Generer rapport
Vkr Holding A/S
Breeltevej 18, 2970 Hørsholm, CVR 30830415
Virksomhedsform
Aktieselskab
Etableret
1968
Størrelse
Mellemstore
Ansatte
57
Omsætning
-
DKK
Bruttofortj.
-
DKK
Primært resultat (EBIT)
2.381
MDKK
Årets resultat
4.346
MDKK
Egenkapital
33.152
MDKK
annonce
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Rang Årets resultat
Rang i branche
3/463
"Top 10%"
Rang i Danmark
39/359.293
"Top 10%"
Direktion top 3
Torben Sørensen 9 | CEO |
Bestyrelse top 3
Mads Kann-Rasmussen 9 | Bestyrelsesformand |
Jørgen Jensen 8 | Næstformand |
Anne Broeng 7 | Bestyrelsesmedlem |
Legale ejere top 3
66.67-89.99% | Villum Fonden | DK |
5-9.99% | Jens Villum Kann-Rasmussen | DK |
5-9.99% | Mads Kann-Rasmussen | DK |
Tegningsregler
Selskabet tegnes af bestyrelsens formand i forening med to bestyrelsesmedlemmer eller af bestyrelsens næstformand i forening med to bestyrelsesmedlemmer eller af bestyrelsens formand i forening med en direktør eller af bestyrelsens næstformand i forening med en direktør eller af to direktører i forening.
Stamoplysninger baseret på CVR
Navn | Vkr Holding A/S |
Binavne | Bygnation A/S, Itek A/S, Novelco A/S, Sarnak A/S, V. Kann Rasmussen Industri A/S, Velcap A/S, Velux Industri A/S Vis mere |
CVR | 30830415 |
Adresse | Breeltevej 18, 2970 Hørsholm |
Branche | Ikke-finansielle hovedsæders aktiviteter [701010] |
Etableret | 07-02-1968 (57 år) |
Virksomhedsform | Aktieselskab |
Antal ansatte | 70 (årsværk:62) |
Reklamebeskyttelse | Nej |
Revisor | Ey Godkendt Revisionspartnerselskab siden 11-03-2008 |
Regnskabsperiode | 01-01 til 31-12 |
Selskabskapital | 109.869.000 DKK 100.000.000 DKK (30-08-1987 - 10-12-1998) |
Vedtægter seneste | 24-03-2022 |
Medlem af brancherne
- Ikke-finansielle hovedsæders aktiviteter [701010]NACE6 indeholdende 531 virk.
- Hovedsæders aktiviteter [701]NACE3 indeholdende 799 virk.
- Hovedsæders aktiviteter og virksomhedsrådgivning [70]NACE2 indeholdende 27.006 virk.
- Liberale, videnskabelige og tekniske aktiviteter [N]NACE1 indeholdende 88.327 virk.
Formål
Selskabets formål er, såvel i ind- som i udland, at eje og administrere interesser i industri- og handelsselskaber, at drive handel, fabrikation, investerings- og finansieringsvirksomhed samt at udøve anden dermed i forbindelse stående virksomhed
Regnskab
2024 | 2023 | 2022 | |
---|---|---|---|
Valuta/enhed | 000' DKK | 000' DKK | 000' DKK |
Omsætning | - - | - - | - - |
Bruttofortjeneste | - - | - - | - - |
Årets resultat | 4.346.000 +4% | 4.174.000 +165% | 1.573.000 -69% |
Egenkapital | 33.152.000 +11% | 29.777.000 +14% | 26.021.000 +3% |
Balance | 34.938.000 +10% | 31.884.000 +10% | 28.987.000 -2% |
Ledelsesberetning sammendrag
Ledelsesberetning
Management’s review |
Beskrivelse af virksomhedens væsentligste aktiviteter
VKR Holding’s activities |
VKR Holding is a holding and investment company with a mission of creating value through the owner- |
ship of companies that bring daylight, fresh air and a better environment into people’s everyday lives. |
Our core activity is the active ownership of companies in the business areas of Roof windows & skylights |
and of Vertical windows, which are our primary product groups. Windows connect buildings to nature by |
providing daylight and fresh air indoors, while enabling a view of the outside from the comfort of a home |
or an office. We also manage a diverse portfolio of financial investments that consists of listed equities |
and fixed income as well as alternative investments in private credit, real assets and private equity funds. |
Lastly, VKR Holding is the cornerstone investor of KOMPAS, an independent venture capital firm. |
VKR Holding practises active ownership of our business areas through the Model Company Objective, |
current Group policies and our governance structure (See section on Governance). Within this frame- |
work, the business areas and their respective Boards operate with a high degree of autonomy and inde- |
pendence. This includes responsibilities within operations, strategy, reputation and risk management, |
among others. These responsibilities, along with capital resources, ESG and other organisational-related |
topics, are regularly aligned with VKR Holding. |
A primary goal of VKR Holding is to generate the highest possible risk-adjusted return on investments. To |
achieve this, and in accordance with our approach to corporate social responsibility and the Model |
Company Objective, we maintain a responsible investment policy aimed at gradually incorporating |
more ESG considerations into our financial portfolio. |
At VKR Holding, we adhere to four key ownership principles |
1. Financial independence |
The business areas of the VKR Group must generate a profit that can finance growth and de- |
