Annual Review 2O13

ANNUAL REVIEW 2O13

AXCEL ANNUAL REVIEW 2O13

WWW.AXCEL.DK FURTHER AXCEL IN BRIEF INFORMATION ABOUT AXCEL

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CSR AT AXCEL AND ITS COMPANIES

WHAT THE PAST 20 YEARS HAVE TAUGHT AXCEL’S MANAGEMENT US ABOUT ACTIVE OWNERSHIP AND INDUSTRIAL BOARDS

SVERIGE

5.800 kw

STRANDVÄGEN • STOCKHOLM 6 38

20 YEARS OF AXCEL HOW DO WE BOOST INVESTMENT AND GROWTH IN DANISH INDUSTRY?

12 SKT ANNÆ PLADS • COPENHAGEN 30

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JB EDUCATION PRIVATE EQUITY AXCEL’S FUNDS FUNDS IN DENMARK – FROM CURIOSITY TO KEY PLAYER

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NEWS FOREWORD

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AXCEL’S AXCEL’S COMPANIES – INVESTORS STRATEGY AND KEY FIGURES

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AXCEL’S INVESTMENT RESULTS

WWW.AXCEL.DK 3 HAPPY 20TH ANNIVERSARY

After a long period of low growth, limited investment and weak domestic demand, there is much to suggest that Denmark is headed for better times. Employment is rising, and large parts of the business sector are growing, especially on the export-oriented side of the economy. The euro area also seems to have stabilised and begun to take small steps forward.

The strength of the Nordic countries is that we have made it through We also welcomed a new member to the board, Coloplast CEO Lars the financial crisis without the enormous social costs seen in southern Rasmussen. He has considerable industrial expertise, and we look Europe. On the other hand, jobs in industry are continuing to disap- forward to working with him. pear, as cost levels are still on the high side. This is particularly the case in Denmark, which has been hit somewhat harder by the crisis Finally, I would like to congratulate Axcel on its 20th anniversary. than Sweden, especially when it comes to investment in industry. You can read more about how things have gone in this year’s Annual Review, so here I would just like to highlight that Axcel has now In March 2014 Axcelfuture again hosted a conference on the Danish made more than 40 investments and 55 significant bolt-on acquisi- investment climate. The background to this was that we still find our- tions in Denmark and Sweden, including a series of successful suc- selves in a historic growth crisis, and that it is mainly small and me- cession processes. Exciting new Nordic, European and global market dium-sized companies that are struggling to grow, while large com- leaders in a range of industries have been created thanks to active panies are performing well. Many have suggested that the reason is a ownership and investors willing to take risks. Given that the overall shortage of credit, but Axcelfuture’s analyses indicate that it is more return on the funds has also been on the high side, we can conclude a shortage of equity. If companies are not adequately capitalised they that we have largely succeeded in our mission to date. There is there- cannot grow, because equity levels are among the criteria that banks fore good reason to wave the flag, and I look forward to the next 20 assess when deciding whether to finance their growth plans. years.

There is no obvious solution to the problem, but one thing is clear: growth will not take off properly unless we can get small companies on board, and this depends on us making it more attractive to invest in them.

As I said, large companies have not been affected to the same extent, and this is one reason why the stock market performed well again in 2013. This also helped Axcel, which delivered an investment profit of DKK 4.6bn in 2013. Much of this was due to the rise in PANDORA’s share price, as PANDORA was one of the year’s best performers on the Copenhagen exchange. Many of Axcel’s other companies also fared well, while others continued to be hit by weak demand in Den- NIELS B. CHRISTIANSEN mark. CHAIRMAN

2013 was a busy year for new investments. Axcel IV made three new acquisitions and is therefore well on its way. We look forward now to preparing for the formation of a fifth fund.

4 AXCEL ANNUAL REVIEW 2O13 AXCEL DELIVERS INVESTMENT PROFIT OF DKK 4.6BN IN 2013

Axcel generated an investment profit of just over DKK 4.6bn in 2013, the second-highest in its 20-year history and some DKK 2bn more than in 2012.

Once again it was movements in PANDORA’s share price and sales As at the end of 2013, Axcel III and IV had invested DKK 4.3bn in 18 of shares in PANDORA that dominated the year’s results. The jewel- companies. These investments had a combined value of DKK 18.9bn, lery company’s share price gained 136% in 2013, from DKK 124.5 including almost DKK 11.5bn in realised sales proceeds. With a re- at the beginning of the year to DKK 294 at the end of December, turn of more than six times invested capital, Axcel III is among the and has continued to climb this year to around DKK 350 on 1 April. absolute elite of European funds, and Axcel IV is also well placed Axcel IV’s investments also contributed an investment profit of al- given its youth. most DKK 150m, giving a return of 13%. The total return on invested capital was 79% in 2013. Axcel also continues to manage Axcel I and II, which have three remaining investments in their portfolios. The value of these companies Transactions in 2013 was unchanged in 2013. Annual reports for all four funds can be or- With investments in Sweden’s Netel, Finland’s Delete and Denmark’s dered by contacting Axcel. EG in 2013, Axcel IV grew into a Nordic fund, but still with its primary focus on Denmark and Sweden. Meanwhile Cimbria became the first Axcel’s investments had a combined market value of almost DKK company to be sold by the fund. 7.5bn at the end of 2013, up from just over DKK 5.9bn a year earlier. These figures reflect the estimated value of Axcel’s portfolio com- Axcel III carried out two transactions: 80% of the shares in IDdesign panies and the market price of the holding in PANDORA. Although were sold to JYSK, and Swedish school operator JB Education was the valuation of Axcel’s investments uses market-based valuation wound up. Both transactions were made at a loss for Axcel. Axcel III methods as much as possible, the measurement of their value is asso- also reduced its holding in the listed company PANDORA from 32% ciated with uncertainty, and it is only when all of a fund’s investments to 18%. have been sold that its performance can be definitively ascertained.

Altogether, more than DKK 1bn was invested in 2013, while sales of shares during the year generated proceeds of more than DKK 4.2bn, which has been paid out to the funds’ investors.

AXCEL’S INVESTMENT RESULTS – FIVE-YEAR SUMMARY AXCEL’S INVESTMENTS AND VALUE OF INVESTED CAPITAL AS AT 31.12.13

(DKKm) 2013 2012 2011 2010 2009 (DKKm) AXCEL I AXCEL II AXCEL III AXCEL IV TOTAL

AXCEL I 0 -126 1 - 13 INVESTED CAPITAL 1,352* 2,023 2,609 1,736 7,704

AXCEL II -6 -95 43 -1 -49 PROCEEDS FROM INVESTED CAPITAL 2,107 3,322 10,850 622 16,901

AXCEL III 4,509 2,274 -6,971 11,588 1,889 VALUATION OF COMPANIES 0 24 5,821 1,650 7,495

AXCEL IV 146 390 VALUE OF INVESTED CAPITAL 2,107 3,346 16,671 2,272 24,396

TOTAL 4,649 2,443 -6,927 11,587 1,853 REMAINING COMPANIES 1 2 6** 6

* Total paid in by investors is DKK 1,001m. WWW.AXCEL.DK ** Excludes PANDORA, which is a listed company. 5 WHAT THE PAST 20 YEARS HAVE TAUGHT US ABOUT ACTIVE OWNERSHIP

Axcel was founded on 9 May 1994 and is therefore now 20 years old, making this a good time for a status report. What have we done to make our mark on the companies we have owned during this time? What results have we achieved? And how has the outside world changed since we started? These are the questions we aim to shed light on in this year’s Annual Review.

Axcel came about when a group of investors, banks and company Expansionary monetary policy in the new millennium brought further owners saw a need for a new type of owner that could help small and decreases in interest rates and massive liquidity in the credit mar- medium-sized companies in particular, providing not only capital but ket, causing some to forget that risks and returns are generally very also expertise – what we now know as active ownership. The com- closely intertwined. panies would then be sold on, so the idea was for Axcel to have a medium-term ownership horizon. Looking back, though, there are few examples of PE funds bailing out on their companies. Most, including Axcel, prefer to stick with In particular, a large number of family-owned companies needed to healthy companies through thick and thin. Some of the investments undergo a succession process but did not know where to turn. Some made in the run-up to the financial crisis and subsequent recession of the pension funds had previously got involved, but with mixed nevertheless faced an uphill battle – not because the companies them- results. selves were unsound, but because many were hit by a drop in sales that went far beyond what was believed possible. And that includes Such was the basis for Axcel’s business model – a model that has some of Axcel’s companies. stood the test of time. Over the past 20 years, we have become a little larger and a little more focused on medium-sized companies, and we The financial crisis has therefore served as a wake-up call not just for now invest a little more widely across the Nordic region, but still with the financial sector but also for PE funds. It has also increased the the emphasis on Denmark. We have also learned a great deal along need for PE funds to bring about operational improvements at their the way and become better active owners. companies, as a smaller share of returns will now come from leverage and multiple expansion. The Danish economy was on the up when Axcel was founded. The current account was back in the black following the drastic austerity Results and working methods measures of the late 1980s, and from 1993 there was a period of fal- The original idea behind Axcel was to provide a home for companies ling interest rates that boosted growth in the OECD. Although the in need of a new strategic direction under solid and dedicated owner- Danes opted out of the euro in 1992, we did agree to the EMU conver- ship. Over the years our toolbox has been enhanced and expanded gence criteria in 1994, which prompted more disciplined economic – and tailored to each individual company’s strategy. At the heart of policy, with the result that inflation was brought under control. In things is active ownership, which aims to ensure that all involved May 1994 long-term bond yields were close to 9% (compared to just (investors, fund and management) invest on an equal footing and so 3% today), and real interest rates were falling too, making for a more have a common interest in moving the company in the right direction. attractive business climate. This is why Axcel’s mission is to “build strong and valuable companies” – for that is how we can deliver good results for our investors. M&A activity grew during this period as a result of the need for succession processes, the stronger economy and companies’ increased There are several ways of generating a return. Axcel has delisted six focus on core business, while conglomerates fell out of favour as companies over the years, including door producer Vest-Wood and shareholders looked for focused ownership. building materials group Icopal. In both cases Axcel helped consol-

6 AXCEL ANNUAL REVIEW 2O13 idate their European markets, partly through acquisitions, to give them 2006 was also the year when it became clear that the PE industry had greater market power. Another example of consolidation is roofing an important role to play in employment and business development, materials company Nordic Waterproofing, which Axcel pieced to- and that there was a need for some ground rules on how the industry gether from the subsidiaries of larger Nordic groups. The company should conduct itself. Axcel brought together the main funds to devel- is now a strong pan-Nordic player for which we have justifiably high op a set of guidelines through the trade association DVCA, which is hopes. now setting an international standard for transparency. The guidelines were needed to avoid inappropriate regulation at both European and Axcel has also implemented numerous succession processes, where national level, and have helped increase the public’s understanding of we help family-owned companies to move forward. One good ex- how we work, as well as getting all funds to abide by the same rules. ample is Tvilum, which we bought in 1996 and later merged with Scanbirk to create Europe’s largest furniture producer. Another is Review of 2013 PANDORA, which we took on in 2008 and is now one of the world’s 2013 was a busy year with numerous transactions. Axcel IV acquired largest jewellery companies. It has also turned out to be one of Eu- three new companies (Netel in Sweden, EG in Denmark and Delete rope’s best private equity investments – and the shareholders who Group in Finland) and sold one (Cimbria). Meanwhile Axcel III en- took part in PANDORA’s IPO in 2010 have now seen an annual re- tered into an agreement with JYSK on the development of IDdesign, turn of around 21%. and sadly we had to wind up JB Education.

When it comes to succession processes, it has often been the case As mentioned on the previous pages, Axcel generated an invest- that the family has retained a significant minority holding during ment profit of around DKK 4.6bn in 2013, due largely to the rise in Axcel’s ownership, and in many instances they have also profited PANDORA’s share price and a reduction in our holding in the compa- greatly alongside Axcel from our eventual exit. ny. Our latest fund, Axcel IV, delivered positive results in 2013 and, like Axcel III, ranks among the best-performing funds in terms of Finally, we have been involved in the restructuring of companies, returns. such as IT company NetTest and pipe producer LOGSTOR. In both cases Axcel helped them become European market leaders after a de- Finally, in December 2013 we announced our investment in Silkeborg manding turnaround process. Data, which specialises in payroll systems. This is a good example of how PE funds can play a useful role when companies need a new Our investors have become ever more professional over the years and home. Jyske Bank no longer wanted to own Silkeborg Data, but in- are keen to know the sources of our returns. What can be put down stead of being sold to a competitor, the company now has an oppor- to market growth, what is the result of financing, and how good are tunity to stand on its own two feet under Axcel’s dedicated owner- we at making operational improvements together with management? ship. This is a collaborative model that we hope to use in other con- The last of these is what we call alpha. And this is where we need to texts in the years ahead. excel, because many of the large industrial companies have begun to act like PE funds and are in a position to realise synergies that we Axcel IV has now invested in eight companies and used up around normally cannot. We therefore need to get even better at what we do, 60% of its capital, so there is still plenty of scope for further invest- as we often face stiff competition from industry for target companies. ments. At the same time, we also expect to start work on raising a And if we buy at too high a price, it will often be hard to deliver a fifth fund in 2015. healthy return.

PE funds do have the big advantage, however, that they instil a sense of urgency at portfolio companies due to their medium-term ownership horizon. We can push a company in a new strategic direction, and this is often a critical success factor.

A more professional industry The PE industry barely existed 20 years ago. When you knocked on a company’s door, not only did you have to introduce yourself, but you also had to explain the whole business model. These days the industry is more professional. There are many more lawyers, auditors, management consultants and corporate finance houses working with PE funds, and the number of PE firms active in Denmark has risen from a handful to 15-20 today. And most companies are now well aware that PE funds are a potential source of both capital and expertise. CHRISTIAN FRIGAST Axcel expanded into Sweden in 2006. The idea was to take advantage MANAGING PARTNER of the increasing integration of the Nordic economies and so access synergies and a broader market. We have since made five investments there and one in Finland.

WWW.AXCEL.DK 7 AXCELFUTURE HIGH- LIGHTS EQUITY CRUNCH

AXCEL INVESTS IN EG MARCH 2014 Axcelfuture hosted its second annual conference on the invest- JUNE 2013 ment climate in Denmark on 14 March 2014, bringing together ministers, industry leaders, unions and employers. The theme Axcel acquired Danish IT group EG, a specialist in industry- was the shortage of capital that is currently affecting many small specific IT solutions for the Scandinavian market, in June 2013 and medium-sized enterprises (SMEs) and stopping them from from Nordic Capital, which had owned the company for five growing fast enough. This is a serious impediment to economic years. EG has shown how to grow in a tough market and build growth, as SMEs account for two-thirds of employment in Den- a leading position despite fierce competition. Axcel will con- mark. The conclusion was that the problem is more an equity tinue the growth plan that has made EG the market leader crunch than a credit crunch, and that the required rate of re- in Denmark, partly through acquisitions in the other Nordic turn for small businesses needs to be reduced through various countries. initiatives so that there is more of an incentive to invest in them.

AXCEL WINDS UP JB EDUCATION AXCEL SIGNS PRI JUNE 2013 UP TO

NOVEMBER 2013

Axcel invested in JB Education in 2008, and things went as planned for the first couple of years. The company was one of Sweden’s largest private school oper- ators and particularly strong on the vocational side. In 2012, however, pupil numbers dropped significantly, due partly to a change in the regulatory framework, and when there was a further decline in 2013, Axcel Axcel is keen to make its companies strong and healthy in saw no alternative but to wind up the parent company order to generate returns for its investors. So that they can be and sell the schools to other players in the market. sure that this will be done in a responsible and sustainable man- This meant that only a limited number of pupils were ner, Axcel decided in November 2013 to sign up to the UN’s affected, but it was still a very regrettable turn of events PRI initiative – a set of guidelines on addressing environmental, for all concerned. social and governance issues at fund level.

8 AXCEL ANNUAL REVIEW 2O13 AXCEL REDUCES HOLDING IN PANDORA

LARS RASMUSSEN JOINS AXCEL’S INDUSTRIAL BOARD

MARCH 2014 MARCH 2014

Lars Rasmussen, CEO of medtech company Coloplast, has been Since beginning its turnaround after the profit warning in Au- elected onto Axcel’s board, bringing with him considerable ex- gust 2011, PANDORA has performed extremely well, as re- pertise in industrial execution. He has headed up Coloplast flected in its share price. The company’s market value is now since 2008 and has grown both sales and earnings through a close to DKK 45bn, up from around DKK 27bn at the time clear strategic focus. Lars joined the company in 1988 and is a of the IPO, giving an annual return of around 21%. Axcel has trained engineer with an E-MBA from SIMI. He also sits on the gradually reduced its holding to around 10% but remains board of drugmaker H. Lundbeck. PANDORA’s largest shareholder.

AXCEL ACQUIRES SILKEBORG DATA FROM JYSKE BANK

AXCEL INVESTS IN DELETE GROUP JULY 2013

Delete Group has a leading market position in Finland and Sweden in environmental services with a particular focus on industrial cleaning, demolition and industrial and construction DECEMBER 2013 waste management. The company has made great progress in recent years and now wishes to continue its expansion, in- Silkeborg Data specialises in IT-based payroll and human re- cluding in Sweden. The most important drivers for Delete are sources systems, chiefly for the public sector. The company an ageing building stock, an increased focus on reducing energy handles more than 400,000 monthly salary payments and consumption, and efficiency improvements through new and has been on an impressive growth trajectory in recent years, more modern buildings, while rapidly evolving environmental generating revenue of around DKK 250m and EBITDA of DKK legislation and building regulations will also play a key role. 37m in 2013. Its strategy is to continue its organic growth.

WWW.AXCEL.DK 9 AXCEL IN BRIEF

The charts below show the environment in which Axcel works, the 42 companies in which we have invested, what their strategies are, and how long Axcel has owned the companies.

70 25 65 DENMARK 23 SWEDEN 60 54 20 50 46 41 41 40 14 38 15 40 36 34 30 30 28 27 26 27 10 23 22 20 15 16 14 13 5 5 10

0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 COLD CALLS AXCEL’S NETWORK INVESTMENT BANK

DANISH AND SWEDISH BUYOUTS AXCEL’S DANISH AND SWEDISH IN AXCEL’S SEGMENT ACQUISITIONS

Axcel’s segment is defined as transactions involving a private equity fund where Axcel’s acquisitions are generated to a great extent through Axcel’s network, the company acquired has revenue above DKK/SEK 100m. but also through cold calls, investment banks and advisors.

% Oil, mining, etc.: 6% 100 BUSINESS SERVICES 90 RETAIL TRADE 35% 31% MANUFACTURING 80 Business services: 24% OIL, MINING, ETC. Manufacturing: 64% 70

60 24% 50 27%

40 Retail trade: 6% 30 31% 44% 20

10 7% 1% 0 DENMARK SWEDEN

DANISH AND SWEDISH INDUSTRIAL STRUCTURE AXCEL’S COMPANIES BY SECTOR

The industrial structure in Denmark and Sweden is broadly similar, but Sweden has a Axcel has mainly acquired companies larger share of manufacturing companies, whereas industry in Denmark is more evenly within manufacturing and business services. distributed between business services, the retail trade and manufacturing.

