Presentation 2014 /15

Size: px
Start display at page:

Download "Presentation 2014 /15"

Transcription

1 Presentation 2014 /15

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: iu@industriudvikling.dk 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.

20 Portfolio companies 16 Portfolio companies Pages 17-34

> nordic roots global view <

> nordic roots global view < > nordic roots global view < INNOVATORS BY NATURE Nordic roots global view > We are rooted in the Danish tradition of craftsmanship that emerged in the transition from an agricultural to an industrial

More information

How To Run A Power Station In Danesborg

How To Run A Power Station In Danesborg Presentation of Energinet.dk April 2008 1 Presentation of Energinet.dk Agenda 10:00 12:00 Welcome and presentation of Energinet.dk /Peter Jørgensen Wind integration - challenges /Antje Orths R&D in environment-friendly

More information

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail.

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail. Interim report First quarter 2006 (1/1 31/3 2006) The Supervisory Board of MT Højgaard a/s has today considered and approved the Company's interim report for the first quarter 2006. The interim report

More information

OW BUNKER ANNOUNCES INTENTION TO LAUNCH AN IPO AND TO SEEK A LISTING ON NASDAQ OMX COPENHAGEN

OW BUNKER ANNOUNCES INTENTION TO LAUNCH AN IPO AND TO SEEK A LISTING ON NASDAQ OMX COPENHAGEN PRESS RELEASE 5 March 2014 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN This announcement is not a prospectus

More information

Nykredit buys Totalkredit

Nykredit buys Totalkredit Translation To the Copenhagen Stock Exchange and the press 20 June 2003 buys Totalkredit Close strategic alliance between and the local and regional banks Totalkredit continues as company, brand and business

More information

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail.

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail. Interim financial report Q1 2007 (1/1 31/3 2007) The Supervisory Board of MT Højgaard a/s has today discussed and approved the Company s interim financial report for the first quarter of 2007. The interim

More information

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015 9 September EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended EU Supply, the e-procurement SaaS provider, is pleased to announce its unaudited interim results

More information

Press Release Corporate News Vienna, 18 March 2015

Press Release Corporate News Vienna, 18 March 2015 Press Release Corporate News Vienna, 18 March 2015 IMMOFINANZ with stable operating performance in the first three quarters, Net profit reduced New share buyback program resolved KEY FIGURES (in MEUR)

More information

NORDEA BANK AB (publ) NORDEA BANK FINLAND Abp

NORDEA BANK AB (publ) NORDEA BANK FINLAND Abp This Supplementary Prospectus has been approved by and registered with the Swedish Financial Supervisory Authority with FI Dnr 11-11134 and is dated and published 1 November 2011 NORDEA BANK AB (publ)

More information

Announcement of Financial Results 1999. for. Den Danske Bank Group

Announcement of Financial Results 1999. for. Den Danske Bank Group Announcement of Financial Results 1999 for Den Danske Bank Group 2 Den Danske Bank Group Highlights Core earnings and net profit for the year (DKr million) 1999 1998 1997 1996 1995 Net interest income,

More information

Interim Financial Report Q3 2007

Interim Financial Report Q3 2007 Interim Financial Report Q3 2007 Translation This text has been prepared in Danish and in English. In case of discrepancies, the Danish text will prevail. Q3 2007 The Interim Financial Report contains

More information

Equity per share (NOK) 147 123 131 Equity ratio 39 % 38 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 184 152 165

Equity per share (NOK) 147 123 131 Equity ratio 39 % 38 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 184 152 165 REPORT FOR Q2 AND THE FIRST 6 MONTHS OF 2015 KEY FIGURES Amounts in NOK million Q2 2015 Q2 2014 30.06.15 30.06.14 2014 Net rental income 501 450 1 005 904 1 883 Fair value adjustments in investment properties

More information

INDUSTRY INTRODUCTION: PLASTICS

INDUSTRY INTRODUCTION: PLASTICS PLASTICS INDUSTRY INTRODUCTION: PLASTICS A day without plastics is unthinkable in a modern, sustainable society. Plastics is used in an endless number of items in our daily lives and is extremely valuable

More information

R A I S I N G F U N D S I N SWEDEN

R A I S I N G F U N D S I N SWEDEN R A I S I N G F U N D S I N SWEDEN Raising funds in Sweden Sweden can offer good opportunities and many ways to raise finance for businesses. The costs of establishing a Swedish limited company are low

More information

EBITDA was DKK 11.4m in Q3, down by 35% relative to the same period of last year. For the 9M period, EBITDA fell by 29%.

