gru
ppen
A/S
is p
art o
f a c
ash
pool
arra
ngem
ent
toge
ther
with
oth
er g
roup
com
pani
es. B
alan
ces a
risin
g fro
m c
ash
pool
s are
incl
uded
in c
ash
at b
ank
and
in h
and
in th
e ba
lanc
e sh
eet o
f the
par
ent c
ompa
ny
Div
iden
dsPr
opos
ed d
ivid
ends
are
reco
gnise
d as
a li
abili
ty a
t the
da
te w
hen
they
are
ado
pted
at t
he a
nnua
l gen
eral
mee
t-in
g (d
ecla
ratio
n da
te).
The
expe
cted
div
iden
d pa
ymen
t fo
r the
yea
r is d
isclo
sed
as a
sepa
rate
item
und
er e
quity
.
Corp
orat
ion
tax
and
defe
rred
tax
Curre
nt ta
x pa
yabl
e an
d re
ceiv
able
is re
cogn
ised
in th
e ba
lanc
e sh
eet a
s tax
com
pute
d on
the
taxa
ble
inco
me
for t
he y
ear,
adju
sted
for t
ax o
n th
e ta
xabl
e in
com
e of
pr
ior y
ears
and
for t
ax p
aid
on a
ccou
nt.
Join
t tax
atio
n co
ntrib
utio
n pa
yabl
e an
d re
ceiv
able
is re
c-og
nise
d in
the
bala
nce
shee
t as „
Corp
orat
ion
tax
rece
iv-
able
“ or „
Corp
orat
ion
tax
paya
ble“
.
Def
erre
d ta
x is
mea
sure
d us
ing
the
bala
nce
shee
t lia
bilit
y m
etho
d on
all
tem
pora
ry d
iffer
ence
s bet
wee
n th
e ca
r-ry
ing
amou
nt a
nd th
e ta
x va
lue
of a
sset
s and
liab
ilitie
s. H
owev
er, d
efer
red
tax
is no
t rec
ogni
sed
on te
mpo
rary
di
ffer
ence
s rel
atin
g to
goo
dwill
whi
ch is
not
ded
uctib
le
for t
ax p
urpo
ses a
nd o
n of
fice
prem
ises a
nd o
ther
item
s w
here
tem
pora
ry d
iffer
ence
s aris
e at
the
date
of a
cqui
-sit
ion
with
out a
ffec
ting
eith
er p
rofit
/loss
for t
he y
ear
or ta
xabl
e in
com
e. W
here
alte
rnat
ive
tax
rule
s can
be
appl
ied
to d
eter
min
e th
e ta
x ba
se, d
efer
red
tax
is m
ea-
sure
d ba
sed
on M
anag
emen
t’s p
lann
ed u
se o
f the
ass
et
or se
ttle
men
t of t
he li
abili
ty, r
espe
ctiv
ely.
Def
erre
d ta
x as
sets
, inc
ludi
ng th
e ta
x va
lue
of ta
x lo
ss
carry
forw
ards
, are
reco
gnise
d at
the
expe
cted
val
ue o
f th
eir u
tilisa
tion;
eith
er a
s a se
t-off
aga
inst
tax
on fu
ture
in
com
e or
as a
set-o
ff a
gain
st d
efer
red
tax
liabi
litie
s in
the
sam
e le
gal t
ax e
ntity
and
juris
dict
ion.
Adju
stm
ent i
s mad
e to
def
erre
d ta
x re
sulti
ng fr
om e
limi-
natio
n of
unr
ealis
ed in
tra-g
roup
pro
fits a
nd lo
sses
.
Def
erre
d ta
x is
mea
sure
d in
acc
orda
nce
with
the
tax
rule
s an
d at
the
tax
rate
s app
licab
le in
the
resp
ectiv
e co
un-
trie
s at t
he b
alan
ce sh
eet d
ate
whe
n th
e de
ferre
d ta
x is
expe
cted
to c
ryst
allis
e as
cur
rent
tax.
The
cha
nge
in d
e-fe
rred
tax
as a
resu
lt of
cha
nges
in ta
x ra
tes i
s rec
ogni
sed
in th
e in
com
e st
atem
ent.
Prov
isio
ns
Prov
ision
s are
reco
gnise
d w
hen,
as a
resu
lt of
pas
t eve
nts,
the
Com
pany
has
a le
gal o
r a c
onst
ruct
ive
oblig
atio
n an
d it
is pr
obab
le th
at th
ere
may
be
an o
utflo
w o
f res
ourc
es
embo
dyin
g ec
onom
ic b
enefi
ts to
sett
le th
e ob
ligat
ion.
Pr
ovisi
ons a
re m
easu
red
at n
et re
alisa
ble
valu
e.
Defi
ned
bene
fit p
lans
are
mea
sure
d at
the
disc
ount
ed
valu
e of
the
net p
ensio
n ob
ligat
ion
calc
ulat
ed u
sing
actu
aria
l ass
umpt
ions
. Act
uaria
l gai
ns a
nd lo
sses
are
re
cogn
ised
in e
quity
. If t
he o
blig
atio
n is
expe
cted
to b
e se
ttle
d fa
r int
o th
e fu
ture
, the
obl
igat
ion
is m
easu
red
at
net p
rese
nt v
alue
.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
48
Not
e
2
1/3/
4
1/3/
4
1/3/
4
6 7 8 9 31
Inco
me
Stat
emen
t 202
0D
KK ‘0
00
2020
1.39
8.66
6
-971
.296
427.
370
-379
.119
-74.
217
-25.
966 0 67
-40.
870
-66.
769
8.19
6
-58.
573
-58.
573
2019
1.52
9.65
2
-1.0
50.6
90
478.
962
-387
.036
-86.
745
5.18
1 0
17.2
02
-5.6
74
16.7
09
-15.
609
1.10
0
1.10
0
Reve
nue
Prod
uctio
n co
sts
Gro
ss p
rofit
Sale
s and
dist
ribut
ion
cost
s
Adm
inist
rativ
e ex
pens
es
Ope
rati
ng p
rofit
Shar
e of
pro
fit/lo
ss in
subs
idia
ries a
fter
tax
Fina
ncia
l inc
ome
Fina
ncia
l exp
ense
s
Profi
t bef
ore
tax
Tax
on p
rofit
/loss
Profi
t for
the
year
Allo
cati
on o
f pro
fit
Shar
ehol
ders
of T
oms G
rupp
en A
/S
2019
1.24
2.90
6
-877
.255
365.