10 AXCEL ANNUAL REVIEW 2O13 2014: 6% 1998: 6% 2000: 6%

>225: 13 <75: 10 2004: 6% 2013: 24%

2006: 18%

2012: 6%

150-225: 4 2011: 6% 2007: 12% 75-150: 15 2009: 6% 2008: 6%

AXCEL’S EXISTING INVESTMENTS AXCEL’S INVESTMENTS BY SIZE BY YEAR OF INVESTMENT (EQUITY IN DKKm)

The majority of Axcel’s existing companies Axcel invests primarily in medium-sized Danish have been acquired since 2006. and Swedish companies. The values in the chart are the size of Axcel’s equity investment.

<3 years: 3 <1 year: 3 >7 years: 6

>7 years: 6 3-4 years: 4

1-2 years: 3

6-7 years: 3 4-5 years: 4

3-5 years: 1

5-7 years: 4 5-6 years: 5

EXISTING COMPANIES EXITS – HOW LONG AXCEL BY LENGTH OF OWNERSHIP HELD THE COMPANIES

The majority of Axcel’s existing companies Axcel has sold a total of 25 companies, have been owned for less than seven years. the majority of which were owned for at least five years (excluding listed company PANDORA)

Focus on core areas: Other: 4 13%

Organic growth: Restructuring: 37% PE fund: 5 5%

Delisting: 6 Family: 21

Buy and build: 45% Industrial: 6

AXCEL’S STRATEGIES FOR VALUE CREATION WHO AXCEL ACQUIRED ITS COMPANIES FROM (BY VALUE OF INVESTMENT) Axcel has mainly acquired its companies from families. Almost half of Axcel’s investments are buy-and-build cases, where value is created through a combination of organic growth, acquisitions and realisation of synergies.

WWW.AXCEL.DK 11 20 YEARS OF AXCEL Axcel had its 20th anniversary on 9 May 2014, and we feel this is something to commemorate. The following pages are therefore devoted to Axcel’s history. Besides a timeline showing key events, we have spoken to some of the people who have made their mark on Axcel over the years. What was the background to Axcel’s formation, what has it been like to work here, how have we developed our companies, and how have Axcel and other PE funds helped shape the M&A market over the years?

10 Børsen VIRKSOMHEDER Fredag den 30. november 2007 Tirsdag den 11. marts 2008 VIRKSOMHEDER Børsen 11 Axcel i milliardopkøb af smykke-succes stort set fordoblet - hvert omfatter de danske sel- eksempelvis egne butikker Familien år. Og væksten skal altså skaber samt 25 pct. af et og de omkostninger, der føl- Enevoldsen fortsætte i Pandora, som i nordamerikansk Pando- ger med det,« siger Frigast. fjor blev kåret til Entrepre- ra-selskab og 90 pct. af det Med Axcel som ny hoved- afgiver neur of The Year af Ernst thailandske produktions- aktionær og de tidligere eje- & Young og fl ere gange har selskab, havde i det senest re som medejere af tilsam- majoriteten af fået gazelle-prædikat i Bør- offentliggjorte regnskab for men 40 pct. er der nu sat sin stærkt sens opgørelser over Dan- 2006 et bruttoresultat på gang i arbejdet med at fi n- marks hurtigstvoksende 202 mio. kr. mod 111 mio. de en ny administrerende indtjenende virksomheder. kr. året før og et resultat før direktør, som skal samle og »Pandora har meget sto- skat på 185 mio. kr. mod udvikle alle aktiviteter un- smykke- re muligheder både på de 100 mio. kr. i 2005. der den samme hat. virksomhed 20 markeder, hvor man al- Indtjeningen før renter lerede er og på en række nye og skat lød i 2006 i Wipec- Produktion i Thailand Pandora markeder. Vi venter en pæn koncernen på 167 mio. kr. vækst. Mon ikke der går et mod 88 mio. kr. året før. Per Enevoldsen, som frem- par år, inden omsætnin- Den meget høje indtje- tidig vil koncentrere sig om gen er fordoblet igen,« nø- ning, vækstraterne og det produktionen på en stor fa- ■ Smykker jes managing partner i Ax- forhold, at Pandora sæl- brik med omkring 1000 3. SEKTION / TORSDAG 25.04.2013 / BERLINGSKE BUSINESS MAGASIN cel, Christian Frigast, med ger smykker i mellempris- medarbejdere i den østlige 41 at sige. segmentet, som ikke er så ende af Bangkok, slår fast, AF BJARNE BANG Christian Frigast, der i øv- afhængig af konjunkturer at med en ny, mere profes- rigt har mødt Pandora som som dyrere produkter, giver sionel koncernledelse vil Kapitalfonden Axcel har medlem af dommerkomite- eksperter i virksomheds- Pandora kunne udvikle sig haft de store sedler frem- en bag Entrepreneur of The handel god grund til at tro, endnu hurtigere og bedre me og har formentlig betalt Year, kalder i forbindelse at de 60 pct. af alle Pando- end hidtil. et milliardbeløb for 60 pct. med transaktionen Pando- ras aktiviteter, som Axcel »Hidtil har det faktisk af den meget stærkt ind- ra for »Danmarks bedst be- nu ejer, har kostetVi mereoplever end været for produktionen, tiden salgs som tjenende smykkevirksom- varede hemmelighed«. 1 mia. kr. har givet begrænsninger. hed Pandora. Virksomhe- »Jeg kan simpelthensituationer, ikke Men vihvor er blevet kapitalfonde store, og den, der er stiftet af Winnie Uafhængigt af nedtur Fhuske noget beløb,« siger jeg er ikke den rette til at le- og Per Enevoldsen, omsæt- ofteChristian er Frigast, mere der slåragile de den end fortsatte f.eks. udvikling,« store ter for omkring 1,1 mia. kr., Hidtil har Pandora, som fast, at Pandora er i et helt siger Per Enevoldsen, som i og Per Enevoldsen venter, udover Winnie og Per Ene- børsnoteredeandet marked end eksem- industridag bor i Thailand. virksomheder, at salget allerede i år når i voldsen samt deres søn pelvis Royal Scandinavia Pandoras kerneprodukt hvert fald 2 mia. kr. Christian har været ejet af somog Georg i Jensen,princippet som Ax- er armbåndgerne med vil en hel købe vifte op. en række ledende medar- cel ejer og har haft proble- af forskellige vedhæng, som Fordobling bejdere, ikke været drevet mer med. kan købes til, således at bru- som én koncern. Per»De Christensen, to selskaber går partner,gan- geren Axcel. selv kan sammensæt- De armbånd, som blev star- Men selskabet Wipec – ske udmærket, men Pando- te sit personlige smykke. ten på Pandoras kraftige navnet dannet af forbog- ra er i et helt andet segment, vækst, blev lanceret i 2000, staver fra forældre og søn i og har i øvrigt ikke som Ge- og siden da er omsætningen Enevoldsen-familien – som org Jensen et koncept med [email protected] Kapitalfond vil skabe Banker holder skarpt øje med Nycomed ■ Årsregnskab stede Nycomed og virksom- 3,5 gange større end drifts- nordisk møbelgigant Oms. Br. res. EBITDA EBIT hedens amerikanske part- indtjeningen (ebitda), og AF KATHRINE ROSSAU +3% +2% +15% +63% ner Wyeth 60 pct. af det får Wyeth ikke fat i det ame- Kapitalfonden ■ Detail Han understreger, at væk- rektør Simon Stampe me- møbelkæden selv har arbej- gå os internationalt,« siger amerikanske marked for rikanske marked igen, kan sten også kommer til at ske get glad for, at man har få- det med i nogle år. adm. direktør Simon Stam- 2008 bliver et skæbneår for Nycomed mavesårsmedicin. det presse Nycomeds evne AF MIKKEL NIKOLAJSEN organisk, men at man vil et en fi nansiel partner ind, »Tanken er jo, at vi i al be- pe og henviser til, at Ide- Axcel har købt Nycomed. I tredje kvartal Koncern, mio. euro 2007 2006 Nycomed har nu valgt at til at opfylde sine gældsfor- kombinere ekspansionen der både har de fi nansielle skedenhed vil være Skandi- møbler har 15 forretninger forventes afgørelsen i den lanceret en såkaldt autori- pligtelser. møbelkæden Endnu en frivillig detail- med opkøb for at speede muskler, men som også har naviens førende bolighuskæ- på franchisebasis i blandt verserende patentsag mod seret kopiversion af Panto- Foreløbig er det ikke et Nettoomsætning Idemøbler. Nu kæde er blevet solgt. Sent væksten op. fremlagt en strategi, der pas- de. Og vi har jo som en af de andet De Forenede Arabiske israelske Teva Pharmaceu- 3.497 3.394 prazole for at vinde noget af problem, men Christian B. onsdag aften kunne møbel- Hos Idemøbler er adm. di- ser som fod i hose med den, få kæder bevist, at vi kan be- Emirater, Saudi Arabien og ticals. Indtil da holder både Bruttoresultat 2.538 2.489 det tabte terræn tilbage. Seidelin erkender, at den skal kæden bredes handlerne i Idemøbler og medicinalkoncernen og de Drift – EBITDA 997 869 verserende patentsag og Af- og nedskriv. 643 652 kapitalfonden Axcel sætte banker, den skylder penge, Fortrøstningsfuld den generelt usikre fi nan- ud til hele deres autografer på en købs- et år vejret. Primær drift - EBIT 354 217 sielle situation, skaber en Skandinavien aftale. »Vi har en meget kort ho- Christian B. Seidelin ønsker grundlæggende usikker- Den indebærer, at Ide- »Det er den primære grund bejdsplads, Cybercity. Full- risont for at fi nde ud af, hvad EBITDA-margin, pct. 28,5 25,6 ikke at udtale sig om, hvad hed. gennem både nye møbler går fra at være en fri- Maratonmøde endte med et ja til, at vi mister kunder, og rate ser, at de i dag har taget der sker, for vi ved, hvordan EBIT-margin, pct. 10,1 6,4 konsekvenserne bliver, hvis »Her i begyndelsen af opkøb og villig kæde til en kapitalkæ- derfor har vi intensiveret den position i markedet, Cy- det ser ud i dag, men vi ved Nycomed taber retssagen, året, føler vi os meget godt de, hvor Axcel kommer til at ■ Detail overvejelser og få forhandlingerne på Der var ellers lagt i ovnen til uro, for- investeringerne,« siger Stig bercity havde i begyndelsen desværre ikke hvordan det Adm. direktør: Håkan Björklund men understreger, at han er klædt på, og vi er fuldt ud organisk vækst sidde på 60 pct. af ejerska- plads. Men det hele foregik i en fan- di en gruppe på fi re aktionærer under Myken. af årtiet. ser ud i morgen, og det er www.nycomed.com meget fortrøstningsfuld og i stand til at honorere det, bet, mens de oprindelige in- AF MIKKEL NIKOLAJSEN tastisk stemning,« fortæller adm. di- navnet »far til 4« i foråret tilbød at Fullrate har investeret 25 Det hurtige bredbånds- det, alle bankerne sukker tror på, at resultatet falder der er i vores lånedokumen- dehavere via geninvestering rektør Simon Stampe. købe de resterende ejere ud af kæden mio. kr. siden opstarten i selskab med fokus på den efter at høre,« siger Christi- ud til Nycomeds fordel. tation fremover. Der er in- april 2006. Samtidig frem- nyeste teknik, der hurtigt an B. Seidelin, underdirek- va Pharmaceuticals an- »Vi mener, at vi har et gen garanti givet, men vi kommer til at sidde på 40 Det tog ejerne af de 39 Idemøbler- Også hos Axcel er man rigtig glad med det formål at omdanne den til en REDIGERET AF ANNE DREJER OBEL pct. Og med nye udefrakom- butikker over 10 timer at komme for, at man har fundet en løsning, kapitalkæde. Men at Axcel pludse- lagde selskabet en fem-års blev nørdens valg. tør i Nycomeds fi nansafde- greb i slutningen af 2007 gældende patent, et pro- føler os godt tilpas og kom- plan, som skulle bringe sel- Fullrate har i dag godt fat ling. Nycomeds guldæg, Pant- dukt, der har været på mar- fortable med udviklingen mende fi nansielle muskler frem til en aftale med kapitalfonden hvor så mange af de tidligere ejere lig også kom og bankede på døren, er skabet derhen, hvorLØRDAG det er i 08.blandt JUNI unge 2013 og særligt bru- Af Nycomeds årsregn- oprazole, også kendt som kedet i mange år, og vi ser på nuværende tidspunkt. er vejen banet for en offensiv Axcel omkring salget af møbelkæ- har besluttet sig til at gå med i det nye man i dag tilfreds med blandt de fi re. dag.L Fullrate har med2. SEKTIONandre gere med stort behov for skab, der blev præsenteret i Protonix i USA, da den lan- det som et ualmindeligt BUSINESSDet kan godt være, at vi bli- / 11 BUSINESS på det skandinaviske møbel- den. Først langt ud på aftenen i ons- selskab og skyde kapital ind. »Vi er meget glade for, at vi får en ord overhalet selv de mest båndbredde fl okkes om sel- går, fremgår det, at medici- cerede en kopi af mave- stærkt patent og vi føler os ver nødt til at revurdere om Mandag den 14. februar 2005 marked. dagsVIRKSOMHEDER kunne Axcel og møbelhandler- »Det, at vi har fået skabt et part- stærk partner somBørsen Axcel om5 bord. Nu optimistiske forventninger skabet. nalvirksomheden forventer sårsmedicinen inden paten- meget komfortable med fem minutter, men med det, »Idemøbler er et meget ne trykke hinanden i hånden efter nerskab med de tidligere ejere er su- har vi det rette fi nansielle grundlag at blandt ejerne. »Man kan godt sige, at vi et lavere resultat (ebitda) i tets udløb. En analyse fra den retssag, der er under vi kender og med den nuvæ- stærkt brand – måske det en lang ekstraordinær generalfor- pervigtigt. Idemøbler har nogle me- vokse videre på,« siger Willy Støck- »Det har været meget vig- har taget Cybercitys position 2008, end de 9,2 mia. kr., investeringsbanken Leh- opsejling,« siger Christian rende udvikling i det ameri- stærkeste i Danmark, hvis samling. Forud var gået diskussioner get dygtige købmænd, og det har ler, der er indehaver af seks af kædens tigt for mig, at Fullrate kun- i markedet. Cybercity er ble- det endte på i 2007. Dertil man Brothers har tidligere B. Seidelin. kanske, så ser det fornuftigt man ser bort fra Ikea. Med frem og tilbage, beregninger og over- været vigtigt for os at få bevaret det butikker og en af de fi re aktionærer, ne opnå stor vækst og samti- vet et bredbåndsselskab for kommer det potentielle tab slået fast, at det kan skæ- Nycomed gik ind i 2008 ud,« siger han. det udgangspunkt har vi en vejelser hos møbelhandlerne. købmandskab i det nye selskab. Hav- der i sin tid bød på hele kæden. Samt- dig sikre positiv drift,« siger familien Danmark,« siger på det amerikanske mar- re over 6 mia. kr. af salget i med en nettogæld på 4,3 Stor Axcel-trambition om at tage o Ide- på»Der har væretIcopal-in en god stemning. de vi stået i en situation,v esteringhvor største- lige fi re aktionærer i »far til 4« har Asger Jensby. Stig Myken. ked, hvis udfaldet af patent- USA, og effekterne mærkes mia. euro, hvilket svarer til møbler ud til Skandinavien, Selvfølgelig har der været diskussio- delen af ejerne havde valgt ikke at gå valgt at investere i det nye selskab. Fullrate vil nu drille de Royalsagen går imod Nycomed. Copenhagenallerede. mere end 32 mia. kr. Medi- [email protected] Kapitalfonden har ■Tagpaphvor vi allerede harBørsen kig på fremlag nerde om frem Icopal og tilbage, i se af men gælden, sådan tag erskalAx celmed, der- ja såing havdeen planer vores er interesse om at sælg ikkee opbakning til Icopal- fem stifteres tidligere ar- [email protected] Kopivirksomheden Te- På bare tre uger i januar mi- cinalvirksomhedens gæld er tilsvarende frivilligesids kæder,te uge. det være, og vi havdefor in indtilvestering fl ereen sus- i Icopalværet gan- denvirksomheden. samme,« fortæller Christi- investeringen i jorden. tillid til,at tagpap- AF SØREN LINDINGvi kan JAK købeOBSEN op,« sigerV edadm. udgang enpensioner, af sidste hvorår ejerneske rolig skullet. gøre sig an Frigast.Men Axcel og de øvrige Den [email protected] bestyrelses- direktør i Axcel, Christianhavde Ax cel og de tre øvrige medejere vil naturligvis mere formand, Dennis Hall, er producentens Frigast, til Børsen. Kapitalfonden Axcel ryster ik- medejere, Lego-familiens Balance i investering end bare have deres penge pensioneret fra Carlisle, men lægger krisen bag sig indtjening er på vej ke på hånden med sin inve- pengetank, Kirkbi, samt de to igen. Derfor er planen at brin- han afløses på dette forårs ge- stering i Icopal, der med en industrielle spillere, ameri- »Med de multipler, som er set ge driftsindtjeningen før af- neralforsamling af en tidlige- op,og at milliard- omsætning på ca. 5 mia. kr. er kanske Carlisle og canadiske for virksomhedshandler i skrivninger op på mindst det re kollega i Carlisle-gruppens Europas førende tagpap- IKO omkring 4 mia. kr. på Norden de seneste seks til ni historiske niveau over 500 topledelse, John Altmeyer, Fremgang. Den kongelige hofleverandør overrasker positivt og forbedrer på gælden vil blive producent. 2003 markerede højkant, heraf et kapitalind- måneder, ville der allerede i mio. kr. samt nedbringe gæl- der i dag er menigt medlem af nedbragt et historisk lavpunkt, en ny skud på 1,3 mia. kr. Investe- dag ved et eventuelt salg være den med yderligere flere hun- bestyrelsen. Det skulle ce- både omsætning og indtjeningen i 2012. topledelse blev indsat sidste ringen er ifølge adm. direktør balance i de nuværende ejeres dreder mio. kr. Det skal i den mentere den dansk-norda- år, og indtjeningen er på vej i Axcel og næstformand for investering,« siger Christian sidste ende lede frem til etlu- merikanske harmoni i ejer- op igen. bestyrelsen i Icopal, Christian Frigast. krativt salg og et fornuftigt af- kredsen. med rødder tilbage til 1775 lykkedes med sorteringsporcelæn både i egen butik og gen- Samtidig høvles der sikkert Frigast, med sidste års drifts- Han henviser bl.a. til priser- kast af den store investering, Den blev i øvrigt i hast sam- en omfattende turn-around, som selska- nem isenkræmmere i Danmark. Den strategi af på den milliardgæld, der ne ved salget af legeredskabs- mensat, da Icopal i foråret overskud før afskrivninger lyder forventningen. Ejerperi- Af Ole Hall bets topchef frem tilDEAlflow: for få måneder Der siden er ved fortsætter. at komme gang i kapitalfondshandlerne, vurderer Axcel-partnerne blev optaget for at finansiere (EBITDA) på skønsmæssigt producenten Kompan til en oden for sådanne kapitalfon- 2000 blev udsat for et uinvi- [email protected] Mads Ryder stod i spidsen for. »Ja, jeg mener godt, at vi kan sælge 2. sor- afnoteringen fra Fondsbørsen 400 mio. kr. dermed hastigt anden kapitalfond, Nordic de er typisk tre til syv år. teret overtagelsesforsøg fra Per Christensen, Kaspertering lykke i det Pedersen omfang, som og vi l harars gjortThomassen. tidligere, foto: Erik Refner i sommeren 2000. Den rente- på vej til at komme i balance Capital og en af verdens æld- den svenske Trelleborg- Efter en række år i dyb krise er der godt nyt Billig produktion i Thailand uden at det skader vores image,« siger Lotte bærende gæld er således igen. ste kapitalfonde, Kohlberg Ingen vaklen i geledder koncern. IKO og Kirkbi var i fra Royal Copenhagen. En af en de vigtigste veje til at forbedre ind- Wamberg. reduceret med over 1 mia. kr. I lyset af troen på fortsat re- Kravis Roberts’ bud på den forvejen betydelige aktio- Salget stiger med 7,4 procent til 356 mio. tjeningen har været at flytte stort set hele netto. sultatfremgang, et boomende nordamerikanske byggemate- Axcel ønsker også at mane nærer i Icopal. kroner i 2012, og samtidig er overskuddet på produktionen fra Danmark til Thailand. Det Vigtig vækst i Asien Det siger Axcel i en kom- marked for virksomheds- rialekoncern Masonite. Chr. enhver spekulation om vaklen den primære drift næsten fordoblet fra 30,6 har betydet massefyringer i Danmark, men For Royal Copenhagen har de to vigtigste mentar til de beregninger handler og fortsat nedbringel- Frigast understreger, at der i geledderne i de fire ejeres [email protected] mio. kroner i 2011 til 59,5 mio. kroner i 2012. til gengæld en markant billigere produktion. markeder i mange år været Japan og Dan- »De fleste af vores koncepter har klaret sig »Havde vi ikke flyttet produktionen til mark. Væksten i Danmark blev på 11 procent Antallet af virus gemt i e-mail godt globalt,« siger en tilfreds Lotte Wam- Thailand, tror jeg ikke, at vi ville eksistere i i 2012, mens den i Japan udgjorde 14 procent. er i voldsom stigning berg, managing director hos Royal Copenha- dag,« siger Lotte Wamberg. Efter flere år med markant vækst er Sydkorea gen. Hun overtog styrepinden, efter at Mads nu blevet det tredjestørste marked. Andel af inficerede mail 6,1% Selv om mange forbrugere i den vestlige Ryder sagde op for få måneder siden. Det Selv om der er kommet nye ejere til, er der i verden stadig holder på pengene har Royal skete, efter at den finske værktøjsmager dag ingen planer om strategiændringer, lyder Copenhagen været i stand til at sætte blus på Fiskars købte virksomheden af den danske det fra Royal Copenhagens Lotte Wamberg. >> Can you really salget. Det er gået så godt for virksomheden, kapitalfond Axcel. Selskabet beskæftiger i dag 165 medarbej- at ledelsen overgår sine egne forventninger. Royal Copenhagen har også måttet skære dere i Danmark, mens fabrikken i Thailand »Den økonomiske udvikling i regnskabs- kraftigt i sortimentet under krisen. Tilmed nu har over 300 ansatte. Kun det eksklusive året 2012 overgik forventningerne til såvel har virksomheden valgt at sælge kridhvide Flora Danica-stel, hvilket udgør ganske få see the future? omsætningsudvikling, indtjening og cash tallerkener uden den dyre blå porcelæns- procent af Royal Copenhagens omsætning, 3,0%6,1% flow,« skriver ledelsen i årsrapporten, som maling for at have produkter, som en yngre skal blive ved med at blive produceret i Dan- netop er offentliggjort. kundegruppe har råd til at investere i. En mark. Royal Copenhagen lægger krisen bag FOTO: AXEL SCHÜTT Dermed er porcelænsvirksomheden anden løsning på krisen har været at sælge 2. sig.

