DLG: COMPANY REPORT - FIRST HALF OF 2014

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| Source: DLG Finance A/S
With turnover of DKK 59.1 billion in 2013, the DLG Group realised its ambitious
turnover target for the 2016 Strategy earlier than expected. The groundwork for
DLG's business up until 2016 has thus been laid and the prime focus in H1 2014
onwards is to exploit synergies between the Group's business areas to ensure the
necessary efficiency improvements.

An important element in these efforts is to ensure an ever-increasing degree of
integration between the Group's farm-supply activities in Denmark, Germany and
Sweden. Securing this integration is notably a main objective of the management
changes implemented in HaGe and Svenska Foder in February 2014.

In H1 2014, DLG generated turnover of DKK 30.3 billion and a profit before tax
of DKK 21.6 million. The level of activity in H1 2014 was on a par with
forecasts. The turnover increase relative to H1 2013 is mainly due to Team AG
being fully recognised in the Group turnover in H1 2014.

The loss after tax of DKK -70.4 million is satisfactory and better than
budgeted. The performance is below that of the same period last year, mainly due
to an expected and budgeted timing difference between H1 and H2 within grain and
raw materials.

The Group balance sheet totalled DKK 21.9 billion at the end of H1 2014 and the
solvency ratio was 21.5%, an improvement of 0.4 percentage points compared to
the closing of H1 2013.

In H1, the DLG Group expanded its vitamin and mineral activities with the
acquisition of a minority shareholding in the Chinese feed company PUAI Feed.
The acquisition in China is not of material significance to the performance in
H1 2014, but the investment sows the seeds for future growth and earnings for
DLG on the Chinese market.

For the DLG Group's farm-supply activities, all three main markets (Denmark,
Germany and Sweden) experienced satisfactory sales of and earnings on seed
grain, plant protection and fertilizer, well supported by the mild spring
weather that ensured an early start to the growing season.

Farm-supply activities in Denmark generally developed highly satisfactory in H1
2014. The important factors for this success include structural changes in the
retail structure and the implemented efficiency improvements of transport,
logistics and production which are now beginning to impact the bottom line. In
addition, earnings in the grain area improved significantly compared to the same
period last year.

The farm-supply activities in Germany failed to achieve the budgeted improvement
in H1 2014. Intensified competition in the German market is a particular reason
for the insufficient earnings for HaGe's feed and grain activities.

The Group's Swedish farm-supply activities performed to expectation in H1 and
the existing earnings levels were maintained.

For the Vilofoss group, the Group's vitamin and mineral activities, H1 2014
developed satisfactorily in terms of production and sale of premixes and
minerals. This is attributable, in part, to the ability in H1 2014 to maintain
the growth of the Vilofoss group's activities on the German and Swedish markets
seen in 2013.

In 2013, the DLG Group's Service & Energy activities were expanded with the
share-capital increase in Team AG, the German energy and DIY company, making DLG
the majority shareholder. Team AG finished H1 2014 with a satisfactory
performance above the budgeted level. The first six months of the year went very
well for DIY-store activities. A contributing factor to the satisfactory
performance was the mild spring that gave an early start to the season with an
ensuing high level of activity. On the other hand, the energy business was under
pressure. Particularly the sale of heating oil failed to meet expectations, also
due to the mild weather.

Kongskilde Industries, manufacturer of agricultural equipment and implements,
went through difficult times in 2013. A turnaround process was consequently
launched for the company. In H1 2014, Kongskilde satisfactorily followed the
envisaged plan which will contribute to reversing the trend in the company. As
part of the turnaround process, a number of investments will be made totalling
DKK 73 million. The investments aim to support Kongskilde's growing sales on the
North American market as well as to help ensure the necessary efficiency
improvements of the European production.

Both DLG Food and GASA Bøg developed satisfactorily in H1 and improved their
earnings compared to the same period last year.

For H2 2014, it is expected that the DLG Group will reach the budgeted earnings
so that the forecast annual performance will be met and exceed the 2013 level.


 Kristian Hundebøll Lars Sørensen

 Group CEO          Deputy CEO/CFO


INCOME STATEMENT
FOR THE PERIOD 1 JANUARY TO 30 JUNE 2014


                                             1/1 - 30/6  1/1 - 30/6 1/1 - 31/12
 (DKK. 1.000)                                      2014        2013        2013
-------------------------------------------------------------------------------
 Net turnover                                30.265.673  24.739.961  59.103.398

 Production costs                           -28.146.673 -22.717.771 -54.306.707
-------------------------------------------------------------------------------
 Gross Profit                                 2.119.000   2.022.190   4.796.691

 Distribution costs                          -1.571.637  -1.501.496  -3.302.969

 Administrative costs                          -441.827    -366.229    -844.528

 Other operating income                         115.844      94.685     338.640

 Other operating costs                          -39.667     -56.473     -97.324
-------------------------------------------------------------------------------
 Operating profit                               181.713     192.677     890.510

 Income from investments in associated            4.242      47.959      25.190
 companies

 Income from other investments and                9.954       2.695      27.115
 securities

 Net financial costs                           -174.312    -186.894    -405.235
-------------------------------------------------------------------------------
 Profit before tax                               21.597      56.437     537.580

 Tax on profit for the period                   -57.433     -38.887    -106.336
-------------------------------------------------------------------------------
 Group profit                                   -35.836      17.550     431.244
-------------------------------------------------------------------------------
 Minority interests' share of the profit        -54.468     -48.684    -210.122

 Minority interest' share of tax                 19.928      10.034      40.934
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 Net profit for the period                      -70.376     -21.100     262.056


