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| ifrs-full:Assets | 2022-08-31 | 3316800000 | eur |
| ifrs-full:Assets | 2021-08-31 | 3114200000 | eur |
Revenue
| Type | Start date | End date | Amount | Unit |
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| ifrs-full:Revenue | 2021-09-01 | 2022-08-31 | 1218000000 | eur |
| ifrs-full:Revenue | 2020-09-01 | 2021-08-31 | 1077400000 | eur |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="pp-value-8-1" xml:lang="en">Organizational structureChr. Hansen is split into two segments, Food Cultures & Enzymes and Health & Nutrition. Food Cultures & Enzymes comprises our Dairy and Food & Beverages activities, while Health & Nutrition encom-passes our activities in Human Health, Human Milk Oligosaccharides (HMO) and Animal & Plant Health. Position within value chain and key marketsAs a specialty ingredients supplier, Chr. Hansen exclu-sively operates as a business-to-business company.While our microbial solutions usually make up only a small part of a productâs cost base, they are strategi-cally important for our customers as they can:⢠define and differentiate the end product ⢠support health and well-being⢠increase productivity and yield ⢠extend shelf life and increase food safety ⢠contribute to reducing antibiotic usage ⢠offer an alternative to chemicals.The risk of substitution in the Food Cultures & Enzymes core business is very low, given that cultures and enzymes are indispensable ingredients in yogurt and for cheesemakers. In Health & Nutrition and our light-houses, the substitution risk is higher, as our products compete with alternative technologies or non-usage. As such, adoption is more dependent on customersâ willingness to innovate and embrace new technologies. Competitive landscapeGenerating revenue of EUR 1,218 million in 2021/22, Chr. Hansen is the worldâs largest food cultures and dairy enzymes producer, and a leading manufacturer of probiotics and HMOs.Chr. Hansen operates in several niche markets with different competitive dynamics. Market concentration is the highest in Food Cultures & Enzymes, while in Health & Nutrition competition is more diverse and dynamic given the relatively larger market opportunity. Significant features of legal, regulatory and macroeconomic environment External factors such as economic growth, consumer income or commodity prices impact our businesses to varying degrees. Purchasing power, for example, is an important indicator for discretionary product catego-ries such as probiotics and HMOs or regional markets where dairy is not a food staple. Commodity prices, on the other hand, that drive farmer economics in the agricultural industry such as raw milk, livestock or feed prices can impact purchase decisions for our Animal & Plant Health products. However, supplying both live-stock and crop farmers provides a certain hedge. The regulatory environment depends on the targeted application and country of destination. In most jurisdictions, Chr. Hansenâs products are subject to general food law and food safety regulations. While requirements for substantiating the safety and efficacy of ingredients are converging, regulatory approval and product registration timelines for some industries, e.g. agricultural solutions, can be quite a lengthy process despite regulatorsâ efforts to support technologies that contribute to a more sustainable development like the EU Green Deal. Complexity and lack of harmoni-zation present another challenge, particularly for our probiotics business where health claim labeling varies considerably between regions.FoodWith food production estimated to account for 1nearly one third of global greenhouse gas emissions, immediate action is needed to circumvent the negative impacts of climate change. At the same time, by 2050 the food industry will need to produce 50% more protein compared to 2010 to meet the needs of a growing world population. Closing this âprotein gapâ while reducing the carbon footprint of the global food system requires a tremendous effort from the entire food supply chain. With our productivity and yield-optimizing microbial solutions in Food Cultures & Enzymes and our probiotic offering for livestock in Animal Health, we can contribute to our customersâ decarbonization journey. At the same time, with new protein sources emerging, food production is becoming more complex, creating new challenges for food manufacturers. While today, 16% of consumers globally are trying to follow a plant-based diet due to concerns over human and planetary health, overall adoption in the yogurt and cheese 1segments is still low at less than 1-2%, as products do not yet live up to consumersâ expectations in terms of taste, nutritional profile, affordability and ingredient list. With our Fermented Plant Bases offering and backed by more than 145 years of fermentation exper-tise, we assist our customers in addressing these pain points â no matter which protein base.AgricultureThe global agricultural industry is facing ever more challenging conditions due to increasingly harsh weather conditions, pest resistance development and a decline in new chemical technology entering the market. Recent scientific findings provide very concerning evidence of chemical pollution as a driver of biodiversity losses, which calls for a drastic reduction of chemical pesticides, such as is targeted, for example, by the European Unionâs Farm to Fork 2strategy, announced in 2020. Regenerative agricul-tural practices are needed to deliver a sustainable transformation of the agricultural sector. Since 2013, Chr. Hansen has been active in Plant Health to develop targeted microbial solutions that provide farmers with viable alternatives to pesticides. To enable crops to grow naturally, we utilize Bacillus bacteria that are a natural part of the plant microbiome and ideal for protecting plants against disease and pests, ensuring robust plants and providing increased crop yields. Health Global health issues are on the rise and the COVID-19 pandemic has only further reinforced consumersâ focus on health and well-being. As a result of the pandemic, 60% of global consumers are more conscious about their overall health and make greater attempts to 3eat and drink healthier. At the same time, there is a growing awareness and understanding of the impor-tance of a healthy gut microbiome and probiotics. According to proprietary research conducted by Chr. Hansen in 16 countries in 2021, 75% of consumers are 4familiar with probiotics today. Chr. Hansen addresses this increasing demand with its offering of HMOs and best-in-class documented probiotics for dietary supplements and infant formula such as LGG® and BB-12®. At the same time, in Food Cultures & Enzymes we provide dairy producers with microbial solutions to reduce sugar, salt and fat and lactase in dairy products. The live biotherapeutics industry is taking human microbiome research one step further by developing bacteria-based therapies. There is an increasing number of therapies under development that target a broad range of health conditions such as infec-tious diseases or cancer. Through Bacthera, our joint venture with Lonza AG, we leverage our microbiology know-how and process expertise in this space offering development and manufacturing services from pre-clinical development to commercial production to the live biotherapeutic industry.We are seeing global supply chains under pressure. How can a more sustainable agricultural/food sector be part of securing the global food supply?Crises must be tackled together, and their mutually accumulative effect on each other must be understood. Wise solutions are called for that encompass both higher yield and better biodiversity and climate so that the latter is not achieved by reducing food production. Setting up solar farms on good farmland, for example, to reduce dependence on Russian gas is problematic if it results in less food availability for the poorest people. Modern solutions for the agricultural sector that look to improve yields in a sustainable way carry immense weight in this context. Which role can bio solutions play in a sustainable transition, and what obstacles are they facing?Sustainable solutions supporting the green transition have vast potential but are facing massive regula-tory barriers at EU level. We must protect nature and human beings, so the precautionary principle