EBITDA was DKK 11.4m in Q3, down by 35% relative to the same period of last year. For the 9M period, EBITDA fell by 29%. NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 1007 Copenhagen K Announcement No. 18/2008 4 November 2008 CVR No. 15701315 Interim report third quarter of 2008 Summary: SP Group generated a loss before tax

More information

Release no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S

Release no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S Page 1/10 22 May 2014 for ROCKWOOL International A/S Today the Board of ROCKWOOL International A/S has discussed and approved the following report on first quarter 2014. Highlights Sales in first quarter

More information

CARLSBERG ANNOUNCES A DKK 30.5 BILLION 1:1 RIGHTS ISSUE WITH A SUBSCRIPTION PRICE OF DKK 400

CARLSBERG ANNOUNCES A DKK 30.5 BILLION 1:1 RIGHTS ISSUE WITH A SUBSCRIPTION PRICE OF DKK 400 Carlsberg A/S 100 Ny Carlsberg Vej DK-1760 Copenhagen V Tel +45 33 27 33 00 CVR no 61056416 COMPANY ANNOUNCEMENT Page 1 of 6 AND THE DISTRICT OF COLUMBIA) CARLSBERG ANNOUNCES A DKK 30.5 BILLION 1:1 RIGHTS

More information

Nordic Waterproofing announces its initial public offering on Nasdaq Stockholm and prospectus in connection therewith

Nordic Waterproofing announces its initial public offering on Nasdaq Stockholm and prospectus in connection therewith PRESS RELASE Helsingborg, Sweden, 30 May 2016 Nordic Waterproofing announces its initial public offering on Nasdaq Stockholm and prospectus in connection therewith IN WHICH THE DISTRIBUTION OR RELEASE

More information

Financial Services In Europe

Financial Services In Europe Financial Services In Europe GE A Global Company Operations in over 100 countries Debt rated Triple-A since 1956 320,000 + employees worldwide Manufacturing facilities in 32 countries 2 Six GE Businesses

More information

Equity Story. 29 October 2015

Equity Story. 29 October 2015 29 October 2015 Key messages Nordic universal bank Solid foothold across all our four Nordic markets Traction towards 9.5% ROE in 2015 is on track Strong focus on cost management Significant improvement

More information

asset classes Understanding Equities Property Bonds Cash

asset classes Understanding Equities Property Bonds Cash NEWSLETTER Understanding asset classes High return Property FIND OUT MORE Equities FIND OUT MORE Bonds FIND OUT MORE Cash FIND OUT MORE Low risk High risk Asset classes are building blocks of any investment.

More information

TRIMIT Partnership WWW.TRIMIT.COM

TRIMIT Partnership WWW.TRIMIT.COM TRIMIT Partnership WWW.TRIMIT.COM 325+ 6,250+ 15,000+ organizations run TRIMIT people use TRIMIT every day hours is our yearly investment in development Welcome to TRIMIT partner network An introduction

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten

More information

Interim Report January 1 st March 31 st, 2003

Interim Report January 1 st March 31 st, 2003 Interim Report January 1 st March 31 st, 2003 First Quarter 2003 Earnings before taxes increased by 23 per cent to 70 MSEK. Earnings after taxes increased by 36 per cent to 45 MSEK. Earnings per share

More information

GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE

GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE SECTION 1 DETAILS GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE I. Principal Activity: Please provide an explanation of the activity of the enterprise according

More information

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail.

