2 Table of contents 1 Industri Udvikling overview 2 New companies 3 Presentation of Industri Udvikling 5 Kvist Industries A/S production of Danish design furniture 6 PcP A value creating journey over 16 years 8 Doing it differently than others Financial highlights 9 Industri Udvikling A/S 10 Industri Udvikling II K/S 11 Industri Udvikling III K/S 12 Report Overview of portfolio companies 15 Geografic location of companies 17 Portfolio companies 35 Exits 36 Contact us 37 Employees
3 Company information Industri Udvikling A/S CVR (Central Business Register) no.: Founded: 27 October 1994 Board of Directors: Jens Josefsen, Chairman Dines Schmidt Nielsen Peter Lerbrandt Owners: AP Pension Livsforsikringsaktieselskab (life insurance company) Lønmodtagernes Dyrtidsfond (LD) (Danish pension fund) Pensionskassen for Børneog ungdomspædagoger (pension fund for children and youth workers) Sampension Private Equity K/S (private co-pension) Industri Udvikling II K/S CVR (Central Business Register) no.: Founded: 18 December 2003 Board of Directors: Jens Josefsen, Chairman Dines Schmidt Nielsen Peter Lerbrandt Owners: AP Pension Livsforsikringsaktieselskab (life insurance company) Industriens Pensionsforsikring A/S (industrial pension insurance) Lønmodtagernes Dyrtidsfond (LD) (Danish pension fund) PensionDanmark Pensionsforsikringsaktieselskab (public pension insurance company) Sampension Private Equity K/S (private co-pension) Industri Udvikling III K/S CVR (Central Business Register) no.: Founded: 26 May 2010 Investment committee: Henrik Thulesen, Chairman Birger Brix Peter Lerbrandt Christian Cordsen Nielsen Owners: Fagbevægelsens Erhvervsinvestering A/S (trade union business investment) Industriens Pensionsforsikring A/S (industrial pension insurance) Lønmodtagernes Dyrtidsfond (LD) (Danish pension fund) Palsgaard Gods A/S (Schou-fondet) (the Schou Foundation) PensionDanmark Pensionsforsikringsaktieselskab (public pension insurance company) Pensionskassen for Børneog Ungdomspædagoger (pension fund for children and youth workers) Employees Address and additional Information: Gothersgade 175, 2. sal 1123 Copenhagen K Denmark Telephone: Fax: Employees: Lars Blavnsfeldt, CEO Lars Buhl Dan Højgaard Jensen Ronnie Møller-Thorsøe Lene Krogh Ellgaard Joan Jensen Accountants: KPMG State-authorised public accountants State-authorised accountant Per Gunslev
4 Companies ABL Food A/S Supplier of commodities to the food industry Boform A/S Kitchen, wardrobe and office supplies Borch Textile Holding A/S Work clothes and textiles for industrial laundries Bramidan Holding A/S Compression of recyclable packaging waste C&H System A/S Handling and packaging facilities Christian Berg (CB Invest Holding ApS) (LLP) Refrigeration and ventilation systems Confac A/S Concrete facade elements Danelec Marine A/S Black boxes for ships, electronic charts Dan-Iso Holding A/S Insulation materials Dansk Mink Papir & DMP Partners A/S Equipment for the mink sector and industry Despec Nordic (Neos Invest A/S) IT and office supplies EM-fiberglas a/s Glass fibre production Euro Therm Invest A/S District heating plants FSG Foods ApS Total supplier of fish and sushi-related products Global Wind Power Europe A/S Project development for the wind turbine market HT BENDIX A/S Fittings and accessories for the furniture, kitchen and forestry industry Holmris A/S Office furniture and more JHL Holding A/S Vacuum tankers Jyden Bur A/S Cattle and pig housing supplies Kitchn A/S Kitchens, bathrooms and wardrobes KD Maskinfabrik A/S Solutions for water treatment plants and sewage treatment Kvist Industries (Kvist Industries Invest ApS) High-quality furniture KVM Industrimaskiner (KVM Invest ApS) Concrete and asphalt plants Lindø Steel A/S Cutting and machining of large steel plates Nordisk Company A/S Outdoor equipment and clothing Omada A/S Software and IT consulting business Omni Technical Solutions A/S Vehicle repair shops and leasing of rolling stock Resolux ApS Light fittings for the wind turbine industry Ribe Jernindustri A/S (Ribe Jern Holding A/S) HUDEVAD and RIOpanel radiators Scanflavour Holding A/S Functional proteins for the food industry SGM Holding ApS Lighting products based on LED technology Theca A/S Upholstered furniture Total Wind Group A/S Installation and servicing of wind turbines Uno Danmark Holding A/S Clothing made of natural materials for women Virklund Sport A/S Facilities and equipment for sports WoodCare Denmark A/S Products for wood coating