is important â but what about applying a proportionality principle? With the climate and biodiversity crises, mankind is facing fatal consequences if we donât act. So it really doesnât make sense that natural, micro-bial solutions that could help counteract these issues perhaps never make it to the market because of a rigid system â then who are we protecting, and from what?Why not apply risk management and a 'flexicurity' model: Fast approval and market entry and fast off the market in case of challenges. That is why bringing the food value chain and legis-lators together is so important. Companies are going from adjusting existing political framework conditions to working on changing them to promote sustainable solutions for a greener future. InputsTo unlock the full potential as a global leader in fermentation and microbial solutions, Chr. Hansen draws on a variety of resources including: Human capitalOur employeesIntellectual capitalOur R&D capabilitiesNatural capitalOur bacteriaManufacturing capitalOur production sitesSocial capitalOur relationshipsFinancial capitalOur cash flowand fundingBusiness activitiesChr. Hansenâs R&D and production backbone spans across our two segments, while commercial activities and strategies are tailored to the different customer groups and end markets. When it comes to generating value from the resources we deploy, we consider the following to be our most critical business activities:Research & DevelopmentDiscovery Clinical trials and Process Emerging proof of conceptinnovations technologiesGlobal OperationsFermentation Product safety Blending Packaging and and qualitylogisticsSales & ApplicationSales Application and Distributors and Marketing and excellencetechnical supportcommercial partnersdigital servicesOrganizational backboneOutputs and outcomesThe outputs of our value chain are microbial products such as cultures, probiotics, enzymes and HMOs that are being used in the food, nutritional and agricultural sectors and which on many occasions enable more sustainable business practices. The positive impact of our products is partly offset by the negative impact our manufacturing processes have on the environment.Human capitalEngaged employeesIntellectual capitalCutting-edge scienceNatural capitalEmissions and wasteManufacturing capitalProducts with impactSocial capitalStrong reputationFinancial capitalInterest, dividends and buybacksA more sustainable food system â from farm to forkIndustry-leading profitable growthThe microbial powerhouse Our R&D organization is responsible for new product development in Food Cultures & Enzymes and Health & Nutrition as well as process innovations and the continuous improvement of our technology base.R&D collaborates very closely with our different Application departments that provide crucial product knowledge and customer insights. They are experts when it comes to understanding how our microbes work in the end application â whether it is cowâs milk, plant roots, a human or an animal gut â and are thus key contributors to the innovation process.Chr. Hansenâs R&D activities are bundled at the global headquarters in with satellites in Germany and India, while Application operates a network of centers across the world to ensure proximity to customers and local market understanding. In 2021/22 we strengthened our local set-up in China, while also expanding our meat application capabil-ities in Germany. Our global innovation campus in Denmark is currently being expanded in a project that includes the building of a new state-of-the-art applica-tion center expected to be inaugurated in 2023. In total, more than 650 employees representing over 40 nationalities work in R&D and Application, and 51% of managerial positions are held by women.Our R&D processDiscovery The heart of our R&D activities is our culture collec-tion which today has grown to around 40,000 strains. We continually expand our strain library, either by acquiring external collections or by isolating new strains from nature. Itâs not the sheer size of our library that gives us the competitive edge, but rather its diversity and our ability to commercialize it. To identify new commercial opportunities, we screen and characterize our strains with the help of high throughput screening and bioinformatics using specialized and advanced selection protocols, so-called assays, that are developed in-house. To improve the robustness or performance of individual strains, such as their ability to perform in different climates, we apply classical strain improve-ment techniques. Furthermore, Chr. Hansen invests in mode of action research to understand why and how our strains behave and interact. This is highly relevant for the protection of our inventions and while we build a strong base for the development of our next genera-tion products.Combinatorial microbiology is used in the develop-ment process to determine which and how many strains a finished product with certain functionalities must contain. Before new Health & Nutrition products can be tested in vivo, i.e. in humans and animals, the strains are thoroughly tested for biosafety and analyzed in artificial gut systems which contain live isolated cells. Developing formulations and ensuring microbial stability is also a priority.New developments in Food Cultures & Enzymes will be tested directly in the respective protein bases. This is done at our own application centers, which have small-scale yogurt and cheese production equipment, as well as at key customerâ sites. Clinical trials and proof of concept studiesTo get proof of concept and to document the effec-tiveness of our products, we conduct in-vivo studies in collaboration with contract research organizations. In Animal & Plant Health, we work with a network of more than 50 external partners globally, while also using our own greenhouses to conduct field trials. Human Health works with more than 20 leading inves-tigators and key customers. The science behind our probiotic strains is one of our key differentiators, and we will continue to invest in research and trials to build documentation and scientific evidence. Across our businesses, we conduct clinical trials every year, some of which are financed by Chr. Hansen and others by customers or academia. Process innovationsAfter a new strain has been identified for commercial-ization, the strain needs to be scaled up from lab size to production scale. To do so, R&D develops media recipes, product prototypes and inoculation mate-rials and scales up processes. Furthermore, the team collaborates closely with Global Operations to optimize manufacturing processes to increase productivity. Emerging technologies Continuously redefining our existing technology platform is crucial to remain competitive. As such, Chr. Hansen invests in new technology target areas such as data sciences, modes of action research and genome modelling. Partnerships and collaborations with external centers of expertise are another way in which we expand our knowledge base, speed up projects and de-risk our pipeline. We are proud to partner and today have a broad network of partners globally and are repre-sented in several scientific associations, on advisory boards, and other committees.We also invest in digitalization, automation, and data analysis to increase the effectiveness of our R&D activities, for example to simplify complex workflows, miniaturize experiments for more rapid prototyping or deliver product performance insights to customers.Safeguarding our R&D investmentsChr. Hansen has a proactive strategy to protect R&D investments. We continuously strive to strengthen our intellectual property portfolio and patent-protect new products of commercial value including their functionalities in specific application areas as well as production and formulation technologies. Overall, Chr. Hansenâs patent portfolio encompasses around 3,400 patents and 3,100 trademarks.Production centralized in Europe and US to drive scalabilityR&D bundled in Denmark with hubs in Germany and IndiaApplication centers close to customers in all key marketsOne plant, many locations To unlock economies of scale, Chr. Hansen operates a consolidated manufacturing set-up with 15 produc-tion sites globally. Most volumes are produced at the Companyâs main facilities in Denmark, Germany, France and the US. Most of our sites are certified to the ISO 14001 