Company Type
Limited Corporation (APS)
Established
1999
Size
Micro
Employees
-
Revenue
- DKK
Gross profit
-491,000 DKK
Operating Profit (EBIT)
- DKK
Profit for the Year
211 MDKK
Equity
2,236 MDKK
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Rank Profit for the Year

Rank in industry
6/135
"Top 10%"
Rank in Denmark
607/301,043
"Top 10%"

Top management Top 3

Legal owners Top 3

100%Kronos International Inc.

Rights certificate

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

Company information based on CVR

NameKronos Denmark Aps
CVR24242781
AddressAxeltorv 2, c/o Gorrissen Federspiel, 1609 København V
IndustryActivities of other holding companies [642030]
Established01-10-1999 (21 yr)
Company TypeLimited Corporation (APS)
Number of employees (CVR)
Advertising protectionNo
AuditorPricewaterhousecoopers Statsautoriseret Revisionspartnerselskab since 01-07-2011
Financial statement period01-01 to 31-12
Company capital1,001,000 DKK
1,000,000 DKK (06-07-2000 - 06-12-2005)
1,001,000 DKK (31-03-2000 - 05-07-2000)
1,000,000 DKK (31-12-1999 - 30-03-2000)
125,000 DKK (01-10-1999 - 30-12-1999)
Articles of assoc. last02-09-2013

Member of industries

Purpose

Selskabets formål er at drive handel og industri og finansiel virksomhed direkte eller indirekte gennem investering i andre selskaber, samt, at drive anden virksomhed, der efter direktionens skøn er forbunden dermed.

Financial Statement

 201920182017
Currency/unit000' DKK000' DKK000' DKK
Revenue
-
-
-
-
-
-
Gross Profit
-491
-
-533
-
-559
-
Profit for the Year
210,668
-54%
455,296
-27%
619,482
+2,256%
Equity
2,235,891
+11%
2,019,631
+27%
1,593,106
+33%
Total Assets
2,236,134
+11%
2,019,890
+27%
1,593,356
+33%

Mangement review

Financial Statements of Kronos Denmark ApS for 2019 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C .
The Annual Report has been prepared under the same accounting policies as last year.
Key activities
Kronos Denmark ApS main activity is to act as a holding company.

Kronos Denmark ApS is wholly owned by Kronos International Inc., which is the second largest producer of TiO2 in Europe.
Development in the year
The income statement of the Company for 2019 shows a profit of TDKK 210,668, and at 31 December 2019 the balance sheet of the Company shows equity of TDKK 2,235,891.
The operating income in 2019 of Kronos Denmark’s subsidiaries decreased compared to 2018. After a strong first half 2019 we saw a weakening business on second half of the year. Operating income is below expectation, which Management consider unsatisfactory.

In 2019 Kronos Europe S.A./N.V showed an operating income of $ 9.2 million compared to an operating income of $ 49.5 million in 2018. The main effect were lower average selling prices and higher raw material cost.

Titania AS´s result decreased from $ 34.5 to $ 28.7 million. Main reason are a lower production volume and unfavorable foreign exchange effects.

Kronos Titan AS ended up with an operating income of $ 1.3 million compared to an operating income of $ 16.2 million for the year 2018.

Operating income from Kronos Norge AS changed from $1.2 million in 2018 to $ 1.8 in 2019.

The TiO2 selling price, as one of the most important drivers of our business, were on average 3% lower at the beginning of 2019 compared to beginning of 2018 but relatively stable throughout 2019. Our average selling price at the end of fourth quarter of 2019 were 1 % lower than at the end of 2018.
The past year and follow-up on development expectations from last year
During 2019 Kronos average production capacity utilization rate was approximately 98 %. Kronos produced 546,000 metric tons worldwide. Our income from operations was lower in 2019 compared to the same period in 2018. Average sales prices were 6 % lower in average compared to 2018 whereas sales volume increased by about 15%. Cost of sales overall increased due to higher raw materials and other production costs. Therefore our cost of sales as a percentage of net sales increased to 78% compared to 66% in 2018.
Capital resources
The secured revolving credit facility amounting to € 90 million matures in September 2022. Outstanding borrowings bear interest at EURIBOR plus 1.6% per annum. The facility is collateralized by the accounts receivable and inventories of the borrowers, plus a limited pledge of all of the other assets of the Belgian borrower. The facility contains certain restrictive covenants that, among other things, restrict the ability of the borrowers to incur debt, incur liens, pay dividends or merge or consolidate with, or sell or transfer all or substantially all of the assets to, another entity, and requires the maintenance of certain financial ratios. At December 31, 2019 we are in compliance with all our debt covenants.

