Company type
Limited Corporation (APS)
Established
1998
Size
Large
Employees
389
Revenue
2,008 MDKK
Gross profit
606 MDKK
Operating Profit (EBIT)
371 MDKK
Profit for the Year
121 MDKK
Equity
2,667 MDKK
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Rank Profit for the Year

Rank in industry
5/47
"Top 35%"
Rank in Denmark
1,031/303,147
"Top 10%"

Top management Top 3

Legal owners Top 3

100%Waterview S.a.r.l.

Rights certificate

Selskabet tegnes af to direktører i forening eller af den samlede direktion.

Company information based on CVR

NameCp Kelco Aps
Alternate namesAps Københavns Pektinfabrik, Genu Copenhagen Aps, Hercofood Europe Aps, Kedea Aps, Oceanchem International Aps Show more
CVR21210285
AddressVed Banen 16, 4623 Lille Skensved
IndustryManufacture of other chemical products n.e.c. [205900]
Established01-07-1998 (22 yr)
Company typeLimited Corporation (APS)
Number of employees389 (Fin.Stmt)
Advertising protectionNo
AuditorKpmg P/S since 02-06-2014
Financial statement period01-01 to 31-12
Company capital53,002,000 DKK
53,001,000 DKK (09-12-2009 - 22-12-2010)
53,000,000 DKK (22-12-2008 - 08-12-2009)
52,553,626 DKK (29-05-2002 - 21-12-2008)
52,553,000 DKK (03-01-2001 - 28-05-2002)
50,053,000 DKK (02-01-2001 - 02-01-2001)
Articles of assoc. last31-07-2018

Member of industries

Purpose

Selskabets formål er industri og handel, primært inden for den kemiske industri.

Financial Statement

 201920182017
Currency/unit000' DKK000' DKK000' DKK
Revenue
2,008,113
+19%
1,682,047
+2%
1,654,457
-14%
Gross Profit
606,426
+24%
487,635
-16%
579,717
-12%
Profit for the Year
121,452
+6%
114,553
-37%
182,015
-6%
Equity
2,667,229
+5%
2,545,777
-13%
2,931,224
+7%
Total Assets
4,822,310
-3%
4,971,975
-8%
5,402,626
-2%

Mangement review

Main activitiesCP Kelco ApS develops and manufactures pectin and carrageenan and the products are sold world-wide. CP Kelco ApS is owned by J.M. Huber Corporation one of the largest family-owned companies in North America. CP Kelco has more than 1.500 customers in over 100 countries that use the products as food ingredients or ingredients for industrial and pharmaceutical products as well as suspension material for oil drilling.The CP Kelco ApS Group owns and operates 4 plants located in Europe and South America.Business reviewRevenue increased by approx. 19,4%, from DKK 1,682 mill. in 2018 to DKK 2,008 mill. in 2019. The increase are amont other things due to distribution of biogums in the EMEA Region beginning from December 2018.The company generated an operating profit in 2019 of DKK 371 mill. compared to DKK 284 mill. in 2018.Financial income/expenses amount to a net expense of DKK 144 mill for 2019 against a net expense of DKK 105 mill in 2018. The development of USD currency rate resulted in 2019 in a total foreign exchange loss of DKK 11 mill. against foreign exchange loss of DKK 72 mill. in 2018. Dividends from subsidiaries amounted to DKK 131 mill. in 2019. In 2018 dividends amounted to DKK 64 mill. In 2019 impairments on investments amounted to DKK 210.1 mill. and reversal of previously recognised impairments on investments of DKK 20 mill. compared to impairments on investments of DKK 53 mill. and reversal of previously recognised impairments on investments of 154 mill. in 2018.The profit for the year of DKK 121 mill. is satisfactory compared to our expectations and previous years.Uncertainty regarding recognition and measurementThe company has assessed the carrying value of investments in subsidiaries based on management's expectations for the furture earnings in the parent company and subsidiaries respectively. Management has assessed that the recoverable amounts of investments in subsidiaries after the write downs mentioned above exceed the carrying values of DKK 2 billion. References is made to note 10 to the financial statements.Investments in subsidiaries are measured at cost. The carrying amount of the investments in subsidiaries are subject to impairment tests when indications of impairments are identified. The recoverable amounts in the impairment tests are based on business plans and budgets. The budgeted future cash-flows are subject to risk and uncertainties as various factors may cause the actual development and results to differ from the applied expectations and assumptions.Interest Rate and Foreign Currency Rate RiskThe interest rates on the company's intra group payables is variable and the company result will therefore be affected by changes in the interest rates.A significant portion of CP Kelco’s activities is carried out in US dollars and Japanese yen and the company’s DKK result will be volatile as a result of exchange rate fluctuations. The Company uses derivative financial instrument to mitigate exposures to changes in exchange rates. The Company is also exposed to changes in exchange rates on intergroup USD loans.The company enters into derivative financial contracts through J.M. Huber Corporate Treasury, an intergroup company under the same control as CP Kelco ApS. All transactions are made in close cooperation with the J.M. Huber Corporate Treasury department and based on the guidelines of the J.M. Huber Treasury policy.KnowhowCP Kelco is to some extent dependent on being able to attract and keep employees who continuously can develop new products and new production techniques so that CP Kelco can continue to meet customer demands for products which have been adapted to the specific needs of the customers.The employees are continuously being educated to enable them to comply with CP Kelco’s standards of environment and safety.Research & DevelopmentCP Kelco applies resources to research and development of new production techniques and new products, meeting customer needs for new products with specific properties.Consequently CP Kelco is to some extent dependent on the continued focus on research and development in order to continuously improve production effectiveness and maintain to CP Kelco’s market position.Subsequent eventsThe subsidiary CP Kelco OY was divested in 2020. No write down was recognised in the financial statements for 2019 as the sales price exceeds carrying amount of the investment.No significant events, which have a material influence on the assessment of the Annual Report 2019 have occurred after the balance sheet date.OutlookThe Company expects for 2020 a revenue and an operating profit before financial income/expenses at 2019 level.
29-05-2020

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