5 Industri Udvikling overview A different investment company We primarily invest in Danish production companies as a minority shareholder. Industri Udvikling primarily invests in Danish production companies with a turnover of up to DKK million is a minority shareholder is primarily owned by Danish employees through pension funds has a long reference list; has invested in a total of 117 companies since 1994 has a small number of very experienced employees works in a non-bureaucratic way has a quick decision-making process carries out necessary analyses and investigations itself does not require an exit strategy upon entry prioritises value creation more than cash flow is interested in investment-intensive companies is interested in small companies is also interested in companies facing temporary financiel difficulties contributes to the operations of the company through the board does not participate in day-to-day operations and puts strong emphasis in competent management finds it important that the management is a significant co-owner 1 Industri Udvikling A/S Founded in 1994 DKK million Result Equity Internal rate of return (IRR) % 10.8% 10.7% 10.7% 10.9% Industri Udvikling II K/S Founded in 2004 DKK million Resultat Egenkapital Intern rente (IRR) % 14.1% 14.0% 13.7% 12.5% Industri Udvikling III K/S Founded in 2010 DKK million Result Equity Internal rate of return (IRR) % 8.8%
6 New companies 2 Industri Udvikling continues to receive many enquiries with regard to investment opportunities. The number of companies wishing to change owners or wishing to strengthen solvency is high, whereas the supply of risk capital remains limited certainly within the segment of companies with a turnover of up to DKK million. For many of the companies that Industri Udvikling visits, operations have turned positive once again, perhaps even characterised by growth opportunities after several difficult years during the financial crisis. The bank sector has started lending once again, but remains reluctant to finance the growth of companies with low solvency. Capital injection is therefore attractive for the individual company. Industry Udvikling is expecting to invest in 4 8 new companies in 2014 and the following years. In 2013, Industri Udvikling invested in: Borch Textile Holding A/S: Work wear and textiles for industrial laundries Christian Berg A/S (CB Invest Holding ApS): Refrigeration and ventilation systems Global Wind Power Europe A/S: Project development for the wind turbine market Kvist Industries A/S (Kvist Industries Invest ApS): High-quality furniture SGM Holding ApS: Lighting products based on LED technology The latest investments up until early June 2014 are: KD Maskinfabrik A/S: Solutions for water treatment plants and sewage treatment FSG Foods ApS: Total supplier of fish and sushirelated products Christian Berg Global Wind Power Europe Kvist Industries SGM Christian Berg A/S designs, installs and services refrigeration and ventilation systems. Global Wind Power Europe A/S is a global project developer on the wind turbine market specialising in developing, implementing and administering wind turbine projects for financial investors. Kvist Industries A/S produces highquality furniture, primarily armchairs, dining chairs and tables. SGM A/S develops and sells lighting products based on LED technology for the entertainment industry, architecture and retail.