651
-262
.315
-58.
177
45.1
59
-66.
612
45.7
87
-4.1
18
20.2
16
-19.
116
1.10
0
1.10
0Pare
nt c
ompa
nyG
roup
2020
1.14
3.70
0
-923
.444
220.
256
-255
.793
-49.
181
-84.
718
10.2
37
10.5
14
-13.
991
-77.
958
19.3
85
-58.
573
-58.
573
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
50
Not
e
22 23 24 25 26 24 25 27 26 28 29 30 31 32 33 34
Bala
nce
Shee
t 31.
12.2
020
DKK
‘000
2020
3.50
0
699.
333
702.
833
17.7
23
172.
507
23.5
10
14.6
63
228.
403
8.19
9
4.81
9
55.4
62
192.
441 50
11.0
16
113.
233
385.
220
613.
623
1.31
6.45
6
2019
3.50
0
781.
353
784.
853
37.6
35
180.
564
23.8
96
5.38
9
247.
484
8.05
8
32.8
29
38.8
71
210.
142
705
386
68.0
31
359.
022
606.
506
1.39
1.35
9
Shar
e ca
pita
l
Reta
ined
ear
ning
s
Equi
ty
Def
erre
d ta
x
Cred
it in
stitu
tions
Prov
ision
s
Oth
er p
ayab
les
Non
-cur
rent
liab
iliti
es
Cred
it in
stitu
tions
Prov
ision
s
Bank
loan
s and
ove
rdra
ft
Trad
e pa
yabl
es
Amou
nts o
wed
to a
ffilia
ted
com
pani
es
Corp
orat
ion
taxe
s, pa
yabl
e
Oth
er p
ayab
les
Curr
ent l
iabi
litie
s
Tota
l lia
bilit
ies
Tota
l lia
bilit
ies a
nd e
quit
y
Com
mitm
ents
, con
tinge
ncie
s and
ple
dged
ass
ets
Curre
ncy
risks
Rela
ted
part
ies
Prop
osed
pro
fit a
ppro
pria
tion
Cash
flow
from
inve
stin
g ac
tiviti
es
Cash
and
cas
h eq
uiva
lent
s
Even
ts a
fter
the
bala
nce
shee
t dat
e
2019
3.50
0
781.
353
784.
853
36.3
65
180.
564
1.15
8
5.38
9
223.
476
8.05
8 60
136.
462
138.
271 0 0
57.1
31
339.
982
563.
458
1.34
8.31
1Pare
nt c
ompa
nyG
roup
2020
3.50
0
699.
333
702.
833
15.9
14
172.
507
1.10
1
14.6
63
204.
185
8.19
9 60
4.61
8
117.
091
80.0
25 0
90.8
91
300.
884
505.
069
1.20
7.90
2
Equi
ty a
nd li
abili
ties
Not
e
10 11 12 13 14 15 16 17 6 18 19 17 20 21
Bala
nce
Shee
t 31.
12.2
020
DKK
‘000
Ass
ets
2020
4.81
8
6.10
0
10.9
18
323.
886
422.
483
12.0
92
35.9
82
794.
443
2.73
5 0 0
22.3
02
25.0
37
830.
398
258.
924 0
198.
421 6
8.28
2
13.6
78
220.
387
698
6.04
9
486.
058
1.31
6.45
6
2019
8.66
3
904
9.56
7
343.
212
266.
822
1.10
1
214.
444
825.
579
2.73
5 0 0
20.8
13
23.5
48
858.
694
278.
890 0
226.
446
6.79
1
2.62
7
17.2
93
253.
157
618 0
532.
665
1.39
1.35
9
Goo
dwill
Trad
emar
ks a
nd S
oftw
are
Tota
l int
angi
ble
asse
ts
Land
and
bui
ldin
gs
Plan
t and
mac
hine
ry
Fixt
ures
and
fitt
ings
, too
ls an
d eq
uipm
ent
Prop
erty
, pla
nt a
nd e
quip
men
t und
er c
onst
ruct
ion
Tota
l pro
pert
y, p
lant
and
equ
ipm
ent
Oth
er in
vest
men
ts
Loan
rece
ivab
le fr
om a
ffilia
ted
com
pani
es
Inve
stm
ents
in su
bsid
iarie
s
Def
erre
d ta
x as
sets
Tota
l oth
er n
on-c
urre
nt a
sset
s
Tota
l non
-cur
rent
ass
ets
Inve
ntor
ies
Loan
rece
ivab
le fr
om a
ffilia
ted
com
pani
es
Trad
e re
ceiv
able
s
Amou
nts o
wed
by
affil
iate
d co
mpa
nies
Corp
orat
ion
taxe
s, re
ceiv
able
Oth
er re
ceiv
able
s
Tota
l rec
eiva
bles
Secu
ritie
s and
inve
stm
ents
Cash
at b
ank
and
in h
and
Tota
l cur
rent
ass
ets
Tota
l ass
ets
2019 0
7.81
2
7.81
2
53.1
81
200.
544
114
21.0
86
274.
925
2.73
5
302.
299
304.
537 0
609.
571
892.
308
222.
781
52.4
63
152.
498
20.0
96
1.89
9
5.64
8
232.
604
618 0
456.
003
1.34
8.31
1Pare
nt c
ompa
nyG
roup
2020 0
3.90
6
3.90
6
54.6
66
198.
015
114
7.40
0
260.
195
2.73
5
253.
793
299.
618 0
556.
146
820.
247
178.
896
44.4
14
151.
595 0
7.42
0
4.63
2
208.
061
698 0
387.
