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11 March 2016

M. Goldschmidt Holding A/S annual report 2015

M. Goldschmidt Holding’s pre-tax profit rose to DKK 463 million, which is highly satisfactory and the next best result in the 37-year history of the group

M. Goldschmidt Holding A/S, which is owned by Mikael Goldschmidt, has published its annual report for 2015. The Goldschmidt group’s main activity is investments in real estate, securities and companies. The highlights of the annual report are:

  • • The group’s pre-tax profit is DKK 463 million, which is highly satisfactory and the next best result in the 37-year history of the group.
  • • The group’s two main fields of business, M. Goldschmidt Ejendomme and M. Goldschmidt Capital, of which Imerco is a part, contributed to solid operating profit.
  • • The group’s investment in Aquaporin has for the first time been recorded at market value as a consequence of a sale of shares, whereby the group’s equity interest has been reduced to 49.9 %.
  • • The group’s equity rose by DKK 436 million to DKK 2,755 million. The group’s total assets constitute DKK 5.807 million, of which the cash and securities portfolio is DKK 659 million.
  • • The solvency of the group constitutes a strong foundation of 47.4 %.
  • • The group’s owner, Mikael Goldschmidt, decided to take on the role as executive director with responsibility for commercial activities. This happened as part of a well planned and deliberate generational change of the board and the management with the purpose of future-proofing the M. Goldschmidt group. Lawyer Niels Heering took over as the new chairman of the board of directors. Moreover, Jens Peter Toft, Peter Winther and Christian Mariager also became members of the board of directors.

Owner and executive director Mikael Goldschmidt states: “I can’t be anything other than utterly pleased; we’re reporting the next best result ever, and our foundation in terms of finance and management is strong. When it comes to our plans for the future, we know where we’re going, and historically we’ve always achieved our goals. All this makes me feel the future looks very bright.”

Chairman Niels Heering states: “Our companies are doing well, so I’m looking forward to a strong 2016.”

Segment information

M. Goldschmidt Ejendomme (100 % owned subsidiary)

M. Goldschmidt Ejendomme invests in well-located residential and commercial properties with a growth potential and focuses on the Greater Copenhagen area.

The most central part of the group’s real estate investments are in Copenhagen in the area around Grønningen, which is known as the ‘Golden Triangle’ and located in the streets Store Kongensgade, Poul Ankers Gade, Jens Kofoeds Gade and Hammerensgade. Here the group’s total property investments make up around 40,000 square metres of floor space with a truly unique appearance.

The group also owns significant properties in excellent locations on Strandvejen in Hellerup that were expanded by purchasing a number of properties in 2015; this means the group’s total investments in this area today make up more than 10,000 square metres of floor space.

In 2015 the company purchased the properties Hellerupvej 10 (Hellerup), Strandvejen 141 (Hellerup), Nordre Fasanvej 183 (Frederiksberg), Nymøllevej 78 (Kongens Lyngby), Nørregade 4 (Copenhagen K), 8TALLET (Copenhagen S) and Worsaasvej 2 (Frederiksberg). Finally, the company sold off Kirkegårdvej (Ebeltoft), Stockholmsgade (Copenhagen Ø) and Teglstrup Have (Elsinore).

M. Goldsmith Holding A/S will continue to expand its property investments within the focus area including properties with development potential in that the group possesses the operational, rental and construction-technical expertise to optimise the value of the properties. The company expects in future to build up an even larger property portfolio centrally located in Copenhagen and with a focus on optimisation of ongoing operation.

M. Goldsmith Holding A/S – Kokkedal Slot Copenhagen

Slotshotellet Aps, which is a subsidiary of M. Goldsmith Holding A/S, is responsible for Kokkedal Slot Copenhagen. The castle, which is included in ‘Small Luxury Hotels of the World,’ saw a marked increase in demand and turnover in 2015, although the result is not yet satisfactory. It is expected that Kokkedal Slot Copenhagen will be able to balance its operation in a couple of years.