7 Presentation of Industri Udvikling Business foundation / investment area Industri Udvikling was founded in Industri Udvikling primarily invests in Danish manufacturing companies with a turnover of up to DKK million for the purpose of developing these companies over a number of years. Industri Udvikling exercises active ownership by participating in the board of directors and keeping in close touch with the management in each portfolio company. Industri Udvikling is always a minority shareholder. Industri Udvikling regards it as crucial for the company s development that the management is a major co-owner. Industri Udvikling s initial investment is typically around DKK 5 20 million, for which Industri Udvikling attains ownership of 30 40%. Industri Udvikling may enter into collaboration with other investors if the investment need is greater. Industri Udvikling invests in connection with generational change, other changes in ownership, growth beyond what the company s profit can finance and, occasionally, in companies that have lost a substantial amount of their equity. Industri Udvikling is not tied to specific industries, but invests broadly within manufacturing companies. Investments are made in companies with their own product as well as in companies that are subcontractors. Industri Udvikling prefers each company to have or be able to achieve a strong position in its industry. The decision to invest in companies of a certain size is based on the fact that the somewhat larger companies are normally less vulnerable and they are more receptive towards the approaches that Industri Udvikling represents. Furthermore, these companies have several years experience within their business area. This provides a more solid basis for assessment of the company. Industri Udvikling only invests in companies with Danish foundation. Investment form Industri Udvikling makes investments through the provision of equity and/ or by offering subordinated loans with the right to subscribe for shares. Industri Udvikling shares the rights of the owners, regardless of whether the investment is made as a subordinated loan or as share capital. In many cases, subordinated loans are used to supplement the share capital, either by reducing the amount to be supplied as share capital or to achieve a better-suited ownership structure. Subordinated loans associated with the right to subscribe for shares are often a constructive and fruitful form of investment. This can pave the way for valuation discussions, as the subscription price may be dependent on the development that is achieved in the future. Industri Udvikling always wishes to be represented on the companies boards of directors. This applies even if it is not a case of formal ownership but merely the granting of a subordinated loan. The composition of the board of directors is adjusted according to each company. Industri Udvikling prefers the chairman to be an experienced person with both practical CEO experience and time to act as a sparring partner for the management and with sufficient independence from the shareholders. Industri Udvikling always participates directly in the board of directors work. Industri Udvikling s work process Industri Udvikling receives many enquiries every year that represent an investment opportunity. Some of them are very well-prepared investment prospectuses; others are presented as ideas during a telephone conversation. Industri Udvikling visits businesses each year. The company presents itself and its situation and options are discussed, which forms the basis for a discussion as to whether the parties can collaborate on further developing the business. 3
8 Presentation of Industri Udvikling 4 Industri Udvikling - has a small number of very experienced employees - works in a non-bureaucratic way - has a quick decision-making process - carries out all necessary analyses and investigations itself Industri Udvikling - has no requirement for any exit strategy at the time of entry - prioritises value creation more than cash flow After the first visit, Industri Udvikling often sends a letter within the first week if the discussions that were had are deemed positive. The letter usually suggests models as to how capital can be injected as well as key prerequisites for the implementation of these models. If it is agreed that the investment should be completed, two documents are prepared: an ownership agreement and an agreement associated with the investment. The agreements establish the respective rights and obligations of the parties. Industri Udvikling rarely carries out a formel due diligence prior to investment. Instead, it performs a general review, assessment and discussion of the company, its history and its potential. More important and/or risky areas are naturally subject to more exhaustive evaluation. Industri Udvikling hires lawyers to prepare contractual material. The evaluation of the company and its potential is carried out by Industri Udvikling s employees, as this closer dialogue helps Industri Udvikling get to know the company. All potential investments are presented to Industri Udvikling s Board of Directors/Investment Committee for approval. Industri Udvikling s investments Since Industri Udvikling was founded in 1994, it has invested in a total of 117 companies. During that time, Industri Udvikling has been the primary investor within its own segment. Similarly, a well-functioning team has been established with solid experience in both investment and the subsequent business development. Today, Industri Udvikling has a portfolio of 36 active companies. As per 31 December 2013, the portfolio has an estimated value of DKK 850 million. Industri Udvikling is legally divided into the entities: Industri Udvikling A/S (public limited liability company), Industri Udvikling II K/S (limited partnership) and Industri Udvikling III K/S (limited partnership), the latter being the entity that completes new investments. Exits There is no set time frame as to how long a company can remain under the ownership of Industri Udvikling. In general, once a company is no longer developing, or when Industri Udvikling no longer feels that it can add anything to the company, the time has come to exit. This may involve sale of the company as a whole or only sale of Industri Udvikling s shareholding.