655
1.20
7.90
2
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
52
Ope
rati
ng p
rofit
/loss
Dep
reci
atio
n, a
mor
tisat
ion
and
impa
irmen
t los
ses
Cash
gen
erat
ed fr
om o
pera
ting
act
ivit
ies b
efor
e ch
ange
s in
wor
king
cap
ital,
etc
Inve
ntor
ies
Trad
e re
ceiv
able
s
Oth
er re
ceiv
able
s
Trad
e pa
yabl
es
Oth
er p
ayab
les
Prov
ision
s
Chan
ges i
n w
orki
ng c
apita
l
Valu
e ad
just
men
ts o
f fina
ncia
l ins
trum
ents
Net
fina
ncia
ls
Paid
tax
Cash
flow
from
ope
rati
ng a
ctiv
itie
s
Cash
flow
from
inve
stin
g ac
tivi
ties
Borro
win
gs, b
ank
over
draf
ts
Repa
ymen
t of b
orro
win
gs
Cash
flow
from
fina
ncin
g ac
tivi
ties
Net
cas
h flo
w
Unr
ealiz
ed g
ain/
loss
on
curre
ncie
s and
oth
er v
alue
adj
ustm
ents
Incr
ease
/dec
reas
e in
cas
h an
d ca
sh e
quiv
alen
ts, d
urin
g th
e ye
ar
Cash
and
cas
h eq
uiva
lent
s at 1
Jan
uary
Cash
and
cas
h eq
uiva
lent
s at 3
1 D
ecem
ber
Cash
Flo
w S
tate
men
tD
KK ‘0
00
2020
-25.
966
72.7
80
46.8
14
19.3
07
28.0
25
9.74
4
10.1
34
53.9
37
-28.
397
92.7
50
-3.7
99
-19.
507
-7.8
03
108.
455
-106
.927
12.5
17
-7.9
16
4.60
1
6.12
9 0
6.12
9
618
6.74
7
2019
5.18
1
50.3
52
55.5
33
4.74
5
-14.
895
17.5
21
-27.
289
-24.
200
30.4
27
-13.
691
-1.3
89
-1.3
83
-8.0
07
31.0
63
-330
.222
38.8
71
-8.9
50
29.9
21
-269
.238
-2.1
29
-271
.367
271.
985
618
Gro
up
Stat
emen
t of C
hang
es in
Equ
ity
DKK
‘000
Equi
ty a
t 1 J
anua
ry 2
019
Actu
rial l
oss o
n de
fined
ben
efit p
lans
, net
of t
ax
Prop
osed
pro
fit a
ppro
pria
tion
Fore
ign
curre
ncy
trans
latio
n ad
just
men
ts
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, p
rimo
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, u
ltim
o
Def
erre
d ta
x on
val
ue a
djus
tmen
ts
Equi
ty a
t 1 J
anua
ry 2
020
Actu
rial l
oss o
n de
fined
ben
efit p
lans
, net
of t
ax
Prop
osed
pro
fit a
ppro
pria
tion
Fore
ign
curre
ncy
trans
latio
n ad
just
men
ts
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, p
rimo
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, u
ltim
o
Def
erre
d ta
x on
val
ue a
djus
tmen
ts
Equi
ty a
t 31
Dec
embe
r 202
0
31 31
32 33 33
Pare
nt c
ompa
nyN
ote
Not
e
Equi
ty a
t 1 J
anua
ry 2
019
Actu
rial l
oss o
n de
fined
ben
efit p
lans
, net
of t
ax
Prop
osed
pro
fit a
ppro
pria
tion
Fore
ign
curre
ncy
trans
latio
n ad
just
men
ts
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, p
rimo
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, u
ltim
o
Def
erre
d ta
x on
val
ue a
djus
tmen
ts
Equi
ty a
t 1 J
anua
ry 2
020
Actu
rial l
oss o
n de
fined
ben
efit p
lans
, net
of t
ax
Prop
osed
pro
fit a
ppro
pria
tion
Fore
ign
curre
ncy
trans
latio
n ad
just
men
ts
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, p
rimo
Valu
e ad
just
men
ts o
n he
dgin
g in
stru
men
ts, u
ltim
o
Def
erre
d ta
x on
val
ue a
djus
tmen
ts
Equi
ty a
t 31
Dec
embe
r 202
0
31 31
Tom
s G
roup
Not
e
3.50
0 0 0 0 0 0 0
3.50
0 0 0 0 0 0 0
3.50
0
Shar
e ca
pita
l
3.50
0 0 0 0 0 0 0
3.50
0 0 0 0 0 0 0
3.50
0
Shar
e ca
pita
l
783.
963
-1.9
35
1.10
0
-386
1.83
1
-3.6
12 392
781.
353
-811
-58.
573
-18.
837
3.61
2
-8.4
82
1.07
1
699.
333
Reta
ined
ear
ning
s
783.
963
-1.9
35
1.10
0
-386
1.83
1
-3.6
12 392
781.
353
-811
-58.
573
-18.
837
3.61
2
-8.4
82
1.07
1
699.
333
Reta
ined
ear
ning
s
787.
463
-1.9
35
1.10
0
-386
1.83
1
-3.6
12 392
784.
853
-811
-58.
573
-18.
837
3.61
2
-8.4
82
1.07
1
702.
833
Tota
l
787.
463
-1.9
35
1.10
0
-386
1.83
1
-3.6
12 392
784.
853
-811
-58.
573
-18.
837
3.61
2
-8.4
82
1.07
1
702.
833
Tota
l
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
54
Spec
ial i
tem
s wit
hin
oper
atin
g pr
ofit
Seve
ranc
e co
sts r
elat
ing
to c
losin
g of
Ger
man
fact
ory
Oth
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This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
56
Not
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This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
58
Not
e
14
Not
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KK ‘0
00
2020
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and
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at 1
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Fore
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curre
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trans
latio
n ad
just
men
ts
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sfer
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from
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at 3
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mul
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This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
60
Not
e
19 20 21
Not
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KK ‘0
00
2020
96.1
93
42.0
71
120.
660
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2.62
7
6.78
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32
8.28
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698
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468
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3
7.72
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7 39 39 470
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579
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mat
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pac
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Wor
k in
pro
gres
s
Man
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ture
d go
ods a
nd g
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for r
esal
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Carry
ing
amou
nt a
t 31
Dec
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r
Corp
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taxe
s, re
ceiv
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Com
pany
tax,
rece
ivab
le a
t 1 Ja
nuar
y
Paid
/rec
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d du
ring
the
year
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pany
tax
for t
he y
ear
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rece
ivab
le a
t 31
dece
mbe
r
Secu
ritie
s and
inve
stm
ents
Cost
at 1
Janu
ary
Cost
at 3
1 D
ecem
ber
Valu
e ad
just
men
t at 1
Janu
ary
Valu
e ad
just
men
t dur
ing
the
year
Valu
e ad
just
men
t at 3
1 D
ecem
ber
Carry
ing
amou
nt a
t 31
Dec
embe
r
2019
80.9
05
33.7
40
108.