0,5%6,1% af policetekster og forsikringsbetingelser. Se forsikringsbetingelserne på eurocard.dk Der tages forbehold for trykfejl. Der dækkes med de forbehold og undtagelser, der følger 2002 2003 2004 Alarmerende tal 2 0 1 3 0 6 0 6 for virusangreb ■ IT-sikkerhed som de skal tage langt mere Thomas Voss was the first investment professional didn’t have the Internet, so I sat there with this big, heavy alvorligt end for et par år si- AF NIELS BARFOD den,« siger Martin Grundtvig, der er chef for IBM’s sikker- I dag risikerer Eva Larsen Antallet af kendte virus steg hedsgruppe i Danmark. sidste år med 28.327, viser en Ifølge Martin Grundtvig vi- Christian Frigast hired. Recruited from consulting business directory from Greens, which I went through sikkerhedsrapport fra IBM. ser tallene, at samfundet gene- Den peger på en række alar- relt står over for et stort pro- merende tal for truslerne blem, fordi så mange funktio- ikke at skulle gå nøgen mod IT-sikkerheden. ner i dag er afhængige af IT. Det samlede antal kendt vi- Udsigterne for 2005 er dy- firm Aarsøe Nielsen, his job was to trawl through from cover to cover. Every time I found an interesting rus er nu nået op på 112.438. stre. De mange nye mobile Samtidig har det vist sig, at 1 enheder, som f.eks. PDA’er ud af 16 mail, som blev scan- med mobiltelefoner i samt net for virus sidste år, inde- bluetooth og wifi, som sælger rundt i Madrids gader. holdt en virus. Det er en for- rigtig godt herhjemme, er den potential buyout candidates so that Axcel could get company, I’d take a photocopy and discuss it with Chris- dobling i forhold til året før, ny virus-front med vira, spam men mange gange hyppigere, og andre sikkerhedstrusler. end for to år siden. Bluetooth og andre tråd- Hertil kommer de stigende løse teknologier, som forbin- problemer med vira, som er der mobile enheder, er udsat started on buying, developing and selling companies. tian. If we thought it looked promising, I’d then order gemt i digitale billeder. Klik- for hackerne nu, mener IBM, ker man uforvarende på et som samtidig peger på et for- -rLYZ[H[UPUN]LKMVYZPURL[Å`IHNHNLTLK]VYLZZTHY[LYLQZLWHRRL sådant tilsendt billede, risike- holdsvis nyt kriminelt fæno- Solutions for a digital world. Uanset hvad der sker i verden, kan du være helt rolig med et Eurocard Gold ved hånden. rer man, at der slipper en orm men på nettet, phishing, som eller en virus løs. Også spam kort fortalt går ud på, at kri- HANNOVER, GERMANY +\MrYMVYLRZLTWLSLYZ[H[UPUNMVYMVYZPURL[Å`IHNHNLO]PZIHYLKPUYLQZLLYIL[HS[TLKRVY[L[ er stigende. IBM skønner, at minelle forsøger at få fingre i Now retired from a position as Group President4LKYLQZLWHRRLUMrYK\VNZrLYZ[H[UPUNO]PZKP[Å`LYMVYZPUR at US L[6NTLK]VYLZU`LHWWISP]LYits accounts from the Danish Business Authority, which 70 pct. af alle mail er spam. folks adgangskoder. Fænome- 10 –16 March 2005 YLQZLUR\ULUKU\SL[[LYL)rKLM¥YVNLM[LYHMNHUN Ifølge IBM forværres pro- net steg 5000 pct. i 2004, da blemerne med IT-sikkerheden der blev konstateret 18 mio. )LZ[PSKP[,\YVJHYK.VSKZLULZ[KLUQ\SPVNMrJOHUJLUMVYH[ markant, når det gælder mo- e-mail, som indeholdt URL’er Vind ]PUKLVW[PSRY3¤ZTLYLWreurocard.dk/konkurrence op til biltelefoner og håndholdte til falske websider. The world’s leading ICT event. Get the spircompanyit Masco but still a director of various compa- could easily take a few days. 25.000 kr. computere og PDA’er. World’s largest ICT congress with more of tomorrow »I IBM’s sikkerhedsgruppe [email protected] har vi gennem sidste år ople- than 300 corporate lectures (free of charge). Lad verden forandre sig. vet en efterspørgsel fra virk- www.cebit.de somheder, som vil have hjælp Executive search nies, including Axcel-owned EXHAUSTO, of which he til at prioritere korrekt i forbindelse med investeringer i

IT-sikkerhed. Virksomheder- For further information and admission tickets: Dimex aps • Strandvejen 130 B • 2900 Hellerup • Tel.: 39 401122 • [email protected] • www.hannovermesse.dk ne er godt klar over, at IT- sikkerheden er et problem, www.lohff.dk · Tlf. 7348 5161 is chairman, Thomas remembers Axcel’s early days I told Christian at the start that I’d only stay a couple of very clearly. years, because back then Axcel was a very small organisation, and although it was exciting, I really wanted to Even though it was only 20 years ago, it’s hard to imagine work in manufacturing. Luckily this opportunity arose just how different things were – everything is so much when Axcel invested in the family-owned furniture busi- THOMAS VOSS more streamlined today. We started out renting an unfur- ness that would become Tvilum-Scanbirk, and later I THE EARLY DAYS nished office at No. 10 Sankt Annæ Plads and borrowed transferred to its new owner, listed US building materials a red Børge Mogensen sofa from the landlord. Our tools company Masco. So my short spell at Axcel had a major of the trade were a mobile phone, a coffee machine and influence over my subsequent career. a second-hand Saab so we could get over to Jutland. We

12 AXCEL ANNUAL REVIEW 2O13 Unibank, now part of Nordea, was one of the first in- his time at Unibank – and we felt confident that together vestors in Axcel. We asked Peter Schütze, one of its we could pull it off. Looking back, I think Axcel has senior executives at the time, what it was that led the been good at forging relationships with owner-managers bank to move into this new business area. across Denmark – as evidenced by the many successful investments made over the years. In 1994 Denmark was emerging from a serious crisis which had seen many small businesses go under. But I also think it’s good that Axcel has stayed true to its this didn’t reduce the need for fresh blood, and the chal- original focus on small and medium-sized companies, lenge faced by companies is often a shortage of equity although they have grown somewhat in size. In this in- and skills, which is not a bank’s primary role. There was dustry, big is not necessarily beautiful, so Axcel shouldn’t a need for innovation in how we supported succession worry about being smaller than EQT and Nordic Capital. processes, and for the bank it was useful to be able to Focus and performance are what matter. refer customers to a professional partner when a change PETER SCHÜTZE of ownership loomed. There was a group of us who knew FOUNDING FATHER each other from the business community and its challenges – PKA, FIH, Radiometer and Christian Frigast from

REDIGERET AF p IA RosEnGAARD

4 Børsen VIRKSOMHEDER Tirsdag den 15. december 2009 LØRDAG 15. MART s 2014 04 /Business 2. SEKTION L BUSINESS Kapitalfonde foran bølge Hvordan løser vi investeringskrisen? Fondene risikerer at skulle rekonstruere mange af deres portefølje- selskaber, hvis de skal komme gennem 04 / BERLINGSKE TIDENDE / ONSDAG 10. JUNI 2009 / Siderne er redigeret af Ellen Buhl krisen, mener internationale BUSINESS eksperter. Selv mener de Henrik Sass Larsen (S), Niels B. Christiansen, Karsten Dybvad, Lars Løkke Rasmussen, danske fonde, at erhvervs- og vækstminister: koncernchef i Danfoss: administrerende direktør i Dansk Industri: formand for Venstre: de er bedre »Det er en naturlig følge af lavkonjunkturen, og »Vi bliver nødt til hele tiden at se på ramme- »Det skal først og fremmest være mere attrak- »Helt overordnet skal det jo være forretnings- rustede end vi skal nok se pæne stigninger i investeringerne betingelserne for danske virksomheder, og så tivt at investere i danske virksomheder. Derfor mæssigt rentabelt at investere i og drive virk- igen. Jeg kunne rigtig godt tænke mig, at danske skal vi se på, hvordan mindre virksomheder kan skal politikerne sænke skatter og afgifter, som somhed i Danmark. Det handler om at skabe et resten af Europa pensionskasser investerede mere i mindre dan- få mere ud af danskernes opsparing i pensions- gør det særligt dyrt at drive virksomhed i Dan- erhvervsklima, der gør det rentabelt. Det hand- ske virksomheder. Jeg vil gerne se nærmere på, kasser. Man kan for eksempel tilskynde til flere mark, og vi skal sammen sætte ind på de mange ler blandt andet om lavere omkostninger via ■ Kapitalfonde om der er lovgivningsmæssige forhindringer for investeringer i mindre virksomheder via skat- områder, hvor vi kan løfte produktiviteten. Og så skatte- og afgiftslettelser. Og vi vil gerne positivt Kapitalfonden Axcel pensionsbranchens investeringer, der med for- tesystemet, for eksempel via lavere PAL-beskat- skal politikerne gøre det mere attraktivt for pri- overveje forslag, der kan give pensionsbranchen AF LASSE FRIIS del kan ændres.« ning (pensionsafkastskat, red.) for investeringer i vate investorer at sætte penge i mindre og mel- øget incitament til at investere i unoterede virk- mindre unoterede virksomheder.« lemstore virksomheder.« somheder.« Kapitalfonden Axcels næststørste fond, ▼ FAKTA der blandt andet har gulvproducenten Kapitalfondene løber ind i store problemer, hvis ikke Junckers og nationalklenodiet Royal Co- snart økonomien forbedres. penhagen i porteføljen, bløder. Selskabet AXCEL II-VIRKSOMHEDERS Flere af fondenes porteføl- RESULTAT FØR SKAT jeselskaber er – i takt med at Ellipse har netop afleveret et regnskab for den økonomiske krise træk- 2008, der viser et underskud på 100 mio. ■ Ellipse ker ud – i så dårlig stand, at 2008: -100,6 mio. kr. Værste investeringskrise i 50 år det mange steder kræver en kroner. Dermed har fondens virksom- 2007: -53,7 mio. kr. helt ny forretningsmodel og Royal Copenhagen er en af de luksusvarevirksomheder, som danske kapitalfonde har mange af i deres porteføljer. Porcelænsproducenten er ejet af kapitalfonden Axcel. Kapitalmangel. Investeringsklimaet i Danmark er på frysepunktet, og udsigten til øget vækst i investerin- heder indtil nu tabt over en kvart mil- ■ en omstrukturering af hele Foto: Steven Achiam Royal Copenhagen virksomheden. De danske 2008: -66,1 mio. kr. gerne i industrien er ringe. Det får toppen af dansk erhvervsliv til at efterlyse politisk handling. liard kroner. 2007: 6,8 mio. kr. fonde mener selv, at de har gjort det bedre end de euro- Alix Partners og ansvarlige ler dreje nøglen om,« siger domssektoren, bilindustrien, cher, og at det snarere bliver muligvis komme op til over- ■ Georg Jensen pæiske kollegaer, og at situ- for de skandinaviske aktivi- Michael Weyrich. produktionssektoren, luft- gælden, som vil skabe pro- fl aden tidligere,« siger Jens 2008: -43,7 mio. kr. ationen ikke udvikler sig så teter. Ifølge Alix Partners, der ty- fart og virksomheder med fo- blemer. Jens Harsaae, der er Harsaae. Af Ole Hall Den nye opgørelse viser, at der mellem at regeringen med vækstpakken fra foråret 2007: -3,5 mio. kr. alvorligt som det tegner til i Han peger på, at den fi - pisk har rådgivet C20-virk- kus på luksusvarer, vurderer partner og leder af den dan- De danske kapitalfondes [email protected] 2003 og 2013 var en årlig realtvækst i investe- 2013 reducererede afgifter og selskabsskat- resten af Europa. nansielle krise har nået et somheder og kapitalfonds- Alix Partners. De danske fon- ske afdeling af konsulent- brancheforening, DVCA, og Laurits Harmer Lassen ringerne i industrien på -0,1 procent årligt. fakta ten. ■ Junckers I en stor international punkt, hvor den begrænse- ejede selskaber, er det især de har fl ere konjunkturføl- huset, peger på, at proble- mener, at de hjemmelige [email protected] Til sammenligning var der en realvækst på > Men opsvinget kommer til at lide under, 2008: -57,5 mio. kr. undersøgelse fra rådgiv- de adgang til kredit er ble- fondenes høje gæld, som vil somme selskaber, for eksem- merne primært opstår, hvis fonde står bedre rustet end 2,8 procent årligt mellem 1966 og 2003. Hjælp TIl InvEsTERInGER at investeringerne stadig befinder sig på et 2007: 21,8 mio. kr. ningsfi rmaet Alix Partners vet kronisk. Ifølge Michael skabe problemer. pel Axcel, med modehuset virksomhederne ikke kan de andre i Europa. En dyb og historisk lang investeringstørke Globaliseringen og bedre adgang til god lavt niveau. Det gælder både de direkte inve- skønner 100 eksperter, at Weyrich har mange kapital- »Man har set ekstreme til- Noa Noa, Royal Copenha- overholde de såkaldte co- »Kigger vi ud over det spreder sig blandt små og mellemstore dan- og billig arbejdskraft i udlandet er formentlig I en rapport udarbejdet af Copenhagen steringer fra udlandet og de indenlandske ■ Vital Petfood har endnu antallet af kapitalfondseje- fondsejede selskaber forsøgt fælde i udlandet, hvor ka- gen, Georg Jensen og Junc- vernants, der er måltal, som danske landskab, kan vi ik- ikke offentliggjort regnskab ske virksomheder i industrien. en stor del af forklaringen på, hvorfor inve- Economics for Axcelfuture er der en række investeringer i danske virksomheder fra for 2008. de virksomheder, hvor der at holde vanskelighederne pitalfondsejede selskaber kers. Polaris har Tøjeksper- virksomheden skal opfylde ke se tilsvarende tendenser, Det viser en ny opgørelse fra Copenhagen steringerne i Danmark er bremset op. forslag, som kan fremme investeringsni- eksempelvis institutionelle investorer. er behov for rekonstrukti- fra døren i håbet om, at kre- er blevet overtaget af ban- ten, mens EQT sidder med for at undgå, at bankerne og det gælder hverken for re- Economics, der blev fremlagt fredag på en »Det er svært at forklare historien, mens Af Simon Bendtsen veauet i små og mellemstore virksomhe- oner, vil blive fordoblet in- ditsituationen blev forbed- kerne, fordi virksomheden modekoncernen BTX Group. kan genforhandle deres lå- konstruktioner eller konkur- konference for toppolitikere og erhvervs- man står midt i den, men det var i den perio- Skatte- og afgiftslttelser og Morten Johnsen producerer og sælger dyre- der. Blandt forslagene er: den for de næste 12 måne- ret. Men det er der kun me- ikke har været i stand til at IK Kapital Partners sidder på neaftaler. ser, « siger Jannick Nytoft, spidser arrangeret af kapitalfonden Axcel. de, at danske virksomheder fandt ud af, hvor Danske erhvervsorganisationer og topche- fodder, har endnu ikke of- der. get få tegn på. tilbagebetale deres lån. Jeg Kwintet, der fremstiller ar- adm. direktør for DVCA. Med tal, der går helt tilbage til 1966, doku- de kunne flytte deres produktion hen, og fer har længe slået til lyd for, at der er behov KapitalfondenBørsen Axcel har sto- fentliggjort regnskab. Onsdag den 9. februar 2005 ● Mere aktive pensionskasser: Politi- 28 »Mange kapitalfondseje-FINANS tror ikke, at det kommer til bejdstøj. Altor har konjunk- Stigende behov Han peger på, at kapital- menterer Copenhagen Economics, at der hvor de fik det til at fungere i praksis,« siger for løbende store skatte- og afgiftslettelser re problemer med en af sine Samlet set betyder de de selskaber har store ud- at blive så meget anderle- turfølsomme selskaber som fondene har formået at ned- kerne skal øge pensionsselskabernes Tiden ved at løbe ud ikke på noget tidspunkt har været en længere han. for at tiltrække flere investeringer. På freda- største fonde. Axcel II, der mange underskudsgivende fordringer nu, hvor en del des i Danmark, og vi vil se de Aalborg Industries og Wrist »Vi forventer et stigende bringe gælden, inden krisen muligheder for at investere i mindre investeringstørke end den, industrien befin- Først flyttede de store virksomheder gens lukkede konference, der var velbesøgt X selskaber blandt andet ved at justere blandt andet ejer den tidli- selskaber, at Axcel IIs sene- I industrier er under stort »Derfor er tiden ved at løbe danske banker spille en me- Group i porteføljen. behov for restrukturering for alvor brød ud, og at gæl- P