9 Kvist Industries A/S Production of Danish design furniture 5 Production of Danish design furniture In the autumn of 2013, Industri Udvikling bought 25% of the share capital in Kvist Industries in Årre near Esbjerg, Denmark. tions; Årre (Denmark), Slovakia and Latvia. The largest production unit is now in Latvia with more than 250 employees. The company employs more than 100 people in Denmark. Kvist Industries is the customers production and logistics partner. The furniture dealers have limited production know-how and therefore need an experienced manufacturer already during the design stage of new furniture partly to ensure that the design is production-friendly, and partly to assist in understanding the boundaries in terms of what can be done with wood. Kvist is a valued partner in this respect. Kvist ensures the entire process from when the customer places an order for a product until the product is delivered to the end customer, i.e. Kvist manages the entire production and logistics The purchase occurred when the two main shareholders and directors, Michael and Søren Kvist, decided to strengthen the overall management by hiring a new CEO. They chose Jens Bach Mortensen, who served as the director of Jeld-Wen for many years. When Jens was appointed, the main shareholders wanted to sell part of their shares. Kvist Industries is Northern Europe s leading manufacturer of design furniture in moulded and solid wood. It produces a significant part of Fritz Hansen s, Fredericia Furniture s, Hay and Muuto s furniture selections as well as manufacturing for many other suppliers of design furniture. Kvist has the rights to FDB s furniture line and manufactures the furniture for this line. Kvist helps develop its customers products. Production is carried out in three locaprocess for the customers. Kvist is generally perceived as being competitive with anyone in the world. The Scandinavian design houses have experienced strong growth in recent years. This growth has affected Kvist as well, and the company is growing by 25 30% annually. It is a major management task to ensure smooth processing of a large quantity of orders that is increasing so rapidly. Hence, there was a need for additional management resources within the company. This was resolved with the appointment of Jens Bach. The collaboration between the three directors and the customers is running smoothly. Industri Udvikling strongly believes that Kvist Industries will develop into a large, profitable Danish industrial company in the coming years.
10 PcP A value creating journey over 16 years 6 PcP A value creating journey over 16 years After 16 years of productive development and co-ownership of PcP, Industri Udvikling sold its shares in the company in 2013 and achieved an annual return of approx. 20%. a large standard selection of gratings as well as customer-specific products such as highly specialised heat shield decks for oil rigs. The products are used by customers in very diverse industries such as construction, the chemical industry, the food industry, transportation, energy and the offshore industry. The company is known for its high quality and for developing new, ground-breaking products/construction techniques. For example, PcP was the first company to introduce the famous hole grating construction and scaffolding planks approved according to EU standards. A/S Maskinfabrikken PcP was founded in 1927 and develops and manufactures gratings, metal steps and scaffolding planks for the European market. PcP currently has approx. 275 employees, sales companies in 11 countries and an export share of more than 75%. The products include Industri Udvikling became a co-owner of PcP in 1997 when the company faced severe liquidity challenges and an imminent generational change by then-owner and general manager Peter Fahrsen. However, the generational change was not implemented until ten years later, as Peter Fahrsen s entrepreneurial spirit and sense of product development made him the right head of the company despite his advanced age during this stage of the company s development. The basis of the growth process which PcP has experienced over the past 16 years began with the capital injection from Industri Udvikling, which initially helped bring calmness to operations. Peter Fahrsen, an entrepreneur, was once again able to focus on what he did best, i.e. product development and sales, rather than putting out fires and attending bank meetings about liquidity. The ability to focus on the future development and the company s great expertise in product development meant that the foundation for growth
