Ledelsespåtegning:Statement of the Board of Directors and the Executive BoardThe Executive Board and the Board of Directors have today considered and adopted the Annual Report of Spring TopCo DK ApS for the financial year ended August 31, 2023. The Annual Report has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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, 2023 of the Group and the Parent Company and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year September 1, 2022 –August 31, 2023.
Management's review
Beskrivelse af virksomhedens hovedaktivitet:EXECUTIVE SUMMARYThe Oterra group hereby releases its Annual Report for 2022/23. The past year has been another year where Oterra continued to build and streamline the company, continuously drove operational excellence projects and also invested into assets and innovation driving launches well through 2024. During 2022/23, Oterra experienced the effects of temporary destocking in the food and beverage industry, leading to lower volume demands than expected as customers rebalanced their inventory levels and adjusted to the current demand landscape and pricing. Despite the challenging year, we continue to experience a solid pipeline of opportunities. This includes a fundamental support from the consumer interest in healthy natural products, as well as regulatory support for continued adoption of natural colors. We experience continued interest in converting from artificial to natural colors and expect this trend to continue going forward. The continued CAPEX investments into the operating backbone of the business supports our strategy of maintaining our position as the world’s largest provider of natural colors and preparing the company for future growth. During 2022/23, we continued the work to improve our processes and operations, which had temporary effects on our revenue and earnings. During the year, we streamlined our global footprint and closed minor production sites while institutionalizing strong BCPs. Whereas Oterra’s performance for 2022/23 was below our expectation due the market slow-down, we expect revenue to return to growth in 2023/24 and our EBITDA margin to improve compared to 2022/23. As part of the journey to consolidate Oterra’s leadership position and build on the platform,Chief Executive Officer Martin Sonntag joined the company on January 1st 2024. At the Board of Directors we are delighted to welcome Martin on board. He brings wealth of experience from the industry and we are confident that he will be a valuable contributor to driving growth and value creation going forward. We can always rely on the professional Oterra colleagues in every part of the Oterra group, and want to thank them for their dedication, continuously driving building our company. We also want to thank our clients and partners for their continued support in working with Oterra to provide high quality products to consumers across the globe.
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