standard on environmental management and our two German production sites have an ISO 50001 certi-fication on energy management. The certifications together with our global GO GREEN initiative ensure appropriate management and continuous improve-ments across the environmental parameters. While Chr. Hansen has implemented a 'one plant, many locations' strategy to ensure flexibility in production planning and agility, each site specializes in a specific product segment. The production set-up is complemented by a network of warehouses and distribution centres to keep inven-tory locally and be able to respond to sudden spikes in market demand. During the pandemic this has proven to be a very solid strategy. We complete the configu-ration of our supply chain by partnering with selected contract manufacturers.Our production processesChr. Hansenâs dairy enzymes, cultures, HMOs and probiotics are produced via fermentation. Production scale is important for our cost leadership, because the larger the fermentation plant, the lower the unit costs. We master the handling of complexity with more than 400 strains and over 2,500 finished products manu-factured at industrial scale. Our production processes are highly automated and where possible supported by specialized robots and standardised processes.Fermentation The key inputs for our production are carbohydrates and nutrients as well as the actual microorganisms. To start the production process, inoculation material with a high density of bacteria is added to a sterile growth media which provides optimal growth condi-tions. The microbes stay in the fermentation tanks from typically four to twenty hours for cultures and seven to nine days for enzymes. After the fermen-tation has been stopped, the liquid bacteria are separated from the waste stream. Enzyme and HMO production requires additional purification steps, because here the product is not the microbial strain itself, but the enzymes or HMOs. Between each fermentation process the pipes and tanks need to be thoroughly cleaned.To preserve the fermentation output, the concentrated bacteria is shock-frozen in a liquid nitrogen-based process which allows excellent storage stability at minus 55 degrees Celsius. Frozen bacteria can be transformed into freeze-dried pellets to expand logistic reach. Microbes that are used in our Animal & Plant Health solutions as well as HMOs and enzymes follow a different process. Cultures and HMOs are mainly freeze- and spray-dried, while enzymes are standard-ized and delivered in a liquid format. Blending Next in the process, our single bacteria strain building blocks are mixed in specific ratios into finished goods to achieve unique and multiple properties, e.g. taste and texture for dairy or different health benefits for our animal probiotics. The number of individual strains per product can vary from one to many. Following the UAS Labs acquisition, we now also have in-house finished goods production for Human Health customers with a wide range of dosage forms and packaging options. Product safety and quality Chr. Hansenâs ingredients are consumed daily as foods, supplements and infant formula, so product quality and safety are of the utmost importance. We manu-facture to several different quality grades from plants, feed and food to dietary supplements, pharma, infant and pre-term infant. All food production sites are FSSC 22000 certified or similar, and central product devel-opment functions are certified to ISO 22000 stand-ards. The sites that produce probiotics for animal feed are certified under the FAMI-QS certification covering quality and feed safety management. At product level, we maintain certifications related to, for example, kosher and halal, as well as from the Danish Medicines Agency.Packaging and logisticsChr. Hansenâs key packaging materials are paper and cardboard boxes, plastics and foils. In terms of trans-portation, most of our products are shipped by sea, and our logistics team is working to further optimize the transition from air to sea or road freight which would also have a positive impact on the carbon emissions of our end-to-end value chain.How we work with our suppliersThrough our vendor approval program, we ensure that clearly defined requirements regarding social and environmental issues are set out for our suppliers. Supplier performance is monitored through the vendor management system and suppliers are audited on food safety and quality. Chr. Hansen is a member of Sedex and third-party social and environmental audits are performed at all Chr. Hansen production sites at least once every three years. Across our manufacturing sites, we explore the potential for working smarter with green energy, recyclable packaging and sustainable refrigerants.Our customers Chr. Hansen has a broad customer base with a total of more than 3,500 customers. The top 25 customers represent around 30% of Group revenue. Food Cultures & Enzymes serves a highly fragmented customer base ranging from local, family-owned specialty producers to large, multinational groups. Nine out of ten customers operate in only one country. Most of our customers are dairies, but Chr. Hansen is also expanding to other food and beverage markets. Today, our ingredients are not only found in every second yogurt or cheese but also in meats, salmon, fresh-cut salads, wine, low-alcohol beer and âvegurtsâ. In Health & Nutrition, we serve the nutritional and agricultural industries.Our Human Health and HMO businesses are working with dietary supplement and infant formula producers. In dietary supplements, we doubled the number of customers with the acquisition of UAS Labs and today serve different customer groups from pharma over-the-counter to e-commerce specialists. In infant formula, we work with both local and international brands.In Animal & Plant Health our probiotics are sold as feed ingredients for farm animals and pets as well as crop protection solutions for sugarcane, soybean and other crops. Our customers range from distrib-utors, premixers, feed mills and large enterprises to smallholder farmers served through our commercial partners FMC and UPL.Our joint venture Bacthera operates as a contract development and manufacturer for companies that are active in the live biotherapeutics space.Our commercial processesKey account management and sales excellenceOur commercial activities and sales strategies are tailored to the different end markets we serve, but all business units follow a shared sales excellence model. Overall, our selling approach is insights-based, value-driven and built on close collaboration with customers, which requires a high degree of technical and scientific knowledge. Thatâs why many of our sales managers have a technical educational background, such as dairy engineers, veterinarians, or health care professionals. In Food Cultures & Enzymes, we serve very large customers as strategic key accounts in which co-de-velopment and customizations play important roles. Beyond that, Chr. Hansen has a standardized range of products that is available to all customers. A small part of our business comes from contract manufac-turing and traded products and in some smaller or new emerging markets we use distributors to go to market.In Human Health, we work directly with all of our key customers. Our offering spans from individual strains to full solutions including strain selection, formulation, dosage format, consumer packaging, regulatory and marketing support. Today, approximately half of our customers choose a full solution and our strategy is to further increase our STRAIN TO SOLUTION⢠business.Application and technical supportApplication and technical support play a critical role in commercializing our innovations. The teams support Sales during the launch phase by demonstrating the value of our products through performance trials and data assessment or in case of Human Health by helping customers design the optimal product in terms of cost and functionality. Application also provides valuable after-sales services such as troubleshooting and performance monitoring support. Together, our high-quality technical service and local presence constitute one of our most essential differ-entiators which is why we aim to further strengthen our capabilities here, particularly in Food Cultures & Enzymes, Animal & Plant Health. Distributors and commercial