Insepa A/S

Development in activities and financial positionIn 2023 both Espersen and Beck delivered strong profitable results contributing to an annual result for INSEPA above both budget and the result of 2022. Espersen saw a growth in revenue of 7% compared to 2022 to the level of DKK 3465m impacted by higher average sales prices and the acquisition of the Grimsby facility in the United Kingdom. Despite a slowdown in demand of Espersen products the combination of higher sales prices, lower raw material prices and tight cost control improved the profit result for the year of 2023 compared to 2022 improving the result before tax with DKK 135m including the acquisition of the Grimsby plant.Beck had a strong year in 2023 though behind the record performance both on revenue and profit in 2022, 2023 ended up being the second strongest result in history. The demand for liners saw a drop in the last part of the year, especially for the US market due to slower demand and inventory reductions. The lower demand in liners compared to 2022 resulted in an overall drop in revenue of 21% to DKK 326m and a drop in profitability of 31% to DKK 74m.The revenue in the INSEPA group for 2023 is therefore a bit lower than the expected range in the outlook for 2023, but on par with the total revenue level for 2022. The operating results before special items for 2023 amount to DKK 171m and are therefore higher than in the outlook for 2023 for the reasons described above. The result is satisfactory and the highest ever for the INSEPA group.The Group’s solvency increased to 41.4% at 31 December 2023 (2022: 34.4%).