CPH POST
February 25th, 2018

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Rolling in it (photo: Pixabay)

Will 2018 be looked back on as the beginning of the boom or another recession? If some of these results are anything to go by, it will be the former, although there was also plenty of gloom as many Danish companies posted their results this past month.

Record results
Transport company DSV’s turnover rose by 7 billion kroner to 74.9 billion, resulting in a 4.9 billion kroner operating profit.

Mortgage company Nykredit reaped the benefits of lower costs and fewer impairments to post a record 8 billion kroner profit – a rise of 51 percent on 2016.

Pharma company Lundbeck hailed its “best result ever” as revenue rose 10 percent to 17.2 billion kroner and its net profit soared 117 percent to 2.6 billion kroner.

And Ørsted, which changed its name from DONG in the early autumn, also fared well as its operating profit rose 18 percent to 22.5 billion kroner for 2017 – mostly thanks to selling some lucrative shares in offshore wind farms.

Steady progress
At three of Denmark’s biggest companies, the results were encouraging but unspectacular.

Novo Nordisk confirmed an operating profit of 49 billion kroner on turnover of 112 billion – figures on a par with the previous year.

Maersk steadied the ship as turnover rose 13 percent, enabling it to post an underlying profit of 356 million dollars compared to a loss of nearly 500 million dollars in 2016.

Vestas’ revenue fell from 10.24 to 9.95 billion euros and its net profit by 70 million to 894 million euros. Its order book remains healthy though.

Slightly disappointing
Jewellery company Pandora’s total sales rose 12 percent to 22.8 billion kroner in 2017, as EBITA increased from 7.4 to 7.8 billion kroner – results that were slightly below expectations.

Likewise a 4 percent rise in sales for enzyme producer Novozymes from 14.1 to 14.5 billion kroner was slightly below analysts’ projections.

Poor weather over the summer didn’t help Carlsberg as total sales fell by 2 percent in 2017, but disaster was averted thanks to a good performance in some specialty areas such as alcohol-free beer.

Chemist chain Matas revised its 2017-18 fiscal expectations after a set of disappointing Q3 results despite a healthy Xmas.

A busy season for all
Last month was also a busy one in the world of mergers and acquisitions.
US investment bank Goldman Sachs has together with Coller Capital bought two Danish companies: oil platform manufacturer Bladt Industries and goods chain Sportmaster.

Subject to approval Alm Brand has paid 360 million kroner to take a majority stake in the banking unit of Saxo Bank.

Two weeks ago, it emerged that English Premier League club Brighton was considering a rescue package for financially-stricken Superliga club Lyngby, and now DR is reporting that another EPL club is interested.

And TDC is pursuing a 3.6 billion Swedish kroner takeover of MTG Nordic, which if approved could be significant for Danish TV viewers, as the two media giants own Yousee, Viasat and TV3. Together, at least 10 million households in the Nordic region subscribe to one of their packages.