velopment over time. |
2. Active investment strategy |
Investments in the business areas are made on an ongoing basis, and acquisitions of compa- |
nies are made to supplement and complement existing business for long-term ownership. |
3. Support of innovation |
VKR Holding actively fosters innovation in the business areas through financing of R&D costs, |
applications for and protection of patent rights, and venture investments. |
4. Active ownership |
VKR Holding supports compliance with VKR Group policies and the Group’s values, including |
the Model Company Objective. |
Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold
The VELUX Group | |
The VELUX Group Revenue 2020-2024 | |
(DKKm) | |
2024 | 22,062 |
2023 | 21,670 |
2022 | 22,272 |
2021 | 19,796 |
2020 | 18,122 |
Satisfactory results despite persistent headwinds | |
In 2024, the VELUX Group managed to increase its revenue by 1.8% despite continued headwinds in the | |
building industry. Revenue amounted to DKK 22.1 billion in 2024, compared to DKK 21.7 billion in 2023. | |
Growth was driven by a combination of increased window sales and price adjustments. | |
In 2024, the VELUX Group continued to invest in strategic growth initiatives partly based on solid efficiency | |
programmes, as well as in environmental improvements, product development, and innovation. The goal | |
is to deliver attractive solutions featuring high quality products to our customers. | |
In 2024, international turmoil and macroeconomic challenges persisted, leading to a declining activity | |
level in the building industry. In light of that drop and the VELUX Group’s successful adjustment to the | |
downturn, the overall result is considered satisfactory. | |
The VELUX Group will continue to invest in innovation and long-term growth. The Group also remains | |
committed to further strengthening collaboration with its professional partners and to increasing its rele- | |
vance to home-owners in the home improvement category. | |
Even though macroeconomic challenges may continue to impact the building industry in 2025, the com- | |
pany maintains ambitious long-term growth plans. | |
Buildings of the Future | |
After the successful opening of Living Places Copenhagen in 2023, VELUX continued to receive visits from | |
professional partners and other important stakeholders. In 2024, Living Places also received several | |
awards, including the MIPIM Award for Best Residential Project, the Danish Design Award and two Archi- | |
tizer A+Awards. | |
The goal of Living Places has always been to scale and share the unique concept of building liveable | |
houses that combine record low carbon footprints with a comfortable and healthy indoor climate. In | |
2024, the VELUX Group signed two important partner agreements with Danish house builder, HusCom- | |
pagniet, and the Danish developer, Thylander Group. In addition, 19 September 2024 marked the first | |
opening of a Living Places prototype outside of Denmark: Smûk house, located in Dokkum, Netherlands. | |
Her Majesty Queen Máxima of the Netherlands was one of the first guests to visit. Dutch builder, | |
Bouwgroep Dijkstra Draisma, constructed Smûk house after entering into a partner agreement in 2023. | |
In 2024, Children’s Living Places was initiated by SOS Children’s Villages Denmark. The project seeks to re- | |
form the childcare sector in Ukraine by building new low-carbon, healthy homes where children | |
displaced by the war can live with foster families. The VELUX Group shared its Living Places concept and | |
joined a coalition of partners behind the project. | |
The next step is to apply the Living Places principles to commercial buildings and renovation projects. The | |
VELUX Group has experimented with the principles on its own large-scale transformation project, the LKR | |
Innovation House in Østbirk, Denmark. The former warehouse was originally built in timber in 1995 and is | |
now being repurposed into an innovation hub based on the principles of adding plenty of light and venti- | |
lation to secure a best-in-class indoor climate. It was named after Lars Kann-Rasmussen, who had the | |
original idea of constructing a warehouse primarily from untreated timber for environmental reasons. | |
The LKR Innovation House will open in 2025. The idea is to assemble most VELUX research and develop- | |
ment activities under one roof, to create an inspirational, innovative workplace and to secure many | |
more years of life in the building. | |
Progress on ESG initiatives | |
The VELUX Group is committed to reducing its own emissions (Scope 1 and 2) by 100% and to halving | |
emissions from its value chain (Scope 3) by 2030, compared to a 2020 baseline. Its goals are validated by | |