136
222.
781
6.78
1
7.36
9
-12.
251
1.89
9 39 39 470
109
579
618Pa
rent
com
pany
Gro
up
2020
59.7
25
24.6
91
94.4
80
178.
896
1.89
9
5.52
1 0
7.42
0 39 39 579 80 659
698
Not
e
17
Not
esD
KK ‘0
00
2020 0 0 0 0 0 0 0
2019 0 0 0 0 0 0 0
Loan
rece
ivab
les f
rom
affi
liate
d co
mpa
nies
Curre
nt, l
oan
rece
ivab
les f
rom
affi
liate
d co
mpa
nies
Non
-cur
rent
, loa
n re
ceiv
able
s fro
m a
ffilia
ted
com
pani
es
Loan
rece
ivab
les f
rom
affi
liate
d co
mpa
nies
at 3
1 D
ecem
ber
Due
with
in th
e ne
xt y
ear
Due
with
in 1
- 5
year
s
Due
aft
er 5
yea
rs
Loan
rece
ivab
les f
rom
affi
liate
d co
mpa
nies
at 3
1 D
ecem
ber
2019
52.4
63
302.
299
354.
762
52.4
63
209.
852
92.4
47
354.
762Pa
rent
com
pany
Gro
up
2020
44.4
14
253.
793
298.
207
44.4
14
177.
659
76.1
34
298.
207
18
20.8
13
1.48
9
22.3
02
1.47
3
4.47
4
7.25
4
9.10
1
22.3
02
13.5
50
5.08
5
3.66
7
22.3
02
16.6
79
4.13
4
20.8
13
1.96
4
5.09
7
11.3
54
2.39
8
20.8
13
4.81
2
12.1
47
3.85
4
20.8
13
Def
erre
d ta
x as
sets
Def
erre
d ta
x at
1 Ja
nuar
y
Adju
stm
ents
of d
efer
red
tax
Def
erre
d ta
x at
31
dece
mbe
r
Def
erre
d ta
x re
late
s to:
Inta
ngib
le a
sset
s
Prop
erty
, pla
nt a
nd e
quip
men
t
Loss
car
ried
forw
ard
Prov
ision
s
Carry
ing
amou
nt a
t 31
Dec
embe
r
Tim
ing
of th
e re
vers
al o
f def
erre
d ta
x as
sets
exp
ecte
d to
be:
0-1
year
1-5
year
Afte
r 5 y
ears
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
The
loss
car
ried
forw
ard
is ex
pect
ed to
be
reve
rsed
with
in 1
-5 y
ears
.
D
efer
red
tax
of D
KK 3
9,8
mill
ion
rela
ting
to G
erm
an su
bsid
iarie
s is n
ot re
cogn
ised
(201
9: 3
4,3
mill
ion)
.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
62
Not
e
24 25 26
Not
esD
KK ‘0
00
2020
8.19
9
172.
507
180.
706
8.19
9
34.2
58
138.
249
180.
706
56.7
25
-33.
132
4.73
6
28.3
29
4.76
1
21.9
75
1.59
3
28.3
29
4.81
9
467
23.0
43
28.3
29
113.
233
14.6
63
127.
896
113.
233
405
14.2
58
127.
896
2019
8.05
8
180.
564
188.
622
8.05
8
33.6
67
146.
897
188.
622
26.2
98
-4.4
64
34.8
91
56.7
25
32.7
70
23.4
63 492
56.7
25
32.8
29 466
23.4
30
56.7
25
68.0
31
5.38
9
73.4
20
68.0
31 127
5.26
2
73.4
20
Cred
it in
stit
utio
ns
Curre
nt, m
ortg
age
debt
Non
-cur
rent
, mor
tgag
e de
bt
Cred
it in
stitu
tions
at 3
1 D
ecem
ber*
Due
with
in th
e ne
xt y
ear
Due
with
in 1
- 5
year
s
Due
aft
er 5
yea
rs
Cred
it in
stitu
tions
at 3
1 D
ecem
ber*
* Mor
tgag
e lo
an h
as b
een
refin
ance
d in
201
9
Prov
isio
ns
Mov
emen
t dur
ing
the
year
Oth
er p
rovi
sions
at 1
Janu
ary
Use
d
New
pro
visio
ns
Oth
er p
rovi
sions
at 3
1 de
cem
ber
The
bala
nce
end
of y
ear
Rest
ruct
urin
g, G
erm
any
(sev
eran
ce p
ay e
tc.)
Defi
ned
bene
fit p
lans
, Ger
man
y
Oth
er
Oth
er p
rovi
sions
at 3
1 de
cem
ber
Prov
ision
s due
with
in th
e ne
xt y
ear
Prov
ision
s due
with
in 1
-5 y
ears
Prov
ision
s due
aft
er 5
yea
rs
Carry
ing
amou
nt a
t 31
Dec
embe
r
Oth
er p
ayab
les
Curre
nt, o
ther
pay
able
s
Non
-cur
rent
, oth
er p
ayab
les
Oth
er p
ayab
les a
t 31
Dec
embe
r
Due
with
in th
e ne
xt y
ear
Due
with
in 1
- 5
year
s
Due
aft
er 5
yea
rs
Oth
er p
ayab
les a
t 31
Dec
embe
r
2019
8.05
8
180.
564
188.
622
8.05
8
33.6
67
146.
897
188.
622
1.33
5
-117 0
1.21
8 0 0
1.21
8
1.21
8 60 244
914
1.21
8
57.1
31
5.38
9
62.5
20
57.1
31 127
5.26
2
62.5
20Pare
nt c
ompa
nyG
roup
2020
8.19
9
172.
507
180.
706
8.19
9
34.2
58
138.
249
180.
706
1.21
8
-57 0
1.16
1 0 0
1.16
1
1.16
1 60 244
857
1.16
1
90.8
91
14.6
63
105.
554
90.8
91 405
14.2
58
105.
554
Not
e
22 23
Not
esD
KK ‘0
00
2020
37.6
35
-19.
912
17.7
23
27.0
83
-122
6.00
5
-1.8
66
3.77
4
1.06
3
-18.
214
17.7
23
-17.