There was no drawing down under the credit facility during 2019.
Environment
Kronos Denmark ApS has no activity in Denmark, why we have no impact on the environment.

We refer to the groups report in the consolidated financial statements of Kronos Worldwide Inc. (10-K Report).
Intellectual capital/Knowledge resources
Kronos Denmark ApS has no employees in Denmark.

We refer to the groups report in the consolidated financial statements of Kronos Worldwide Inc. (10-K Report).
Special risks - operating risks and financial risks
Kronos Denmark ApS has no special risks. The operating result is affected by the performance of subsidiaries, the norwegian currency and the demand for the products of the group.
Targets and expectations for the year ahead
We expect our production volumes in 2020 to be slightly higher as compared to the 2019 production volumes. Based on anticipated production levels, and assuming current global economic conditions continue, including limited impact on our business from the coronavirus discussed below, we expect our 2020 sales volumes to be slightly lower as compared to 2019 sales volumes. We will continue to monitor current and anticipated nearterm customer demand levels throughout the year and align our production and inventories accordingly.

Overall we expect our sales in 2020 will be lower than in 2019, principally as a result of the unfavourable impact of lower expected sales volumes. In addition, we expect our income from operations in 2020 will be lower as compared 2019 due to the unfavourable impact of lower expected sales volumes and higher raw material costs (principally feedstock).


Our expectations for our future operating results are based upon a number of factors beyond our control, including worldwide growth of gross domestic product, competition in the marketplace, continued operation of competitors, technological advances, worldwide production capacity and the consequences arising directly or indirectly out of the recent coronavirus outbreak. The extent of the impact of the coronavirus outbreak on our operational and financial performance will depend on future developments, including the severity, duration and spread of the outbreak and its impact on, among other things, overall demand for our products and our customers’ products, supply chains, our operations and the operations of our competitors, all of which are uncertain and cannot be predicted. If actual developments differ from our expectations, our results of operations could be unfavourably affected.

Our overall expectations for Kronos Denmark Group is an operating income of $ 52.5 million for the year 2020. This result is due to the expectations of an operating income in Kronos Europe S.A./N.V. ($ 7.6 million), Titania AS ($ 33.2 million), Kronos Titan AS ($ 9.7 million) and Kronos Norge AS ($ 2.0 million).

Titania AS achieved an operation income of $ 14.3 million in Q1 2019, whereas Kronos Titan AS ends in the first quarter with an operating income of $ 1.6 million and Kronos Europe S.A./N.V showed an operating loss of $ 3.6 million for the same period.
Research and development
Kronos Denmark ApS has no research and development activity.

We refer to the groups report in the consolidated financial statements of Kronos Worldwide Inc. (10-K Report).
Statement of corporate social responsibility
Statement on gender composition
Uncertainty relating to recognition and measurement
Recognition and measurement in the Annual Report have not been subject to any uncertainty.
Unusual events
The financial position at 31 December 2019 of the Company and the results of the activities of the Company for the financial year for 2019 have not been affected by any unusual events.
Subsequent events
The implications of COVID-19 with many governments across the world deciding to ”close down their countries” will have great impact on the global economy. Management considers the implications of COVID-19 a subsequent event occurred after the balance sheet date (31 December 2019), which is therefore a non-adjusting event to the Company.

The company is not directly affected by the events of COVID-19 but indirectly through its subsidiaries. Management is monitoring developments closely, but it is too early to assess to what extent COVID-19 will impact revenue and earnings in 2020. See also note 2.
28-05-2020

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