partnersDistributors and commercial partners are the founda-tion of our route-to-market strategies for our agricul-tural businesses. In Animal Health, an important part of our sales is achieved by local sales partners and we put a lot of emphasis on continuously expanding and opti-mizing our business partner network. In Plant Health, our products are currently sold exclusively through our commercial partners FMC and UPL, which both have strong global distribution networks. Marketing and digital servicesAs part of our 2025 Strategy, we are also expanding our marketing and digital capabilities to support the differentiation of our products and promote the value of our scientific documentation. To do so, we have started several initiatives, including the new on-pack branding of our probiotic strains or The Probiotics Institute⢠which have both been well received by customers. Furthermore, Chr. Hansen also started developing data-driven services to support our product sales. To do so, in 2021/22, we further developed our Milksafeâ¢, Phagewatch⢠and Coagusens⢠services launched in previous years and made our tech-nical service platform available to Food Cultures & Enzymes customers globally. Stakeholder engagementAt Chr. Hansen, we are committed to creating value for all our stakeholders. To understand the interests and needs of our key stakeholders, we regularly engage in dialogue using a variety of tools. Amongst our key stakeholder groups are our employees, customers, suppliers, policy makers, regula-tors and industry associations as well as academia, scientific partners and investors. Employees Our employees are critical for the success of our company. Engagement is central for commitment, retention, performance, pride and passion. ⢠Culture model & purpose ⢠Annual engagement surveys⢠Performance dialogues⢠Development plans and training⢠Hansen Health programs⢠Diversity, Equity & Inclusion ⢠Employee well-being⢠Flexible work opportunities⢠Leadership role and growthStakeholder groupWhy we engageHow we engageKey topics discussedCustomersCustomer centricity is essential to the success of our company. Through co-devel-opment and customization, we ensure superior product offerings and tailored solutions. ⢠Performance trials and data assessment⢠Technical support⢠Innovation days ⢠Data-driven services⢠Sustainability workshops ⢠Sedex platform ⢠Productivity and sustainability⢠Business continuity⢠Consumer demandSuppliersEnsuring security of supply in terms of raw materials is key to our capability to deliver to our customers. We engage to ensure high quality, food safety, environmental and social standards.⢠Supplier self-assessments⢠Site audits⢠Negotiations and planning ⢠Security of supply⢠Cost development⢠Quality, food safety, food defence and food fraud⢠Responsible sourcing⢠Supplier innovation Policy makers, regulators and industry associationsThe policy and regulatory environment is important for our ability to bring products to market and for enabling the transition to more sustainable agriculture and food policies. ⢠Trade associations and industry alliances⢠Direct dialogue with policy makers and regulators⢠Public consultations⢠EU Additives Regulation⢠Probiotics labelling⢠Animal feed ingredients⢠Biological plant protection⢠Alliance for Bio SolutionsAcademia, scientific and commercial partnersWe collaborate to accelerate our knowledge base, speed up projects and de-risk our innovation pipeline. ⢠Private and publicly funded project collaborations⢠Student projects ⢠Consultancy and analytical service ⢠Advisory Boards⢠Partnering frames, licenses, IPR and terms⢠Technology trends and disruptions⢠Technology scenarios and foresightsInvestorsWe aim to provide relevant, accurate and timely information and regularly engage in dialoguewith investors to support the fair valuation and pricing of our shares. ⢠Investor roadshows and conferences ⢠Sell-side briefings ⢠Capital Markets Days⢠Annual General Meeting⢠Cost inflation⢠Pricing and volume trends⢠Integration of acquisitionsIn todayâs environment, stakeholder priorities are constantly changing and at times conflicting. For Chr. Hansen, the guiding principle for navigating during times of change is the Companyâs purpose 'To Grow a Better World. Naturally.' and the corporate culture. Our corporate culture consists of four cultural drivers, which when balanced in pairs create a dynamic force that guides our employees' ambitions and actions at work. The first two forces, which support our purpose-driven mindset, are âWe work for a better worldâ and âWe deliver resultsâ. Both provide a clear statement of a need to understand and address issues most material to the business and the stake-holders, while observing high ethical standards. The second pair is âWe rely on each otherâ and âWe act with freedomâ, enabling us to keep the pioneering mindset to break barriers, yet without forgetting the struc-tures ensuring accountability. Overview of material topicsPeople and organization ⢠Diversity, Equity & Inclusion⢠Labor & human rights⢠Talent management⢠Health & well-beingSustainability ⢠Improving efficiency & yields⢠Global health⢠Sustainable agriculture⢠Food waste ⢠Antibiotic resistance ⢠Alternative proteinsProduct supply⢠Responsible sourcing⢠Climate change & circularity⢠Product quality & safety⢠BiodiversityLong-term financial value creation⢠Sustainable profitable organic growth⢠Scalable business modelGovernance standards⢠Business ethics⢠Compliance⢠Fulfilling basic needs of civilians for food and health products⢠Risk management & mitigation⢠CybersecurityCustomer centricity⢠Sustainable innovation⢠Global R&D capabilities⢠Scientific evidenceMateriality assessmentChr. Hansen executes a structured materiality assess-ment process that is continuously being refined to feed its stakeholdersâ priorities and expectations into the corporate strategy-setting process. During 2021/22, Chr. Hansen took the decision to integrate the materi-ality assessment into the Enterprise Risk Management (ERM) framework, ensuring that the wider ESG issues are incorporated into the risk framework. Relevant environmental and social matters have been identified and prioritized using a variety of sources including desktop research, peer benchmarking, sustainability reporting standards, our enterprise risk management framework as well as an internal stake-holder survey. The outcome of the assessment process has been grouped into key themes. Further details can be found in the business model and risk management chapters.The results have been reviewed and validated by the Corporate Leadership Team. Being integrated into the ERM process, the results have been matched with the corporate risk register to ensure alignment. Hence, the results of the materiality assessment have also provided valuable input to reaffirm the enterprise risk register. The Board of Directors has reviewed and approved the results of the materiality assessment.â80%of gross revenue from sustainable productsChr. Hansen commits to have â80% of our gross 2revenue come from sustainable products. 25 million hectares of land covered with natural solutionsThe target is composed by our Plant Health crop protection solutions and our Animal Health silage inoculants for preserving forage for animal feed. Accumulated since base year 2015/16.200 millionpeople consuming our probiotics every yearThe target is composed by probiotics sold for dietary supplements, and probiotic cultures for fermented milk and other food types. Annual target since 2019/20.2 milliontons of yogurt waste reducedThe target builds on the waste reduction potential of the bioprotective food culture FRESHQ® in fermented milk applications. Accumulated since base year 2015/16.4SBT Commitment to reduce scopes 1 and 2 greenhouse gas emissions by 42% and scope 3 emissions by 520% until 2029/30. From base year 2019/20. 100% renewable energy 5Renewable electricity across all our global sites.100% circular management of biowasteA commitment to ensure that 100% of our biowaste streams are recirculated for other purposes.100% key packaging materials recyclableA commitment to ensure that all our key packaging material is recyclable.100%of new employees introducedto culture modelA commitment to ensure that all new employees are introduced to our culture model as part of their onboarding.Top 25%score in employee engagement surveyA commitment to ensure that we are in the top 25% score in annual employee engagement survey of the benchmark.