Company type
Limited Corporation
352 MDKK
Gross profit
Operating Profit (EBIT)
6,439,000 DKK
Profit for the Year
6,543,000 DKK
143 MDKK

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Rank Profit for the Year

Rank in industry
"Top 10%"
Rank in Denmark
"Top 10%"

Top management Top 3

Board Top 3

Klaus Martin Meier-Kortwig 1Chairman of board
Markus Bergmann 1Vice chairman
Lars Karstenskov Andersen 1Boardmember

Legal owners Top 3

100%Wanzl GmbH & Co. KGaA

Rights certificate

Selskabet tegnes af bestyrelsens formand i forening med to andre medlemmer af bestyrelsen eller af to medlemmer af bestyrelsen, der ikke samtidig er medlem af direktionen, i forening med en direktør.

Company information based on CVR

NameExpedit A/S
Alternate namesA/S Ferm Ulstrup, Displex A/S, Em Retail Solutions A/S, Expedit Group A/S, Expedit Invest A/S Show more
AddressToftegårdsvej 4, 8370 Hadsten
IndustryManufacture of office and shop furniture [310100]
Established29-12-1965 (55 yr)
Company typeLimited Corporation
Number of employees240 (Fin.Stmt)
Advertising protectionNo
AuditorKpmg P/S since 29-04-2014
Financial statement period01-01 to 31-12
Company capital15,400,000 DKK
400,000 DKK (24-02-1987 - 29-08-1987)
Articles of assoc. last24-05-2017

Member of industries


Selskabets formål er at drive handels- og industrivirksomhed i ind- og udland samt investering som efter bestyrelsens skøn er forenelig med de øvrige aktiviteter

Financial Statement

Currency/unit000' DKK000' DKK000' DKK
Gross Profit
Profit for the Year
Total Assets