the Science Based Targets initiative (SBTi), and thereby aligned with climate science. In 2024, the VELUX | |
Group continued to make headway on its targets by reducing Scope 1 and 2 emissions by 11%, a de- | |
crease of 61% since 2020. The progress made on Scope 1 and 2 was primarily the result of a switch to re- | |
newable energy sources and of energy savings across operations. | |
In 2024, the VELUX Group took its first steps towards safeguarding and enhancing biodiversity at its work- | |
places. The company utilised a comprehensive methodology to assess the state of biodiversity at six VE- | |
LUX Group sites, thus setting a baseline for the first time. | |
Efforts to implement a circular economy within the VELUX Group also accelerated this year. VELUX is | |
working to integrate circularity into its product development processes through guidelines and an internal | |
circularity assessment tool. Furthermore, the Group initiated four pilot projects to test circular business op- | |
portunities. | |
The VELUX Group aims to foster a diverse and inclusive workplace that enables everyone to thrive, de- | |
velop and perform at their very best. In 2024, 35% of senior management positions and 31% of manage- | |
ment positions were held by women. Both are improvements of 3%-points, as compared to 2023. The | |
company is actively working to raise awareness and to reduce bias and inequality in its business, manu- | |
facturing and decision-making processes, and governing structures. | |
Further strengthening the leadership team | |
In September 2024, Barnabas Szabo joined VELUX as Executive Vice President for Operations & Supply. | |
Barnabas became part of the Executive Group Management Team and is responsible for developing | |
and leading the operations and supply team to ensure that the company remains competitive, delivers | |
value to partners and customers, and achieves VELUX sustainability targets. | |
The DOVISTA Group | |
The DOVISTA Group Revenue 2020-2024 | |
(DKKm) | |
2024 | 6,772 |
2023 | 7,880 |
2022 | 9,625 |
2021 | 6,285 |
2020 | 4,474 |
Financial performance in line with expectations | |
The DOVISTA Group faced a challenging year in 2024, due to a decline in the European building industry. | |
The year began with a low order pipeline. Despite the gradual improvement of macroeconomic indica- | |
tors, such as inflation and interest rates, demand declined and competition remained intense in the win- | |
dow and door market. As a result, revenue decreased by 14% to DKK 6.8 billion. | |
Despite the market turmoil, the DOVISTA Group successfully adjusted its business activities while maintain- | |
ing strong performance. By effectively balancing demand and capacity, the Group emerged stronger in | |
2024. This highlighted the DOVISTA Group’s resilience and ability to navigate challenging conditions. It is | |
considered satisfactory. | |
At the same time, the DOVISTA Group continued to industrialise and strengthen its operations, creating a | |
more scalable and resilient company within the entire manufacturing process. 2024 priorities included | |
pricing excellence, procurement improvement, manufacturing efficiency, and optimisation of sales and | |
operations planning. Additionally, transformative projects were completed, such as simplifying the supply | |
chain setup in the Nordics and DACH regions, and consolidating the manufacturing footprint. | |
Sustainability in action: progress towards 2030 goals | |
Despite difficult global market conditions, the DOVISTA Group continued efforts to reduce environmental | |
impact by integrating responsible practices into various aspects of its business, from product design to | |
supplier selection. This is essential for long-term success. | |
The Group is focused on achieving its 2030 science-based targets. In 2024, it made significant strides in | |
reducing Scope 1 and 2 emissions by 14% year-over-year and 77% since 2021. Additionally, Scope 3 emis- | |
sions were reduced by 16% through supplier partnerships. By the end of 2024, 15% of the glass and 80% of | |
the aluminium used in DOVISTA’s products demonstrated low carbon impact compared to industry | |
standards. | |
Satisfied customers | |
In 2024, the DOVISTA Group improved its customer value proposition. The Group’s annual Global Cus- | |
tomer Survey revealed the success of these efforts. Insights from invoicing customers across Europe | |
showed a satisfactory increase in the Net Promoter Score. The survey highlights the importance of local | |
customer value initiatives and of investments in digitisation and environmentally responsible practices. | |
Continuous focus on safety and people development | |