11 PcP A value creating journey over 16 years 7 was once again present. At the same time, resources were freed up to focus on further optimising production through automation, which enabled PcP to manufacture at a consistently high level of quality and at competitive prices with short lead times. Overall, this combination prompted successful upselling both on the domestic market and in the rest of Europe, and thus the company was able to switch to a new level for the first time. In 2001, the second phase of the growth cycle was initiated through the acquisition of the company s biggest competitor and the former market leader in Denmark ElefantRiste. The acquisition made PcP Denmark s leading player in gratings and safety gratings, and at the same time a number of new customer segments were added, while generally improved market earnings were achieved. In 2007, the generational management shift was completed when the new CEO, John Nielsen, took over and launched the next stage of development. Like many other industrial companies, PcP was challenged at this stage by the financial crisis as well as increasing competition from Asia. The necessary steps included a general professionalisation of the company through further optimisation of the production flow, strengthening of the organisation, and closer integration of the foreign sales companies. Despite a major drop in revenue, this helped the company maintain a competitive platform, and it caught up relatively quickly during the crisis. This has been successfully achieved and today PcP is back at the same revenue level as before the crisis and, at the same time, with a much stronger platform for future growth. In May 2013, PcP was sold to the current CEO, John Nielsen, and the private equity fund Maj Invest Equity. When Industri Udvikling decided to invest in PcP in 1997, the decision was based on revenue of DKK 132 million and result before tax of DKK 4 million. The multi-phase development has made PcP one of today s leading companies in Europe in the field of quality gratings and safety gratings and has led to a threefold increase in turnover and a tenfold increase in earnings. For Industri Udvikling, the journey over the past 16 years was equally successful, with an annual return of approx. 20% on the investment.
12 Doing it differently than others Article from the Jyllands-Posten newspaper. By Jens Erik Rasmussen and Jesper Olsen 8 Doing it differently than others The investment company Industri Udvikling has the most companies in its portfolio The business model is the opposite of private equity funds The investment director of Industri Udvikling states that it differs significantly from traditional private equity funds, which often get all the attention in the media. Nevertheless or maybe because of this Industri Udvikling has actively invested in far more companies than the better- known private equity funds and venture capital companies. This is evident in an analysis conducted by Dansk Aktie Analyse (Danish Stock Analysis) for the newspaper Jyllands- Posten. Over the past year we have invested in ten companies. That is a relatively large number. We get lots of enquiries, and more than in the past. There are many companies that need capital because the banks are more reluctant to lend money, says Lars Buhl. Since 1994, Industri Udvikling has injected money into more than 100 companies. Currently, the company has large interests in more than 35 companies, which, together, have sales of approx. DKK 6 billion and employ approx. 5,000 people. Typically, small and medium-sized companies with a turnover of up to DKK million are the target for investment. Industri Udvikling is often able to provide funding in connection with a generational change. A different model In a number of areas, Industri Udvikling s business model is the complete opposite of the approach of conventional capital funds. We are always minority shareholders and have no desire to hold a majority in the companies. On the contrary, we prefer multiple partners in the ownership structure, as it is fruitful when several parties need to come to an agreement, says Lars Buhl. Making demands In turn, Industri Udvikling always sits on the board and demands a good, active and strong board of directors. Industri Udvikling mostly invests in companies where the director or the executive board has an owner s share, so that management and investors have a common interest in creating growth and development. As opposed to private equity funds, the investment firm has no strategy for when or how to get out of the investment. Ownership typically lasts longer than the three to five years which is often the norm for private equity funds. Our horizon is somewhat longer. As long as the company is growing and showing good results, we are in, says Lars Buhl. Quick agreement Once contact has been made and there is mutual interest, it usually takes only a very short time before Industri Udvikling and the company in question Lars Buhl, Investment Director have agreed on a contractual basis. Industri Udvikling does not show up with an army of consultants who scrutinise all the documents. The mantra is a non-bureaucratic and quick decisionmaking process. There is no reason to tie management to the copier for several months as that takes up too many resources in a medium-sized company. We believe our own eyes, and we look at the business foundation more than checking the numbers. At the same time, it is crucial that the company has the right management. This is especially true in small and medium-sized companies that don t have a large number of employees to draw on, says Lars Buhl. The reason behind the many investments in recent years is not least the fact that it has become cheaper to buy after the financial crisis and the economic downturn. At the same time things have calmed down, so you can look into the future.
