Tyson Foods
Sector unknown·TSN · USA (SEC 10-K)·Fiscal year to 27/09/2025
We operate a fully vertically-integrated chicken production process. Our integrated operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related specialty products, including animal and pet food ingredients.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Agriculture and food production
End markets
DriverPositive impact: strengthens
“•Sales Volume – Sales volume decreased as lower head harvested were offset by higher average carcass weights. •Average Sales Price – Average sales price increased due to increased input costs and strong demand.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Pork Segment Results Sales Volume Change (1.7) % 3.8 % Average Sales Price Change 5.3 % (0.7) % •Sales Volume – Sales volume decreased due to production decreases associated with a plant closure in 2024 which were partially offset by production increases at other facilities and higher average carcass weights. •Average Sales Price – Average sales price increased due to increased input costs and strong demand for our pork products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“•Decrease of $59 million in our Chicken segment from insurance proceeds, net of costs, related to a production facility fire in the fourth quarter of fiscal 2021. •Decrease of $29 million in restructuring and related costs. •Increase in cattle costs of approximately $1,315 million in our Beef segment. •Increase in performance-based compensation costs of $173 million. •Increase of $129 million related to the recognition of legal contingency accruals in our Beef, Pork and Chicken segments. •Increase of $86 million in International/Other from costs related to a production facility fire in the Netherlands and subsequent decision to sell the facility. •Increase of $42 million in our Beef segment from insurance proceeds received in the first quarter of fiscal 2023 related to the fire at our production facility in the fourth quarter of fiscal 2019.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The Prepared Foods segment is currently experiencing increased raw material costs primarily due to higher meat costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We depend on contract farmers and independent producers to supply us with livestock. We contract primarily with independent contract farmers to raise the live chickens and turkeys processed in our poultry operations.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“•The $586 million impact of lower input cost per pound was impacted by: •Decrease of approximately $895 million in our Chicken segment related to decreased feed ingredient costs. •Decrease in freight and transportation costs of approximately $310 million. •Decrease of $140 million due to plant closure and disposal charges. •Decrease in hog costs of approximately $135 million in our Pork segment. •Decrease in raw material and other input costs of approximately $65 million in our Prepared Foods segment. •Decrease due to net derivative losses of $55 million in fiscal 2024, compared to net derivative losses of $117 million in fiscal 2023 due to our risk management activities.”
Annual report 2025A · The company itself
Market
“We operate a fully vertically-integrated chicken production process. Our integrated operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related specialty products, including animal and pet food ingredients.”
Annual report 2025A · The company itself
Market
“SEGMENT RESULTS We operate in four reportable segments: Beef, Pork, Chicken, and Prepared Foods.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Asia and emerging markets
Geography
StrategyPositive impact: strengthens
“Our strategy is to deliver margins in the core protein business by driving efficiencies and valuing-up offerings to better serve consumers; grow branded portfolio by innovating new occasions, categories and channels; and scale in international markets by delivering profitable value-added food offerings in high growth categories.”
Annual report 2025A · The company itself
Geography
“International/Other primarily includes our foreign operations in China, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC.”
Annual report 2025A · The company itself
Geography
“We sell certain products in foreign markets, primarily Canada, Central America, China, the European Union, the United Kingdom, Japan, Mexico, Malaysia, the Middle East, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.”
Annual report 2025A · The company itself
Retail
End markets
Market
“Our business could suffer significant setbacks in sales and operating income if our customers’ plans and/or markets change significantly or if we lost one or more of our largest customers, including, for example, Walmart Inc., which accounted for 18.7% of our sales in fiscal 2025.”
Annual report 2025A · The company itself
Market
“Alternative retail channels, such as convenience stores, dollar stores, drug stores, club stores and Internet-based retailers have increased their market share. This trend towards alternative channels is expected to continue in the future.”
Annual report 2025A · The company itself
Market
“Our largest customer, Walmart Inc., accounted for 18.7%, 18.4% and 18.6% of consolidated sales in fiscal 2025, 2024 and 2023, respectively.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Hospitality and leisure
End markets
Market
“In addition, in times of economic uncertainty, consumers reduce the amount of food that they consume away from home at our foodservice customers, which in turn reduces our product sales.”
