Vissing Holding A/S

Management's reviewHereby, the Board of Directors and the Executive Board of Vissing Holding A/S have prepared the annual report and the Management's review for 2023.The activities of the companies comprise production, sale and distribution.20232022202120202019Financial highlights for the GroupDKK'000DKK'000DKK'000DKK'000DKK'000Management's review

The Financial Year 2023In 2023, Vikan celebrated its 125th anniversary. At the age of 28 years, Anders Peter Pedersen founded the company in 1898. This extraordinary milestone was celebrated through several activities during 2023, including events where we shared our history, engaged with our customers and the local community, and recognised our employees’ tremendous effort and dedication over many years.The Group’s net revenue for the 2023 financial year was MDKK 593 compared to MDKK 562 in 2022. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) amounted to MDKK 106 compared to MDKK 108 last year. Group profit for the year was MDKK 63 after tax, on par with the previous year.As of 1 September 2023, Vikan acquired its distribution partner for over 50 years, Wells, operating in Australia and New Zealand. Through the acquisition, Vikan will continue to grow its presence and realise the growth potential in these markets. In the financial year of 2023, the acquisition significantly negatively impacted the result, primarily due to non-cash and non-recurring accounting adjustments and direct costs related to the acquisition.As a result of the non-recurring negative impact of the acquisition of Wells, the 2023 result was below the expectations communicated in the 2022 annual report. The development in the core business was in line with expectations, and management is encouraged by the resiliency of the company and the ability to grow despite a challenging macro environment.During the 2nd quarter of 2023, the expansion of the Skive plant of 2.800 m2 was completed. The expansion will allow further growth with additional warehouse and manufacturing capacity. Vikan will continue to invest in innovation, new products, and further expansion of the manufacturing capacity to support future growth.