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail. Interim report - Third quarter 2006 (1/1-30/9 2006) The Supervisory Board of MT Højgaard a/s has today considered and approved the Company's interim report for the third quarter of 2006. The interim report

More information

Arla Foods amba Aarhus, Denmark INVESTOR ANNOUNCEMENT 17-02-2016. Arla Foods Annual Results 2015

Arla Foods amba Aarhus, Denmark INVESTOR ANNOUNCEMENT 17-02-2016. Arla Foods Annual Results 2015 Arla Foods amba Aarhus, Denmark INVESTOR ANNOUNCEMENT 17-02-2016 Arla Foods Annual Results 2015 Arla delivered a robust performance against difficult conditions in 2015, which was a tough year for the

More information

A Guide to Catering & Bakery Equipment Leasing

A Guide to Catering & Bakery Equipment Leasing A Guide to Catering & Bakery Equipment Leasing In association with Contents About AFE Group Ltd 3 About Academy Leasing 4 Why is Academy Leasing different? 4 What is leasing? 5 What is equipment leasing?

More information

Codan Longer term profitability and capital management CEO Jens Erik Christensen. 8 September 2005 Danske Equities

Codan Longer term profitability and capital management CEO Jens Erik Christensen. 8 September 2005 Danske Equities Codan Longer term profitability and capital management CEO Jens Erik Christensen 8 September 2005 Danske Equities Tre Kronor Försäkring AB Strong Nordic position with attractive brands % General insurance

More information

Equity per share (NOK) 135 123 131 Equity ratio 37 % 39 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 170 153 165

Equity per share (NOK) 135 123 131 Equity ratio 37 % 39 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 170 153 165 REPORT Q1/2015 KEY FIGURES Amounts in NOK million Q1 2015 Q1 2014 31.12.14 Net rental income 503 454 1 883 Fair value adjustments in investment properties and interest rate derivatives 1 294-9 281 Profit

More information

COMPANY ANALYSIS. Report from Bisnode Danmark 28/4-2015. Ict Logistics A/S Transportbuen 6 7400 Herning Denmark BISNODE DANMARK A/S

COMPANY ANALYSIS. Report from Bisnode Danmark 28/4-2015. Ict Logistics A/S Transportbuen 6 7400 Herning Denmark BISNODE DANMARK A/S 28/4-215 COMPANY ANALYSIS Report from Bisnode Danmark Ict Logistics A/S Transportbuen 6 74 Herning Denmark BISNODE DANMARK A/S Adresse: Gyngemose Parkvej 5, 8. sal, 286 Søborg Telefon: 722 41, E-mail:

More information

Interim Report, H1 2015/16. Illustration: BROEN, shopping centre Esbjerg, Denmark

Interim Report, H1 2015/16. Illustration: BROEN, shopping centre Esbjerg, Denmark Interim Report, H1 2015/16 Illustration: BROEN, shopping centre Esbjerg, Denmark Contents 1. The Group s results Financial highlights and key ratios H1 2015/16 at a glance 2. Market conditions 3. Project

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101

Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 GERRY WEBER International AG Report on the first nine months of 2003/2004 Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 The GERRY WEBER share: While the stock market

More information

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it Aa Acquisition process by which a company buys another company advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it advertiser

More information

Semi-Annual Report First Half of 2015

Semi-Annual Report First Half of 2015 Semi-Annual Report First Half of 2015 Table of Contents Page Information about Merkur Cooperative Bank 2 Statement by the Executive Board and the Board of Directors 3 Management s Review 4 8 Income Statement

More information

NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 DK-1007 Copenhagen K

NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 DK-1007 Copenhagen K NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 DK-1007 Copenhagen K Announcement no. 25/2015 28 April 2015 Company reg. (CVR) no. 15701315 Interim report First quarter of 2015 Summary: SP Group generated profit

More information

as Your partner in Business.

as Your partner in Business. A Presentation The Company Swedmec is a service provider in marketing and sales for suppliers to the OEM industry. Through our network and with assignments from our principals all over the world we target

More information

INFORMATION TO CLIENTS REGARDING THE CHARACTERISTICS OF, AND RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (SHARES, SHARE-RELATED INSTRUMENTS AND BONDS)

INFORMATION TO CLIENTS REGARDING THE CHARACTERISTICS OF, AND RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (SHARES, SHARE-RELATED INSTRUMENTS AND BONDS) INFORMATION TO CLIENTS REGARDING THE CHARACTERISTICS OF, AND RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (SHARES, SHARE-RELATED INSTRUMENTS AND BONDS) The client fully understands: that investments are