BALANCE SHEET, ASSETS
AS AT 30 JUNE 2014

                                              1/1 - 30/6 1/1 - 30/6 1/1 - 31/12
 (DKK 1.000)                                        2014       2013        2013
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 Completed development projects & Acquired       466.446    424.083     483.666
 intangible fixed assets

 Goodwill                                        832.475    160.716     756.644

 Development projects in progress                132.055    136.375     119.888
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 Intangible fixed assets                       1.430.976    721.174   1.360.198
-------------------------------------------------------------------------------
 Land and buildings                            5.371.748  4.268.360   5.251.663

 Plant and machinery                           1.905.603  1.628.779   1.918.094

 Other plants, fixtures and operating            472.358    268.436     449.609
 material

 Property, plant and equipment in progress       334.093    238.027     331.476
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 Property, plant and equipment                 8.083.802  6.403.602   7.950.842
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 Investments in associated companies             995.978  1.569.042     770.525

 Other securities and investments                292.243    266.379     264.656

 Other receivables                               178.135    160.931     202.540

 Deferred tax assets                             170.535    155.410     158.764
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 Fixed asset investment                        1.636.891  2.151.762   1.396.485
-------------------------------------------------------------------------------
 Total fixed assets                           11.151.669  9.276.538  10.707.525
-------------------------------------------------------------------------------
 Raw materials and consumables                 1.336.217  1.548.466   1.264.503

 Manufactured goods and goods for resale       3.126.047  2.860.168   3.660.705
-------------------------------------------------------------------------------
 Total inventories                             4.462.264  4.408.634   4.925.208
-------------------------------------------------------------------------------
 Trade receivables                             5.303.782  4.749.412   3.394.733

 Receivables from associated companies           104.069    112.480     317.516

 Other receivables                               661.604    367.005     672.570

 Prepayments                                     126.535    337.155     192.979
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 Total receivables                             6.195.990  5.566.052   4.577.798
-------------------------------------------------------------------------------
 Liquid assets                                   116.760     86.928      97.730
-------------------------------------------------------------------------------
 Total current assets                         10.775.014 10.061.614   9.600.736
-------------------------------------------------------------------------------
 Total assets                                 21.926.683 19.338.152  20.308.261
-------------------------------------------------------------------------------

BALANCE SHEET, LIABILITIES
AS AT 30 JUNE 2014

                                              1/1 - 30/6 1/1 - 30/6 1/1 - 31/12
 (DKK 1.000)                                        2014       2013        2013
-------------------------------------------------------------------------------
 Membership capital                              923.547    829.233     826.318

 Revaluation reserve                             217.680    232.680     217.680

 Reserves according to the bylaws & Fair       1.779.301  1.771.711   1.857.143
 value adjustment of hedging instruments

 Proposed dividend and profit shares                  28          0     121.500
-------------------------------------------------------------------------------
 Equity                                        2.920.556  2.833.624   3.022.641
-------------------------------------------------------------------------------
 Minority interests                            1.788.349  1.241.006   1.812.847
-------------------------------------------------------------------------------
 Consolidated equity                           4.708.905  4.074.630   4.835.488
-------------------------------------------------------------------------------
 Deferred tax liabilities                        380.367    257.665     371.850

 Other provisions                                454.955    237.656     372.670
-------------------------------------------------------------------------------
 Provisions                                      835.322    495.321     744.520
-------------------------------------------------------------------------------
 Subordinate loan capital                         25.010      1.625       8.294
-------------------------------------------------------------------------------
 Payables to mortgage credit institutions      2.216.979  2.197.080   2.510.327

 Issued bonds                                  1.000.000    993.750     993.894

 Lease commitments                               100.201    117.604     101.158

 Credit institutions, other                      778.598    475.132     420.135

 Other payables                                   36.151     80.108      64.201
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 Long-term debt                                4.131.929  3.863.674   4.089.715
-------------------------------------------------------------------------------
 Current maturities of long-term debt            128.595    181.631     282.981

 Credit institutions, other                    4.140.000  4.034.256   3.072.666

 Prepayment from customers                     3.034.750  2.404.954   2.705.510

 Trade payables                                2.797.553  2.237.650   2.622.432

 Payables to associated companies                109.843    142.568     140.035

 Corporate tax                                    89.489     43.860      92.748

 Negative goodwill                                10.863     37.088       6.850

 Other payables                                1.841.189  1.690.580   1.655.320

 Deferred income                                  73.235    130.315      51.702
-------------------------------------------------------------------------------
 Short-term debt                              12.225.517 10.902.902  10.630.244
-------------------------------------------------------------------------------
 Total debt                                   16.357.446 14.766.576  14.719.959
-------------------------------------------------------------------------------
 Total equity and liabilities                 21.926.683 19.338.152  20.308.261
-------------------------------------------------------------------------------

KEYFIGURES
AS AT 30 JUNE 2014

                                              1/1 - 30/6 1/1 - 30/6 1/1 - 31/12
 (DKK million)                                      2014       2013        2013
-------------------------------------------------------------------------------
 Net turnover                                   30.265,7   24.740,0    59.103,4


 Earnings before interest, tax, depreciation       476,4      398,5     1.418,2
 and amortisation/EBITDA


 Operating profit/EBIT                             181,7      192,7       890,5


 Profit before tax / EBT                            21,6       56,4       537,6


 Group profit                                      -35,8       17,6       431,2


 Net profit for the period / EAT                   -70,4      -21,1       262,1


 Total assets                                   21.926,7   19.338,1    20.308,3



 Equity ratio                                       21,5       21,1        23,8


 Consolidated equity x 100
 Total assets

 Tangible equity ratio                              16,0       18,0        18,3

 (Consolidated equity - Intangible fixed
 assets) x 100
 Total assets - Intangible fixed assets




DLG
Telf + 45 33 68 30 00
information@dlg.dk
www.dlg.dk


[HUG#1851140]