<1.5 Lost Time Incident FrequencyAn ambition to keep Lost Time Incident Frequency below 1.5 defined as incidents per million working hours. Supporting sustainable agricultureRegenerative agricultural practices are needed to deliver a sustainable transformation of the agricultural sector. In 2021/22, Chr. Hansen increased the area of agricultural land covered with biological plant protec-tion to 5.2 million hectares due to increased sales and market expansion of Plant Health products. With Chr. Hansenâs plant protection solutions, farmers are able to reduce the use of chemical pesticides while main-taining high crop yields and crop resilience. To date, the biological plant protection solutions Chr. Hansen has delivered cover an accumulated area of 23.2 million hectares. Chr. Hansen is well on track to reach its target of 25 million hectares covered by 2024/25.Reducing food waste Food waste is a global challenge and striving to reduce it holds great potential for increasing productivity and reducing the environmental impact of the global food system. This year, Chr. Hansenâs fermentation solutions with bioprotective properties helped avoid 160,000 tons of yoghurt waste. This is the same number as reported last year as bioprotective solutions showed modest growth. Chr. Hansenâs target is to reduce global yogurt waste by 2 million tons by 2024/25, and since the base year 2015/16, Chr. Hansenâs bioprotective cultures have helped save an accumulated 1,030,000 tons of yogurt from being wasted.Improving healthChr. Hansen supports global health through its well-documented probiotics. Chr. Hansenâs probiotics can be consumed either as dietary supplements or as part of a consumer's daily diet, e.g. in a yogurt. In 2021/22, 195 million people consumed Chr. Hansenâs probiotics. Sales from acquisitions are included in this yearâs number, contributing to the increase, together with increased consumer demand for supplements supporting immune and gastrointestinal health. This brings Chr. Hansen close to its product target of 200 million people consuming probiotics by 2024/25, to enhance the health of a growing and aging population.Revenue contribution to the United Nations' Sustainable Development Goals Overall in 2021/22, 80% of the revenue from Chr. Hansenâs microbial products enabled a positive sustainable impact in the food, health, and agricultural industries. This sustainable impact contributes to three of the United Nationâs Sustainable Development Goals (SDG): 'Zero Hunger', 'Good Health and Well-being' as well as 'Responsible Consumption and Production'. This year, sales of HMOs and probiotics from recent acquisitions were integrated in the number. The new HMOs and probiotics deliver positive health effects but the mapping against the SDGs is still ongoing causing a slight decline from 82% in 2020/21. Chr. Hansen does not sell products with harmful impacts, but the percentage only includes revenue from products with documented positive effects when applied. Negative effects such as the environmental footprint of produc-tion are not accounted for in this percentage. Chr. Hansenâs target for 2025 is to sustain an SDG revenue contribution of 80% or higher.Committing to Science Based Targets Through the âThink Climate. Naturally.â program, Chr. Hansen is committed to climate action in order to future-proof the business for a low-carbon economy. This financial year, Chr. Hansenâs climate targets were approved by the Science Based Targets initiative validating that the targets are in line with the climate 1ambition of the Paris Agreement. With 2019/20 as the base year, Chr. Hansen has set ambitious, yet realistic, absolute reduction targets:⢠Scopes 1+2 target: 42% reduction of carbon emis-sions from own operations by 2030.⢠Scope 3 target: 20% reduction of carbon emissions from our supply chain by 2030.As part of the âThink Climate. Naturally.â program, a living decarbonization roadmap is developed providing the Company with initial visibility on how to reach the climate targets. The roadmap includes initiatives like conversion to renewable electricity, resource efficiency projects and a supplier engagement program.Company carbon footprint (scopes 1, 2 and 3)In 2021/22, Chr. Hansenâs scopes 1+2 emissions increased from last year to around 42,100 tons CO2e. Despite the increase, we still maintain an 11% reduction from the Science Based Targets base year 2019/20. This reduction is realized through an increased share of renewable electricity. Chr. Hansen applies the market-based approach as per the Greenhouse Gas Protocol to account for scope 2.In 2021/22, Chr. Hansen for the first time has esti-mated its full scope 3 impact including all emissions across the entire value chain in accordance with the Greenhouse Gas Protocol. The scope 3 screening was conducted as part of the Science Based Targets process. The Company is in the process of imple-menting a professional monitoring system and setting up a supplier engagement program allowing Chr. Hansen to report scope 3 on a yearly basis going forward. Historically, Chr. Hansen has accounted for upstream transportation as per the Greenhouse Gas Protocol. For this scope 3 category, the global supply chain challenges due to the pandemic and geopolit-ical instability have resulted in an increase of around 4,000 tons CO2e since last year to a total of 54,600 tons CO2e. That said, emissions are still lower than emissions in 2019/20, the base year of Chr. Hansenâs Science Based Targets.Renewable electricity and global energy consumption At the end of 2021/22, Chr. Hansenâs share of renewable electricity globally increased to a total of 61% from 60% in the previous financial year. The integration of acquisitions not sourcing renewable electricity challenge this target, however, an increase was secured at two of our production sites, Pohlheim and Valinhos, which have begun sourcing renew-able electricity. As a result, all Chr. Hansen sites in Denmark, two in Germany and one in Brazil are now covered by renewable electricity. The work continues to ensure fulfillment of the 2024/25 Planet target of 100% renewable electricity globally.Chr. Hansenâs overall energy consumption of fuels, heat, steam and electricity increased by around 43,000MWh to a total of 224,000MWh. The increase reflects the integration of environmental data from the acquisitions of UAS Labs and Jennewein into Chr. Hansenâs EHS system.Waste management Chr. Hansenâs most material waste stream from oper-ations is biowaste. In 2021/22, 91% of the biowaste produced was managed in a circular manner, as it was used as a resource in other applications, e.g. for biogas production or as a fertilizer. This is an increase from 70% last year and it is achieved through an external partner reusing the nutrients in biowaste for the processing of fertilizer. Chr. Hansen continues to identify relevant partners regionally to fulfill the Planet target of 100% circular management of biowaste by 2024/25. Solid waste accounts for roughly 4,900 tons. This year, the share of recycled solid waste decreased to 54% due to the integration of acquisitions. This yearâs share is still an increase compared to 2019/20 and before, and a result of the Companyâs focused efforts on envi-ronmental management and increased circularity at all sites globally.Recyclable key packagingWith the ambition of making the key packaging solutions recyclable at the customer end, Chr. Hansen supports a circular economy for packaging mate-rials. For Chr. Hansen, key packaging solutions are categories that constitute 10% or more of the yearly global packaging spend, including close to 70% of Chr. Hansenâs total packaging material within the scope of the target. In 2021/22, 66% of Chr. Hansenâs pack-aging solutions were made from recyclable materials. This is a slight decline of 2 percentage points compared to the previous financial year caused by the inclusion of acquisitions and changes in prices of our pack-aging solutions. Still, Chr. Hansen progressed well by successfully running tests of recyclable single material foils in production. The single material foils can be used once all technical tests have been passed and will bring Chr. Hansen closer to the target of 100% recyclable key packaging by 2024/25. WaterChr. Hansenâs water consumption increased slightly this year to around 1,330,000 