More information

ANNUAL REPORT 2015. Ringkjøbing Landbobank A/S Torvet 1 DK-6950 Ringkøbing Denmark RINGKJØBING LANDBOBANK. Telephone +45 9732 1166

ANNUAL REPORT 2015. Ringkjøbing Landbobank A/S Torvet 1 DK-6950 Ringkøbing Denmark RINGKJØBING LANDBOBANK. Telephone +45 9732 1166 RINGKJØBING LANDBOBANK Ringkjøbing Landbobank A/S Torvet 1 DK-695 Ringkøbing Denmark Telephone +45 9732 1166 Telefax +45 7624 4913 E-mail post@landbobanken.dk Web www.landbobanken.com SWIFT RINGDK22 ANNUAL

More information

insurance companies pension funds building societies

insurance companies pension funds building societies 1. Depository institutions - BANKS commercial banks credit unions savings and loan associations 2. Contractual savings institutions insurance companies pension funds building societies 3. Investment intermediaries

More information

Interim report April-June 2003

Interim report April-June 2003 Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second

More information

MultiQ Digital Retail Gaming The Digital Store enhancing the In-Store gaming experience

MultiQ Digital Retail Gaming The Digital Store enhancing the In-Store gaming experience MultiQ Digital Retail Gaming The Digital Store enhancing the In-Store gaming experience MultiQ leading Digital Signage MultiQ is the largest Digital Signage supplier in the Nordics. We offer complete

More information

Q2 and H1 2014 results. Investor presentation. Follow us on Twitter: @TrygIR

Q2 and H1 2014 results. Investor presentation. Follow us on Twitter: @TrygIR Q2 and H1 2014 results Investor presentation Follow us on Twitter: @TrygIR Contents Highlights Q2 2014 3 Premiums and portfolio 9 Claims 14 Investment and capitalisation 19 For new investors 23 Appendix

More information

NASDAQ OMX Copenhagen A/S. Preliminary announcement of financial statements 2014 24 February 2015

NASDAQ OMX Copenhagen A/S. Preliminary announcement of financial statements 2014 24 February 2015 NASDAQ OMX Copenhagen A/S EXECUTIVE BOARD Vestergade 8-16 DK-8600 Silkeborg Tel.: +45 89 89 89 89 Fax: +45 89 89 19 99 www. jyskebank.dk E-mail: jyskebank@jyskebank.dk Business reg. no. DK17616617 - Preliminary

More information

INTERIM REPORT H1 2015/16

INTERIM REPORT H1 2015/16 I C GR OUP Company Announcement no. 4 /2016 INTERIM REPORT Consolidated revenue for amounted to DKK 1,446 million (DKK 1,426 million) corresponding to an increase of 1.4%, or 2.3% measured in local currency,

More information

Active Roofs and Facades in Sustainable Renovation

Active Roofs and Facades in Sustainable Renovation Ellebo Garden Room, Ballerup Overall winning project of the Nordic Built Challenge Architectural competition Active Roofs and Facades in Sustainable Renovation A Nordic Innovation Initiative for development

More information

Business Transfers within

Business Transfers within Mergers & Acquisitions - Technology and Media Business Transfers within Technology and Media Bringing together experience and commercial insight 1 Complicated made easy Technology and licensing are increasingly

More information

A guide to the world of investing

A guide to the world of investing A guide to the world of investing Investments Introduction If you are thinking about investing, then this booklet is designed to help lead you through the investment landscape. It s a quick,simple guide

More information

STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE

STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE Möbel Zahlen Daten STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE 01/36 Economical growth in the regions of the world-economy Changes of the gross domestic

More information

Guide to Establishing a Business in Denmark

Guide to Establishing a Business in Denmark Guide to Establishing a Business in Denmark www.investindk.com Contents Introduction: Establishing a Business in Denmark... 2 Key Facts About Setting up a Business in Denmark... 2 Business Activities in

More information

Automotive Suppliers Survey

Automotive Suppliers Survey The outlook for 2014 remains optimistic. The key to success will be innovation and R&D, the key to survive will be skilled labour. Automotive Suppliers Survey Slovakia, 2014 Consultancy firm PwC in cooperation