Mangement review

Expedit's focus lies with the following three customer groups within the retail trade:— Food Retail, which comprises all customers within the groceries trade, including the convenience segment— Specialist Trade, which comprises "heavier" specialist trade customers, including DIY shops, etc.— Fashion & Lifestyle, which comprises the finer specialist trade, including clothing chains, etc.As a common denominator for all customer segments, the Expedit Group's core competence is to supply complete shopfitting solutions where Expedit offers to take responsibility for the entire process – from concept development, design and project management to production, delivery and installation of customised shopfitting solutions as well as after-sale service.The Parent Company Expedit a/s has, for many years, been among the most important players within the Food Retail and Specialist Trade on the Danish market and in recent years also had a platform within Fashion & Lifestyle. Expedit a/s primarily co-operates with the major chains in Denmark and has, over the past years, become a turnkey supplier to the retail trade for the purpose of shop openings. Expedit supplies both shopfitting equipment produced by the Group's factories in Denmark, Sweden and Latvia as well as sourced products and supplementary equipment such as entrance systems, shopping trolleys, lightning, checkouts, etc. purchased from various business partners.Group chartProduction in Denmark comprises metal production as well as wood protection and handles all tasks right from production of prototypes or single units to production of major production batches on the Company's automated production lines.Expedit AB provides the Swedish retail trade with shopfitting and shopfitting solutions. The company is capable of handling the entire shopfitting process for the customers and markets itself towards the three customer segments on the Swedish market.The company has a minor wood production to ensure proximity with customers and to be able to be flexible in terms of short delivery times, but sources the vast part of the goods and services from the Parent Company and external suppliers.Expedit Norge AS services the Norwegian retail trade with shopfitting and shopfitting equipment. The company is capable of handling the entire shopfitting process for its customers, and the company markets itself towards all three customer segments on the Norwegian market.Expedit Finland Oy markets shopfitting solutions and equipment for the total Finnish retail industry and handles the entire shopfitting process for the customers, and the company markets itself towards all three customer segments on the Finnish market.SIA Expedit Baltic, the Group’s production company in Latvia, has in the recent years, carried out investments in production facilities and equipment, so that today the company produces finalised items to the other group companies.SIA Expedit, is a sales company, which is to cover the Baltic market. The company will be dissolved through merger with SIA Expedit Baltic.Products manufactured in Denmark and Latvia are sold through all the Group’s entities.The Expedit Group is part of the Wanzl Group.Operating reviewOutlookAt the beginning of 2020, a global outbreak of COVID-19 took place, which impacted major parts of the Danish and global economies.As a consequence of the outbreak, the realisation of revenue and profit before tax is subject to increased uncertainty. Management keeps regular track of the situation and considers relevant initiatives.The Expedit Group's order book at the beginning of 2020 was at a satisfactory level, which, together with market opportunities and investments in production in recent years as well as planned investments for 2020, provides the basis for the outlook for 2020.Management expects to report positive results for 2020.Market conditions and financial performanceThe activity level of the retail trade is under pressure from internet shopping. Expedit's customer base, which includes the largest retail chains in the Nordic countries, feels this pressure, but is not affected to the same extent as the minor chains and the individual shops.RevenueRevenue for 2019 came in at DKK 524.7 million, accounting for a decrease of 5.0% on revenue for 2018 of DKK 552.2 million.In the Parent Company, Expedit Denmark, revenue for 2019 came in at DKK 352.4 million, corresponding to an increase in revenue of 8.6% compared to revenue for 2018. Growth was generated in most segments and through additional sales to existing customers as well as via new clients.Revenue levels realised in Sweden and Norway in 2019 did not meet expectations and are considered unsatisfactory. To counter this, a number of initiatives were launched including increased efforts as to pursue opportunities.EarningsProfit before tax accounted for a decrease from DKK 7.2 million in 2018 to a negative DKK 2.3 million, mainly due to negative revenue development in Sweden and Norway, but also due to lower gross margins and costs incurred in respect of organisational changes.Profit of the Parent Company, Expedit Denmark, increased from DKK 7.2 million to DKK 7.6 million. Although adjusted for write-down of the building in Ulstrup in 2018 at an amount of DKK 5.0 million, earnings are lower.Profit for 2019 is not considered satisfactory. A number of initiatives were initiated in 2019 to improve profitability, and based on current developments and plans for 2020, they are expected to generate positive results.Cash flows and balance sheetCash flows from operating activities were positive at DKK 16.8 million against DKK 12.6 million in 2018 and positively impacted by a lower working capital.Cash flows from investing activities for the year amounted to DKK 18.4 which is an increase compared to investments in 2018 of DKK 10.9 million. The investments in 2019 have mainly taken place in the Parent Company.The Expedit Group’s balance sheet total reached DKK 259.2 million at 31 December 2019 against DKK 261.6 million last year. The decrease was attributable to lower Inventories.Equity stood at DKK 108.8 million at 31 December 2019, equivalent to a solvency ratio of 42.3% as against a solvency ratio of 42.7% at 31 December 2018.Production, investments and qualityIt is Expedit's objective that the name, Expedit, both, in terms of products and services and on all markets and within all areas, is to be associated with innovative design, excellent service and good quality. As a consequence, Expedit