13 Financial highlights Industri Udvikling A/S Industri Udvikling A/S Key figures DKK 1,000 9 Profit and loss statement Total income... 81, ,533 35,546 39,247 54,339 Costs... 5,112 5,645 6,374 6,591 3,041 Profit before financial items... 75, ,888 29,172 32,656 51,298 Financiel expenses... -1, Profit before tax... 74, ,753 29,052 32,420 51,209 Tax Profit before tax... 74, ,241 29,342 33,079 51,695 Balance sheet Investments in portfolio companies , , , , ,489 Receivables... 18,649 4,531 4,811 12,278 3,477 Cash ,454 6,455 - Total assets , , , , ,966 Total equity , , , , ,576 Current liabilities... 51,350 25,471 32,264 16,004 9,390 Total liabilities , , , , ,966 Dividends, interim dividends ,000 60, ,000 90,000 The year s portfolio investments... 8,255 26,115 19,714 6,291 9,221 Exits/divestments ,525 49, ,207 78,318 Repayments of loans... 7,050 3,425 5,602 14,413 4,532 Key figures Internal rate of return (IRR), accumulated % 10.8% 10.7% 10.7% 10.9% Yield on portfolio investments % 24.7% 7.8% 12.0% 27.6% Solvency % 94.7% 92.9% 93.1% 95.0% Cost percentage % 1.2% 1.3% 1.4% 1.2% Official annual reports (in Danish) for Industri Udvikling A/S from 2013 and recent years are available at
14 Financial highlights Industri Udvikling II K/S 10 Industri Udvikling II K/S Key figures DKK 1,000 Profit and loss statement Total income ,176 7,130 46,534 40,661 14,379 Costs... 6,805 5,310 4,494 4,675 4,917 Profit before financial items ,981 1,820 42,040 35,986 9,462 Financiel income/expences Net profit ,863 1,852 41,457 35,785 9,456 Balance sheet Investments in portfolio companies , , , , ,141 Receivables... 7,733 8,999 11,089 29,711 39,601 Cash... 50, ,348 Total assets , , , , ,090 Total equity , , , , ,152 Current lialibities... 12,977 20,448 30,398 15,966 8,938 Total liabilities , , , , ,090 Distribution ,000 55, The year s portfolio investments... 46,328 39,194 43,143 1,031 6,831 Exits/divestments... 54,873 18,237 11, Repayments of loans... 22,593 11,345 27,878 9,143 14,500 Key figures Internal rate of return (IRR), accumulated % 14.1% 14.0% 13.7% 12.5% Return on portfolio investments % 2.1% 13.7% 12.0% 4.3% Solvency % 94.2% 91.3% 95.7% 97.6% Cost percentage % 1.2% 1.0% 1.2% 1.3% Official annual reports (in Danish) for Industri Udvikling II K/S from 2013 and recent years are available at
15 Financial highlights Industri Udvikling III K/S Industri Udvikling III K/S Key figures DKK 1, /5-31/ Profit and loss statement Total income... 1,098-26,367 31,810 53,642 Costs... 1,426 1,561 2,078 2,892 Profit before financial items ,928 29,732 50,750 Financiel income/expences Net profit ,675 29,661 50,228 Balance sheet Investments in portfolio companies... 60,330 79, , ,682 Receivables... 1,288 1,143 3,852 1,374 Cash... 5,955 28,019 4,698 11,071 Total assets... 67, , , ,127 Total equity... 67, , , ,302 Current liabilities ,411 26,483 31,825 Total liabilities... 67, , , ,127 Distribution The year s portfolio investments... 60,330 47, ,721 96,629 Exits/divestments ,716 Repayments of loans ,913 10,476 Key figures... Internal rate of return (IRR), accumulated... Neg. Neg. 0.5% 8.8% Return on portfolio investments... - Neg. 21.1% 19.0% Solvency % 98.7% 88.5% 91.0% Cost percentage % 1.3% 1.1% Official annual reports (in Danish) for Industri Udvikling III K/S from 2013 and recent years are available at
16 Report Investing in 117 companies has provided solid experience from many industries was another good year for many of Industri Udvikling s companies and hence also for Industri Udvikling. The results for Industri Udvikling A/S and Industri Udvikling III K/S were both in the area of DKK 50 million, while Industri Udvikling II K/S alone achieved a result of approx. DKK 10 million following the bankruptcy of a portfolio company. The three Industri Udvikling companies were founded in 1994, 2004 and 2010 respectively, and are therefore at different points in their life cycle. At this point, Industri Udvikling A/S has sold off most of its portfolio companies, and sales continued in The portfolio consisted of six companies at the end of Industri Udvikling II K/S has also completed several exits, and several of the companies of the remaining portfolio have reached a high level of maturity and are ready to be sold. The portfolio consisted of 15 companies at the end of Industri Udvikling A/S In 