More information

Capio intends to be listed on the Nasdaq Stockholm Stock Exchange

Capio intends to be listed on the Nasdaq Stockholm Stock Exchange NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR PUBLICATION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, NEW ZEALAND, SOUTH AFRICA, HONG KONG, SINGAPORE

More information

Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%)

Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%) date 23 February 2012 more information e-mail Jan Aalberts / John Eijgendaal info@aalberts.nl phone +31 (0)343 565 080 Press Release Aalberts Industries realises strong growth in revenue (15%) and earnings

More information

ANNUAL REPORT 2015 EXSTRACT. PensionDanmark A/S CVR nr. 16163279

ANNUAL REPORT 2015 EXSTRACT. PensionDanmark A/S CVR nr. 16163279 ANNUAL REPORT 2015 EXSTRACT PensionDanmark A/S CVR nr. 16163279 Summary A year of growth for PensionDanmark In 2015 companies, which have PensionDanmark as a pension scheme provider, experienced growth

More information

PRESENTATION OF IFU. Energipolitisk Konference 27/03/2014. Torben Huss Executive Vice President

PRESENTATION OF IFU. Energipolitisk Konference 27/03/2014. Torben Huss Executive Vice President PRESENTATION OF IFU Energipolitisk Konference 27/03/2014 Torben Huss Executive Vice President 1 WHAT IS IFU? IFU is a self-governing fund established by law in 1967 Purpose: To promote economic activity

More information

Economic and social effects of buy-outs in the Netherlands. Increased employment and growth in companies after a private equity investment

Economic and social effects of buy-outs in the Netherlands. Increased employment and growth in companies after a private equity investment Economic and social effects of buy-outs in the Netherlands Increased employment and growth in companies after a private equity investment January 2008 This report examines the role of private equity firms

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

KIRK KAPITAL A/S Annual Report for 2014

KIRK KAPITAL A/S Annual Report for 2014 KIRK KAPITAL A/S Annual Report for CVR No 31 15 98 57 The Annual Report was presented and adopted at the Annual General Meeting of the Company on 16/4 2015 Søren Lindgaard Chairman Contents Page Management

More information

SPAR NORD AND SPARBANK CONTEMPLATE MERGER

SPAR NORD AND SPARBANK CONTEMPLATE MERGER Skriv dato in Vis hjælpeli ved placerin 1. Højreklik og vælg g 2. Sæt kryds hjælpelinj 3. Vælg OK SPAR NORD AND SPARBANK CONTEMPLATE MERGER Investor and analyst briefing 18 September 2012 DISCLAIMER The

More information

Half-year report 2015 Tryg Forsikring A/S

Half-year report 2015 Tryg Forsikring A/S Half-year report 2015 Tryg Forsikring A/S (CVR-no. 24260666) Contents Company details... 3 Management s report... 4 Statement by the Supervisory Board and the Executive Management...16 Accounts Tryg Forsikring

More information

Car Wash Business Plan Soapy Rides Car Wash

Car Wash Business Plan Soapy Rides Car Wash Car Wash Business Plan Soapy Rides Car Wash Executive Summary Soapy Rides is a prominent hand car wash serving the East Meadow, Long Island, NY community. Soapy Rides will be run by Mark Deshpande, of

More information

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS Q1 2015 Q1 2014 Change in % Net interest income EUR thousand -95 869 >-100.0 Current income

More information

Finland must take a leap towards new innovations

Finland must take a leap towards new innovations Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary 3 Foreword

More information

Company announcement from Vestas Wind Systems A/S

Company announcement from Vestas Wind Systems A/S Company announcement from Aarhus, 9 February 2016 Company announcement No. 3/2016 Page 1 of 9 Annual report 2015 - Yet another year with strong financial and operational results Summary: For full-year

More information

I N F O R M A T I O N A B O U T T R A D I N G I N S E C U R I T I E S Applicable from March 2012

I N F O R M A T I O N A B O U T T R A D I N G I N S E C U R I T I E S Applicable from March 2012 I N F O R M A T I O N A B O U T T R A D I N G I N S E C U R I T I E S Applicable from March 2012 This is a translation of the document Oplysninger om handel med værdipapirer in the Danish language. In