Annual report 2025A · The company itself
Market
“(b) Includes external sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Our strategy is to deliver margins in the core protein business by driving efficiencies and valuing-up offerings to better serve consumers; grow branded portfolio by innovating new occasions, categories and channels; and scale in international markets by delivering profitable value-added food offerings in high growth categories.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Digitalisation
Technology
StrategyPositive impact: strengthens
“Our strategy is to deliver margins in the core protein business by driving efficiencies and valuing-up offerings to better serve consumers; grow branded portfolio by innovating new occasions, categories and channels; and scale in international markets by delivering profitable value-added food offerings in high growth categories.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
Market
“Alternative retail channels, such as convenience stores, dollar stores, drug stores, club stores and Internet-based retailers have increased their market share. This trend towards alternative channels is expected to continue in the future.”
Annual report 2025A · The company itself
Global trade volumes
Macro
Market
“(d) Includes external sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Grocery retail and private label
End markets
Market
“In many product categories, we compete not only with other widely advertised branded products, but also with private label products that generally are sold at lower prices.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Chains out: this weakens Agriculture and food production
Healthcare and hospitals
End markets
Market
“(b) Includes external sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Chicken The primary raw materials used in our domestic chicken operations are corn and soybean meal, used as feed, and live chickens raised primarily by independent contract farmers.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In fiscal 2025, corn, soybean meal and other feed ingredients were major production costs, representing roughly 53% of our cost of growing a live chicken domestically. In addition to feed ingredients to grow the chickens, we use cooking ingredients, packaging materials and cryogenic agents.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In addition, tariffs could affect the pricing of commodities and raw materials, and this could impose additional costs on us or on our suppliers, which could affect the costs and availability of sourcing of such commodities and raw materials.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our results of operations and financial condition, as well as the selling prices for our products, are dependent upon the cost and supply of commodities and raw materials such as beef, pork, poultry, corn, soybean meal and vegetable oils. Corn, soybean meal and other feed ingredients, for instance, represented roughly 53% of our cost of growing a live chicken in fiscal 2025.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Climate change and rising global temperatures may contribute to changing weather patterns, elongated drought periods, heavier or more frequent storms and wildfires, and increased frequency and severity of natural disasters, and may limit the availability, or increase the cost, of key agricultural commodities and natural resource ingredients and manufacturing inputs, as well as raw materials such as beef, pork, poultry, corn, soybean meal and other feed ingredients.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The Chicken segment experienced reduced feed ingredient costs, but costs began to stabilize in the back half of fiscal 2025.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We use derivative financial instruments to reduce our exposure to various market risks including changes in commodity prices, interest rates and foreign exchange rates.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“•The $586 million impact of lower input cost per pound was impacted by: •Decrease of approximately $895 million in our Chicken segment related to decreased feed ingredient costs. •Decrease in freight and transportation costs of approximately $310 million. •Decrease of $140 million due to plant closure and disposal charges. •Decrease in hog costs of approximately $135 million in our Pork segment. •Decrease in raw material and other input costs of approximately $65 million in our Prepared Foods segment. •Decrease due to net derivative losses of $55 million in fiscal 2024, compared to net derivative losses of $117 million in fiscal 2023 due to our risk management activities.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Inflation
Macro
DriverNegative impact: weakens
“If there is a pandemic, we may also experience disruption and volatility in our supply chain, which could result in increased costs for certain raw materials, packaging materials and transportation costs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our business may be adversely affected by changes in economic conditions, including inflation, interest rates, access to capital markets, consumer spending rates, energy availability and costs (including fuel surcharges) and the effects of governmental initiatives to manage economic conditions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Furthermore, inflation, which has significantly risen, has and may continue to increase our operational costs, including labor costs and grain and feed ingredient costs, and continued increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty and heightening these risks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“•Sales Volume – Sales volume decreased as lower head harvested were offset by higher average carcass weights. •Average Sales Price – Average sales price increased due to increased input costs and strong demand.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Pork Segment Results Sales Volume Change (1.7) % 3.8 % Average Sales Price Change 5.3 % (0.7) % •Sales Volume – Sales volume decreased due to production decreases associated with a plant closure in 2024 which were partially offset by production increases at other facilities and higher average carcass weights. •Average Sales Price – Average sales price increased due to increased input costs and strong demand for our pork products.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Furthermore, inflation, which has significantly risen, has and may continue to increase our operational costs, including labor costs and grain and feed ingredient costs, and continued increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty and heightening these risks.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Labor shortages and increased turnover rates within our team members have led to and could in the future lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain employees and could negatively affect our ability to efficiently operate our production facilities or otherwise operate at full capacity. An overall or prolonged labor shortage, lack of skilled labor, increased turnover or labor inflation could have an adverse impact on our operations, results of operations, liquidity or cash flows.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We have approximately 133,000 team members, approximately 37,000 of whom are covered by collective bargaining agreements or are members of labor unions. Our operations depend on the availability and relative costs of labor and maintaining good relations with team members and the labor unions.”