strives to continuously develop products and quality management systems directed at proactively preventing and learning from errors that may occur. Also in 2019, Expedit focused on documenting and improving processes in parallel to educating its employees in processes and self-control to ensure a continuously high quality level.Production being located in Denmark, Sweden and Latvia, supports the Group’s flexibility, and at the same time the operating risk posed by only one production facility has been reduced.Intellectual capital and organisationCompetent staff members are the most important asset for the strategic development of the Group, and Expedit has continuous focus on strengthening and developing the organisation as a whole as well as the individuals.Also in 2019, Expedit a/s has focused on offering training within relevant areas. At the end of the financial year, six trainees and apprentices in total were employed at the sites in Denmark.As an important part of the Company’s social responsibility, and in compliance with the health and safety policies of the Expedit Group, it is, see the description in the section on corporate social responsibility, Expedit's intention, through continued, focused and systematic efforts, to offer all its employees a safe and sound working environment, and efforts are continuously made to improve health among its employees and protect them against occupational deceases and accidents at work.Expedit wants to practice social responsibility in the community in which the Group operates. As part thereof, the Parent Company in Denmark has set up a flex department for employees with special needs. In addition, Expedit strives to place vulnerable employees in positions accommodating his/her specific challenges. The Expedit Group has defined the target that 2-3% of its staff in 2019 are to be employed on special terms. It may be in the form of traineeship, light jobs or reduced-hours job. At year end 2019, 2.6% of the Group's employees were employed on special terms.Development activitiesThe development activities primarily involve product development in the companies in Denmark and in Sweden. In addition to the development of Expedit's standard product range, development engagements are typically undertaken in cooperation with the customers in accordance with the increasing need for individual shopfitting solutions.Furthermore, all entities participate in ad hoc development work with suppliers of goods for resale in order to customise the Group's products in the Nordic countries to the relevant customers.Special risksOperating risksEarnings of the Expedit Group are sensitive to the development in the prices of the Group’s raw materials, primarily steel and wood. To counter this risk, Expedit's trading agreements with major customers contain a proviso for the development in steel prices. On the basis of international indexes, Expedit regularly adjusts its prices towards the customers in the case of unforeseen developments in the prices of one or several raw materials.Financial risksThe Expedit Group is exposed to movements in the exchange rates of SEK and NOK and, to a certain extent, interest rate fluctuations, since part of the Group’s interest-bearing debt is floating-rate debt.Market behaviourExpedit's policy for proper market behaviour describes how the Group's employees are to act when in the market, including in problematic situations and moral dilemmas. It has overall been decided that:It is the policy of Expedit— that the Expedit Group and its employees are always to comply with local legislation and act in a professional manner towards business partners, including customers and suppliers,— that no bribery, in any form whatsoever, is acceptable, and that entertainment is only acceptable as part of common courtesy,— that Expedit is not to act in an anti-competitive way in the market and is not to enter into price or market agreements with competitors,— that Expedit is not to tolerate or contribute to any money laundering, and— that Expedit is not to violate any human rights and is not to accept any compulsion, exploitation or child labour.Code of Conduct – collaboration with suppliersExpedit's Code of Conduct refers to the responsibility of the Group – both with the individual company and with the individual person –when the Group acts and behaves in the countries and on the markets where Expedit is present and does business.Expedit wants to send a message to its customers, suppliers and employees, authorities and local communities about the ethical values, on which the Expedit Group is based.Each day the companies and employees are faced with challenges and difficult choices as a natural part of conducting business. These choices and day-to-day decisions are to be based on the Expedit Group's joint ethics as set out in Expedit's Code of Conduct.Expedit strives to ensure that its business relies on respect and compliance with the UN's Global Compact's ten principles within human rights, employee rights, environment and anti-corruption. Accordingly, these ten principles are addressed in Expedit's Code of Conduct.To ensure compliance with the policies against anti-corruption and bribery, all suppliers of the Expedit Group whose trading with Expedit exceeds DKK 0.5 million must, prior to initiating the business relationship, sign Expedit's "Code of Conduct" and thereby confirm that as a minimum they will live up to the requirements set out therein. Accordingly, Expedit is vested with the right to check at any time that the individual supplier complies with the Group’s "Code of Conduct", either through Expedit's own checking or through the assistance of external partners, and at the regular follow-up meetings with the suppliers, compliance with Expedit's “Code of Conduct” is a permanent item on the agenda. At the end of 2019, 144 suppliers including the most important suppliers of the Group had signed Expedit's “Code of Conduct”. Today, signing of the "Code of Conduct" by the suppliers has become a natural part of the procedures regarding supplier approval prior to initiating a business relationship, and regular follow-up takes place at meetings with the suppliers.Expedit's Code of Conduct is available at Expedit's website: Expedit's suppliers sign this “Code of Conduct”, we assess the risks with regard to Environment, Anti-corruption and Human rights of our suppliers to be low. Further, the “Code of Conduct” is known in the organisation, and Expedit conducts its business