More information

NEWS FROM NATIONALBANKEN

NEWS FROM NATIONALBANKEN 1ST QUARTER 2016 NO. 1 NEWS FROM NATIONALBANKEN PROSPERITY IN DENMARK IS KEEPING UP Since the crisis in 2008, the Danish economy has generated an increase in prosperity, which is actually slightly higher

More information

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 Interim Report Q1 2015 INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 1 Interim Report Q1 2015 2 Letter from the Management Board Dear Shareholders, Ladies and Gentlemen, These

More information

GLOBAL ORGANISATIONAL STRUCTURE

GLOBAL ORGANISATIONAL STRUCTURE GLOBAL ORGANISATIONAL STRUCTURE President, CEO Sten Kjelstrup Executive, CFO Secretary to the Management Jeanette Dyekjær Product Development Henning Jørgensen Executive Vice President, CFO Global Finance,

More information

JT Family Holding Oy

JT Family Holding Oy [This is unofficial translation from Finnish original] JT Family Holding Oy ANNUAL REPORT 31.12.2012 ANNUAL REPORT 31.12.2012 page Board of Director s Review 3 Consolidated income statement 7 Consolidated

More information

UPM THE BIOFORE COMPANY

UPM THE BIOFORE COMPANY UPM THE BIOFORE COMPANY 2012 UPM today 24,000 employees Sales exceed 10 billion euros in 2011 Production in 16 countries, world-wide sales network Listed in the NASDAQ OMX Helsinki stock exchange Energy

More information

Koda Financial Statements for 2014

Koda Financial Statements for 2014 Koda Financial Statements for 2014 CVR No 64 08 69 28 The Financial Statements have been translated from the original in Danish. In case of discrepancy, the Danish version shall prevail. When translating

More information

Q4 2003. Outlook. Getinge Group Financial Statement 2003

Q4 2003. Outlook. Getinge Group Financial Statement 2003 Getinge Group Financial Statement 2003 Orders received totalled SEK 9,153.8 million (8,772.9) Net sales rose to SEK 9,160.2 million (8,640.1) Profit before tax climbed by 25 % to SEK 1,095.4 million (875.6)

More information

GREEN ENERGY FOR THE BLUE PLANET.

GREEN ENERGY FOR THE BLUE PLANET. 1 GREEN ENERGY FOR THE BLUE PLANET. ECOLOGY & ECONOMY SOLAR POWER HAS MANY SUNNY SIDES. THE SUN IS NOT ONLY THE SOURCE OF ALL LIFE ON EARTH, IT IS ALSO THE LARGEST SOURCE OF ENERGY. ITS OUTPUT IS UNLIMITED

More information

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST

More information

Today, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first quarter of 2014.

Today, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first quarter of 2014. 24 April 2014 To NASDAQ OMX Copenhagen -------------------------------------------- Today, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first quarter of 2014. We enclose

More information

In case of discrepancies between the Danish version and the English version of the Annual Report the Danish version is valid.

In case of discrepancies between the Danish version and the English version of the Annual Report the Danish version is valid. Annual report 2013 Table of contents Company information... 4 Company... 4 Board of Directors... 4 General meeting... 4 Dear shareholder... 5 Financial highlights... 6 Management's statement... 7 Auditors'

More information

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 on the first nine months of fiscal 2005/06 (December 1, 2005, to August 31, 2006) BUSINESS DEVELOPMENT IN THE FIRST NINE MONTHS OF FISCAL 2005/06 According

More information

PRESS RELEASE KENDRION N.V.

PRESS RELEASE KENDRION N.V. PRESS RELEASE KENDRION N.V. Important developments in 2004 - Financial restructuring completed successfully - Positive development of core activities has continued in fourth quarter - Organic growth in

More information

Carnegie Investment Bank AB (publ) Year-end report

Carnegie Investment Bank AB (publ) Year-end report Carnegie Investment Bank AB (publ) (Corp. reg. no. 516406-0138) Year-end report 1 January 31 December 2009 Carnegie Investment Bank AB (publ) is a leading independent investment bank with Nordic focus.