The DOVISTA Group values its employees highly and believes that continuously improving health and | |
safety performance is paramount. By strongly focusing on clearly defined initiatives for improvement, the | |
Group successfully reduced work place accidents again in 2024. | |
In addition, significant efforts were made to further professionalise leadership. A companywide program | |
was implemented, which emphasised cross-functional leadership and the development of key leader- | |
ship skills. | |
Swiss acquisition | |
At the end of 2024, the DOVISTA Group announced an agreement to acquire 4B. This Swiss company is a | |
renowned family-owned provider of reliable, sustainable window and exterior door solutions, which em- | |
ploys approximately 650 people. The strategic acquisition represents a significant milestone in the DO- | |
VISTA Group’s commitment to delivering quality products and services throughout Switzerland and Eu- | |
rope. | |
Poised to seize opportunities in 2025 | |
In 2024, the DOVISTA Group reviewed its CLEAR strategy, reaffirming its vision of making Europe its home | |
market and becoming the #1 choice for Vertical windows and exterior doors in the region. To achieve | |
this goal, DOVISTA will continue to build distinctive brands while leveraging the advantages of shared ex- | |
cellence throughout the entire production process. | |
Despite a challenging market environment in 2024, the DOVISTA Group approaches 2025 with optimism, | |
as key macroeconomic indicators could begin to improve. The DOVISTA Group remains prepared to | |
seize any new opportunities in the market that may arise. | |
Financial review | |
The VKR Group delivered a solid performance despite headwinds in key markets. | |
We expected that the VKR Group's revenue would remain in line with that of 2023. This was challenged | |
as the slowdown in the European construction sector continued in 2024. The business areas proactively | |
addressed these challenges, avoiding a significant decline in operating profits compared to last year. | |
Additionally, the financial markets performed strongly throughout the year. This led to a more favourable | |
return on the financial portfolio compared to 2023, and was the primary reason that profit for the year | |
improved. | |
Revenue | |
The VKR Group's revenue declined by 2.4% to DKK 28.8 billion. This decrease was mainly organically | |
driven, with an impact of 1.6%. The full year effect of the DOVISTA Group’s divestment of some activities | |
in Norway in November 2023 negatively affected revenue by 0.8%-points. | |
In 2024, the VELUX Group increased revenue by 1.8%, while revenue decreased in the DOVISTA Group by | |
14.1%, which was mainly organically driven. DOVISTA was more exposed to the slowdown in building ac- | |
tivity, as a higher proportion of its sales is related to project sales and the new build segment. Revenue | |
was positively affected by exchange rates, particularly the GBP, CHF and PLN. | |
Operating profit | |
In 2024, operating profit before depreciation (EBITDA) was DKK 4.9 billion, which was slightly below last | |
year’s DKK 5.1 billion. The EBITDA margin experienced a slight decline, decreasing to 16.9% from 17.1% last | |
year. The reduction in revenue was partially offset by lower raw material prices, adjustments to capacity | |
in response to reduced demand and cost prudence in the business areas. | |
In 2024, profit before goodwill amortisation (EBITA) was DKK 4.0 billion compared to DKK 4.2 billion the | |
year before. The EBITA margin decreased to 13.8%, from 14.3% in 2023. This development was partially | |
due to higher depreciations related to increased investments. |
Financial investments |
VKR Holding maintains a substantial portfolio of financial investments. In any given year, the return from |
those investments can significantly impact results. In 2024, the return on VKR Holding’s financial portfolio |
was DKK 1.9 billion (11%). This represents an improvement of DKK 0.5 billion, compared to 2023. |
This year's return was primarily driven by unrealised capital gains on listed shares and fixed-income assets. |
The listed equity portfolio delivered particularly positive returns following the result of the US presidential |
election. |
Overall, we achieved a return on financial investments that exceeded expectations and last year's re- |
sults. In 2024, the return on our financial investment portfolio was very satisfactory. |
Tax |
In 2024, the annual tax amounted to DKK 1.3 billion, which was similar to the previous year. |
Earnings |
The VKR Group's profit for the year (EAT) was DKK 4.3 billion in 2024, compared to DKK 4.2 billion the year |
before. This exceeded our expectations and can be attributed to the strong return of the financial portfo- |