accordingly.Environment and climateThe Expedit Group considers its environmental and climate impacts an important part of corporate social responsibility and therefore strives to reduce them, primarily from the factories in Denmark and Sweden.The focus is primarily on the following three areas:— Reduction in energy consumption, primarily in production, but also by sound practices in the administrative functions in all entities— Continuous focus on reducing consumption of materials and lowering waste and reuse of equipment in co-operation with the customers— Through new investments to reduce energy consumption in as many processes as possible.Expedit considers the environment in the way the companies are run. By focused development of new products and processes and implementation of relevant contingency plans and procedures, continuous efforts are made to minimise the consumption of resources and environmental impact within financially justifiable frameworks. Expedit takes regularly initiatives to optimise energy consumption through selected production processes, heating and administrative aspects. Employees are encouraged to take environmental aspects into account in their daily work.As part of Expedit a/s' climate focus, when new investments are decided, energy consumption forms part of the basis of decision, and experience from investments in recent years shows that much can be gained from these efforts. In 2018, we began replacing lights in production where we changed from fluorescent lights to LED lights. In 2019, we continued these investment efforts, which led to a decrease in energy consumption from the selected lights.As part of its environmental focus, Expedit a/s is a FSC-certified manufacturer of wooden products to the sustainability standards FSC-STD-40-004 and FSC-STD-40-003.Expedit commits itself as a minimum to comply with all applicable legislation and regulations and implements the required standards, procedures, contingency measures and control systems to ensure that the companies are run in a safe and justifiable manner. Expedit keeps strict track with all substances and chemicals used at its factories, and in cooperation with its suppliers, the different products are regularly assessed to identify more environmentally and climate friendly products.Expedit has an ongoing focus on optimising its consumption of materials and its environmental impact, both through the choice of materials and through reduction in process scrapping and waste.Expedit strives to improve the sustainability of its products, e.g. through its choice of materials. The Group's steel products traditionally come with a long useful life and, as such, do not perish. As shopfitting is dynamic all depending on season, fashion and trends, Expedit has, in co-operation with selected customers, set up a reuse scheme for steel products where customers may return used equipment which Expedit records in inventory, possibly repaints and subsequently sends to the customer when needed.Key figures for process scrapping and waste as well as energy consumption are regularly assessed, and each year target figures are defined for the development in key figures.From a risk perspective, the most important environmental and climate risks are considered to be the disposal of scrapped materials. Expedit sorts out disposals into metal, wood and other products, and with this we consider the risk low.Human rights and social and staff mattersExpedit has continuous focus on human rights both in relation to the co-operation with suppliers and its employees in the individual companies. Reference is made to the sections on the Group's Code of Conduct and HR.HR – working environment, health and social commitmentWorking environment/healthExpedit considers it as an important and ongoing task to protect its employees against accidents at work and occupational deceases, ensure a sound working environment in all the Expedit Group’s entities and at all times, as a minimum, comply with the legal requirements applying in this field.Our work environment organisation holds regular meetings where they focus on the most important risks, and within the budget frames, plan and execute improvements. Through this focus, the risk is considered low.Expedit commits itself to contribute actively and proactively to improvements and development of the companies’ layouts, procedures, processes, standards and products, so that the preconditions are in place for all employees to work in a safe and healthy environment. Expedit is of the opinion that the employees must be involved so that sound and lasting solutions can be implemented, and at the same time all employees are expected to take responsibility and learn from their own experiences as well as the experiences of others.Expedit continuously targets zero working accidents. In 2019, we unfortunately experienced 12 accidents at work (23 in 2018). The employee committee is attentive to this aspect relying on i.a. workplace assessments, to drive continued safety improvements.Expedit strives to optimise job security of the individual employee and to ensure that all employees are treated in a proper and consistent manner based on a joint personnel policy. The culture illustrates that Expedit wants to be an attractive workplace with a sound working environment with mutual confidence, respect, openness and not least professional skills. Expedit promotes freedom with responsibility as well as care of the individual while still maintaining a holistic view on things.Expedit wants to give priority to the well-being of its employees and has adopted a health policy and different health instructions, in which corporate policy to handle sick days and employee well-being is defined. The policy lays down instructions on how to handle stress as well as alcohol and smoking at the workplace. In addition, the health policy lays down that bullying at the workplace is not tolerated by Expedit. All policies and instructions are known by the employees.Business partners working within one of the Expedit Group's areas are subject to the same requirements of the working environment as those applying to the Expedit's own employees.Social responsibilityThe Group strives to offer training within the Group's professional areas and will set up apprenticeships as required. Finally, the Parent Company in Denmark has laid down a policy on the employment of refugees, and in interaction with Favrskov Municipality, the Company had employed three refugees at the end of 2019.