Sac Term ApS

The Company’s purpose is to create the leader in premium quality & net zero shrimp production in Europe.

The Company has restructured its organization in 2024, transferring activities related to the development of the Group's shrimp project, which is still development, to underlying group entities. Following this transfer, the Company's primary activities relate to holding shares in group entities and supporting group entities in establishing the shrimp project currently under development.

The income statement for 2024 shows a loss of DKK 928 thousand against a loss of DKK 1,273 thousand last year, and the balance sheet at 31 December 2024 shows equity of DKK 3,808 thousand.

The result for the year aligns with management's expectations, as the Group and Company are still in the project phase.…

The Company and Group’s aquaculture project is under development, including design and obtaining all necessary permits. It will be constructed and operated through the subsidiaries Thorsminde Seafood ApS, Scandinavian Aquaculture ApS and WTL Ramme ApS. The construction process is expected to commence in 2026 and to be completed in 2027. The first production of warm-water shrimp is anticipated to start in the second half of 2027. There is uncertainty associated with the technical execution of the project, the total construction costs, future earnings, and securing sufficient capital to complete the project. If the project is not completed, contrary to expectations, this may result in the need to write down recognized investments in group enterprises and receivables from group enterprises.

Reference is made to note 3 for more details.

The Company and Group’s aquaculture project is under development, including design and obtaining all necessary permits. It will be constructed and operated through the subsidiaries Thorsminde Seafood ApS, Scandinavian Aquaculture ApS and WTL Ramme ApS. The construction process is expected to commence in 2026 and to be completed in 2027. The first production of warm-water shrimp is anticipated to start in the second half of 2027. There is uncertainty associated with the technical execution of the project, the total construction costs, future earnings, and securing sufficient capital to complete the project. If the project is not completed, contrary to expectations, this may result in the need to write down recognized investments in group enterprises and receivables from group enterprises.

The Company received a contribution from its shareholders in 2025 through a debt conversion.

Besides above, no events materially affecting the Company's financial position have occurred subsequent to the financial year-end.

As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends.

The Company has not provided any security or other collateral in assets at 31 December 2024.