m³, as the Company included acquisitions and increased production. Wastewater decreased slightly to 914,000 m³ in 2021/22. The decrease in the wastewater is due to the fact that some of the wastewater is eluate that is now recycled and therefore reported as circular biowaste. Environmental violation As a result of Chr. Hansenâs continuous work with improving environmental management globally, we managed to drive down the number of environmental violations to 0 in 2021/22.We must act now to limit the global temperature rise. We need to Think Climate in everything we do.By 2030, we will reduce our carbon footprint by:· 42% across our own operations· 20% across our entire supply chainOperationsIn Operations, we will convert all our global sites to run 100% on renewable electricity and explore the potential of working smarter with heat supply, packaging and sustainable refrigerants.SourcingIn Sourcing, we will establish supplier engagement programs. We will approach selected suppliers around low carbon practices and encourage a conversion to renewable energy sources.InnovationIn Innovation, we are looking at low carbon solutions and we aim to optimize our use of raw materials.LogisticsIn Logistics, we are minimizing air freight by moving to more sea transport while exploring low-carbon fuels in dialogue with freight forwarders.Employee engagementAcross Chr. Hansen, we will enhance climate literacy to enable all of us to address climate challenges. We will crowdsource even more climate smart ideas by engaging the collective brain power of our global workforce.Leveraging our Chr. Hansen cultureThe Chr. Hansen culture model, introduced in 2018, serves as our compass and provides guidance in diffi-cult situations. 2021/22 was another year with unfore-seen challenges like geopolitical unrest, inflation and the aftermath of COVID-19. Here our culture model proved its worth, providing a common language for employees and leaders across the global organization. As the world slowly began to reopen, reconnecting became an important theme for Chr. Hansen: recon-necting with customers in a face-to-face setting and connecting in person with old and especially new colleagues who had joined the organization during the past two years. Connectivity is a critical element at Chr. Hansen, and we deliberately use our culture model to leverage the unique Chr. Hansen culture. In 2021/22, 100% of new employees were introduced to our culture model, in line with our target.Renewed focus on talent acquisition and onboardingDuring 2021/22, we worked specifically on optimizing recruitment processes globally. The goal was to streamline our hiring process to help managers have a smooth process and applicants to have a unique candi-date experience. We continued to work on an inclusive and non-biased recruitment process, to work with unconscious as well as conscious biases and facilitate a more objective view of the candidates. To further enhance the onboarding of the approx-imately 780 newcomers to Chr. Hansen this year, we implemented a digitally supported onboarding process. New colleagues start their onboarding prior to their first day at Chr. Hansen. A series of training and introduction programs, an assigned âbuddyâ and a selected mentor are some of the digital supported tools introduced to improve onboarding with the intent to reduce time to efficiency for new employees.Flexible work models and employee well-being as drivers of successPost-COVID-19, flexible work guidelines have been developed globally and implemented locally. In many parts of the world, these guidelines have generated new and different ways of working and have been a lever to address employee well-being. Numerous health initiatives were launched under the name 'Hansen Health'. These included global livestream talks on health-related matters and exercise competitions using an app. In Denmark, an in-depth health anal-ysis was performed, providing insights into how and where further focus on well-being was needed. A key take-away was the need to address both physical and mental well-being. Initiatives are planned and will run over the next few years to fully harvest the benefits of the insights gained.Engagement continues to have high management attentionAfter two years with our new and more dynamic engagement tool, we adjusted the frequency to three surveys per year in 2021/22. On a scale from 0 to 10, overall employee engagement remains stable with an average of 8.5 and an average response rate of 90% across the surveys in 2021/22. This is a testa-ment to the engaged workforce at Chr. Hansen. The results place Chr. Hansen in the top 25%, in line with our target to be amongst the top 25% in our provid-erâs global database of more than 160 million unique surveys. We continue to strive to create an engaging workplace where employees can apply themselves fully at work. This is fundamental to the long-term success of Chr. Hansen, as it improves productivity, produces happier people, reduces employee turnover and ultimately renders better business results. A heated labor market is putting our employee turnover record under pressureIn 2021/22, we saw above-normal employee turnover across the organization at 16% compared to 14% last year. Turnover was particularly high in Denmark and the US with a direct correlation to specific employee groups. This has posed challenges in backfilling posi-tions and new methods are needed to secure a strong influx of talent. We continue to work on our employee value proposition, in which Chr. Hansen is perceived as offering growth opportunities, flexibility, a great work culture and thus able to attract talents through our strong purpose and strategy. Leadership and learning cultureGood leadership is key to driving learning, engagement, well-being and performance as well as retention. We will increase our focus on leadership development through a new leadership development program focusing on leadership skills and leading at the right level, called LEAD, which will complement our existing CONNECT program, focusing on authentic leadership. All 600 people leaders will be trained in FY23 and FY24. Continuous learning and development are key enablers for executing our 2025 Strategy. We commit to investing in our people and we strive to have highly qualified, resourceful and ambitious employees. We invest in their continued development, making learning a priority. In the past year, we have imple-mented a new digital learning management platform for all employees. The vast curriculum holds prede-fined learning journeys, videos and models so that employees will be able to find learning opportunities and resources relevant for their specific role. came from the new sites. We ended the year with 11 Lost Time Injuries, which is five more than last year, due to the integration of acquisitions, resulting in a Lost Time Incident Frequency (LTIF) of 1.7. The severity of the cases reported was low to medium, with no high severity injuries. This is the third year in a row with no high severity injuries at Chr. Hansen. We are particu-larly proud of being able to maintain the good safety performance in a year characterized by onboarding new sites and COVID-19 restrictions. We are very confident about our ability to meet the target of 1.5 or below LTIF by 2025. Human and labor rightsChr. Hansen is committed to safeguarding human and labor rights, which is clearly reflected in our Sustainability Position. Annually, we update our human rights due diligence assessment evaluating generic sector risks against the mitigating measures that Chr. Hansen has in place. The result of this yearâs assess-ment is that health & safety as well as Diversity, Equity & Inclusion continue to be the key focus areas for Chr. Hansen in our operations and supply chain. To do business with Chr. Hansen, suppliers need to sign and comply with a set of social and environmental requirements, including respect for human rights and zero tolerance policy for bribery and corruption. The requirements are developed based on international guidelines such as UN Guiding Principles on Business and Human Rights and the Ethical Trading Initiative Base Code. The requirements are enforced through Chr. Hansenâs vendor approval system. As a result, all Chr. Hansenâs direct suppliers are obliged to respect human rights including no use of forced or child labor.Third-party