027
6.23
1
28.5
19
17.7
23
2019
31.8
67
5.76
8
37.6
35
24.9
23
-122
8.60
8
-795
4.14
2
879 0
37.6
35
7.17
2
8.36
3
22.1
00
37.6
35
Shar
e ca
pita
l
Shar
e ca
pita
l at 3
1 D
ecem
ber
The
shar
e ca
pita
l con
sists
of:
1 sh
are
of D
KK 2
,000
,000
150
shar
es o
f DKK
5,0
00 e
ach
306
shar
es o
f DKK
2,0
00 e
ach
136
shar
es o
f DKK
1,0
00 e
ach
20 sh
ares
of D
KK 1
00 e
ach
Tota
l
Def
erre
d ta
x, li
abili
ties
Def
erre
d ta
x at
1 Ja
nuar
y
Adju
stm
ents
of d
efer
red
tax
Def
erre
d ta
x at
31
dece
mbe
r
Def
erre
d ta
x re
late
s to:
Prop
erty
, pla
nt a
nd e
quip
men
t
Inta
ngib
le a
sset
s
Curre
nt a
sset
s
Item
s in
equi
ty
Cred
it in
stitu
tions
Prov
ision
s
Loss
car
ried
forw
ard
Carry
ing
amou
nt a
t 31
Dec
embe
r
Tim
ing
of th
e re
vers
al o
f def
erre
d ta
x lia
bilit
ies e
xpec
ted
to b
e:
0-1
year
1-5
year
Afte
r 5 y
ears
2019
3.50
0
2.00
0
750
612
136 2
3.50
0
29.8
83
6.48
2
36.3
65
24.9
23
-245
8.60
8
-795
4.14
2
-268 0
36.3
65
7.04
9
8.36
3
20.9
53
36.3
65Pare
nt c
ompa
nyG
roup
2020
3.50
0
2.00
0
750
612
136 2
3.50
0
36.3
65
-20.
451
15.9
14
27.0
83
-613
6.00
5
-1.8
66
3.77
4
-255
-18.
214
15.9
14
-17.
537
6.23
1
27.2
20
15.9
14
The
pare
nt o
wns
trea
sury
shar
es o
f nom
inal
DKK
150
thou
sand
, co
rresp
ondi
ng to
app
rox.
4%
of t
he sh
are
capi
tal.
The
shar
es a
re v
alue
d at
nil
and
are
not i
nclu
ded
in th
e ba
lanc
e sh
eet.
N
o tre
asur
y sh
ares
hav
e be
en a
cqui
red
or d
ispos
ed o
f in
the
fiana
ncia
l yea
r.
No
chan
ges h
ave
been
mad
e to
the
shar
e ca
pita
l dur
ing
the
last
five
yea
rs.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
64
Not
esD
KK ‘0
00
Pare
nt c
ompa
nyG
roup
Not
e
27
2020 38
6
1.39
4
9.23
6
11.0
16
2019 66
7
-281 0
386
Corp
orat
ion
taxe
s, pa
yabl
e
Com
pany
tax,
pay
able
at 1
Janu
ary
Paid
dur
ing
the
year
Com
pany
tax
for t
he y
ear
Com
pany
tax,
pay
able
at 3
1 de
cem
ber
2019 0 0 0 0
2020 0 0 0 0
Rela
ted
part
ies
Tom
s Gru
ppen
A/S
’ rel
ated
par
ties a
re:
Cont
rol:
Ger
da o
g Vi
ctor
B. S
trand
s Fon
d an
d its
Boa
rd o
f Dire
ctor
s, Ba
lleru
p, D
enm
ark
Ger
da o
g Vi
ctor
B. S
trand
Hol
ding
A/S
and
its B
oard
of D
irect
ors,
Balle
rup,
Den
mar
k
Oth
er re
late
d pa
rtie
s:
Tom
s Sve
rige
AB, H
alm
stad
, Sw
eden
Tom
s Pol
ska
Sp. z
o.o
., Les
zno,
Pol
and
Han
seat
ische
Cho
cola
de G
mbH
, Bre
men
, Ger
man
y
Han
seat
ische
Ges
chäf
tsfü
hrun
gs G
mbH
, Bre
men
, G
erm
any
Han
seat
ische
s Cho
cola
den
Kont
or G
mbH
& C
o. K
G
FHG
Bet
eilig
ungs
gese
llsch
aft m
bH &
Co.
KG
, Bre
men
, Ger
man
y
Haw
opra
l Gm
bH, B
rem
en, G
erm
any
Tom
s Con
fect
ione
ry G
roup
Pte
. Ltd
., Sin
gapo
re
Tom
s Con
fect
ione
ry G
roup
, Ves
tby,
Nor
way
Tran
sact
ions
wit
h re
late
d pa
rtie
s
Who
lesa
le
Man
ufac
torin
g
Pack
agin
g
Adm
inst
rativ
e se
rvic
e
Sale
s ser
vice
Fina
ncia
l inc
ome
from
subs
idia
ries
Capi
tal i
njec
tion
Loan
rece
ivab
les f
rom
affi
liate
d co
mpa
nies
Amou
nts o
wed
by
affil
iate
d co
mpa
nies
Amou
nts o
wed
to a
ffilia
ted
com
pani
es
Not
e
30
Not
esD
KK ‘0
00
Basi
c
Ulti
mat
e pa
rent
com
pany
Dire
ct p
aren
t com
pany
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
Subs
idia
ry
2019
213.
291
41.7
98
36.3
69
8.49
9 0
27.9
40
271.
994
354.
762
20.0
96 0Pare
nt c
ompa
nyG
roup
2020
407.
655
138.
410 0
8.16
1
1.69
7
10.4
47 0
298.
207 0
80.0
25
Rela
ted
parti
es a
lso in
clud
e Bo
ard
of D
irect
ors,
the
Boar
d of
Man
agem
ent a
nd e
xecu
tive
empl
oyee
s.
Curr
ency
risk
s and
use
of c
ash
flow
hed
ges
29
The
Pare
nt c
ompa
ny h
edge
s maj
or c
urre
ncie
s (SE
K, P
LN, U
SD, C
AD, G
BP a
nd C
NY)
acc
ordi
ng to
the
grou
p po
licie
s, w
hich
stat
e th
at m
ain
curre
ncy
risk
with
in 6
mon
ths a
re 1
00 %
cov
ered
. Cur
renc
y ris
k be
twee
n 6
- 12
mon
ths a
re in
gen
eral
cov
ered
from
50
- 90
%.