lio in 2024. The higher return more than offset the slightly lower operating profit in the business areas. Man- |
agement considers this year's profit satisfactory, given the decline in revenue. |
Operating investments |
In 2024, the VKR Group invested a net total of DKK 1.6 billion in tangible fixed assets, comprising 5.7% of |
revenue. This amounted to an increase of DKK 0.2 billion, and can be attributed to increased investments |
in the business areas as well as VKR Holding’s funding of the LKR Innovation House in Østbirk, Denmark. |
Scheduled to open in spring 2025, the LKR Innovation House will be the future centre of most R&D activi- |
ties for the VELUX Group. |
In 2024, the VELUX Group continued investing in renewable power supplies, including bio boilers, as part |
of its journey towards 100% reduction in Scope 1 and 2 emissions by 2030. The VELUX Group also invested |
in digital tools and new products, as well as factory improvements that increased efficiencies across the |
value chain. |
The DOVISTA Group made investments across production sites to standardise and enhance operational |
efficiency, while further improving health and safety. One of the larger initiatives launched in 2024 was |
the modernisation of one of its Norwegian production facilities by elevating it to a state-of-the-art opera- |
tion. This project will extend into 2025. Additionally, IT infrastructure was upgraded to support DOVISTA’s |
future growth. |
Cash flow from operating activities and working capital |
In 2024, cash flow from operating activities before taxes was DKK 4.7 billion, down from DKK 6.1 billion the |
previous year. This decline was primarily due to an increase in working capital |
in 2024. The increase in working capital was mainly driven by an unfavourable development in customer |
receivables and trade creditors. |
Cash flow from operating activities after taxes decreased to DKK 3.6 billion in 2024, compared to DKK 5.2 |
billion in 2023. |
In 2024, paid taxes increased DKK 0.3 billion, which can primarily be attributed to a higher return on our |
financial investments in 2024. |
Financial resources |
On 31 December 2024, the VKR Group’s financial resources were DKK 15.8 billion, compared to DKK 14.5 |
billion in 2023. This increase was mainly due to unrealised capital gains on listed equities and fixed income |
assets. |
Total assets in the VKR Group were DKK 39.6 billion in 2024, compared to DKK 36.6 billion the year before. |
This can be attributed to an increase in tangible fixed assets and financial resources. |
Equity was DKK 33.2 billion, an increase from DKK 29.8 billion the previous year. The equity ratio rose by |
2.4%-points to 83.8% in 2024. |
The VKR Group manages a portfolio of listed investments that can be used to invest in the Group’s exist- |
ing companies and to finance potential acquisitions. For optimisation purposes, external financing is |
taken into consideration when acquiring companies. |
Following the Annual General Meeting in March 2024, a dividend of DKK 1.5 billion was distributed. At the |
Annual General Meeting in March 2025, a dividend of DKK 1.5 billion will be proposed. |
Beskrivelse af virksomhedens forventede udvikling
Outlook 2025 |
In 2025, we anticipate a gradual recovery in market conditions, as continued lower inflation and interest |
rates are assumed to increase consumer and investor confidence. However, ongoing uncertainty in the |
geopolitical landscape and a potential deterioration of US/EU trade relations resulting in increased tariffs, |
may delay this positive development. |
The business areas are well-positioned for growth. The focus is on both organic expansion and, particu- |
larly within the DOVISTA Group, strategic acquisitions. This dual approach is expected to enhance our |
market position and drive revenue growth. |
We foresee an improvement in operating profit (EBITDA) as operational efficiencies and strategic invest- |
ments continue to deliver results in combination with revenue growth. However, we anticipate a lower |
return on our financial investments in 2025 after two years of extraordinarily strong market performance. |
As always, our expectations regarding the financial result is subject to much uncertainty due to market |
volatility and a multitude of macroeconomic and geopolitical uncertainties. |
Overall, while profit for the year is expected to be slightly below 2024 levels, the foundation laid in previ- |
ous years will support a resilient performance. Our commitment to long-term growth and innovation re- |
mains steadfast, ensuring that we are adequately prepared to navigate the evolving market landscape. |
Generalforsamlingsdato: 20-03-2025