audits on social and environmental matters are performed at Chr. Hansenâs production sites once every three years. The audits are managed through Sedex, which is one of the worldâs largest collaborative platforms for sharing social and environmental data with customers. No non-compliances related to human rights were identified within this financial year.Going forward, Chr. Hansen continues its clear commitment to being a good corporate citizen, following the principles of our Sustainability Position. We respect human rights as defined in the International Bill of Human Rights and we expect our suppliers, business partners and other parties directly linked to our operations and products to do the same. We support the UN Guiding Principles on Business and Human Rights and respect the Ethical Trading Initiative Base Code and the core conventions of the International Labor Organization (ILO), in the countries where we operate. Our work with human rights, anti-corruption and bribery are integral parts of our continuous support to UN Global Compact. We continue the work with human rights due diligence assessment, supplier requirements and internal audits enforcing our commitment to protect human rights.Work safetyChr. Hansen is committed to maintaining and contin-uously improving our employeesâ health, safety and well-being at work. In 2021/22, we added four new sites in Chr. Hansen and 27% of the Lost Time Injuries </mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="pp-value-80-1" xml:lang="en">Our employeesAt the end of 2021/22, Chr. Hansen employed more than 3,800 people. Our employee base is broad and diverse; more than 40% of our employees work in our production facilities. The remaining part is spread across R&D and Application, Sales and Marketing and staff functions. The average length of employment across the global workforce is 7.5 years and we employ more than 78 nationalities in 32 countries. Taking Diversity, Equity & Inclusion (DE&I) to the next level Our ability to attract and retain a diverse pool of talent is critical to our success. Our existing workforce is a broad and diverse group representing different educa-tional backgrounds, nationalities, genders, ages and ethnicities â ensuring that a variety of perspectives are brought to the table, which is particularly important for an innovation-driven company. We are reinforcing our focus on supporting an environ-ment where all employees feel safe and accepted. By creating and sustaining an inclusive and equitable envi-ronment, where everyone feels they can be themselves, we enable employees to perform at their best and full potential. To further promote this, we established local DE&I Employee Resource Groups who come together to discuss and agree on relevant actions. In addition, we have created a Global DE&I community in HR across all regions to create awareness about the topic and initiatives taken across the globe. We have made good progress in our DE&I efforts so far and we continue to develop and take more actions in that respect. Chr. Hansen is actively engaged in the LGBTQ+ agenda with various local and regional activ-ities, for example through our partnership, and partic-ipation, in the Copenhagen Pride. This will be followed up by establishing local employee-led resource groups and support communities across our internal commu-nication channels. Employee reactions to our DE&I effort are seen in higher scores in our DE&I section of the engagement survey: 8.8, compared to 8.6 last year. Gender pay equalityGender pay is another important element of our Diversity, Equity & Inclusion ambition. Fairness and transparency in employee remuneration are key in an inclusive workplace. This year is the second year that we report on gender pay. The number we report repre-sents the difference in average earnings between the female and male workforce, in countries with more than 250 employees (DK, US, FR, DE). The data constitutes approximately 80% of the total workforce. The meth-odology applied is inspired by the UK, where gender pay reporting has been a legal requirement for some years, giving us a mature and validated approach. In 2021/22, the gender pay analysis showed an average gender pay gap of 4.1%. This is a reduction of 2.1 percentage points compared to last yearâs gender pay gap of 6.2%. We continue to work on the cultural and systemic issues to further reduce the gap. As part of our 2025 Strategy, we will focus on creating better gender balance across all job levels and roles, use the salary review process to identify gender pay gaps and put more focus on increasing the number of female managers.The share of women at Directors+ position was 31%, down 1 percentage point compared to last year. After reaching our 30% target last year, we increased our 2025 ambition to 35% and firmly believe we can reach this target. The ratio of female employees and managers was 44% to 38%. Both the ratio of female leaders and female employees increased by 1 percentage point compared to last year.Board competencies and diversity The composition of the Board of Directors must be such that the collective competencies of its members enable it to inspire, guide and oversee the development of the Company and diligently address and resolve the issues and problems faced by the Company at any time. The Board of Directors has determined a competency profile for the shareholder-elected board members according to which the Board members should possess the personal characteristics matching Chr. Hansenâs purpose, culture model and leadership essentials, as well as having a genuine environmental, social & governance (ESG) mindset. In addition, the Board of Directors should collectively possess experience and expertise within the following competencies: global business manage-ment, strategic operations, and governance. Experience and expertise in either the bioscience, food, beverages, nutritional, pharmaceutical, or agricultural industries. Business development, M&A and alliance management. Science, innovation, and technology. Finance & accounting and Investor Relations. Global manufacturing and logistics of ingredients for either food, beverages, nutritional, agriculture or pharmaceuticals. People leadership and HR development. IT security. Environmental, social & governance (ESG).</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-1" id="pp-value-96-1" xml:lang="en">The Board has a gender diversity target of having at least three shareholder-elected members of each gender by 2025. This target is currently met with three male and three female shareholder-elected members. The diver-sity level of the Board of Directors of Chr. Hansen A/S also had equal gender representation with three out of the four shareholder-elected members being women. </mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="pp-value-93-1" xml:lang="en">Chr. Hansen Holding A/S</gsd:NameOfReportingEntity>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="pp-value-94-1" xml:lang="en">www.chr-hansen.com/en/investors/governance/corporate-governance</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="pp-value-99-1" xml:lang="en">As a further development of the privacy compliance and data protection program at Chr. Hansen, principles on data ethics have been enhanced in 2021. The data ethics principles are implemented in a position on privacy, data protection and data ethics and includes principles on lawfulness, fairness, transparency, data minimization, security, integrity and confi-dentiality. The guiding principles set the ethical standard for how data is used at Chr. Hansen and support the ethical deci-sion-making when using data. Data Ethics thus supplements Chr. Hansenâs privacy compliance program. Policies, proce-dures and e-learning are regularly reviewed and updated and supportive governance has been implemented.