N der sig i nu. deres produktion ud. Siden fulgte de mindre, af spidser fra erhvervslivet og Folketinget, gere så ombejlede gulvfabri- ste regnskab for 2008 viser et A pres. Det er et globalt fæno- ud for stort antal produkti- re aktiv rolle,« siger Michael Men konsulenthuset Bo- af porteføljeselskaber som den i forhold til indtjenin- ejerskabsbegrænsninger og indføre C

S »Der er intet historisk fortilfælde for og mindre afdelinger blev også flyttet ud. handlede en stor del af diskussionerne dog kant Junckers i Køge, har ind- dundrende underskud på 265 : men, så det er absolut no- onsvirksomheder, hvor det Weyrich. af andre selskaber, men på gen faldt i både 2008 og før- skattemæssige eller andre begunstigel-

O ston Consulting Group vur- FINANS T til videre haft et underskud mio. kr. for hele koncernen. O denne investeringskrise, hvis vi ser på frem- »Det skete, fordi man ikke mistede pro- ser for dem, der vil investere i landets mere specifikt om, hvordan man kan øge

F get, som også rammer de ganske enkelt vil blive et De hårdest ramte selska- derer, at kapitalfondene grund af gearing, governan- ste del af 2009. på over en kvart milliard i »At tiderne er hårde, er danske fonde,« siger Mi- spørgsmål om at restruktu- ber bliver dem, som er eks- herhjemme ikke er overeks- ce, covenants og ejerstruktur stillingsvirksomhederne, som jo er dem, duktivitet ved at flytte afdelinger til Tjekkiet små virksomheder. pensionsbranchens incitament til at inve- 2008. næppe noget, som er spe- chael Weyrich, direktør i rere virksomhedens drift el- poneret mod bygge- og ejen- poneret mod cykliske bran- kan det blandt kapitalfonde [email protected] der skal skabe reelle produktionsjob i Dan- eller Polen. Man kunne opretholde stort set stere i mindre danske virksomheder. Således har de fire af fon- cielt for Axcels selskaber. Vi mark,« siger økonom Martin Thelle, mana- samme arbejdsproduktivitet, og arbejds- ● Nedsættelse af en erhvervsskatte- »Der er et kæmpe potentiale i at få den densMinimale fem virksomheder, tab gav r ekderor d-oer i vusikreerskud tider og i samme ging partner i Copenhagen Economics. kraften var betydeligt billigere,« siger Martin kommission: Politikerne bør overveje en danske pensionsbranche og andre aktører indtilHøjere nu ne hartto rente-sat deres og un- situation som de fleste kon- Omkring 1981 til 1984 og igen omkring Thelle. nordisk model for kapitalbeskatning, der til at investere mere i små og mellemstore derskriftgebyrindtæg på terårsregnskabet samt Max kurrenter Bank og kolleger. Som 1993 var væksten i investeringsniveauet også »Det er gradvist gået op for flere virksom- blandt andet skal indeholde reduktion danske virksomheder (SMVer). Man kan for kriseåret 2008, samlet langsigtet ejer er det dog ikke lavt i industrien. Men dog ikke lavt så længe heder, hvilke konkurrencefordele der er ved af aktieindkomst og udbyttebeskatning. forestille sig flere modeller for, at investe- væsentlige lavere tab og Mio. kr. 2003 2004 set præsteret et underskud noget, der får os til at ryste ZZZSKLOLSVRQZLQHFRP Siderne er redigeret af Lea Kirstine Gindin som nu. at flytte produktionen,« Berlingske siger han. . lørdag 22. marts 2008 ringer i SMVer bliver tilskyndet via skatte- hensættelser på debito- ./$66,..(.83)5$.21*(c5*$1*(104 Indland ● Vi er – og bliver pårer hele betød, 268 a tmio.Max kr.Bank før skat på hånden, og vi har fuld til- »Perioderne dengang tåler ingen sam- Der er ikke tegn på, at investerings- Mere erhvervsvenlige »bløde« ram- systemet, og man kan overveje, om pen- sidste år. Rente-/gebyrindt.lid til, at vores142,9 virksomheder155,1 mevilkår: Politikerne bør overveje blandt ikke – tvunget til i Næstved kom ud af 37,1 24,5 2005 Lamothe-Cissac Cru Bourgeois 2005 Château Haut Maillet Pomerol 2005 Barolo Marcenasco Renato Ratti 2005 Château Cantemerle menhæng med det, vi ser nu. Nu taler vi niveauet i Danmark kommer til at stige fore- sionsbranchens investeringer skal reguleres Seneste Axcel-selskabKursreguleringer skal komme fornuftigt ud på andet at reformere universiteternes 2004 med et re- Tab og hensæt. 38,0 15,4 om 20 kvartaler i streg, hvor investerings- løbig. lidt anderledes, så de får friere muligheder at» sælge dem. Vi formed røde tal er medicovirk- den anden side,« lyder reak- KAPITALFONDE. Virksomheder som Georg Jensen og Royal Copenhagen skal tilpasses kordstort overskud før Ord. res. f. skat 51,0 57,0 niveauet har ligget lavt og fladt,« siger Martin »Ser man på erhvervsudlån og udstedelse taxametersystem og konsolidere den for at investere i mindre virksomheder,« siger somheden Ellipse, der blandt tionen fra Axcel-direktør venter at gøre det, der skat. Efter skat var re- Resultat efter skat 44,1 43,5 nutidens markeder.Thelle. Der skal en større indtjening til,af før nye ejeren, aktier ogkapitalfonden erhvervsobligationer, Axcel, er er der klar offentlige forskningsindsats med færre koncernchef i Danfoss, Niels B. Christiansen. andet leverer laserudstyr Christian Frigast. skal til for at understøt- sultatet dog en anelse Egenkapital 282,9 304,2 forskningsenheder med kritisk masse. til medicinalbranchen. Her 96 PTS til at sælge, og derfor kan det godt blive et længere bekendtskabikke nogen stigning end iførst det eller antaget. umiddelbare Både erhvervs- og vækstminister Henrik lavere end i 2003, da Balancesum 2.101,4 2.558,0 WINE SPECTATOR FOKUS Flytning af produktion tegn på, at erhvervsinvesteringerne vil Tilmed bør den offentlige indkøbspolitik Sass Larsen (S) og Venstres formand, Lars te virksomhederne og Reduktion og struktur lyder tabet på lidt over 100 93 PTS reformeres. banken kunne indkas- B.T. WINE ENTHUSIAST Gastro Investeringerne gik for alvor i stå omkring komme til at stige voldsomt de kommende Løkke Rasmussen, understreger over for deres udvikling, mens mio.sere kroner,en skat teogfri selskabet gevinst til-Indtj.Regnskabet pr. omkst.kr. 1,38fra Axcel1,45 II af- slører dog samtidig, at der 2008 og 2009, da den økonomiske afmatning tre til fire kvartaler,« siger Martin Thelle. Berlingske Business, at de gerne vil gå videre de er i vores ejerskab. slutter sig dermed design- Axcel har fokuseret på ef- de respektive virksomheder er jo ikke letfordærvelige va- Kilde: »VæKst og innoVation i dansKe VirKsom- på salget af aktier i SPAR 50 SPAR 370 SPAR 170 SPAR 160 spredte sig i Danmark. Men den økonomiske med overvejelserne om regulering af pen- klenodierne Royal Copen- er sket en kraftig tilpasning fektivisering og reduktion af og med at tilpasse dem til en rer med »sidste salgsdato«, heder - analyse og ForslagsKatalog.« rapporten Totalkredit til Nykredit. afmatning er kun en del af forklaringen på Konkurrencevnen er forbedret sionsbranchen. hagen og Georg Jensen samt i fondens mange virksom- omkostninger. ny virkelighed79,95 i aktivt samar- men levende virksomheder149,95 199,95 299,95 er udarbejdet aF Copenhagen eConomiCs »Resultatet skal ses i lyset af, at Max Bank i 2004 har PR FL. V/12 FL. PR FL. V/12 FL. industrivirksomheden Junc- heder, så der er i dag er 430 »Derfor har resultaterne bejde med ledelserne,« siger med gode markedspositioner PR FL. V/12 FL. PR FL. V/12 FL. investeringstørken i industrien. Alt er dog ikke negativt i den danske industri. »Jeg vil gerne se nærmere på alle kon- CHRISTIAN FRIGAST, afholdt betydelige omkostninger i forbindelse med etab- For axCelFuture. »Investeringsopbremsningen begyndte Virksomhedernes konkurrenceevne er ble- struktive forslag til at få danske pensions- direktør i Axcel kers,lering hvis af denregnskaber nye filial alle i V ordingborgvi- færre ogmedarbejdere udvikling af ide Axcelst været præget af restrukture- Christian Frigast, der afviser, og dygtige medarbejdere, vi stebanebr en blodrødydende bundlinje. cafe-koncept,« bemærkfem firmaeres de i tfonden.i årsregn - ringsomkostninger. Vi fort- at tvangssalg af virksom- har med at gøre. Vi arbejder ikke med krisen. Den begyndte helt tilbage i vet forbedret på det seneste. Tilmed hjælper kasser til at investere mere i mindre danske Den femte virksomhed i Christian Frigast peger på, sætter arbejdet med de ud- hederne kan komme på tale. med den langsigtede udvik- 2003,« siger Martin Thelle. det på genopretningen af dansk økonomi, virksomheder,« siger Henrik Sass Larsen. skabsmeddelelsen. Priser er kun gældende ved online-køb. AxcelMax II, Bank, Vital derPetfood, før har der hedde att 2008hvb bank har været og H aandet år,- hvor viklingsplaner, vi har lagt for »HvorforÅbent skulle husvi det? på lagersalgDet ling hver af vores dag virksomheder. med gratis vinsmagning Vi af 10 vine - se tiderne på vores web site. Tilbud gælder til og med 20-12-09 eller så længe lager haves. værkerbanken, har i 2004 oplevet en stor vækst i både Besparelser udregnes i forhold til vinens 1-fl. pris. Forbehold for trykfejl. ind- og udlån samt garantier og det samlede forretnings- Georg Jensen skal tilbage AFLÆST KL. 19:00 AFLÆST KL. 19:00 omfang er nu oppe på næsten 5 mia. kr. Samlet steg overskuddet før skat med 6 mio. kr. til 57 mio. kr. i for- OMXC20: 230,19 -0,37% NASDAQ: 1.494,20 -1,46% DOW JONES: 7.577,93 -1,07% CIBOR 12 MDR: 3,29%hold til 2003, mens bundlinjen blev reduceret med godt Flekslånen halv mio.kan til 43,5 mio. kr. Fbliveor 2005 ventes der et overen- anelse billigere LUKSUS. Den danske designerstolthed Georg Jensen er blevet fanget i en (ebitda) fra 33 mio. kr. i 2006 efter successen med Mus- skud før kursreguleringer og skat på 27 mio. kr. Ritzau prisklemme. Produkterne blev ganske enkelt for eksklusive og for dyre. Nye pro- til 82 mio. kr. i 2007. En mar- selmalet Mega-serierne. Ro- Realkreditten er ved at forberede et tiltag, der i bedste fald kan gøre det billigere at optage lån med variable renter. BRIEFING» ginindtjening på ni procent. yal Copenhagen har i dag en Skoledirektør bedrog for 7 mio.kr. dukter skal nu ned på et lavere prisniveau. Trods klare driftsmæssige forbedringer Smykkevirksomheden driftsindtjening (ebitda) på Af Lars Erik Skovgaard »De senere år har vi set, at låne én million kroner. Det flytte tidspunkt for refinan- fleks- og rentetilpasningslån, tionerne ikke kan afsættes af De nye for både Georg Jensen og Royal Copenhagen tager det endnu et par år for ejeren, skal op på en indtjening, der 63 mio. kr. – en indtjenings- Bedrageri for 7 mio. kr. af skatteborgernes penge. Det er, svarer til en ebitda-margin margin på 13 procent. ath vrentenad den tidliger stegetere direktør med 0,1 for Lufsvarertfartssk til olenmellem står tiltalt55 og 85 sieringen væk fra december. hvor disse lån får nye renter, anden grund. herremænd kapitalfonden Axcel, at gøre dem salgsmodne. Fleks- og rentetilpasningslån til 0,15 procent i december, kroner om måneden efter Præcis hvordan den rullen- spredes ud over en længere Den risiko bliver mindre, på 15-20 procent. Forestil- Nikolaj Vejlsgaard vil ikke for, når sagen mod ham indledes på torsdag i retten i ler man sig således, at Georg sætte måltal for, hvad der er kan fremover blive en lille fordiTårnby der. Upådover det tidspunkt den 44-årig hare tidligskat.ere Ikke direktør det store er også – men en dog de refinansiering skal finde periode for dermed at mind- hvis refinansieringen spredes smule billigere. I 3.hvert SEKTION fald været et meget stort udbud bedre end slet ingenting. sted, er endnu ikke fastlagt ske den »systemiske risiko«, ud over hele året. Til gengæld Af Jens Chr. Hansen understreges, at der fortsat er dekredsen – efterspørger. Jensen omsætter for én mia. en tilfredsstillende indtje- 57-årig forretningsforbindelse, hvis navn er beskyttet af ■ Kapitalfonde er blevet noget at udvikle og forbedre. Det vidner de mange skift i kr. om to år, skal indtjeningen ning i de to selskaber, men arbejder realkredittenTORSDAG på at afre tobligationer,ten, tiltalt i sag somen. skulle Det bliver dog kun nye lån, endeligt. Men Mikkel Høegh som de kalder det. vokser risikoen for, at nogle sprede refinansieringen af sælges på ganske få dage. der optages efter midten af siger, at der formentlig bliver Med en systemisk risiko rammer en uheldig periode. en af flere ejerformer i Selv om både smykkekoncer- Det forventer vi vil ske de ejerkredsen, i direktionen og hæves fra de nuværende 82 både Royal Copenhagen og 26.03.2009 De to står tiltalt for mandatsvig af særlig grov beskaf- danske erhvervsliv. De nen Georg Jensen og porce- kommende år,« siger han. i bestyrelserne om. mio. kr. til mellem 150 og 200 især Georg Jensen skal have denne låneform ud over hele Dennefenhed. ekstra I fællesskab rente – somhar de føl- misbrug2010,t direktørenssom omfattes stilling af de nye tale om fire årlige auktioner, mener Danmarks National- Men det vil i givet fald være året, så den ikke klumpes ge af dette – vil sandsynligvis regler for, hvornår lånene skal sådan som Nykredit allerede bank, at et meget stort antal en mindre gruppe, som ram- er kommet for at blive. lænsvirksomheden Royal Co- I dag er de to tilbagevæ- mio. kr. En kraftig forbedring forbedret deres indtjenings-