Curr
ency
Co
ntra
ct
amou
nt
base
d on
ag
reed
rate
s
Gai
n / L
oss
reco
gniz
ed
in e
quit
y
Cont
ract
am
ount
ba
sed
on
agre
ed ra
tes
Gai
n / L
oss
reco
gniz
ed
in e
quit
y
Cont
ract
type
Pare
nt c
ompa
ny &
Gro
up
2020
2019
(DKK
’000
)Lo
cal c
urre
ncy
(DKK
’000
)Lo
cal c
urre
ncy
Forw
ard
exch
ange
con
tract
s SE
K 26
5.00
0 -8
.722
21
8.00
0 -2
.630
Forw
ard
exch
ange
con
tract
s PL
N
-44.
000
-502
-8
.000
16
6Fo
rwar
d ex
chan
ge c
ontra
cts
GBP
60
0 -3
8 N
/A
N/A
Forw
ard
exch
ange
con
tract
s U
SD
2.00
0 72
3 2.
000
-606
Forw
ard
exch
ange
con
tract
s CA
D
1.30
0 56
1.
000
-359
Forw
ard
exch
ange
con
tract
s CN
Y 0
0 -1
0.28
5 -6
6
28
15.8
72
227.
082
15.7
05
220.
753
Cont
inge
nt li
abili
ties
Ope
ratin
g le
ases
re. v
ehic
les a
nd IT
equ
ipm
ent
Com
mit
men
ts
Cont
ract
s rel
ated
to p
urch
ase
of ra
w m
ater
ials
and
cons
truct
ion
cont
ract
s
6.00
6
202.
590
5.29
3
164.
400
Pled
ged
asse
ts
The
pare
nt c
ompa
ny a
nd T
he G
roup
has
ple
dged
ass
ets w
ith a
net
car
ryin
g va
lue
of D
KK 5
4,7
milli
on (D
KK 5
3,2
milli
on) i
n fa
vor o
f the
mor
tgag
e lo
ans
(refe
r to
note
24)
.
Gua
rant
ee d
ecla
ratio
n Th
e pa
rent
com
pany
und
erta
kes t
o en
sure
that
, by
the
end
of th
e fo
llow
ing
finan
cial
yea
r, H
anse
atisc
he C
hoco
lade
Gm
bH is
man
aged
and
fina
ncia
lly
equi
pped
in su
ch a
way
that
it is
alw
ays i
n a
posit
ion
to m
eet a
ll its
liabi
litie
s inc
urre
d up
unt
il the
bal
ance
shee
t dat
e of
31
Dec
embe
r 202
0 vi
s-à-
vis
thei
r cre
dito
rs in
due
tim
e. T
his d
ecla
ratio
n sh
all b
e bi
ndin
g on
ly in
favo
ur o
f Han
seat
ische
Cho
cola
de G
mbH
. An
assig
nmen
t of t
hese
cla
ims t
o th
ird
parti
es is
not
per
mitt
ed. T
he d
ecla
ratio
n is
subj
ect t
o G
erm
an la
w. P
lace
of j
urisd
ictio
n is
Brem
en.
The
follo
win
g fu
lly c
onso
lidat
ed G
erm
an G
roup
com
pani
es m
ade
use
of th
e ex
empt
ion
prov
ision
s in
Sect
ion
264
Para
grap
h 3
and
Sect
ion
264b
HG
B in
20
20; H
anse
atisc
he C
hoko
lade
Gm
bH, H
anse
atisc
he C
hoco
lade
Kon
tor G
mbH
& C
o. K
G a
nd F
HG
Bet
eilig
ungs
gese
llsch
aft m
bH &
Co.
KG
.
Law
suits
O
berla
ndes
geric
ht D
üsse
ldor
f has
rule
d in
the
suga
r car
tel c
ase
(süs
svar
enve
rban
d) a
gain
st th
e aq
uire
d su
bsid
iary
, Feo
dora
Cho
cola
de G
mbH
, and
a
num
ber o
f oth
er m
ajor
pro
duce
rs in
Ger
man
y. T
he la
wsu
ite w
as fi
led
in 2
009
on R
estri
ctiv
e pr
atic
e an
d is
on g
oing
. Tot
al li
ablili
ties a
mou
nt to
DKK
3,7
m
illion
. The
form
er o
wne
rs o
f Han
seat
ische
Cho
cola
de G
mbH
hav
e gu
aran
teed
to in
dem
nify
Tom
s Gru
ppen
A/S
and
pro
vide
d se
curit
y in
the
form
of
bank
gua
rant
ees.
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
66
Not
e
31 32 33 34
Not
esD
KK ‘0
00
2020
-3.8
23
-52.
918
-13.
411
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29
-8.3
65
-24.
964
-918
-106
.927 0
618
618
6.04
9
698
6.74
7
2019
-551
-37.
169
146
-359
-275
.959
-13.
456
-2.8
74
-330
.222
271.
476
509
271.
985 0
618
618
Prop
osed
pro
fit a
ppro
pria
tion
Reta
ined
ear
ning
s
Prop
osed
div
iden
ds
Profi
t/lo
ss fo
r the
yea
r
Cash
flow
from
inve
stin
g ac
tivi
ties
Purc
hase
and
sale
of l
and
and
build
ings
Purc
hase
and
sale
of p
lant
and
mac
hine
ry
Purc
hase
and
sale
of o
ther
fixt
ures
, too
ls an
d eq
uipm
ent
Purc
hase
and
sale
of T
rade
mar
ks a
nd S
oftw
are
Purc
hase
of P
rope
rty,
pla
nt a
nd e
quip
men
t und
er c
onst
ruct
ion
Chan
ge in
pay
able
s and
oth
er re
ceiva
bles
rela
ted
to in
vest
ing
activ
ities
Fore
ign
curre
ncy
trans
latio
n ad
just
men
ts
Tota
l
Cash
and
cas
h eq
uiva
lent
s
Cash
and
cas
h eq
uiva
ltent
s at 1
Janu
ary
cons
ists o
f:
Cash
at b
ank
and
in h
and
Secu
ritie
s and
inve
stm
ents
Cash
and
cas
h eq
uiva
lent
s at 1
Janu
ary
Cash
and
cas
h eq
uiva
ltent
s at 3
1 D
ecem
ber c
onsis
ts o
f:
Cash
at b
ank
and
in h
and
Secu
ritie
s and
inve
stm
ents
Cash
and
cas
h eq
uiva
lent
s at 3
1 D
ecem
ber
Even
ts a
fter
the
bala
nce
shee
t dat
e
2019
1.10
0 0
1.10
0Pare
nt c
ompa
nyG
roup
2020
-58.