More information

Ostrów Mazowiecka, 17.03.2015 Dear Sirs and Madams, Dear Shareholders, I hereby present you the Annual Report of the Forte Company for 2014. My pleasure is even bigger as I can inform you, once again,

More information

A True Roller Coaster Ride: Sourcing Markets Force Fashion Players to Paradigm Change. Kurt Salmon Global Sourcing Reference 2015 [12th Edition]

A True Roller Coaster Ride: Sourcing Markets Force Fashion Players to Paradigm Change. Kurt Salmon Global Sourcing Reference 2015 [12th Edition] A True Roller Coaster Ride: Sourcing Markets Force Fashion Players to Paradigm Change Kurt Salmon Global Sourcing Reference 2015 [12th Edition] Increases of sourcing costs in China and other important

More information

Report 2. Statement and reports 15

Report 2. Statement and reports 15 Contents Report 2 Supplementary/corrective information on the annual report for 214 - Financial highlights for Danica Pension (corrected) 4 - Financial highlights for the Danica Pension (Annual Report

More information

European Insulation Business

European Insulation Business European Insulation Business Division Managing Director, Henrik Frank Nielsen 1 Agenda European insulation market Position in Europe Segmentation 2 Europe the most mature insulation market in the world

More information

Export Business Plan Guide

Export Business Plan Guide Export Business Plan Guide Table of Contents Introduction... 4 SECTION 01: CURRENT SITUATION ANALYSIS... 5 Company Overview... 5 Availability of Resources... 6 SWOT Analysis... 9 SECTION 02: MARKET ANALYSIS...

More information

Quarterly report 2/2004

Quarterly report 2/2004 Quarterly report 2/2004 Operating revenues increase to NOK 1573.4 million (1306.7) The new businesses Are and Mobilarum are performing as anticipated Operating profit in the second quarter totalled NOK

More information

KROMANN REUMERT IN LONDON

KROMANN REUMERT IN LONDON KROMANN REUMERT IN LONDON ABOUT KROMANN REUMERT Kromann Reumert is the leading law firm in Denmark with offices in Copenhagen, Aarhus, London and Brussels. We employ approx. 600 dedicated people, who work

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines 1. Introduction Entra ASA ( Entra ), and together with its subsidiaries, ( the group ) will be subject to the reporting requirements on corporate governance set out in 3

More information

How To Understand The Risks Of Financial Instruments

How To Understand The Risks Of Financial Instruments NATURE AND SPECIFIC RISKS OF THE MAIN FINANCIAL INSTRUMENTS The present section is intended to communicate to you, in accordance with the Directive, general information on the characteristics of the main

More information

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3

More information

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

More information

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast /08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change

More information

Consolidated Interim Report

Consolidated Interim Report Consolidated Interim Report as of 31 March 2015 UNIWHEELS AG CONTENTS 1. Key performance data 2. Condensed group management report as of 31 March 2015 3. Condensed consolidated financial statements as

More information

Issuing corporate bonds in Oslo an efficient, flexible and mature market for raising debt capital

Issuing corporate bonds in Oslo an efficient, flexible and mature market for raising debt capital Issuing corporate bonds in Oslo an efficient, flexible and mature market for raising debt capital THE NORWEGIAN BOND MARKET AN EFFICIENT SOURCE OF DEBT CAPITAL Bente A. Landsnes President and CEO of Oslo

More information

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007 THE INTERNATIONAL PROPERTY SPECIALIST Analyst Conference 26 March 2007 Agenda Results and achievements 2006 6 step program 1. New business and portfolio diversification 2. Non performing loans 3. Group

More information

Interim report 2009 AKTIESELSKABET

Interim report 2009 AKTIESELSKABET Interim report 2009 AKTIESELSKABET Interim report 2009 1 A/S Arbejdernes Landsbank Key figures 2 Management review for first half year of 2009 4 Income statement for first half year of 2009 5 Balance sheet

More information

As the selling shareholder, Novo Nordisk A/S will receive all the net proceeds from the offering.

As the selling shareholder, Novo Nordisk A/S will receive all the net proceeds from the offering. Press release Copenhagen, 9 February 2015 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION

More information

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest

More information

ISS MAP Management Trainee Programme

ISS MAP Management Trainee Programme ISS MAP Management Trainee Programme 1 2 ISS Management Trainee Programme Fast-forward your management career If you re ambitious and talented and have one foot planted firmly on the ground, you could

More information