Annual report 2025A · The company itself
Animal diseases and biosecurity
Macro
DriverNegative impact: weakens
“Supply of and demand for our products can be adversely impacted by disease outbreaks impacting animals, animal products, and livestock, such as African swine fever (“ASF”), Bovine Spongiform Encephalopathy, Foot and Mouth Disease, Highly Pathogenic Avian Influenza (“HPAI”), and New World screwworm, which can have a significant impact on our financial results. In recent years, ASF has impacted hog herds in China, Asia, Europe, and the Caribbean, and if an outbreak of ASF were to occur in the United States, the Company’s supply of hogs and pork could be materially impacted.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“HPAI has been detected in the United States in dairy cattle, wild birds, mammals, and farm workers directly exposed to infected dairy or poultry.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Changes in import and export policies, including trade restrictions, new or increased tariffs or quotas, and customs restrictions, could require us to change the way we conduct business, impose increased costs, and reduce demand for our products. Tariffs and trade disputes could increase the price of our goods in the affected countries and result in less or no demand.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in laws or regulations that impose new or additional regulatory requirements on food products, such as new or evolving requirements for raw material sourcing, supply chain due diligence, and product labeling and disclosures could increase our cost of doing business or restrict our actions, causing our results of operations to be adversely affected.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
M&A and consolidation
Macro
DriverNegative impact: weakens
“Many of our customers have consolidated in recent years, and consolidation is expected to continue throughout the United States and in other major markets. These consolidations have produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories, opposing price increases, and demanding lower pricing, increased promotional programs and specifically tailored products.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
InputNegative impact: weakens
“In fiscal 2025, corn, soybean meal and other feed ingredients were major production costs, representing roughly 53% of our cost of growing a live chicken domestically. In addition to feed ingredients to grow the chickens, we use cooking ingredients, packaging materials and cryogenic agents.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Sea freight and freight rates
Raw materials and inputs
InputNegative impact: weakens
“•The $586 million impact of lower input cost per pound was impacted by: •Decrease of approximately $895 million in our Chicken segment related to decreased feed ingredient costs. •Decrease in freight and transportation costs of approximately $310 million. •Decrease of $140 million due to plant closure and disposal charges. •Decrease in hog costs of approximately $135 million in our Pork segment. •Decrease in raw material and other input costs of approximately $65 million in our Prepared Foods segment. •Decrease due to net derivative losses of $55 million in fiscal 2024, compared to net derivative losses of $117 million in fiscal 2023 due to our risk management activities.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Consumer preference shifts
End markets
DriverNegative impact: weakens
“The food industry in general is subject to changing consumer trends, demands and preferences. Trends within the food industry change often, and failure to identify and react to changes in these trends could lead to, among other things, reduced demand and price reductions for our brands and products.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Our financial success is dependent on anticipating changes in consumer preferences, purchasing behaviors and dietary habits and successfully developing and launching new products and product extensions that consumers want in the channels where they shop.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Continuing global focus on health and wellness, including weight management, and increasing media attention to the role of food marketing could adversely affect our brand image or lead to stricter regulations and greater scrutiny of food marketing practices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Increasing concern over climate change also may adversely impact demand for our products due to changes in consumer preferences and result in additional legal or regulatory requirements designed to manage greenhouse gas emissions, climate risks, and resulting environmental impacts.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Consumer spending
Macro
DriverMixed impact: mixed
“SEASONAL DEMAND Demand for beef, chicken, pork and certain prepared foods products, such as hot dogs and smoked sausage, generally increases during the spring and summer months and other key holiday periods and is generally softer during the winter months. Other prepared foods products, such as prepared meals, meat dishes, appetizers, bacon, and breakfast sausage, generally experience increased demand during the winter months, and also key holiday seasons, while demand generally is softer during the spring and summer months.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Company’s objective continues to be to offset commodity price increases with pricing actions over time. However, we may not always be able to increase our product prices enough to sufficiently offset increased raw material costs due to consumer price sensitivity or the pricing postures of our competitors.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, in periods of economic uncertainty, consumers tend to purchase more lower-priced private label or other economy brands.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Prepared Foods Segment Results Sales Volume Change (2.5) % 0.9 % Average Sales Price Change 3.3 % (0.8) % Operating Income •Sales Volume – Sales volume decreased due to a challenging consumer environment and the impact from a product recall. •Average Sales Price – Average sales price increased primarily due to the pass through of increased raw material costs. •Operating Income – Operating income increased primarily due to higher average sales price, improved operational execution and lower selling, general and administrative costs, partially offset by increased raw material costs and charges related to a product recall.