573 0
-58.
573
No
even
ts h
ave
occu
red
afte
r the
bal
ance
shee
t dat
e of
impo
rtanc
e to
the
cons
olid
ated
fina
ncia
l st
atem
ents
and
the
finan
cial
stat
emen
ts o
f the
Par
ent C
ompa
ny
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
68
Defi
niti
on a
nd T
erm
sD
efini
tion
s
Retu
rn o
n in
vest
ed c
apita
l:
Wor
king
Cap
ital:
Ope
ratin
g m
argi
n:
Retu
rn o
n eq
uity
:
Curre
nt ra
tio:
Gro
ss m
argi
n:
Ope
ratin
g pr
ofit b
efor
e sp
ecia
l ite
m:
Ope
ratin
g pr
ofit:
Solv
ency
ratio
:
Term
s
Suga
r con
fect
ione
ry:
Inte
rnat
iona
l:
Trav
el R
etai
l:
Spec
ial i
tem
s:
Ope
ratin
g pr
ofit i
n pe
rcen
t of t
he a
vera
ge o
f tot
al a
sset
s les
s cas
h le
ss C
urre
nt
liabi
litie
s ex
clud
ing
inte
rest
bea
ring
debt
.
Inve
ntor
ies a
nd tr
ade
rece
ivab
les p
lus o
ther
rece
ivab
les m
inus
trad
e pa
yabl
es
and
othe
r pay
able
s
Ope
ratin
g pr
ofit i
n pe
rcen
t of r
even
ue
Profi
t fro
m o
rdin
ary
activ
ities
aft
er ta
x in
per
cent
of a
vera
ge e
quity
Curre
nt a
sset
s in
perc
ent o
f cur
rent
liab
ilitie
s
Gro
ss p
rofit
in p
erce
nt o
f rev
enue
Ope
ratin
g pr
ofit b
efor
e im
pairm
ents
, res
truc
turin
g co
st a
nd o
ther
cos
t not
re
late
d to
ord
inar
y ac
tiviti
es
Ope
ratin
g pr
ofit b
efor
e in
tere
st a
nd ta
x.
Equi
ty a
t yea
r end
in p
erce
nt o
f tot
al e
quity
and
liab
ilitie
s at y
ear e
nd
Win
e gu
ms,
liquo
rice,
toff
ees,
swee
ts e
tc.
Inte
rnal
segm
ent.
Incl
udes
exp
ort (
exce
pt S
wed
en a
nd T
rave
l Ret
ail)
Ferry
and
airp
ort s
ales
Refe
r to
note
1
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Tom
s G
rupp
en A
/S
Ann
ual R
epor
t 202
0P
age
70
Boar
d of
Dire
ctor
sH
enrik
Bra
ndt (
CH)
Educ
atio
n: M
Sc (E
con.
), Co
penh
agen
Bus
ines
s Sch
ool,
MBA
, Sta
nfor
d U
nive
rsity
. Pre
viou
s pos
ition
s: Pr
esid
ent a
nd C
EO, R
oyal
Uni
brew
A/S
, U
nom
edic
al A
/S a
nd S
ophu
s Ber
ends
en A
/S, e
tc. E
xten
sive
expe
rienc
e fro
m e
xecu
tive
and
boar
d po
sitio
ns in
Dan
ish a
nd in
tern
atio
nal c
om-
pani
es. L
ong
indu
stria
l exp
erie
nce
and
exte
nsiv
e ex
pert
ise w
ithin
FM
CG
and
stra
tegi
c bu
sines
s dev
elop
men
t.
Chai
rman
and
Non
-Exe
cutiv
e D
irect
or
Dan
ish B
ake
Hol
ding
ApS
(C
H)
Nem
lig.c
om
(CH
)Sc
andi
navi
an T
obac
co G
roup
A/S
(V
CH)
Fritz
Han
sen
A/S
(C
H)
Ferd
Hol
ding
as,
Nor
ge
(BM
)G
erda
& V
icto
r B. S
trand
s Fon
d
(BM
)G
erda
& V
icto
r B. S
trand
Hol
ding
A/S
(B
M)
Cars
ten
Benn
ike
(VCH
)Ed
ucat
ion:
EM
BA, L
ondo
n Bu
sines
s Sch
ool.
MSc
(Eco
n.),
Cope
nhag
en
Busin
ess S
choo
l. In
tern
atio
nal D
irect
ors P
rogr
amm
e, In
sead
. Pre
viou
s po
sitio
ns: E
VP C
hr. H
anse
n H
oldi
ng A
/S, E
VP a
nd C
OO
Hem
pel A
/S.
Dire
ctor
Cad
bury
EM
EA e
tc. E
xten
sive
expe
rienc
e fro
m e
xecu
tive
po
sitio
ns in
Dan
ish a
nd in
tern
atio
nal c
ompa
nies
. Lon
g in
dust
rial
expe
rienc
e an
d ex
tens
ive
expe
rtise
with
in F
MCG
and
stra
tegi
c bu
sines
s de
velo
pmen
t.
Ow
ner a
nd C
EO, T
O B
E H
oldi
ng
and
CB C
onsu
lting
By
gma
A/S
(B
M)
Bygm
a G
rupp
en A
/S
(BM
) K/
S G
ospo
rt
(BM
)Bo
n Ap
petit
Gro
up A
/S
(CH
)BA
Foo
dser
vice
A/S
(C
H)
Vald
. Birn
A/S
(B
M)
Mor
ten
Pete
rsen
(VCH
)Ed
ucat
ion:
BSc
in E
cono
mic
s and
Bus
ines
s Adm
inist
ratio
n, G
radu
ate
D
iplo
ma
in B
usin
ess A
dmin
istra
tion
(Mar
ketin
g). P
revi
ous p
ositi
ons:
EVP,
Pro
cure
men
t, D
ansk
Sup
erm
arke
d A/
S, D
ivisi
on D
irect
or, D
anish
Cr
own
a.m
.b.a
., Are
a D
irect
or A
rla F
oods
a.m
.b.a
., etc
. Ext
ensiv
e ex
pe-
rienc
e fro
m e
xecu
tive
posit
ions
in D
anish
com
pani
es. L
ong
indu
stria
l ex
perie
nce
and
exte
nsiv
e ex
pert
ise w
ithin
FM
CG a
nd st
rate
gic
busin
ess
deve
lopm
ent.