2013, Industri Udvikling A/S achieved a result of DKK 51.7 million (DKK 33.1 million) and has earned total annual interest of 10.9% on invested capital (IRR). Some of the positive value adjustments in 2013 included EM-fiberglas A/S, JHL Holding A/S, Omada A/S, PF Management Holding ApS, K.P. Holding A/S and WoodCare Denmark A/S. EM-fiberglas has really improved its financial performance and JHL Holding (Hvidtved Larsen) continues to develop in a positive direction. Omada has skilfully managed to emerge stronger from a setback in 2012 and appears even stronger than before. PF Management Holding (PcP) was sold during the year and K.P. Holding (K.P. Komponenter) was sold in early January WoodCare Denmark has undergone trimming of its production platform and is showing improved results. Total result for Industri Udvikling: 2013: DKK million 2012: DKK million 2011: DKK million 2010: DKK million 2009: DKK million 2008: DKK million 2007: DKK million At the end of 2013, Industri Udvikling III K/S had already built a strong portfolio of 18 companies. It invested in two companies in 2014 and is expected to invest in a few more before having used the base capital. Industri Udvikling IV K/S is expected to be established during In connection with the sale of PF Management Holding, DKK 90 million was paid to the shareholders as an interim dividend. Since its formation in 1994, Industri Udvikling A/S has invested DKK 831 million in 63 companies. After exits, the company had an active portfolio of six companies at the end of 2013 and the portfolio is valued at DKK million.
17 Report 2013 Industri Udvikling II K/S In 2013 Industri Udvikling II achieved a result of DKK 9.5 million (DKK 35.8 million) and earned total annual interest of 12.5% on invested capital (IRR). The main positive valuation adjustments for 2013 relate to ABL Food A/S, Dansk Mink Papir (DMP Partners A/S), Despec Nordic (Neos Invest A/S), Holmris A/S and Jydsk Planteservice A/S. ABL Food has recovered from its earning crisis and has increased its results. Dansk Mink Papir had another good year in which the company benefited from the mink farmers good earnings. Despec Nordic continued to deliver solid results. Holmris has impressed and used the crisis to consolidate its position on the Danish market. Jydsk Planteservice was sold at the end of February The result was affected negatively by the bankruptcy of Engsø Gruppen a/s a sad exit and considerable lost value for the group s three healthy subsidiaries, which all showed good results and solid order books. Industri Udvikling III K/S In 2013 Industri Udvikling III achieved a result of DKK 50.2 million (DKK 29.7 million) and earned total annual interest on invested capital of 8.8% (IRR). The main positive adjustments for 2013 relate to Borch Textile Holding A/S, HT BENDIX A/S and Scanflavour Holding A/S. Borch Textile Holding was purchased at the beginning of 2013 and has developed better than anticipated this year. HT BENDIX has completed an impressive development process over the last many years. Since the takeover in 2012, Scanflavour Holding has been characterised by strong growth in earnings. Since its formation in 2010, Industri Udvikling III K/S has invested DKK 315 million in 21 companies. After exits, the company had an active portfolio of 18 companies at the end of 2013 and the portfolio is valued at DKK million. So far, the company has invested in two companies in The future Industri Udvikling is offered numerous potential investment opportunities on an ongoing basis. In the coming years 4 8 new investments a year are expected. Industri Udvikling IV K/S is expected to be established during 2014 with a base capital of around DKK 400 million. It is assessed that Industri Udvikling s portfolio of companies gives reason to expect positive results for the coming years. Furthermore, Industri Udvikling expects exits in all three companies, which will enable good results in The expected positive development of the portfolio companies in Industri Udvikling III is also expected to provide this company with a good result in Since its formation late 2003, Industri Udvikling II K/S has invested DKK 532 million in 31 companies. After exits, the company had an active portfolio of 15 companies at the end of 2013 and the portfolio is valued at DKK million.
