Virksomhedsform
Aktieselskab
Etableret
1968
Størrelse
Mellemstore
Ansatte
54
Omsætning
- DKK
Bruttofortj.
- DKK
Primært resultat (EBIT)
2.559 MDKK
Årets resultat
4.174 MDKK
Egenkapital
29.777 MDKK
annonce

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Rang Årets resultat

Rang i branche
3/30.094
"Top 10%"
Rang i Danmark
41/342.443
"Top 10%"

Direktion top 3

Bestyrelse top 3

Thomas Thune Andersen 4Bestyrelsesformand
Jørgen Jensen 10Næstformand
Anne Broeng 8Bestyrelsesmedlem

Legale ejere top 3

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

NavnVkr Holding A/S
BinavneBygnation 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
CVR30830415
AdresseBreeltevej 18, 2970 Hørsholm
BrancheIkke-finansielle hovedsæders virksomhed [701010]
Etableret07-02-1968 (56 år)
VirksomhedsformAktieselskab
Antal ansatte64 (årsværk:57)
ReklamebeskyttelseNej
RevisorEy Godkendt Revisionspartnerselskab siden 11-03-2008
Regnskabsperiode01-01 til 31-12
Selskabskapital109.869.000 DKK
100.000.000 DKK (30-08-1987 - 10-12-1998)
Vedtægter seneste24-03-2022

Medlem af brancherne

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

 202320222021
Valuta/enhed000' DKK000' DKK000' DKK
Omsætning
-
-
-
-
-
-
Bruttofortjeneste
-
-
-
-
-
-
Årets resultat
4.174.000
+165%
1.573.000
-69%
4.997.000
+35%
Egenkapital
29.777.000
+14%
26.021.000
+3%
25.320.000
+15%
Balance
31.884.000
+10%
28.987.000
-2%
29.545.000
+30%