Berlingske ved at overføre 82.000 kr. fra Luftfartsskolen til den 57- sammen i december. forsvinde, hvis der kommer forsynes med en ny rente. har i dag. boligejere på samme tid risi- mes. Efter en skæv entré med penhagen har stjernestatus i Prisen skal ned rende virksomheder i Royal på et tidspunkt, hvor netop margin (ebitda), inden de to årige hver eneste måned fra november 1998 til samme beskyldninger om lyssky designerkredse, så er billedet Georg Jensen skal have gen- Scandinavia, Georg Jensen og luksusvareforbruget i en selskaber hver for sig sælges Det kan muligvis give en enmåned rullende 200 1.refinansiering,« I alt fik de to ifølg e anklagBoligejere,eskrif tesomt trukk alleredeet i kerer at løbe ind i problemer, Ved at sprede rentetilpas- lidt lavere rente på lån med siger han. dag har et fleks- eller rente- Mindre risiko for flere hvis hele refinansieringen ningen, kommer der også metoder, udsugninger af mere broget i den finansielle opfundet »arvesølvet«, og Royal Copenhagen, fuldstæn- række lande vurderes at have videre. godt 3 mio. kr. ud af skolen på den konto. danske virksomheder, verden. den kælenhed for håndvær- dig adskilte og lever helt og toppet. Opkøbet af Royal Scan- BUSINESS.DK I DAG ■ PARKEN KLAR MED ÅRETS SCORE ■ HVOR MANGE MISTEDE JOBBET I FEBRUAR ■ SMUTVEJEvariable UDEN OMrenter, NY SKATvurderer SkerDe to det,er også kan tiltalt det forblive at ha vetilpasningslån,bedraget skolen skal for ansåledes- Det er Danmarks National- finder sted på et uheldigt flere serier af obligationer. seniorøkonom i BRFkredit, mellem 1.000 og 1.500 kro- betale 1.400 kroner i ting- bank, der har anbefalet, at tidspunkt, hvor renten er Det øger risikoen for »tynde nul skat og tårnhøje ge- Kapitalfonden Axcel har i ket, som har været forankret holdent hver deres liv. De har dinavia designervirk- dre 4 mio. kr. i en handel med en DC-10 flysimulator. vinster til topcheferne er nu syv år arbejdet benhårdt i Georg Jensens mere end 100 »blot« den samme ejer. somhederne hø- Mikkel Høegh. nerDirektøren billigere omhar åretskre førvet skat,under på,lysning at sk tilolen staten, ville behvistale de vil den såkaldte refinansiering af meget høj, eller hvor obliga- serier«, som kan være svære Milliarder strømmer til nye billedet nu blevet mere på at få genrejst de tidligere års historie inden for sølv- Det er da også mest rer til blandt BUSINESS den 57-årige knap 4 mio. kr. for flysimulatoren, selv om nuanceret. Kapitalfonde danske designerikoner, så produktion og skandinavisk sandsynligt, at de to kapitalfon- MOODY'S TROR IKKE begge tiltalte vidste, at den 57-årige ikke ejede simulato- danske kapitalfonde er forskellige som virk- der udover de visuelle ind- design. virksomheder bli- den Axcels ren. Desuden har Undervisningsministeriet rejst erstat- 2500 somheder er forskellige. tryk også både er økonomi og Georg Jensen skal tilbage ver solgt videre mest pro- PÅ DANSKE BANKER ningskrav mod direktøren. Det omfattende rod i skolens Nyrejste største private equity fonde i Danmark indenfor de seneste par år. Berlingske Business sæt- fremtid i de to virksomheder. til rødderne – men altså til- hver for sig og blematiske ■ økonomi blev afsløret i en række artikler i dagbladet Po- Det store kreditvur- Axcel Mio. kr. ter over de næste uger Foreløbig dog med begræn- passet nutidens markeder. ikke som en pak- opkøb. litiken for to år siden. Ritzau deringsbureau Moody's 2000 fokus på udviklingen i set succes. »Det handler om at finde keløsning. Der Normalt sænker vurderingen af kapitalfondsejede virk- Flere års zig-zag kurs er nu de rigtige prispunkter. Georg er nemlig ingen er ejerti- Forventning de fem største banker, og somheder. Hvem er »the afløst af et mere koncentre- Jensens produkter var kom- synergier mellem den for en Design-ikoner slås Danskerne glade for at investere 1600 det kan gøre det endnu good guys«, og hvem er ret fokus på virksomheder- met for højt op i pris,« som de to virksomheder. kapitalfond Danskernes store interesse for at eje investeringsbeviser dyrere for bankerne at 1350 »the bad guys«. nes kerneområder. Og ejeren, partner og adm. direktør i Men den erkendelse fire til syv låne den nødvendige fortsætter i det nye år. Det viser nye tal fra Investerings- tvinges Axcel, mener selv, at både Axcel Christian Frigast ud- har det altså taget syv år, men i kapital. Især er Moody's foreningsrådet. De flere end 600.000 danskere, der ejer Royal Copenhagen og Georg trykker det. år at nå til. dette til- 1000 skeptisk over for is- investeringsbeviser, fortsatte deres opsparing i januar, Jensen nu er kommet ind i Et klart signal om at Georg Georg Jensen er fælde kom- Onsdag den 31. juli 2013 ERHVERV 3 hvor nytegningen af beviser beløb sig til en samlet sum landsk-ejede FIH. Side 12 750 den rigtige udvikling. Men Jensen skal bevæge sig »ned« den største af de to mer Axcel på omkring 10 mia. kr. Dermed løb medlemmernes sam- 700 der er endnu et stykke vej at på et billigere prisleje. virksomheder, men sandsynligvis lede formue i januar op i 536 mia. kr., og det er ny rekord. gå, før de to virksomheder er Her skal man finde an- også den virksomhed, til at eje Royal for livet Tendensen fra januar tages af formanden for Investe- 300 modne til et videresalg. ledningen til, at topchefen i som endnu har en del Copenhagen på 275 ringsforeningsrådet, Nordea Invest-direktør Peter Hem- »Både Georg Jensen og Georg Jensen, Hans-Kristian spring fremad at fore- og Georg Jensen me, som udtryk for, at danskernes interesse for investe- Erhvervs- Industri Odin Polaris II FIH/LD Axcel III Royal Copenhagen er i dag Højsgaard, fik sparket i 2007 tage, inden ejeren er i omkring ti år. Royal Copenhagen og Georg Jensen ringsbeviser fortsætter ufortrødent i det nye år. invest Udvikling II i markant bedre stand, end og blev erstattet af Ulrik Gar- tilfreds og finder tiden Lykkes det forDSV-regnskab skuffede »Medlemmerne kan glæde sig over, at den pæne ud- da vi kom ind i 2001. Med et de Due. Højsgaard har i følge inde til at sælge den vi- begge virksomhe- er kastet ud i en overlevelseskamp Kilde: Egen research vikling fra 2004 er fortsat ind i 2005. Som branche tager stærkt kundefokus, aktiv til- ejeren satset alt for ensidigt dere. Der vil gå mindst et der at forbedre ind- N Adm. direktør Jens til 2-3 pct. fra tidligere 2-4 Sammenligningsgrundla- af fi nanskrisen, der rammer vi del i denne glæde og noterer os samtidig, at interessen ny kurs gang til markedet, større le- på eksklusive og dermed dyre til to år, inden det sker. tjeningen over de næste pct. For road-divisionen er get bliver dog bedre fra nu af, for at investere i investeringsforeninger fortsætter,« siger veringssikkerhed. Brandet er produkter, og det er sket på år, kan både det royaleBjørn Andersen ser ingen forventningen sænket til et da der i 2012 kom en luksusproducenten hårdt. han i en kommentar. Sidste år havde foreningerne en intenst pres fra nye potentielle lancerede endnu en fond. I Po- blevet styrket, og vi har fået bekostning af Georg Jensens Øget indtjening før salg porcelæn og designersmyk-tegn på markedsbedring. fremgang i formuen fra 155 mia. kr. til godt 518 mia. kr. Investorerne investorer brydes de tætte laris nye fond fastholdes inve- fald på 1-2 pct. fra tidligere opbremsning efter sommer- det unikke for begge virk- stærke kerneprodukter. Georg Jensen har ellers taget kerne vise sig at blive en ha- 0-2 pct. ferien, noterer direktøren Kapitalfonden Axcel kan ved udgangen af året. Ritzau bånd mellem investeringsfon- steringsfællesskabet med somheder sat i centrum,« si- Det har rusket voldsomt et pænt hop fremad i ind- bil forretning for Axcel. Trods afskæres fra den Axcels daglige ledelse og Danske Bank-koncernen og Transportkoncernen DSV sig. ger partner hos Axcel Nikolaj i Georg Jensen i de senere tjeningen i 2007, mens om- Det er da givet- de store udfordringer hen harad leveret et skuffende Stabilisering »Vi har et forsigtigt håb SOLENERGI PLACERET som ejer blive tvunget investerings- dele af dets kapitalmæssige A.P. Møller - Mærsk som Vejlsgaard, som har fulgt de år, og ejerne har haft meget sætningen er hæmmet af, at vis også i det lys, beslutnin- vejen. Theodor kan udvide aktiekapital bagland – det vil sige, at in- bærende kræfter. regnskab for 2. kvartal i for- »Det dækker over den globa- om, at der kommer lidt mere beslutningerne i to investeringer siden Axcel svært ved at finde sit fodfæ- Georg Jensen besluttede at gen om at producere smyk- Berlingske Business harhold til analytikernes for- le udvikling, og der er det gang i virksomhedernes or- I SKYGGEN til at skyde et trecifret Investeringsselskabet Theodor Ejendomsinvest har fået vestorerne mister al indflydel- købte i 2001. ste. Det har taget længere tid lukke 13 butikker i 2007. ker på et lavere prisniveau gravet i tidligere regnskaber generalforsamlingens bemyndigelse til at kunne udvide se, og dermed elimineres den ventninger. I 2. kvartal om- klart, at Europa trækker ned. drer i andet halvår, så vi kan ■ Solenergi lever en Axcels kommende Nødvendigt skifte »Vi er tilfredse med udvik- for både Georg Jensen og Ro- Samlet er der foretaget be- skal ses. og fundet frem til følgendesatte DSV for 11,4 mia. kr., Så der er stadig en svag ud- se en lille forbedring, men skyggetilværelse i Dan- millionbeløb ind i aktiekapitalen med op til 300 mio. kr. nominelt af en indbyggede risiko for at kunne lingen i begge selskaber, og vi yal Copenhagen at lægge ar- sparelser for 40 mio. kr., og Helt så store er kravene scenarie for den samlende eller flere omgange frem til udgangen af 2006. Det frem- pleje særinteresser. Axcels kursskifte vurderes og- hvilket blev til et resultat før vikling. Vi ser dog en stabili- der er ingen store tegn på, at mark, der slet ikke kan milliardfond Dansk erhvervsliv til salg Kapitalfonde: synes selv, at vi har nået me- rogancen til side og tilpasse det er ikke mindst disse be- ikke til Royal Copenhagen, virksomhed Royal Scandina-skat på 576 mio. kr. Analyti- sering og føler ikke, at det tingene bliver markant bed- designkoncernen. går af referatet fra den ordinære generalforsamling Fremtidens investeringer vil så at være en nødvendighed, følge med udviklingen i – og det er helt i Vind eller forsvind get af det, vi satte os for, men sig de krav, som kunderne sparelser, der har resulteret der langt om længe ser ud til via: kerne ventede ifølge estima- bliver værre måned for re. Desværre,« siger direktø- udlandet. Side 10-11 tirsdag. Dermed er der mulighed for at forøge aktiekapi- blive besluttet og foretaget hvis danske kapitalfonde skal i samme åndedrag skal det – også den yngre del af kun- i et hop i driftsindtjeningen at have fundet sig selv, især Koncernen blev i sin tidter indsamlet for Ritzau Fi- måned,« siger Jens Bjørn ren. talen op til 30 gange den nuværende kapital, som er på AF SØREN LINDING JAKOBSEN uafhængigt af de investorer, gøre sig forhåbninger om at tråd med de OG UFFE HANSEN nans af SME Direkt et salg på Andersen. Når den flygtige vækst GIGANTKRAV MOD 10 mio. kr. nominelt. Størsteparten af aktierne ejes TH herunder ATP, FIH og PKA, kunne tiltrække udenlandsk 11,7 mia. kr. og et resultat på vender tilbage, vil DSV dog 06-07 Uni Venture, som sidder på hele 81 pct. internationale Danmarks største kapitalfond, der hidtil har haft sæde i be- kapital. 588 mio. kr. Resultatet før være mere end parat til at REVISORGIGANT I forbindelse med halvårsregnskabet i august oplyste Axcel, er klar med sin tredje styrelsen, som er det beslut- »Det er en naturlig udvik- tendenser,der skat er faldet grundet fortsat REGNSKAB drage fordel af den, siger Jens ■ Alt tyder på, at Theodor, at det var i færd med at undersøge mulighe- fond med et forventet kapital- tende organ for nye virksom- ling, at man tilpasser sig »best svage markeder og hård kon- Bjørn Andersen. derne for ekspansion. »Med den ekspertise og produk- tilsagn på 2,5 mia. kr. til at hedskøb. practice« i og med, at man revisorgiganten KPMG følges for at undgå kurrence. Førstnævnte ven- DSV »Vi har kapacitet til at tionskapacitet, der er til rådighed hos samarbejdspart- købe endnu flere restrukture- Axcel vælger således at følge gerne vil have internationale tes ikke at ændre sig. håndtere større mængder for vil blive afkrævet en mil- Kurs 150,10 E +3,7 pct. liardstor erstatning af de nere, kan bestyrelsen se synergieffekter til andre virk- pleje af ringsmodne virksomheder for. bedste internationale standar- midler med i Axcel III,« siger »Vi ser desværre ikke no- vores kunder, umiddelbart vrede kreditorer i svin- somheder, hvortil der p.t. undersøges samarbejdsmulig- Men spillereglerne bliver helt der i den nye fond i modsæt- Michael Rasmussen, bankdi- Kapitalfonde bliver nødt til at satse på gen positive tegn i markedet. når de får behov for det. Vi særinteresser N Regnskab for DSV delfirmaet IT Factory. heder/ejerandele,« skrev selskabet fredag. RB-Børsen anderledes end i de to første ning til en anden stor dansk rektør i Nordea. Tværtimod har vi fundet det har fokuseret utroligt meget fonde fra 1994 og 2000. Efter kapitalfond, Polaris, der nyligt Nordea har været med til at Smykkevirksomheden Pandora har meldt ud, at man opjusterer fra de oprindelige 7,2 mia. kr. i nødvendigt at finjustere på arbejdsprocesser og ny it, Side 3 EXIT. Kapitalfondenes forretningsmodeller baserer sig de ingen grund til bekymre- Berlingske Research har »Det kan betyde, at betyde længere ejerperioder Tal i mio. kr. 2013 2012 omsætning til 8 mia. kr. Arkivfoto: Sisse Dupont skønnet for både sø- og luft- så hvis mængderne skulle på midlertidigt ejerskab af virksomheder i typisk tre de miner over de fremtidige spurgt en række advokater, der i nogle tilfælde for mange kapitalfonde. Omsætning (mia. 11,40 11,37 HUSEJERE VIL GÅ frasalg af deres virksomhe- finanshuse og kapitalfonde »Exitmulighederne på bør-fragt,« siger adm. direktør stige mere, end vi havde reg- til syv år. Men kreditkrisen har gjort frasalg markant Jens Bjørn Andersen. kr.) net med, kan vi kapere det. der. om fondenes muligheder for er lidt længere ejer- sen er ikke gode i øjeblikket. Driftsresultat 804 819 GLIP AF TILSKUD vanskeligere, fremhæver branchekendere. at afhænde virksomheder. Men det betyder ikke nød-DSV har sænket sine for- Trods det skuffende regn- perioder, end det Resultat før skat 576 612 ■ Dårlige exitmuligheder 14 ud af 16 aktører vurde- vendigvis, at exitmulighe-ventninger til markedsvæk- skab steg DSV-aktien med Boligejere er så ivrige Resultat efter 417 430 efter at få del i statstil- Men det var dengang. rer, at exitmulighederne er oprindeligt har været derne er udtømt. For noglesten i luftfragt til 0 pct. fra 3,7 pct. til kurs 150,10. skat /ritzau/Finans Af Laurits Harmer Lassen Pandora sigter efter tidligere 0-2 pct. og i søfragt skuddet til renovering af Fra 2003 til første halvår af I dag har faldende aktie- dårligere i år end de foregå- planlagt.« virksomheder er der f.eks. boligen, at der næppe vil 2007 kendte markedet kun kurser og et stramt kredit- ende. stadig gode muligheder for Køb billigt, sælg dyrt. Efter den én vej, og det var op. marked vendt situationen på Danske Banks chef for fi- Ole Andersen, at finde en industriel køber,« være penge nok til alle partner i EQT ansøgere. Side 04-05 devise har stribevis af kapi- Mulighederne for at af- hovedet, og muligheden for nansiering af virksomheds- siger hun. talfonde tjent styrtende med hænde virksomheder via frasalg – eller exits, som8 det overtagelser, mia. Anne Eberhard, kr. efter opturUd over det vanskeligeÙbXVfi[g` chhYf]Yh penge under de foregående års børsnoteringer var konstant kaldes – er en reel bekymring mener, at de vanskelige exit- usikkerheden om den makro- børsmarked besværes salget Varelotteriet < www.landbrugslotteriet.dk < www.varelotteriet.dk DAGENS TEMA optur på aktiemarkedet. gode, og kapitalfondene hav- for mange fonde. muligheder på børsentror, og at derøkonomiske går mellem udvikling 12 og kan af virksomheder til andre ka- N Pandora er en god Vi er meget forretning, mener 24 måneder, før Axcel er helt KLIMA ude af Pandora. Til gengæld glade for analytikere, der oven på mener han, at det nye mål 49 48 / 50 10-11 vores aktier. gårsdagens opjustering om 8 mia. kr. er for lavt. 18 29 55 54 / 56 forventer, at medejeren, »De 7,2 mia. var helt åben- Christian Frigast, Axcel, er ude i løbet af lyst for lavt, og vi regner med managing partner i Axcel 1884 500 kr. 1883 / 1885 300 kr. en årsomsætning på mellem 2981 500 kr. 2980 / 2982 300 kr. det kommende år. 8,3 og 8,4 mia. kr. Med de 3575 500 kr. 3574 / 3576 300 kr. 15186 500 kr. 15185 / 15187 300 kr. “Tag en rask beslutning hvis du bliver syg” nye udmeldinger skal de kun 17314 500 kr. 17313 / 17315 300 kr. N Axcel vil ikke forholde nå 4,1 mia. kr. i omsætning i 17385 500 kr. 17384 / 17386 300 kr. næste halvår, og det er kun 20116 500 kr. 20115 / 20117 300 kr. Uanset hvilken sygdom man bliver ramt af, er en hurtig behandling at foretrække. sig til salgstanker. 21079 500 kr. 21078 / 21080 300 kr. en vækst på 3 pct. i forhold 1.000.000 25423 500 kr. 25422 / 25424 300 kr. Det gælder både i forhold til helbredelse og til at blive sig selv igen. Tjek mulighederne til samme halvår sidste år. 26550 500 kr. 26549 / 26551 300 kr. MARTIN FLINK Og det var ovenikøbet nega- priserne bliver på det ni- 27447 2.000 kr. 27446 / 27448 500 kr. for behandling uden ventetid på arresoedal.dk eller ring på 47 78 19 00. 28652 500 kr. 28651 / 28653 300 kr. martin.fl[email protected] tivt påvirket af deres pro- veau, vi har i dag, og hvis de 34218 500 kr. 34217 / 34219 300 kr.