MGE Bolig Hillerød (100 % owned subsidiary)

The M. Goldschmidt concern owns a large piece of land of 93,500 square metres centrally in Hillerød town, which will be the basis of an entirely new part of town in the best location in Hillerød and with a local environment and recreational area that is unique to north Zealand. The new part of town will be called Frederiksbro.

Fully developed, Frederiksbro will consist of 121,000 square metres of floor space primarily for residential use. The main idea of the project is ‘The Cycle of Life,” in that the fundamental point of the development is to be able to house children, young people, families and elderly people – all generations – in safe and attractive surroundings. A critical element will be the establishment of a 16,000 square metre ‘green wedge’ through the development that contains cycle paths, a lake, a swimming pool and sports facilities.

Construction of the around 1,300 homes is planned in stages, including, among other things, terraced houses for sale or for renting, flats in up to six tower blocks, flats of varying sizes in traditional blocks plus small youth flats and student accommodation. Frederiksbro’s small business section includes a grocery shop, a day care centre, a nursery, a doctor, a dentist, a fitness centre and a car park.

The district plan was approved by a large majority in the council of Hillerød Municipality in 2015 and then underwent consultation. The district plan will be post-evaluated in early 2016 and is expected to be finally approved in the early summer of 2016.

The project is attracting great interest and the group is engaging in a dialogue with investors about possible partnerships.

M. Goldschmidt Capital – Imerco Holding (83.4 % owned subsidiary)

Imerco is Denmark’s largest retail chain within sale of kitchenware and tabletop products with 152 stores and a fast-growing webshop. The Imerco group also includes a controlling stake in the Danish design company erik bagger a/s. In the financial year 2015 the company realised a net turnover of DKK 1,094 million, an operating profit (EBITDA) of DKK 79 million and a pre-tax result of DKK 40 million. The operating profit was yet again improved on a basis of 12 comparable running months. The year’s result is satisfactory and has been achieved in a market situation that is still highly competitive. Shareholders’ equity rose to DKK 720 million. Imerco’s stores realised organic growth in 2015 while Imerco’s webshop realised significant organic growth. Imerco will continue to expand its leading position on the Danish market. This will be done through further investments in new stores, investments in the existing store network and in investments in new technology, including a stronger focus on the online market. Furthermore, Imerco is considering following up on the launch of with the establishment of physical stores in Sweden.

M. Goldschmidt Capital – Danish Aerospace Company (100 % owned subsidiary)

Danish Aerospace Company develops innovative medical solutions for exploration of space through design, development and production of medical measurement and exercise equipment plus support in connection with preparation and implementation of manned space flights. Danish Aerospace Company assisted Denmark’s first astronaut, Andreas Mogensen, in preparing and conducting a range of the many activities that he performed during his stay at the International Space Station in 2015.

Danish Aerospace Company realised an operating profit (EBITDA) of DKK 5.2 million and a net result of DKK 3.6 million in the financial year 2015. The result is satisfactory.

M. Goldschmidt Capital – Aquaporin (49.9 % owned associated company)

Aquaporin is behind the development of a revolutionary method for cleaning of water that uses proteins to clean water in the same way as it happens in nature. Aquaporin’s products – so-called biomimetic membranes – clean water so that, in principle, it becomes so clean that no other chemical compounds can be traced in it, and this happens in a way that is quicker and more efficient than is the case in terms of traditional ways of cleaning water. The market for Aquaporin’s technology is global.

In early 2015, Danica Pension invested in Aquaporin, which means that Danica Pension is now a significant minority shareholder. In addition, Aquaporin established the joint venture company Aquapoten Company Ltd. in partnership with Chinese partners in China. In 2016, Aquaporin is expected to enter into more strategic commercial partnerships, establish large-scale production in Denmark at a new headquarters in Kongens Lyngby and have the first commercially produced Aquaporin Inside™ membranes made available to the market.

The concern’s expectations for 2016

M. Goldschmidt Holding expects a positive result in 2016.

Further information

Owner and executive director Mikael Goldschmidt, phone 33 63 09 00

Chairman of the board Niels Heering, phone 40 17 75 31

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