The Danish Agro group became an even stronger partner for the thousands of farmers who trade with us in 2016. The group has achieved record turnover and profit. Fur-thermore, we have consolidated our position as the sixth biggest agribusiness group in Europe.
TThe Danish Agro group realised a pre-tax profit of EUR 84 million for 2016, the best result to date, and EUR 3 million higher than 2015, an improvement of 3.8%. Pre-tax profit gave a return on the group's equity at the beginning of the year of 15.1%.
Turnover in 2016 was EUR 4.2 billion compared to EUR 3.8 billion in 2015, an improvement of 10.8%, which should be seen in the light of declining prices and low harvest in 2016. Growth has primarily been due to the increase in turnover at Ceravis AG, consolidated for the whole year, and the acquisition of agribusiness activities in Kalmar, Sweden, consolidated for 10 months.
After tax, Danish Agro made a profit of EUR 72 million, which increases the group's equity at the beginning of the year by 13%. Group equity increased by EUR 38 million from EUR 555 million to EUR 593 million. The consolidated solvency ratio now comprises 30.1% compared to 30.0% the previous year.
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