Vkr Holding A/S - Regnskab, nøgletal og økonomisk udvikling

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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 (Koncern)
CVR	30830415
Adresse	Breeltevej 18, 2970 Hørsholm
Branche	Koncerner
Etableret	07-02-1968 (57 år)
Virksomhedsform	Aktieselskab
Antal ansatte	70 (årsværk:62)
Reklamebeskyttelse	Nej
Regnskabsperiode	01-01 til 31-12
Selskabskapital	109.869.000 DKK Vis mere
Vedtægter seneste	24-03-2022

Medlem af brancherne

Koncerner
Public indeholdende 11.608 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	28.835.000 -2%	29.543.000 -7%	31.889.000 +22%
Bruttofortjeneste	- -	- -	- -
Årets resultat	4.347.000 +4%	4.174.000 +165%	1.573.000 -69%
Egenkapital	33.157.000 +11%	29.780.000 +14%	26.022.000 +3%
Balance	39.552.000 +8%	36.568.000 +7%	34.227.000 -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

Vkr Holding A/S (Koncern)