CEO
, DKI
Gro
up
Su
nset
Bou
leva
rd A
/S
(CH
)
Dr.
Cars
ten
D. W
ehrm
ann
(BM
)Ed
ucat
ion:
MBA
from
the
Uni
vers
ity o
f Pad
erbo
rn, G
erm
any.
Dr.
Deg
ree
from
the
Uni
vers
ity o
f Glo
uces
ters
hire
, UK.
Pre
viou
s pos
ition
s: G
ener
al
Man
ager
Upfi
eld,
Gen
eral
Man
ager
Inte
rnat
iona
l and
mem
ber o
f th
e Ex
ecut
ive
Boar
d at
Tch
ibo
Gm
bH, G
roup
CEO
Fuc
hs S
pice
s Gro
up,
Coun
try
CEO
(Aus
tria
, Pol
and,
Nor
dics
), VP
Mar
ketin
g (U
SA),
Mar
ketin
g &
Sal
es (G
erm
any)
at L
indt
&Sp
rüng
li. Ex
tens
ive
expe
rienc
e fro
m e
xecu
-tiv
e po
sitio
ns in
inte
rnat
iona
l com
pani
es. L
ong
indu
stria
l exp
erie
nce
and
exte
nsiv
e ex
pert
ise w
ithin
FM
CG a
nd st
rate
gic
busin
ess d
evel
opm
ent.
Clus
ter G
ener
al M
anag
er D
ACH
and
NO
RDIC
S
at Im
peria
l Bra
nds P
LC
Mar
tin
Schl
atte
r (BM
)Ed
ucat
ion:
Mas
ter o
f Bus
ines
s Adm
inist
ratio
n at
Hoc
hsch
ule
St. G
alle
n (S
witz
erla
nd).
Prev
ious
pos
ition
s: Ch
ief O
pera
ting
Offi
cer &
Mem
ber
of th
e Ex
ecut
ive
Boar
d, H
arib
o H
oldi
ng G
mbH
& C
o KG
, SVP
& G
loba
l Ch
ief M
arke
ting
Offi
cer,
Wm
. Wrig
ley
Jr. C
ompa
ny, e
tc. E
xten
sive
expe
rienc
e fro
m v
ario
us e
xecu
tive
posit
ions
in in
tern
atio
nal c
ompa
nies
. Lo
ng c
omm
erci
al e
xper
ienc
e an
d ex
tens
ive
expe
rtise
with
in F
MCG
and
st
rate
gic
busin
ess d
evel
opm
ent.
Gro
up R
egio
nal D
irect
or &
Chi
ef C
omm
erci
al O
ffice
r U
nila
bs S
A
Bets
abeh
Sol
ente
(BM
)Ed
ucat
ion:
Bac
helo
r of C
omm
erce
, Mar
ketin
g, U
nive
rsity
of N
ew S
outh
W
ales
(Aus
tralia
). Pr
evio
us p
ositi
ons:
Chie
f Mar
ketin
g an
d In
nova
-tio
n O
ffice
r, G
OD
IVA
Choc
olat
ier (
UK)
, Pre
siden
t of E
very
day
Glo
bal
Busin
ess U
nit N
ewel
l Rub
berm
aid
(Fra
nce)
Inte
rnat
iona
l Mar
ketin
g D
irect
or, J
ohns
on &
John
son
(Fra
nce)
, Glo
bal I
nnov
atio
n D
irect
or –
Bis -
cuit
Div
ision
Dan
one,
etc
. Ext
ensiv
e ex
perie
nce
from
exe
cutiv
e po
sitio
ns
in in
tern
atio
nal c
ompa
nies
. Bus
ines
s tra
nsfo
rmat
ion,
and
ext
ensiv
e ex
pert
ise w
ithin
FM
CG a
nd M
arke
ting
& In
nova
tion
capa
bilit
y bu
ild.
Chie
f Mar
ketin
g O
ffice
r, IN
TO U
nive
rsity
Gro
up (U
K)
John
ny B
æhr
(ER)
Educ
atio
n: A
utom
atio
n Te
chni
cian
. Mai
nten
ance
Man
ager
. Em
ploy
ed a
t Tom
s Gru
ppen
A/S
sinc
e 19
89.
Lone
C. N
iels
en (E
R)Ed
ucat
ion:
Mac
hine
tech
nici
an (o
pera
tions
). M
aste
rdat
a Co
ntro
ller.
Empl
oyed
at T
oms G
rupp
en A
/S si
nce
1994
.
Tom
s Gru
ppen
A/S
Fer
ie-
og ju
bilæ
umsf
ond
(B
M)
Exec
utiv
e Bo
ard
Anne
tte
Zeip
elCE
O
Lars
Hen
rik V
ejru
p H
anse
nCF
O
Loui
se R
icht
er O
lsen
(ER)
Educ
atio
n: B
ache
lor i
n H
uman
Nut
ritio
n an
d H
ealth
. D
iplo
ma,
Eng
inee
ring
Busin
ess A
dmin
istra
tion
(EBA
).G
roup
Pro
duct
Dev
elop
men
t Man
ager
.Em
ploy
ed a
t Tom
s Gru
ppen
A/S
sinc
e 20
00.
Aud
itor
sEY
God
kend
t Rev
isio
nspa
rtne
rsel
skab
Dirc
h Pa
sser
s Allé
36
DK-
2000
Fre
derik
sber
g
(CH
) Cha
irman
(V
CH) V
ice
Chai
rman
(BM
) Boa
rd M
embe
r(E
R) E
mpl
oyee
Rep
rese
ntat
ive
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
Toms Gruppen A/S Annual Report 2020
Page 72
Toms Gruppen A/SToms Allé 12750 Ballerup, Denmark
Telephone: +45 44 89 10 00Fax: +45 44 89 10 99E-mail: [email protected]: www.tomsgroup.comRegistered office: BallerupRegistration no.: 56 75 93 28 Established: 30 January 1924Financial year: 1 January - 31 December
This file is sealed with a digital signature.The seal is a guarantee for the authenticity of the document.Document ID:016BC49BB60F4943B13076EC50493917