SQUAWS.DK gram med at nedbringe vare- kan nå 8,3 mia. kr. i omsæt- 35068 2.000 kr. 35067 / 35069 500 kr. Kapitalfonden Axcels exit af lagrene hos forhandlerne,« ning, og hvis de når de 175 35557 2.000 kr. 35556 / 35558 500 kr. 38608 500 kr. 38607 / 38609 300 kr. Pandora er ikke rykket læn- forklarer Lars Topholm. nye butikker, der er målet, så 41070 2.000 kr. 41069 / 41071 500 kr. gere væk oven på gårsdagens Hvis Pandora-aktien lever mener jeg, at aktien er 290 4071 10.000 kr. 92045 1.000 kr. 43528 500 kr. 43527 / 43529 300 kr. forventede opjustering. Her op til analytikerens vurde- kr. værd,« tilføjer han. 5358 1.000 kr. 94631 10.000 kr. 44977 500 kr. 44976 / 44978 300 kr. meldte smykkevirksomhe- ring, så kan aktiekursen lan- Hos Axcel ønsker mana- 5670 4.000 kr. 94711 1.000 kr. 49002 2.000 kr. 49001 / 49003 500 kr. 5733 1.000 kr. 96065 1.000 kr. 49357 500 kr. 49356 / 49358 300 kr. den ud, at man opjusterer fra de i 290 ved årets udgang ging partner Christian Fri- 6182 1.000 kr. 105030 1.000 kr. 53826 2.000 kr. 53825 / 53827 500 kr. 7,2 mia. kr. i omsætning til 8 mod lidt over 220 i dag. gast ikke at svare på, hvor- 6240 1.000 kr. 107425 1.000 kr. 54696 500 kr. 54695 / 54697 300 kr. mia. kr., og det giver fornyet dan ønskekursen skal være, 10051 4.000 kr. 108560 1.000 kr. 56192 500 kr. 56191 / 56193 300 kr. 10730 1.000 kr. 114507 4.000 kr. 56680 1.000.000 kr. 56679 / 56681 100.000 kr. liv til spekulationerne om, Undervurderet kurs før Axcel sælger det hele. 17550 4.000 kr. 116103 4.000 kr. 60712 500 kr. 60711 / 60713 300 kr. hvornår fonden sælger de 26 »Derfor synes vi også, den er »Det har vi ingen kom- 17654 1.000 kr. 120046 1.000 kr. 63146 500 kr. 63145 / 63147 300 kr. pct. af aktierne, den sidder undervurderet, men dog mentarer til. Det eneste, jeg 20849 1.000 kr. 120120 1.000 kr. 70025 500 kr. 70024 / 70026 300 kr. 28101 1.000 kr. 121310 1.000 kr. 74078 500 kr. 74077 / 74079 300 kr. på. kræver det, at de samtidigt vil sige, er, at vi er meget 28689 1.000 kr. 121501 1.000 kr. 74811 500 kr. 74810 / 74812 300 kr. »Det er svært at vide, og leverer på andre parametre. glade for vores aktier og har 29181 1.000 kr. 122090 1.000 kr. 76820 5.000 kr. 76819 / 76821 1.000 kr. det er kun Axcel selv, der Det handler om, at sølv- stor tillid til virksomheden. 29999 1.000 kr. 129313 4.000 kr. 81457 2.000 kr. 81456 / 81458 500 kr. 30607 1.000 kr. 135878 1.000 kr. 81981 500 kr. 81980 / 81982 300 kr. ved, om det bliver i det kom- Det er det, vi hele tiden har 31379 1.000 kr. 137078 1.000 kr. 83235 2.000 kr. 83234 / 83236 500 kr. mende eller næste kvartal. sagt,« siger han. 32129 1.000 kr. 139379 1.000 kr. 90363 500 kr. 90362 / 90364 300 kr. Men vi vil se ﬂere aktiesalg 33127 1.000 kr. 144000 1.000 kr. 91034 500 kr. 91033 / 91035 300 kr. 33534 1.000 kr. 148803 1.000 kr. 91316 2.000 kr. 91315 / 91317 500 kr. fra Pandoras side, og det var En analytiker vurderer en kurs i 34054 1.000 kr. 150034 1.000 kr. 92055 500 kr. 92054 / 92056 300 kr. vel også sæsonens mest for- slutningen af året på 290. Hvil- 36199 1.000 kr. 155137 10.000 kr. 93692 2.000 kr. 93691 / 93693 500 kr. ventede opjustering, efter de ke forventninger har I til slut- 38939 1.000 kr. 155345 1.000 kr. 97379 50.000 kr. 97378 / 97380 5.000 kr. 40449 1.000 kr. 158498 1.000 kr. 106266 500 kr. 106265 / 106267 300 kr. kom ud med et bragende EN STOR BUTIK kursen for i år? 46285 1.000 kr. 162334 1.000 kr. 106909 2.000 kr. 106908 / 106910 500 kr. godt 1. kvartalsregnskab, og »Ingen. Det afgør marke- 46349 50.000 kr. 163955 1.000 kr. 114968 500 kr. 114967 / 114969 300 kr. det skulle gå grueligt galt for det.« 46930 1.000 kr. 167597 1.000 kr. 121115 10.000 kr. 121114 / 121116 2.000 kr. Pandoras historie 51868 4.000 kr. 172093 1.000 kr. 129623 5.000 kr. 129622 / 129624 1.000 kr. dem, hvis ikke der skulle 53452 1.000 kr. 175891 1.000 kr. 132601 10.000 kr. 132600 / 132602 2.000 kr. komme en opjustering. Det Pandora blev introduceret på 7,4 mia. kr. til Axcel 62694 1.000 kr. 179972 1.000 kr. 134963 2.000 kr. 134962 / 134964 500 kr. ser rigtig fornuftigt ud,« børsen i oktober 2010 og Der er dog fortsat et stykke 62844 1.000 kr. 181053 1.000 kr. 136110 2.000 kr. 136109 / 136111 500 kr. 69022 10.000 kr. 181740 1.000 kr. 138761 500 kr. 138760 / 138762 300 kr. mener Niels Granholm- steg første dag fra introprisen vej til niveauet fra børsintro- 69730 10.000 kr. 182108 1.000 kr. 141445 500 kr. 141444 / 141446 300 kr. Leth, der er head of equity på 210 til 263, svarende til duktionen i 2010, hvor kur- 70771 1.000 kr. 183623 100.000 kr. 143840 100.000 kr. 143839 / 143841 10.000 kr. research i SEB. en samlet værdi på lidt over sen på første salgsdag eksplo- 70912 1.000 kr. 188149 1.000 kr. 145768 2.000 kr. 145767 / 145769 500 kr. 73690 1.000 kr. 192748 1.000 kr. 154559 500 kr. 154558 / 154560 300 kr. Han peger på, at selskabet 34 mia. kr. derede fra 210 til 263 kr. 76605 4.000 kr. 194904 1.000 kr. 158816 500 kr. 158815 / 158817 300 kr. det seneste halve år har haft Trods en god start på dagen 78754 1.000 kr. 197217 1.000 kr. 160985 500 kr. 160984 / 160986 300 kr. en imponerende vækst i nye Pandoras smykker sælges i med stigninger på omkring 5 81037 1.000 kr. 197569 1.000 kr. 162112 2.000 kr. 162111 / 162113 500 kr. 84251 1.000 kr. 204314 1.000 kr. 166003 500 kr. 166002 / 166004 300 kr. markeder, hvor der er stor ef- mere end 65 lande fordelt på pct. til kurs 225 og en om- 174041 500 kr. 174040 / 174042 300 kr. terspørgsel på produkterne. seks kontinenter via over sætning på knap 300 mio. 175357 2.000 kr. 175356 / 175358 500 kr. Forventningerne til et nyt 10.000 forhandlere, herunder kr., så tabte aktien pusten til 175398 2.000 kr. 175397 / 175399 500 kr. 185233 2.000 kr. 185232 / 185234 500 kr. armbåndskoncept, der lan- mere end 800 Pandora- slut og lukkede i kurs 220,6 – 186061 2.000 kr. 186060 / 186062 500 kr. ceres i efteråret, er store pga. brandede konceptbutikker. en stigning på ca. 3 pct. 16 39 198181 500 kr. 198180 / 198182 300 kr. udsigten til succes i Asien. Den nuværende kurs sva- 200550 500 kr. 200549 / 200551 300 kr. 201513 500 kr. 201512 / 201514 300 kr. Den vurdering deler head Selskabet blev stiftet i 1982 rer til en børsværdi på 28,7 41 70 201870 500 kr. 201869 / 201871 300 kr. of research i investerings- og har over 6.000 medarbej- mia. kr., hvilket vil sende ca. 202209 2.000 kr. 202208 / 202210 500 kr. banken Carnegie Lars Top- dere, heraf 4.000 i Thailand, 7,4 mia. kr. til kapitalfon- < holm også, om end han dog hvor smykkerne fremstilles. dens investorer.

WWW.AXCEL.DK 13 “Our owners shepherded Løgstør Rør through a very difficult period, and we were glad they came on board and helped us with our European consolidation. This had fantastic results.”

Preben Tolstrup, former CEO of LOGSTOR

Key events I in Axcel’s history: 1994 1995 1996

AXCEL IS BORN MONARFLEX TVILUM-SCANBIRK Axcel IndustriInvestor (Axcel I) is formed on 9 May 1994 as Monarflex is the first family-owned business Axcel invests Under Axcel’s stewardship, the family-owned businesses an investment company (evergreen fund) with Christian in. A producer of reinforced plastic products for the build- Tvilum and Scanbirk join forces and grow into Europe’s Frigast as CEO. The founders are Unibank, PKA, FIH, Radio- ing trade in the Nordic and UK markets, the company goes largest producer of flat-pack furniture. The company is sold meter and FIH’s Dutch sister bank NIB. on to be sold to Icopal in the year 2000. to US building materials company Masco in 2000.

AXCEL I MORE INVESTORS Axcel I starts out with committed capital of DKK 200m, KIRKBI and ATP come on board as investors. eventually rising to DKK 1.1bn, and invests in 14 companies between 1994 and 1999. Ejvind Sandal, CEO of newspaper publisher Politikens Hus, is Axcel’s first chairman.

Bent Pedersen came to KIRKBI, the investment com- international, and we managed to get the family to stay pany behind LEGO, from Unibank, where he came to on board as co-investors and to agree to major changes. know Christian Frigast. He has since sat on Axcel’s They were exciting times, when we investors were much board and assisted in its work on buying and selling closer to the decision-making process than today. Axcel I companies. Now semi-retired, Bent still has links to and II were set up as limited companies, and every time Axcel. Axcel came up with an investment proposal, we all had to decide whether or not we thought it was a good idea. We Christian Frigast went on to work briefly at listed invest- generally did, and so the starting capital of DKK 200m ment company Incentive, but they were troubled times soon grew into more than DKK 1bn in the five years Axcel and he soon moved on. Now the idea was to create an I was actively investing. investment vehicle that could put money into businesses in Jutland, and that was something KIRKBI could get be- More exciting investments followed, including EskoArt- hind, particularly as the first four investors were all known work, Glud & Marstrand and Icopal, in all of which BENT PEDERSEN as serious players. That’s why KIRKBI chose to invest in KIRKBI had some kind of involvement. Axcel has been KIRKBI Axcel I. a good partner for KIRKBI, delivering good returns and helping us find businesses a new home. The first investment in Jutland was in furniture producer Tvilum, which faced some big challenges. It needed to go

14 AXCEL ANNUAL REVIEW 2O13 Henrik Heideby was CEO of Danish bank FIH in 1994 Following Christian’s brief spell at Incentive, I was in and helped shape the idea behind Axcel. He had previ- touch with him regularly and knew that he was keen to ously served for a time as CEO of Dansk Kapitalan- head the new fund. At that time it didn’t have a name læg, one of Denmark’s first PE funds. It was Henrik – the name Axcel, intended to symbolise acceleration, who insisted on Christian Frigast taking the helm at did not come about until Christian sat down with Steffen Axcel. Gulmann from design and branding firm Eleven Danes.

When I was CEO of FIH, we focused on long-term loans Shortly after Axcel was founded, Danske Bank and A.P. to small and medium-sized companies, so it was clear to Møller decided to set up Polaris, and more PE funds have us that there was a need for a player like Axcel that could followed. Together they have played a key part in making work more closely with companies, bringing in capital the M&A market in Denmark more professional – much and expertise, than we could. So we reached agreement to the benefit of the business climate here. I’m proud to with PKA and Unibank that it might be an idea to create have been part of starting up Axcel, and there’s no doubt HENRIK HEIDEBY such a player. Unibank and Christian Frigast had a really that it has done fantastically well over the years. FOUNDING FATHER, good relationship with Radiometer and its owner Johan CEO OF PFA AND Schrøder, and he too could see the potential in investing in a PE fund. INVESTOR

1999 2000 2000

LOGSTOR AXCEL II GLUD & MARSTRAND The market for district heating pipes is suffering from ex- Axcel II is formed in 2000 as a limited company. With com- Axcel acquires packaging producer Glud & Marstrand from cess capacity and falling prices when Axcel invests in Løg- mitted capital of DKK 2.5bn, a broader investor base and KIRKBI. The company grows from a Danish player to a lead- stør Rør as a turnaround case in 1999. Competitors are some international investors, the fund invests in nine com- ing Scandinavian player under Axcel’s stewardship and is snapped up, costs are cut, and by the time it is sold to panies between 2000 and 2005. sold to a Dutch PE fund in 2005. PE fund Montagu in 2006, LOGSTOR is the largest pipe producer in Europe. ROYAL SCANDINAVIA AALBORG INDUSTRIES Axcel acquires Royal Scandinavia from Carlsberg. At this KWINTET Acquired from the Lauritzen Group, Aalborg Industries point, Royal Scandinavia comprises a long list of art industry Axcel delists Kansas-Wensas and renames it Kwintet. The focuses in on maritime boiler solutions and worldwide ser- companies, including Georg Jensen and Royal Copenhagen, company goes on to become Europe’s largest producer of vices under Axcel’s ownership. After five years, it is sold on which are then streamlined and focused. Georg Jensen is workclothes and is sold to Swedish PE fund Industri Kapital as the global market leader to PE fund Altor. sold to Investcorp in 2012, and the last remaining com- in 2005. pany, Royal Copenhagen, is sold to Finland’s Fiskars shortly ICOPAL afterwards. Icopal is one of the world’s leading producers of roofing and dampproofing membranes when it is delisted in the year 2000. The company is eventually sold to Investcorp in 2007.

9 May 1994

WWW.AXCEL.DK 15 Johan Schrøder took over medtech company Radio- sometimes they needed a home for companies they’d got meter, co-founded by his father Carl, in 1984. Shortly involved with for some reason, so there was a real interest after Radiometer was sold to US technology company in finding new ownership models. Danaher in 2004, Johan became chairman of Axcel. He also served as chairman of the Confederation of My view was that it was important that Axcel shouldn’t Danish Industry from 2001 to 2005. just be a profit monger buying and selling companies in the same way you’d buy and sell shares. It should work The fundamental idea behind Axcel was to facilitate suc- closely with companies as a responsible owner and give cession processes at companies. I’d tried taking control of them new skills. Radiometer myself and so knew how hard it was. There was therefore a need for a player like Axcel which could make the M&A market more professional. In particular, there was a major need for a new generation of owners at JOHAN SCHRØDER companies in Jutland, in which the likes of listed invest- FOUNDING FATHER ment company Incentive were not that interested. AND INVESTOR The pension companies had bought up a long list of companies, but it was clear that this wasn’t their core business, and there was a risk of these companies not getting a fair deal. It was also a challenge for the banks that

III

2002 2005 2006

NETTEST NEW CHAIRMAN OF AXCEL AXCEL MOVES INTO SWEDEN NetTest, acquired from the GN Group, produces equip- Former Radiometer CEO Johan Schrøder takes over as Axcel opens an office in Stockholm and makes its first ment for testing companies’ communication networks. chairman of Axcel in connection with the launch of Axcel III. investment in Sweden a year later: drilling pipe producer Axcel takes over the company in 2003 when it is making Driconeq. A further five investments have since been made heavy losses. After a successful turnaround, it is sold to Jap- AXCEL III there. anese competitor Anritsu. Axcel III is raised in 2005 as an EUR 400m standard private equity limited partnership focusing on the Danish and VEST-WOOD Swedish mid-market. The fund attracts a number of new in- Axcel and partners take door manufacturer Vest-Wood off ternational investors and invests in 11 companies between the stock market, and sell it as the European market leader 2005 and 2009. four years later to US competitor Jeld-Wen. The company’s sales and earnings increase significantly along the way. ESKOARTWORK EskoArtwork is turned into the world leader in packaging software services and solutions for the packaging industry before being sold to US technology company Danaher in 2011.

“Axcel is a dedicated investor with broad experience of developing Danish industrial companies through production optimisation, organic growth and acquisitions.”

Karsten Larsen, CEO, Cimbria

16 AXCEL ANNUAL REVIEW 2O13 Vilhelm Sundström started at Axcel in summer 2006 I think that we’ll see some good vintage years in the wake as its first employee in Sweden. He came from the po- of the crisis, with some of the investments made from sition of head of Nordic M&A at Merrill Lynch af- 2009 onwards turning out really well. Logistics compa- ter previously serving at Morgan Stanley and Nordic ny LGT is putting in a solid performance, we’ve made Capital. Vilhelm is now responsible for six investment a good business out of telecom company Netel through professionals at Axcel’s office in Stockholm, which has some sound acquisitions, and roofing products company made six investments to date. Nordic Waterproofing is building itself a strong position in the Nordic market. It was an exciting opportunity for me to help establish Ax- cel in Sweden. There was a lot of potential in the Swed- With Lars Österberg (ex-Triton) also now on board as a ish mid-market, because funds like EQT, Nordic Capital partner here in Stockholm, we’ve added some top-notch and Industri Kapital had already grown very large. I could private equity expertise. We’ve also become more closely also see the sense of exploiting synergies between Swe- integrated with Axcel in Copenhagen, working as a team VILHELM SUNDSTRÖM den and Denmark and tapping into a wider market. across national borders. This all bodes well for the com- HEAD OF AXCEL’S ing years. SWEDISH OFFICE Looking back, the market was on fire in 2006, and the early days were not made any easier when we then headed into a financial crisis of historic proportions and a sharp economic recession. But we have more or less achieved our goal of completing one transaction a year.

2007 2008 2010

HUSCOMPAGNIET DVCA NEW CHAIRMAN OF AXCEL HusCompagniet, now Denmark’s largest supplier of single- Axcel is a prime mover behind the Danish Venture Capital Danfoss CEO Niels B. Christiansen takes over as chairman family dwellings, is the result of the merger of two family- and Private Equity Association (DVCA) guidelines on re- of Axcel’s industrial board. owned companies. In 2011 the company is sold to the sponsible ownership and good corporate governance. Norwegian fund FSN Capital. AXCEL IV Axcel IV is raised in 2011 with committed capital of almost PANDORA EUR 500m and a continued focus on the Danish and Swed- Axcel acquires a majority stake in family-owned PANDORA ish mid-market. Around 40% of its capital comes from for- and grows it into a company listed in 2010 with a market eign investors. The fund has invested in eight companies value of DKK 27bn. As at April 2014, Axcel retains a 10% to date. stake in a company worth more than DKK 45bn.

Lawyer Ejvind Sandal, then CEO of newspaper pub- I could also see that there was a shortage of skilled dir- lisher Politikens Hus, was Axcel’s first chairman when ectors at medium-sized Danish companies, and strategic it was formed in 1994. As chairman of a number of rejuvenation and the associated restructuring can rarely businesses, including wind turbine producer Vestas, be achieved in practice without experienced people. The he could see the need for a safe haven for companies problem was that many owner-managers stayed too long looking for shelter – and there were plenty of them at their companies because there were too few opportun- around in the early 1990s. Ejvind continued as chair- ities for succession, and because board work was not suf- man of Axcel until 2005. ficiently attractive in terms of either content or remuneration. For some time I’d been contemplating different models for creating a space where “stray” companies could de- We solved this problem with Axcel, which could handle velop under Danish ownership. Some industries were succession processes and bring in people with manage- clearly facing major challenges, such as furniture produc- ment and industry experience to serve on its boards. EJVIND SANDAL tion, where Axcel would later be involved through invest- Today you can see many really talented people on the THE FIRST CHAIRMAN ments in Tvilum and others. There was a growing trend boards of PE portfolio companies, which is of huge bene- for foreign players to invest in Danish companies, and we fit to them. lacked a domestic alternative.