</mrv:StatementOfPolicyForDataEthics>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="pp-value-117-1" xml:lang="en">The Executive Board and the Board of Directors have today considered and approved the Annual Report of Chr. Hansen Holding A/S for the financial year September 1, 2021 â August 31, 2022.The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at August 31, 2022 of the Group and the Parent Company and of the results of the Groupâs and Parent Companyâs opera-tions and cash flows for 2021/22.In our opinion, Managementâs Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year, and of the financial position of the Group and the Parent Company, as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company.In our opinion, the Annual Report of Chr. Hansen Holding A/S for the financial year September 1, 2021 to August 31, 2022 with the file name 549300MKPW8ZF3E8MW37-2022-08-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.In our opinion the Companyâs percentage of gross revenue from products which contribute to the UN Sustainable Development Goals (SDGâs no. 2, 3 and 12) for the financial year September 1, 2021 â August 31, 2022 represents a reasonable, fair and balanced representation of the Groupâs product performance targets in accordance with the stated sustainability accounting policies. We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-29" id="pp-value-100-1" xml:lang="en">Mauricio Graber</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-30" id="pp-value-101-1" xml:lang="en">Lise Mortensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-29" id="pp-value-102-1" xml:lang="en">President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-30" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="pp-value-104-1" xml:lang="en">Dominique Reiniche</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" xml:lang="en">Jesper Brandgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" xml:lang="en">Luis Cantarell</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="pp-value-109-1" xml:lang="en">Casper Giedo Lynghoej</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="pp-value-110-1" xml:lang="en">Charlotte Hemmingsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" xml:lang="en">Lise Kaae</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="pp-value-112-1" xml:lang="en">Heidi Kleinbach-Sauter</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="pp-value-113-1" xml:lang="en">Kevin Lane</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" xml:lang="en">Karen Lauesen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="pp-value-115-1" xml:lang="en">Kim Ib Soerensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="pp-value-116-1" xml:lang="en">Hoersholm</sob:PlaceOfSignatureOfStatement>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value-119-1" xml:lang="en">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Groupâs and the Parent Companyâs financial position at August 31, 2022 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year September 1, 2021 to August 31, 2022 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Our opinion is consistent with our Auditorâs Long- form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements and Parent Company Financial Statements of Chr. Hansen Holding A/S for the financial year September 1, 2021 to August 31, 2022 comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including summary of significant accounting policies for the Group as well as for the Parent Company. Collectively referred to as the âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="pp-value-142-1" xml:lang="en">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and require-ments are further described in the Auditorâs responsi-bilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohib-ited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. AppointmentWe were first appointed auditors of Chr. Hansen Holding A/S on November 30, 2010 for the financial year 2010/2011. We have been reappointed annually by shareholder resolution for a total period of uninter-rupted engagement of 12 years including the financial year 2021/2022. We were reappointed following a tendering procedure at the General Meeting on November 25, 2020.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="pp-value-173-1" xml:lang="en">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for the period September 1, 2021 to August 31, 2022. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Risk of impairment of acquired intangible and tangible assetsChr. Hansen has made significant acquisi-tions resulting in capitalisation of intangible assets, including acquired technology, product trademarks and customer relation-ships. Furthermore, a production facility is being established related to the acquired HMO business.Subsequent to the acquisitions, Management has assessed whether the capitalised patents, product trademarks and customer relationships are still in use and assessed the valuation of the intangible and tangible assets related to HMO to deter-mine any need for impairment.We focused on this area because the impairment test of intangible and tangible assets related to HMO business and the continued use of intangible assets requires significant judgements and estimates by Management as assets might be impaired if the business plans regarding the invest-ments are not fulfilled or if significant specific intangible assets are discontinued.Refer to notes 3.2 and 3.3 in the Consolidated Financial Statements.How our audit addressed the key audit matterWe evaluated and assessed Management's impairment test of the acquired intangible and tangible assets and the tangible assets under construction related to HMO busi-ness. Furthermore, we challenged the significant assumptions and judgements applied by Management.We evaluated Management's assessment of whether the capital-ised patents, product trademarks and customer relationships are still in use.We assessed the appropriateness of the related disclosures provided in the Consolidated Financial Statements.</arr:KeyAuditMattersAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">To the shareholders of Chr. Hansen Holding A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value-182-1" xml:lang="en">Management is responsible for Managementâs Review pages 5-77.Our opinion on the Financial Statements does not coverManagementâs Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether ManagementâsReview includes the disclosures required by the Danish Financial Statements Act. Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="pp-value-203-1" xml:lang="en">Management is responsible for the preparation of consolidated financial statements and parent companyfinancial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="pp-value-221-1" xml:lang="en">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additionalrequirements applicable in Denmark will always detect a material misstatement when it exists. Misstatementscan arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain profes-sional scepticism throughout the audit. We also: Identify and assess the risks of material misstate-ment of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collu-sion, forgery, intentional omissions, misrepresenta-tions, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effec-tiveness of the Groupâs and the Parent Companyâs internal control.Evaluate the appropriateness of accounting poli-cies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in amanner that gives a true and fair view.Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision andperformance of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="pp-value-308-1" xml:lang="en">As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of Chr. Hansen Holding A/S for the financial year September 1, 2021 to August 31, 2022 with the filename 549300MKPW8ZF3E8MW37-2022-08-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:The preparing of the annual report in XHTML format;The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary;Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; andFor such internal control as Management determinesnecessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing andextent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:Testing whether the annual report is prepared in XHTML format;Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements;Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; andReconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of Chr. Hansen Holding A/S for the financial year September 1, 2021 to August 31, 2022 with the file name 549300MKPW8ZF3E8MW37-2022-08-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-41" id="pp-value-371-1" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-2" xml:lang="en">Allan Knudsen</cmn:NameAndSurnameOfAuditor>
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