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Our ability to make, move and sell products is critical to our success. Natural disasters, fire, pandemic or extreme weather, could impair the health or growth of livestock or interfere with our operations due to power outages, fuel shortages, decrease in availability of water, damage to our production and processing facilities or disruption of transportation channels or unfavorably impact the demand for, or our consumers’ ability to purchase our products, among other things.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The effects of climate change and legal or regulatory initiatives to address climate change could have a long-term adverse impact on our business and the results of operations. Climate change and rising global temperatures may contribute to changing weather patterns, elongated drought periods, heavier or more frequent storms and wildfires, and increased frequency and severity of natural disasters, and may limit the availability, or increase the cost, of key agricultural commodities and natural resource ingredients and manufacturing inputs, as well as raw materials such as beef, pork, poultry, corn, soybean meal and other feed ingredients.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Steel
Raw materials and inputs
InputNegative impact: weakens
“The Beef segment continues to experience limited supply of market-ready cattle as well as increased cattle costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The Pork segment experienced sufficient supply of market-ready hogs and increased hog costs.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“The U.S. cattle market is currently experiencing limited supply of market-ready cattle and uncertainty exists regarding the timing of anticipated cattle herd rebuild.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Our business and reputation could suffer if we are unable to protect our information technology systems against, or effectively respond to, cyber attacks, other cyber incidents or security breaches or if our information technology systems are otherwise disrupted.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Interest rates
Macro
DriverNegative impact: weakens
“Our business may be adversely affected by changes in economic conditions, including inflation, interest rates, access to capital markets, consumer spending rates, energy availability and costs (including fuel surcharges) and the effects of governmental initiatives to manage economic conditions.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Other currencies
Macro
DriverNegative impact: weakens
“We are subject to various risks and uncertainties relating to international sales and operations, including: closing of borders by foreign countries to the import of beef, pork and poultry products due to animal disease or other perceived health or safety issues; the impact of currency exchange rate fluctuations between the United States dollar and foreign currencies, particularly the Brazilian real, the British pound sterling, the Canadian dollar, the Chinese renminbi, the European euro, the Malaysian ringgit, the Mexican peso and the Thai baht; political and economic conditions, including ongoing conflicts and political tensions; and difficulties and costs of complying with different legal, tax and regulatory requirements impacting exports and other international activities.”
Annual report 2025A · The company itself
Packaging regulation and deposit schemes
Regulation
DriverNegative impact: weakens
“Our products are similarly subject to many evolving environmental laws, such as labeling and disclosure requirements, packaging specifications, and waste reduction initiatives (including those related to single-use plastics and extended producer responsibility obligations). Increased compliance costs and expenses due to increasing legal and regulatory environmental requirements could be prohibitively costly and may cause disruptions in, or an increase in the costs associated with, the running of our production facilities or production of products.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“We are subject to various risks and uncertainties relating to international sales and operations, including: closing of borders by foreign countries to the import of beef, pork and poultry products due to animal disease or other perceived health or safety issues; the impact of currency exchange rate fluctuations between the United States dollar and foreign currencies, particularly the Brazilian real, the British pound sterling, the Canadian dollar, the Chinese renminbi, the European euro, the Malaysian ringgit, the Mexican peso and the Thai baht; political and economic conditions, including ongoing conflicts and political tensions; and difficulties and costs of complying with different legal, tax and regulatory requirements impacting exports and other international activities.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
United States
Geography
Geography
“Our exports account for less than 10% of our business, primarily composed of chicken leg quarters and paws, boxed beef and variety meats of all proteins.”
Annual report 2025A · The company itself
Geography
“The majority of our operations are domiciled in the United States. Approximately 95% of sales to external customers for each of fiscal 2025, 2024 and 2023 were sourced from the United States.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
China
Geography
Geography
“International/Other primarily includes our foreign operations in China, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“We sell certain products in foreign markets, primarily Canada, Central America, China, the European Union, the United Kingdom, Japan, Mexico, Malaysia, the Middle East, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 54.44 bn USD |
| Revenue growth vs. the year before, same method | 2.1 % |
| EBITDA reported by the company | 2.45 bn USD |
| Net debt debt incl. leasing minus cash | 7.56 bn USD |
| Diluted EPS per share | 1.33 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.