18 Overview of portfolio companies 14 Investment company Shareholding Business area Industri Udvikling A/S JHL Holding A/S (J. Hvidtved Larsen A/S) 29.7% Vacuum tankers Omada A/S 19.6% Software and IT consulting business Virklund Sport A/S 58.3% Facilities and equipment for sports WoodCare Denmark A/S 46.4% Products for wood coating EM-fiberglas A/S (est. 1998) 50.0% Glassfibre production Industri Udvikling II K/S Boform A/S 33.7% Kitchen, wardrobe and office supplies 7 Bramidan Holding A/S 40.0% Compression of recyclable packaging waste 8 Kitchn A/S 66.0% Kitchens, bathrooms and wardrobes Danelec Marine A/S 26.6% Black boxes for ships, electronic charts 10 Dan-Iso Holding A/S 50.0% Insulation material Despec Nordic (Neos Invest A/S) 34.0% IT and office supplies Dansk Mink Papir & DMP Partners A/S 37.8% Equipment for the mink sector and industry 13 Holmris A/S 30.3% Office furniture and more 14 Omni Technical Solutions A/S 48.8% Vehicle repair shops and leasing of rolling stock ABL Food A/S 40.0% Commodity supplier for the food industry 16 Jyden Bur A/S 30.0% Cattle and pig housing supplies Industri Udvikling III K/S Confac A/S 33.0% Concrete facade elements 18 Euro Therm Invest A/S 33.3% District heating plants 19 Resolux ApS 30.0% Light fittings for the wind turbine industry 20 Total Wind Group A/S 33.0% Installation and servicing of wind turbines KVM Industrimaskiner (KVM Invest ApS) 50.0% Concrete and asphalt plants 22 Ribe Jernindustri (Ribe Jern Holding A/S) 50.0% HUDEVAD and RIOpanel radiators 23 Uno Danmark Holding A/S 40.0% Clothes made of natural materials for women C&H System A/S 33.0% Handling and packing plant 25 HT BENDIX A/S 49.0% Fittings/accessories for the furniture industry, etc. 26 Lindø Steel A/S 40.0% Cutting and machining of large steel plates 27 Nordisk Company A/S 49.5% Outdoor equipment and clothing 28 Scanflavour Holding ApS 25.0% Functional proteins for the food industry 29 Theca A/S 33.3% Upholstered furniture Borch Textile Holding A/S 37.5% Work clothes and textiles for industrial laundries 31 Christian Berg (CB Invest Holding ApS) 32.5% Refrigeration and ventilation systems 32 Global Wind Power Europe A/S 6.7% Project development for the wind turbine market 33 Kvist Industries (Kvist Industries Invest ApS) 24.5% High-quality furniture 34 SGM Holding ApS 30.0% Light fittings based on LED technology KD Maskinfabrik A/S 31.0% Solutions for water treatment plants and sewage treatment 36 FSG Foods ApS 33.3% Total supplier of fish and sushi-related products The numbers refer to the map of Denmark on the opposite page.
19 Geografic location of companies Portfolio companies: - sales of DKK 6.3 billion - employing 5,100 people 15 Profits in excess of DKK 10 million before tax DKK million Scanflavour A/S 40.8 Omni Technical Solutions A/S 28.7 Total Wind Group A/S 21.3 J.Hvidved Larsen A/S 20.7 Holmris A/S 17.0 Theca A/S 16.5 Despec Nordic Holding A/S 14.6 Dansk Minkpapir A/S 13.4 Omada A/S Twenty-seven of Industri Udvikling s companies are located in Jutland, six on Zealand and three on Funen. In one company, the operating company is based in Dubai.
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