Ledelsesberetning

Management’s review

The VELUX GroupSatisfactory results amid challenging times in the building sectorDuring 2023, the VELUX Group improved operating profit despite macroeconomic challengesand a declining market, and overall performance was satisfactory.Revenue for 2023 amounted to DKK 21.7 billion. This was down 2.7% from DKK 22.3 billion in 2022,which was the highest ever recorded in VELUX history. Revenue was affected by a slight slowingin the volume of roof windows sold, mainly in Europe, and by the negative impact of currencyfluctuations.Improvement in operating profit was largely aided by productivity improvements, as well as costcontrol measures and lower material prices.All in all, the VELUX Group remains resilient and optimised for future challenges in the globaleconomy and construction sector and the company remains committed to its long-term growthstrategy and investments. VELUX will continue to increase investments in innovation, in promotingthe relevancy of VELUX products and solutions to homeowners, in collaboration with professionalpartners – primarily installers and dealers – and in employees.Sustainability at the core of businessIn 2023, the VELUX Group retired its standalone sustainability strategy, which had been launchedin 2020, and fully integrated sustainability into its corporate strategy. This will ensure that sustaina-bility is at the very core of the VELUX Group and how it does business. It remains a key investmentpriority.The VELUX Group continued to progress towards its 2030 goal of reducing Scope 1 and 2 carbonemissions by 100% and Scope 3 emissions by 50%. In 2023, Scope 1 and 2 were reduced by 16%,a 56% reduction since 2020. Our Scope 3 emissions declined by 21% compared with 2022. Whilewe achieved a reduction by switching to lower carbon materials, the majority of this decline re-lates to lower production volumes leading to lower purchase volumes of materials.In 2020, the VELUX Group initiated a partnership with WWF to reduce and remove the CO2equivalent of the Group’s historic emissions, through forest protection and restoration. This year,the partnership entered a new and important phase with the commencement of two additionalforest projects in Madagascar and Vietnam. The first forest project in Uganda is progressing ac-cording to plan.In 2023, the VELUX Group rolled out its DEI (Diversity, Equity and Inclusion) policy which provides ashared understanding of the benefits of building a diverse and inclusive company, while assign-ing clear responsibility to ensure progress. The VELUX Group also increased the share of womenin management to 28%.Moreover, the VELUX Group worked to raise awareness and promote a cultural change towardsgreater safety in all workplaces. Simultaneously, the VELUX Group continued to enhance acci-dent reporting systems, enabling systematic data analysis to drive preventive initiatives and im-prove safety performance.Introducing Living PlacesAnother important milestone in 2023 was the opening of Living Places Copenhagen, a housingcommunity prototype. The project demonstrates how to create beautiful low carbon homeswith a healthy indoor climate using existing technologies, all at the same price as conventionalhousing in Denmark.The concept was developed in partnership with EFFEKT architects and Artelia engineers. It waslaunched in connection with the UIA World Congress of Architects. The project attracted morethan 8,000 professional partners during tours and onsite events, as well as global media attentionthroughout the year.Greater customer centricity and market focus, with a strengthened leadership teamIn 2023, the VELUX Group expanded its Executive Group Management team to include RegionalExecutive Vice Presidents. The aim of this expansion is to bring the markets, and hence evenmore customer centricity, closer to the Executive Management. At the same time, VELUXstrengthened its marketing profile with the addition of a new position of Executive Vice Presidentto the Executive Group Management team.The VELUX Group Revenue 2019-2023(DKKm)202321.670202222.272202119.796202018.122201916.855The DOVISTA GroupSuccessfully navigating and emerging stronger in a market downturn2023 was a challenging year due to a decline in market demand. External macroeconomic fac-tors negatively influenced the business environment, with interest rates and inflation being high.The building industry was substantially affected, particularly the new building segment which ex-perienced declining volumes compared to 2022. Revenue dropped 18% to a level of DKK 7.9 bil-lion in 2023.As a result, focus in 2023, was to successfully navigate and emerge stronger from the marketdownturn, while striking the right balance between demand and capacity. The DOVISTA Groupsucceeded in this effort and actually improved relative operating performance compared to2022The DOVISTA Group continued to strengthen organisational and customer value propositions.Pricing Excellence and Sales & Operations Planning were key vehicles used to optimise the busi-ness and to provide customers with the right products at the right time.In 2022, the DOVISTA Group carried out a pan-European customer survey that provided insightabout customer preferences. In 2023, the DOVISTA Group translated these important insights intospecific initiatives, aiming to further improve customer satisfaction. The 2023 survey results con-firmed improved customer satisfaction compared to last year.Sustainability a key priorityIn June 2023, the DOVISTA Group’s 2030 science-based targets were officially validated and ap-proved by the Science Based Targets initiative (SBTi). This confirmed the DOVISTA Group’s posi-tion as an industry frontrunner making it the largest company in the Vertical windows industry toreceive this validation.The DOVISTA Group committed to reducing the CO2 emissions of its own operations (Scope 1and 2) by 42% and by 25% for emissions from its value chain (Scope 3) by 2030*. In 2023, Scope 1and 2 were reduced by 17% and Scope 3 was reduced by 16%.* From 2021 base yearDecarbonisation roadmaps will ensure the achievement of the DOVISTA Group’s 2030 targets.Efforts will include sourcing high-quality renewable electricity and reducing the CO2 footprint ofraw materials through value chain partnerships.A more resilient organisationFrom a strategic perspective, the DOVISTA Group continued its transformation by industrialisingand building a stronger, scalable, and more resilient organisation, while at the same time takingappropriate actions to optimise performance. In 2023, this included strategic adjustments of themanufacturing set-up. In the Nordic area, factories were consolidated and the brand LIAN wasdivested. The service set-up comprising operations in Denmark, Poland and Lithuania, was like-wise optimised. In the DACH region, focus was on simplification, which allowed for further factoryspecialisation. All initiatives aimed to improve the flow of business and to enhance services tocustomers.In 2023, ongoing digitalisation efforts were also a priority. The intent was to enhance customerjourneys and to build stronger end-to-end processes. The execution of the DOVISTA Group’s digi-talisation efforts took a cross-functional approach by leveraging strengths from all entities acrossbusinesses.Our employees remain fundamental to the DOVISTA Group’s transformation. In 2023, considera-ble effort was made to further professionalise the DOVISTA Group’s focus on employees. A keyarea was the improvement of Health & Safety across sites. In this respect, the DOVISTA Group re-duced accidents per one million work hours by 50% and succeeded in outperforming its 2030targets. In overall terms, the DOVISTA Group continued refining its operating model, governancestructure and joint performance management focus.Although 2023 was a challenging year, the DOVISTA Group has a positive mindset towards 2024.The aim is to continue delivering the best customer solutions throughout Europe.The DOVISTA Group Revenue 2019-2023(DKKm)20237.88020229.62520216.28520204.47420194.597Financial reviewThe VKR Group achieved a strong performance in a challenging business environment.As expected, the Group's revenue was lower than last year due to reduced activity in the build-ing industry. Despite this, the business areas managed to adapt and enhance their operatingprofit (EBITDA) at a record high level. However, the VKR Group's consolidated operating profit(EBITDA) decreased compared to the previous year due to the one time positive effect of theVKR Group’s sale and leaseback agreement for properties in Denmark in 2022. Adjusted for thisone-time effect, the Group’s operating profit (EBITDA) improved by 8%. The financial marketswere generally positive throughout the year, particularly in the fourth quarter. Consequently,there was a significant increase in profit for the year, primarily driven by the substantial positivereturn on the financial portfolio in 2023, which contrasted with a deficit in 2022.Revenue2023 was a challenging year with decreasing activity in the building industry. This impacted theVKR Group’s revenue, which was DKK 29.5 billion compared to DKK 31.9 billion last year. The de-crease in revenue was 7.4% and almost purely organic.The downturn spread widely across nearly all major markets, but most severely in the Nordics.Only a few markets, including the US, experienced positive growth. Both business areas experi-enced a drop in revenue. But because the DOVISTA Group was more exposed to the Nordiccountries, the new build segment and project sales relative to the VELUX Group, the decrease inrevenue at the DOVISTA Group was 18%, while only 3% at the VELUX Group. Revenue was alsonegatively affected by exchange rates, particularly the SEK, NOK, USD and GBP.Operating ProfitIn 2023, operating profit before depreciation (EBITDA) was DKK 5.1 billion. This was a decreasecompared to last year’s DKK 5.3 billion, in which profit had been positively impacted by the one-time effect of a sale and leaseback agreement for most of our Danish production and logisticsproperties. Adjusted for this one-time effect, operating profit increased by 8% in 2023 comparedto 2022.Operating profit (EBITDA) in the business areas improved in 2023. This was driven by higher mar-gins related to the easing of raw material prices and cost control across the organisations.Throughout the year, profitability was supported by a strong focus on adapting production ca-pacity to a lower activity level and driving efficiency, while still investing in digitalisation, sustaina-bility and growth initiatives.In 2023, profit before goodwill amortisation (EBITA) was DKK 4.2 billion compared to DKK 4.3 bil-lion the year before. The EBITA margin increased to 14.3% from last year’s 13.6%, even thoughprofit in 2022 had been positively affected by the sale of Danish properties.Financial investmentsVKR Holding owns a substantial portfolio of financial investments. In any given year, the returnfrom those investments can significantly affect results.In 2023, the return on VKR Holding’s financial portfolio was DKK 1.4 billion, corresponding to a 9%rate of return. This amounted to a significant improvement of DKK 3.4 billion after the negativereturn of DKK -2.0 billion in 2022.This year’s return was primarily driven by unrealised capital gains on listed shares and fixed in-come assets, despite geopolitical instability and interest-driven volatility. Especially, in the lastquarter of the year, the markets performed strongly as central banks began to anticipate fallinginterest rates in 2024.All in all, we achieved a return on financial investments well ahead of expectations and lastyear’s result. In 2023, the return on our financial investment portfolio was satisfactory.TaxIn 2023, the annual tax amounted to DKK1.3 billion, compared to DKK 0.4 billion last year. The de-velopment was, to a large extent, affected by the positive return on financial investments in2023, compared to the negative return on financial investments in 2022.EarningsThe VKR Group's profit for the year (EAT) totalled DKK 4.2 billion in 2023, compared to DKK 1.6 bil-lion in 2022. This was in line with our expectations. To a large degree, this was attributed to thenegative return on the financial portfolio in 2022, which was not expected to be repeated in2023. At the same time, the business areas successfully managed to improve performance in thechallenging business environment. Management considers this year’s profit to be very satisfac-tory considering the lower revenue.Operating investmentsIn 2023, the VKR Group invested a net total of DKK 1.4 billion in tangible fixed assets, correspond-ing to 4.8% of revenue. This was significantly higher than last year, where the net total was re-duced by the sale of Danish production and logistics properties. Adjusted for this one-time ef-fect, operating investments increased by more than 30%.As part of an overarching strategy to reduce CO2 emissions, the VELUX Group focused its invest-ments on introducing new products within its factories and on increasing its capacity to producemore energy-efficient products. Furthermore, the VELUX Group made investments in enhancingefficiency across its factories, implementing an automated logistic warehouse, and expandingproduction capacity in the United States.The DOVISTA Group’s investments in 2023 primarily centred on the replacement of assets at pro-duction sites to ensure Health & Safety, as well as operational efficiency. As part of the processof consolidating a new and much larger DOVISTA Group, investments were also made in strate-gic optimisation and synergy projects. Among other things, this entailed investments in IT infra-structure for the improvement of digitalised processes and of overall IT security.Cash flow from operating activities and working capitalSecuring a continued solid cash performance remains a high priority for the VKR Group. It fi-nances strategic growth initiatives, including M&A activities in the business areas and at theGroup level.In 2023, cash flow from operating activities before taxes amounted to DKK 6.1 billion, comparedto DKK 3.4 billion in 2022. This development was primarily due to reduced working capital. In2023, lower working capital was driven by lower inventories and customer receivables from de-clining market activity. Cash flow from operating activities after taxes rose to DKK 5.2 billion in2023, compared to DKK 2.8 billion the previous year.The increase in paid taxes can be attributed to the positive return on our financial investments in2023, compared to the negative return from last year.Financial resourcesOn 31 December 2023, the VKR Group’s financial resources equalled DKK 14.5 billion, comparedto DKK 11.9 billion in 2022. This increase primarily reflects unrealised capital gains on listed equitiesand fixed income assets.Total assets in the VKR Group reached DKK 36.6 billion in 2023, compared to DKK 34.2 billion theyear before. This development was attributed to an increase in tangible fixed assets and finan-cial resources, which was partially offset by lower working capital.On 31 December 2023, equity in the VKR Group totalled DKK 29.8 billion. This is an increase, com-pared to DKK 26.0 billion the previous year. The equity ratio rose to 81.4% in 2023 from 76.0% in2022The VKR Group manages a portfolio of listed investments that can be used to invest in theGroup’s existing companies and to finance potential acquisitions. For optimisation purposes, ex-ternal financing is taken into consideration when acquiring companies.Following the annual general meeting in March 2023, a dividend of DKK 1.0 billion was distrib-uted. At the annual general meeting in March 2024, a dividend of DKK 1.5 billion will be pro-posed.
21-03-2024

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