WWW.AXCEL.DK 17 2011 2012 2013

CIMBRIA AXCELFUTURE IS FORMED AXCEL INVESTS IN IT COMPANY EG Axcel IV’s first investment is one of the world’s leading pro- Axcel’s investment professionals team up to establish Axcel- Axcel purchases ERP software company EG from Nordic ducers of equipment and lines for processing, handling and future with their own money. The idea is to promote a Capital, financed through a DKK 900m bond issue. storing grain and seed. After just under two years of own- better investment climate in Denmark. Axcelfuture has ership and strong growth, the company is sold to European since published reports and hosted conferences that have PE fund Silverfleet. helped move the investment climate higher up the agenda.

Nikolaj Vejlsgaard joined Axcel from the Superfos also fly under the radar, while today we’re much more ex- Group in 1998. The job title that piqued his inter- posed. This has led to greater self-regulation, but even so est was “business-oriented analyst”. Nikolaj is now we’re having to fight a whole wave of public regulation. a partner in Axcel and has worked with the likes of PANDORA, Royal Copenhagen, Georg Jensen and Over the years we’ve been through several business Junckers. cycles which have clearly left their mark on our companies. We’ve also got to know a wealth of industries, There were only six of us when I started, and now there from steel and building materials to art industry, retail, are more than 30. Funnily enough, we also had six in- construction, consumer goods, services and much more. vestors, and we now have more than 30. Back then, our We’ve helped companies expand both organically and investors were shareholders who sat around the table with through acquisitions, focusing, improvement – even a us whenever decisions needed to be made, whereas now couple of turnaround cases. There is very little mobility the setup is more like other PE funds, and investors prefer out of the PE business, and I fully understand why. We NIKOLAJ VEJLSGAARD to leave the decisions to us. do live under huge pressure to deliver returns through PARTNER IN AXCEL growth in our companies, but this suits my mentality and And with time more and more funds have arrived on will hopefully give me the energy to keep going for many the scene. As a result, transactions often go through a years to come. structured process where we compete with other buyers, whereas in the old days we’d enter into talks with a company directly and then do a deal. Previously we could

18 AXCEL ANNUAL REVIEW 2O13 Per Christensen joined Axcel in December 2000 from finance house to open negotiations with a likely buyer. So Maersk Medical, part of the A.P. Møller Group, hav- we’ve come full circle and are back to more one-to-one ing previously worked at consultants McKinsey & Co. discussions, because this is the most rational approach and brings a greater chance of success. Some owner-managers used to be a bit reluctant when we called as they didn’t know us. These days the market is quite You learn a lot at Axcel. We operate in a small market, mature, although we do still encounter companies who so one day we’re working with a classic manufacturing haven’t previously flirted with a PE fund. business and the next day a service company. We need to understand companies’ opportunities and challenges, but At the same time, more top businesspeople are interested fortunately the issues tend to boil down to the same thing in working with a PE fund, and it’s quite easy to establish – whether they have the right management team. a dialogue with the best candidates, wherever they work. I like to see Axcel as a safe haven. We’re patient and pro- PER CHRISTENSEN In the early years of the new millennium, a few processes vide more support than others would, which has given PARTNER IN AXCEL ran without the corporate finance houses, but they’ve us a good reputation. We’re also a PE fund with a social since grown much larger and have a better grip on our conscience, the best example of this being the launch of target group, because owners are hoping for a higher Axcelfuture. And finally we’re willing to take chances, price. But vendors have also become more capable, and which is a good thing, because otherwise we’d never some handle their own sale process – or ask a corporate have owned companies like PANDORA and NetTest.

2014 2015

20 YEARS OF AXCEL AXCEL V ON THE WAY Axcel celebrates its 20th anniversary on 9 May. Axcel starts work on raising a fifth fund.

WWW.AXCEL.DK 19 PRIVATE EQUITY FUNDS IN DENMARK – FROM CURIOSITY TO KEY PLAYER

Robert Spliid not a success, and in 1999 the company was delisted and acquired by External lecturer at Copenhagen Business School an industrial buyer. Nordic Capital invested only in Sweden for most of the 1990s, its first foray into Denmark being the buyout of Dano- Mergers and acquisitions (M&A) were far from an everyday affair in Norwegian pharmaceutical company Nycomed in 1999. Denmark in the 1980s, but it will still be remembered as the decade when it all began. It was Leif Jensen who started up the first Danish PE fund. Jensen had been the man behind Inventure, Københavns Handelsbank’s venture 1984 brought the country’s first management buyout (MBO), when capital vehicle, launched in 1983. When the bank merged with Dan- Johan Schrøder got Privatbanken to finance the acquisition of med- ske Bank in 1990, however, Inventure was merged with Dansk Kapi- tech company Radiometer, of which he was CEO. A few months later talanlæg, Danske Bank’s own venture capital vehicle, and Leif Jensen he floated a third of the company on the stock exchange to repay the chose to go solo and set up NPEP. The idea was to create a PE fund debt. for savings banks across the Nordic region, but only three Danish banks signed up. On the other hand, he managed to convince both In 1987, Sterling Airways was bought out by management together French and Dutch investors to commit capital. The firm was taken with SDS, which also provided all of the debt financing. SDS then over by Finland’s Capman in 2001. sold on most of its holding to six Danish pension funds. Two years later, in 1989, SDS went into play again, acquiring the Kosan Group Swedish PE funds dominated the Nordic market in the early 1990s, together with the management of its subsidiaries. The company was and IK was the most active in Denmark. NPEP was there as a minor split up, and the subsidiaries were sold on to industrial buyers. The player, while the two big Danish banks – Danske Bank and Unibank pioneers at SDS were Bernd Petersen and Bjørn Høi Jensen, who left – decided to stay on the sidelines. Although Unibank had invested in the bank shortly after it merged with Privatbanken and Andelsbanken IK and helped to structure and finance its funds’ acquisitions, it did to become Unibank in 1990. At the new bank, Christian Frigast was not go any further than that. made head of merchant banking, the department handling M&A. In 1994 the Wallenberg Group formed EQT, with Bjørn Høi Jensen But the MBOs of the 1980s were merely a precursor to the Nordic responsible for its Danish operation. It made its first Danish invest- private equity (PE) funds that would first see the light of day in the ment, the buyout of Sabroe, a producer of industrial refrigeration early 1990s. 1990 saw the formation of the Swedish funds Industri systems, in 1996. EQT would go on to become by far the largest PE Kapital (IK) and Nordic Capital and the Danish fund Nordic Private firm in the Nordic region. Equity Partners (NPEP). IK attracted investment from Unibank and PKA, among others, and recruited Bernd Petersen to run its Danish Axcel is born operation. The first investment in Denmark was the buyout of ice- Christian Frigast headed up Privatbanken’s London operation in the cream company Hjem-IS in 1991, followed a few months later by late 1980s, and met Johan Schrøder, Radiometer’s CEO and princi- Crisplant, one of Kosan’s former subsidiaries, a producer of sorting pal shareholder, through the company’s regular meetings with foreign solutions. The Crisplant deal was arranged in close collaboration with investors arranged by Privatbanken. Schrøder got on well with the Christian Frigast at Unibank, who had been Bernd Petersen’s boss dynamic young banker. during a brief spell there. Crisplant was floated in 1995, but it was

20 AXCEL ANNUAL REVIEW 2O13 Following the Unibank merger in 1990, Frigast was brought back The challenge facing international PE funds in Denmark, though, is to Copenhagen to take charge of merchant banking, the department that the few large companies in the country are controlled by families looking after the bank’s largest clients, which included M&A. On and/or foundations and are not for sale. leaving Unibank in 1992, he was picked up by listed investment company Incentive, but its buy-and-hold concept was not to Frigast’s taste Stock market as an alternative exit and he soon moved on. While Swedish PE funds have had considerable success floating Swedish portfolio companies, this exit option was very much the Axcel IndustriInvestor with Christian Frigast at the helm was found- exception in Denmark from 1990 to 2010. In fact, Crisplant was ed in 1994 with support from Henrik Heideby at FIH, Ali Nielsen at the only example of a PE fund managing to exit a Danish company PKA, Peter Schütze at Unibank and Johan Schrøder. through an IPO prior to 2010, and that was only with limited success. Few would have expected the financial crisis of all things to herald a It was not yet a “proper” PE fund as we know it today. Its capital was wave of stock market exits. fully paid-up and did not need to be called, and there was no time limit on its investments. Axcel did not fall into line with other PE But that is what happened. PAI set the ball rolling in May 2010 by funds until the launch of the second fund, Axcel II, in the year 2000. floating Chr. Hansen, whose share price has more than doubled since. In October of that year, Axcel followed suit with jewellery company Axcel’s original investors were FIH, PKA, Johan Schrøder and Uni- PANDORA, in which it had acquired a 60% stake in 2008. The share bank, initially putting in DKK 50m each, half of which was paid up nosedived following a profit warning in August 2011, but it soon re- straight away. This modest capital limited the size of potential invest- covered and is now trading more than 65% above the offer price. ments, and at first there was only enough to acquire small companies TDC too is back on the stock market, after its US owners began to together with co-investors. float their holdings in December 2010.

In 1995, Axcel invested in the bicycle makers SCO and Everton. The CVC took Matas public in June 2013, and its share price has gained merged company was financed exclusively with equity and was sold 30% in less than a year, while EQT and Goldman Sachs Capital Part- at a loss in 1997. It was far from a success. The same cannot be said ners floated ISS in March 2014. It is still too early to gauge how the of the buyout two years later of furniture manufacturers Tvilum and company will fare back on the stock exchange, but it is currently trad- Scanbirk, which were merged and transformed into a fully automated ing 12% up on the offer price. producer. The idea was to go public, but Masco, a major US producer of kitchens and bathrooms, made an offer in 1999 that was 50% more Role of PE funds in Danish industry than a flotation could have raised. In the 1990s, PE funds played a relatively modest role in the restructuring of Danish industry, but the picture changed dramatically in the Danske Bank sat on the fence for most of the 1990s, but decided in following decade. The main Danish players, Axcel and Polaris, grew 1998 to set up Polaris together with the bank’s principal shareholder, in size, and the Swedish funds IK, Nordic Capital, EQT and Altor, the A.P. Møller Group. Viggo Nedergaard was its first CEO, and its along with Finland’s Capman, became increasingly interested in Den- first investment was the acquisition of Løgstør Rør (LOGSTOR) in mark, as did UK and US funds. partnership with Axcel. The two PE funds found it hard to achieve profitability at first due to a sharp downturn in the market and fierce PE funds made a major contribution to a more professional M&A competition, but through rationalisation and consolidation they man- market during the decade. Processes were made more transparent and aged to build a solid business which was sold to a British PE fund in standardised, and vendors were no longer dependent on finding an 2006 at a healthy profit. industrial buyer or taking the plunge and going public.

International PE funds arrive in Denmark The role of the PE fund has never been that of a long-term owner. In the run-up to the new millennium, activity in Denmark continued Their raison d’être is to enhance and develop a company to make it a to be dominated by Nordic funds, with British players also sniffing good fit for another company or suitable for flotation as an indepen- around but with no real success. Doughty Hanson acquired medtech dent entity. company Osteometer in 1996, but sold it again two years later at a loss. CVC chose to surf the dot.com wave, acquiring three companies in 1997-98, but they too went on to be sold at a substantial loss within a few years.

CVC came back strongly in 2003, however, with the acquisition of listed builders’ merchant Danske Trælast, which was sold on to an industrial investor at five times the price just three years later. CVC also acquired retailer Matas in 2007, buying out many of its fran- chisees. US firm Goldman Sachs Capital Partners entered the fray in 2005 with the takeover of services group ISS together with EQT, and French fund PAI acquired biotech company Chr. Hansen the same year. The biggest transaction to date, though, was the acquisition of broadcaster TDC in 2006 by five large US PE funds.

WWW.AXCEL.DK 21 AXCEL’S COMPANIES – STRATEGY AND KEY FIGURES

HOW DID AXCEL’S COMPANIES PERFORM IN 2013? WHAT DO THEY DO, AND WHAT IS OUR DEVELOPMENT STRATEGY? FIND OUT ALL THIS AND MORE IN THE PROFILES AND KEY FIGURES BELOW.

BALL GROUP 2013 2012 BB ELECTRONICS 2013 2012 DELETE GROUP 2013 2012 Revenue (DKKm) 648 659 Revenue (DKKm) 425 583 Revenue (EURm) 101 88 EBITDA (DKKm) 54 54 EBITDA (DKKm) 9 12 EBITDA (EURm) 12 12 NIBD (DKKm) 47 85 NIBD (DKKm) 59 57 NIBD (EURm) 64 42 Tax (DKKm) 16 9 Tax (DKKm) 0 5 Tax (EURm) 0 0 Number of employees 396 355 Number of employees 614 666 Number of employees 686 578 Investment year 2007 Investment year 1998 Investment year 2013 Investment officer Jørgen Lindholm Lau Investment officer Søren Lindberg Investment officer Lars Österberg Registered office Billund, Denmark Registered office Horsens, Denmark Registered office Helsinki, Finland

BALL GROUP BB ELECTRONICS DELETE GROUP Ball Group designs, develops and markets women’s fas- BB Electronics is one of Scandinavia’s leading service com- Delete Group supplies environmental services to the indus- hions aimed at two segments: plus-size clothing (sizes 42- panies in electronics production. The company provides a trial, construction, real estate and public sectors in Finland, 56) and standard-size clothing (sizes 36-42). In the plus- wide range of services in sourcing, design for manufacturing, Sweden and the Baltic States. It has four divisions: industrial size segment (curvy fashion), Ball Group has its own store production, test, box build, system integration, distribution cleaning, heavy demolition, decontamination, and industrial concept marketed under the name of Zizzi, along with the and after-sales service. BB Electronics’ products are used in and construction waste management and recycling. Culture and Pulz brands in the standard-size range. numerous sectors, such as telecommunications, IT, medical technology, industry and transport.

DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY Axcel’s development strategy involves continued geograph- Strengthen the company’s market position and improve Together with Delete’s management, Axcel aims to create ical expansion, more shops and increased wholesale rev- competitiveness by focusing on quality, price, delivery cap- growth by extending the company’s range of services and enue. In the plus-size segment, the goal is to consolidate the acity and service. geographical reach, in part by strengthening its activities company’s position in the Nordic countries and move into se- across the Nordic region. Delete Group’s market is highly lected European markets in the longer term. In the standard- fragmented, with few large and many small players, which size segment, Ball Group has been successful in establishing provides scope for further consolidation. new brands aimed at independent multibrand stores.

22 AXCEL ANNUAL REVIEW 2O13 DRICONEQ 2013 2012 EG 2013 2012 EXHAUSTO 2013 2012 Revenue (SEKm) 237 264 Revenue (DKKm) 1,611 1,502 Revenue (DKKm) 490 N/A EBITDA (SEKm) 18 46 EBITDA (DKKm) 173 143 EBITDA (DKKm) 6 N/A NIBD (SEKm) 221 215 NIBD (DKKm) 822 N/A NIBD (DKKm) 209 N/A Tax (SEKm) 3 5 Tax (DKKm) 9 14 Tax (DKKm) -7 N/A Number of employees 132 167 Number of employees 1,310 1,270 Number of employees 278 N/A Investment year 2007 Investment year 2013 Investment year 2013 Investment officer Casper Lykke Pedersen Investment officer Per Christensen Investment officer Casper Lykke Pedersen Registered office Sunne, Sweden Registered office Copenhagen, Denmark Registered office Langeskov, Denmark

DRICONEQ EG EXHAUSTO Driconeq is a world-leading manufacturer of drill pipes EG is one of Scandinavia’s leading software and IT service EXHAUSTO is a leading producer of mechanical ventila- and equipment for the mining and construction sectors, providers with a strong position in the SME market. It has tion solutions for residential buildings, offices, schools and water wells and geothermal energy. Its products are known around 1,300 employees at 20 offices across Denmark, Nor- institutions, etc., and is the market leader in Denmark and throughout the industry for their high quality and sold way and Sweden. EG supplies ERP solutions, in-house soft- Norway with growing positions in Germany and Sweden. through distributors, drilling rig manufacturers and business ware solutions and related services through five industry- partners worldwide. specific divisions.

DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY Develop the company’s market position through a stronger The aim is to further increase market share through EG’s Axcel’s objective is to further develop the company’s mar- sales organisation, geographical expansion and acquisitions strong position, in-house software solutions and unique ket position through increased penetration of both existing of competitors. capacity to offer a complete product range, as well as to and new customers, products and markets while maintain- further increase operational efficiency and make further ing the company’s high product and service quality. small to medium-sized acquisitions.

1 1 1 1 JUNCKERS 2013 2012 LGT 2013 2012 MITA-TEKNIK 2013 2012 Revenue (DKKm) 425 436 Revenue (SEKm) 675 702 Revenue (DKKm) N/A N/A EBITDA (DKKm) 4 -13 EBITDA (SEKm) 38 41 EBITDA (DKKm) 60 38 NIBD (DKKm) 180 183 NIBD (SEKm) 143 187 NIBD (DKKm) 229 250 Tax (DKKm) 3 1 Tax (SEKm) 8 6 Tax (DKKm) 6 0 Number of employees 351 364 Number of employees 297 297 Number of employees 206 217 Investment year 2004 Investment year 2009 Investment year 2012 Investment officer Nikolaj Vejlsgaard Investment officer Vilhelm Sundström Investment officer Lars Cordt Registered office Køge, Denmark Registered office Tibro, Sweden Registered office Rødkærsbro, Denmark

JUNCKERS LGT MITA-TEKNIK Junckers is one of Europe’s leading companies in the pro- LGT is one of Europe’s leading transporters of furniture Mita-Teknik is a world-leading producer of control concepts duction, marketing, sale and distribution of solid wood and other large items, mainly for furniture manufacturers for the wind turbine industry and other industries. The com- floors as well as lacquers and oils for treating wooden and furniture stores. The company, which has a leading po- pany offers a unique control concept for the wind turbine flooring. The product range can be split into solid parquet sition in the Nordic market, provides a range of storage, industry which can be tailored to the individual customer’s flooring and plank flooring, laminated floors and lacquers order processing and distribution services. needs and spans the control, management and monitoring and oils for treating wooden floors. of components, turbines and entire wind farms alike.

DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY Axcel’s goal is to strengthen Junckers’ current market po- The goal is to generate growth through geographical ex- Axcel’s objective is to further develop the company’s cur- sition in high-quality wooden flooring and lacquers and pansion and by extending the company’s service offering, rent global market position as a supplier of control systems oils. This will be achieved by focusing on solid wood floor in part by strengthening the company’s activities across the for the wind turbine industry and other relevant industries. solutions aimed at the commercial, private and sports seg- Nordic region. This requires increased penetration of both existing and ments. new customers, products and markets while maintaining the company’s high product and service quality.

WWW.AXCEL.DK 23 NETEL 2013 2012 NOA NOA 2013 2012 NORDIC WATERPROOFING 2013 2012 Revenue (SEKm) 483 450 Revenue (DKKm) 455 470 Revenue (EURm) 192.7 192.6 EBITDA (SEKm) 28 42 EBITDA (DKKm) 92 202 EBITDA (EURm) 18,9 15,5 NIBD (SEKm) -29 -18 NIBD (DKKm) 667 638 NIBD (EURm) 42.4 49.3 Tax (SEKm) 6 11 Tax (DKKm) -14 -15 Tax (EURm) 3.1 0.8 Number of employees 103 102 Number of employees 306 311 Number of employees 640 666 Investment year 2013 Investment year 2007 Investment year 2011 Investment officer Lars Österberg Investment officer Lars Cordt Investment officer Vilhelm Sundström Registered office Stockholm, Sweden Registered office Kvistgård, Denmark Registered office Höganäs, Sweden

NETEL NOA NOA NORDIC WATERPROOFING Netel is a leading Nordic provider of consulting, construc- Noa Noa is a northern European fashion brand for women Nordic Waterproofing is a leading player in roofing solution, maintenance and related services for both fixed and and children. Its clothing is sold to fashion-conscious women tions in the Nordic region. The company produces an inno- mobile telecommunications infrastructure. Services span under the Noa Noa brand and to girls aged 0 to 12 un- vative range of bitumen- and polymer-based products used the entire value chain, from site acquisition, planning, ex- der the Noa Noa miniature brand. Both brands feature in sealing and waterproof elements for the construction in- cavation work and mast construction, to installation of feminine, Bohemian-inspired style at affordable prices. dustry. The company’s products and services are marketed equipment and cables. The company has 14 offices across under such well-established brands as Mataki, Trebolit, Phø- Sweden and Norway. nix Tag, Hetag Tagmaterialer, Elastoseal and Kerabit.

DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY Axcel’s ambition is to develop the business through organic Axcel aims to continue Noa Noa’s international expansion, Axcel’s goal is to create a leading Northern European and acquisitive growth as well as by pursuing operational primarily through increased penetration of its existing mar- player in the roofing sector. This requires integration of the improvement opportunities. kets in Europe. Noa Noa has also chosen a multi-channel Swedish, Danish and Finnish divisions, operational improve- distribution solution via branded concept stores, including ments in production and geographical expansion. both franchised and owned stores, as well as sales to multibrand stores.

SILKEBORG DATA 2013 2012 TCM GROUP 2013 2012 VITAL PETFOOD GROUP 2013 2012 Revenue (DKKm) 251 235 Revenue (DKKm) 399 378 Revenue (DKKm) 535 590 EBITDA (DKKm) 37 47 EBITDA (DKKm) 38 31 EBITDA (DKKm) 47 40 NIBD (DKKm) 0 0 NIBD (DKKm) 81 70 NIBD (DKKm) 330 367 Tax (DKKm) 8 12 Tax (DKKm) 5 7 Tax (DKKm) -1 7 Number of employees 199 183 Number of employees 302 301 Number of employees 202 214 Investment year 2014 Investment year 2006 Investment year 2000 Investment officer Jørgen Lindholm Lau Investment officer Per Christensen Investment officer Per Christensen Registered office Silkeborg, Denmark Registered office Holstebro, Denmark Registered office Hasselager, Denmark

SILKEBORG DATA TCM GROUP VITAL PETFOOD GROUP Silkeborg Data is the leading supplier of digital payroll and TCM Group develops, manufactures and markets kitchens, Vital Petfood Group has two business areas: Vital Petfood, HR solutions to the Danish public sector, handling more bathrooms and wardrobes under such brands as Svane which produces and sells wild bird products and balanced than 400,000 salary and pension payments each month. Køkkenet and Tvis Køkkener. diets for cats and dogs, and Best Friend, which markets and The company has long commanded a strong position in sells a wide range of accessories and foods for pets. Cus- the regional market, with four of the country’s five regions tomers include the largest Nordic retail chains. on its client list, and has also moved into the local government market since the Local Government Reform of 2007, with 28 local governments now clients.

DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY DEVELOPMENT STRATEGY The aim is to increase sales to existing clients by accelerat- Organic growth through further expansion of the chains Axcel’s strategy is to develop Vital Petfood and Best Friend ing the development of new solutions and services, as well in Denmark and the other Nordic countries, along with a into market leaders in their respective segments in the as to increase the efficiency of both customer service and focus on developing the industry’s best and most efficient Nordic region. product development in order to lay better foundations value chain from production through to retail. for future growth.

24 AXCEL ANNUAL REVIEW 2O13 LISTED COMPANY

IDDESIGN 2013 1 2012 1 PANDORA 2013 2012 Revenue (DKKm) 1,657 1,647 Revenue (DKKm) 9,010 6,652 EBITDA (DKKm) -17 -48 EBITDA (DKKm) 2,881 1,658 NIBD (DKKm) 193 218 NIBD (DKKm) -637 -183 Tax (DKKm) 82 2 Tax (DKKm) 522 277 Number of employees 830 852 Number of employees 6,910 5,753 Investment year 2007 Investment year 2008 Investment officer Søren Lindberg Investment officers Frigast/Vejlsgaard Registered office Sabroe, Denmark Registered office Glostrup, Denmark

IDDESIGN PANDORA IDdesign is one of Denmark’s leading home furnishing PANDORA designs, manufactures and markets hand- retailers with three different brands/concepts: IDEmøbler finished and modern jewellery made from genuine materi- has 31 stores of its own and five jointly-operated stores in als at affordable prices. Products are sold in more than 80 Denmark, while ILVA has seven stores of its own in Den- countries on six continents through approximately 10,300 mark and Sweden and a franchised store in Iceland, and points of sale, including more than 1,100 PANDORA- IDdesign has 23 franchised stores in the Middle East and branded concept stores. Founded in 1982, PANDORA Southern and Eastern Europe. has its head office in Copenhagen and employs more than 8,500 people worldwide, including 5,900 in Gemopolis in DEVELOPMENT STRATEGY Thailand where the company produces its jewellery. Improve profitability through further optimisation of op- erations and sales and continued expansion. PANDORA is listed on NASDAQ OMX Copenhagen; please see www.pandora-group.com.

Notes: NIBD: Net interest-bearing debt. Tax: As stated in each company’s income statement. Investment year: The year the investment was closed.

1 2012/2013 and 2011/2012 financial years. 2 Adjusted for restructuring costs.

WWW.AXCEL.DK 25 AXCEL’S FUNDS

AXCEL INDUSTRIINVESTOR AXCEL II

Launch 1995 Launch 2000 Status Investment period Status Investment period expired expired Geographical focus Denmark Geographical focus Denmark Investments 14 Investments 9 Exits 13 Exits 7 Committed capital DKK 1.1bn Committed capital DKK 2.5bn Legal structure Limited company Legal structure Limited company Average ownership period 6.7 years Average ownership period 7.1 years

Investments Acquisition Exit Investments Acquisition Exit year year year year

Everton Smith 1995 1997 Glud & Marstrand 2001 2005 Monarflex 1995 2000 NetTest 2002 2005 Tvilum-Scanbirk 1996 2000 Aalborg Industries 2000 2005 Føvling 1997 2002 Vest-Wood 2002 2006 GraphX 1997 2003 Icopal 2000 2007 Rationel Vinduer 1998 2003 Elipse 2004 2010 Svenska Fönster 2000 2003 Royal Scandinavia 2001 2012/2013 Kwintet 1999 2005 Vital Petfood Group 2000 LOGSTOR 1999 2006 Junckers 2004 Bekaert Handling Group 1997 2006 Laundry Systems group 1998 2006 Thygesen Textile Group 1998 2006 KILROY travels International 1998 2006 BB Electronics 1998

DKKm DKKm

Invested capital 1,352* Invested capital 2,023

Proceeds from invested capital 2,107 Proceeds from invested capital 3,322 Valuation of companies 0 Valuation of companies 24

Value of invested capital 2,107 Value of invested capital 3,346

* Total paid in by investors is DKK 1,001m.

26 AXCEL ANNUAL REVIEW 2O13 AXCEL III AXCEL IV

Launch 2005 Launch 2010 Status Investment period Status Actively investing expired Geographical focus Denmark/Sweden Geographical focus Denmark/Sweden Investments 8 Investments 11 Exits 1 Exits 4 Committed capital DKK 3.6bn Committed capital DKK 3.0bn Legal structure Limited partnership Legal structure Limited partnership Average ownership period 1.3 years Average ownership period 5.6 years

Investments Acquisition Exit Investments Acquisition Exit year year year year

EskoArtwork 2005 2011 Cimbria 2011 2013 Netcompany 2006 2011 Nordic Waterproofing 2011 HusCompagniet 2007 2011 Mita-Teknik 2012 JB Education 2008 2013 EXHAUSTO 2013 TCM Group 2006 Netel 2013 Ball Group 2007 Delete Group 2013 Noa Noa 2007 EG 2013 Driconeq 2007 Silkeborg Data 2014 IDdesign 2007 PANDORA 2008 Listed LGT 2009

DKKm DKKm

Invested capital 2,609 Invested capital 1,736

Proceeds from invested capital 10,850 Proceeds from invested capital 622 Valuation of companies 5,821 Valuation of companies 1,650

Value of invested capital 16,671 Value of invested capital 2,272

WWW.AXCEL.DK 27 AXCEL’S INVESTORS

Axcel is backed by a large number of leading Nordic and international investors with a broad affiliation with industry and the financial sector. This provides Axcel with an extensive contact base and the financial resources needed to develop the companies in which Axcel invests.

Government- Rest of world: sponsored funds: 6% 11% North America: 3%

Pension funds and Europe: life insurers: 18% 39%

Corporates and foundations: 24%

Other Nordic: Denmark: 12% 61%

Funds of funds and Banks: asset managers: 6% 20%

AXCEL IV INVESTORS BY TYPE AXCEL IV INVESTORS BY REGION

Investors have committed total capital Axcel’s investors are mainly Danish, especially with the two of around DKK 10bn across four funds. first funds but less so with the latest fund, Axcel IV, where approx. 40% of committed capital is from Nordic and other foreign investors.

28 AXCEL ANNUAL REVIEW 2O13 BANKS

PENSION FUNDS AND LIFE INSURERS

CORPORATES AND FOUNDATIONS

GSA Invest A/S af 3. juni 1986

Investeringsselskabet af 30.4.1992

Investeringsselskabet Elkær Invest A/S

FUNDS OF FUNDS, ASSET MANAGERS AND GOVERNMENT-SPONSORED FUNDS

Kuwait P ass i o n f o r P r ivat e M a rke t s Investment Authority

Not all investors are shown above.

WWW.AXCEL.DK 29 HOW DO WE BOOST INVESTMENT AND GROWTH IN DANISH INDUSTRY?

Axcelfuture was set up by Axcel’s investment professionals to draw attention to the investment climate in Denmark and recommend improvements. In March 2014 Axcelfuture published further analyses of the capitalisation of small and medium-sized businesses, which was followed up with a conference at the National Museum attended by leading CEOs, politicians and employer and union representatives. The most important topics and conclusions from the conference are presented below.

In January 2014 a report from the Danish Ministry of Finance noted The businesses that have fared best during the crisis in Denmark and that the decline in business investment since 2008 has been far greater other EU countries have had high levels of equity, have avoided over- in Denmark than in other countries, even when account is taken of dependence on short-term bank financing and, in many cases, have how hard the crisis hit us. Business investment since 2008 has been therefore been able to maintain significant levels of investment de- so low as to be unable to compensate for the wear-and-tear and ob- spite the crisis. They have also found it relatively easy to obtain cre- solescence of existing machinery and buildings, so eroding the cap- dit, unlike companies with low equity ratios and high exposure to the ital stock. The ministry does not expect the capital stock to return to Danish domestic market. “normal” levels until 2030, which represents a serious impediment to productivity and thereby wages in Denmark. There is therefore every reason to focus on ways of accelerating productive and profitable investment in the private sector.

LARGER BUSINESSES MORE LIKELY TO BE HIGHLY PRODUCTIVE EQUITY RATIOS IN THE DIFFERENT SEGMENTS

0-50 50-250 250+ % Average employees employees employees 100 100% 90 Percentage of highly productive 17 45 54 businesses in each segment 80 70 75% Productivity (DKK ’000) 810 796 878 60 53 54 50 49 46 40 42 30 25% 20 10

0 0%

Micro Small Medium Large Mega Note The survey included more than 163,500 Danish businesses in 2009 with a combined (0-9) (10-49) 50-249 (250-1,999) (2,000+) output of DKK 666bn and 1.2m full-time equivalent employees.

Highly productive businesses are defined as those whose productivity exceeds the Note The chart illustrates the distribution of equity levels at enterprise level. 0% corre- average for the private sector (excluding agriculture). sponds to the business in the segment with the lowest equity ratio, while 100% is the Labour productivity has been calculated as value added in thousands of DKK per equity ratio of the most well-capitalised business in the segment. 25% and 75% full-time equivalent employee. represent the upper bounds of the first and third quartiles. Source: Copenhagen Economics based on Danish Ministry of Business and Growth (2012). Source: Copenhagen Economics based on Experian.

30 AXCEL ANNUAL REVIEW 2O13 How can regulatory conditions be improved so that Danish busi- employees, productivity per employee rises from DKK 796,000 to nesses have better access to the equity and long-term loan financ- DKK 878,000. But this does not happen automatically. All businesses ing they need? must invest to a greater or lesser extent if they are to grow, and this The challenges vary considerably depending on a business’s size, age requires an input of capital. and earnings, and the political toolbox must reflect this. This leads to the separate point that we can create stronger economic One crucial point is that larger businesses tend to be more productive growth simply by accelerating growth in our businesses – not just than smaller ones, getting a larger percentage return on investments in through an increase in size but also through the higher productivity innovation, training and capital equipment. We know this from inter- that comes with it. national surveys, and our own analyses have confirmed this picture when looking at Danish businesses. Equity levels also vary with the size of a business. Large businesses are very well capitalised, with an average equity ratio of 54% and Only 17% of businesses with 50 or fewer employees are highly pro- 53% for those in the mega and large categories. Smaller businesses ductive (see table above), compared to 54% of businesses with more are much less well capitalised with a somewhat wider range of equity than 250 employees. ratios – for example, 25% of businesses in the micro segment have equity ratios below 27% (see chart). It is not size per se that generates productivity: if the average highly productive business with 50-250 employees grows to more than 250

Tax minister Morten Østergaard discusses the government’s business taxation Axcel’s managing partner Christian Frigast in conversation with PFA’s CEO strategy. Henrik Heideby.

SOURCES OF CAPITAL IN THE DIFFERENT SEGMENTS

Segment Micro Small Medium Large Mega (start-ups, seed) (expansion, early- (succession and develop- (established (large listed to late-stage venture) ment, growth, buyout) businesses) companies)

Employees 0-10 10-50 50-250 >250 >2,000

Equity Entrepreneur’s Venture capital PE funds PE funds Share issues own money (only life science and IT)

Business angels Business angels Venture capital Listing in Denmark Global (only life science and IT) or abroad capital markets

Seed funds Seed funds

Friends and family Friends and family

Loan capital Bank loans Bank loans Bank loans Bank loans Bank loans

Mortgage loans Mortgage loans Mortgage loans

Corporate bonds Corporate bonds

Global capital markets

Source: Fraser-Sampson (2007), EVCA Yearbook, Eurostat, Greens, Kaufmann Foundation (2007), Damodaran (2009).

WWW.AXCEL.DK 31 Size of business dictates possible sources of financing Bank loans are a very relevant source of financing for companies of The availability of equity financing depends partly on the size and this type, as they can raise credit and still maintain a good equity maturity of the business (see table above). ratio. Mortgage loans are another possible source of financing in this segment. For the smallest businesses (micro and small), the starting capital will generally be the original entrepreneur’s savings (or those of friends With larger and more well-established companies, flotation on the and family). If the business concept has obvious potential, it may also stock market will often be the next step. Large listed companies in be possible to obtain equity from business angels or seed funds. For particular are also in a position to issue their own bonds and raise slightly more mature businesses, venture funds may also be an option, capital in global capital markets. but these operate only in sectors such as life sciences, IT and clean- tech, where it is possible to scale the business up quickly and generate Investing in smaller businesses with sales below DKK 100m can be a substantial return in a short period. Venture funds contribute not very time-consuming in relation to potential returns. Attracting suf- only capital but also strategic expertise in the form of active owner- ficient risk capital is therefore a real challenge for this segment in ship. One final source of capital here is retained earnings, but these today’s market. will typically be limited in the early years, making these businesses dependent on external financing. Very small businesses with a limited sales and credit history will often only be able to obtain financing from highly specialised investors Loan financing will typically be obtained from local banks on the (business angels, seed funds and venture funds) or from family and strength of relationship banking and credit history. New businesses friends who know the entrepreneur well.The greater the uncertainty with no credit history will have to rely on good contacts at the bank, associated with a business, the larger the stake that must be given up which will normally demand high levels of collateral. In general, when equity is injected. however, bank loans are not the ideal source of financing for small growth businesses, because this form of capital is significantly more risk-averse than equity capital.

When medium-sized businesses are looking for capital to grow and develop, private equity funds are an option. As well as capital, these Read more about Axcelfuture’s funds can contribute sector-specific expertise and aim to grow their companies through active ownership. Investment by a PE fund will, analyses and recommendations at however, be conditional on the company having a stable cash flow for a number of years and a sound and proven business model. Experi- www.axcelfuture.dk ence shows that companies with sales below DKK 100-150m find it very hard to secure investment from PE funds.

THE IMPORTANCE OF THE PENSION FUNDS IN DENMARK

% of GDP Pension funds’ total assets

250

217

200 186

150

110 103 100 83

50 50 38 29 30 34

0 Spain Finland Italy Austria Germany Belgium Sweden France Denmark Netherlands

Source: Copenhagen Economics based on ECB and Danmarks Nationalbank.

32 AXCEL ANNUAL REVIEW 2O13 In 2013 Axcelfuture was supported by an advisory board with the following members: Sigurd Næss-Schmidt, partner at Copenhagen Economics; Jørgen Tang- Jensen, CEO at Velux; Peter Møllgaard, professor at CBS; Peter Engberg, former CEO at Nykredit; Eivind Kolding (chairman), CEO at Novo A/S; Ulla Brockenhuus Schack, managing partner at Seed Capital; Jørgen Huno, chairman of the Lundbeck Foundation; Thor Møger Pedersen, former tax minister; Poul Erik Skov Christensen, chairman of Pension-Danmark; and Bjarne Graven Larsen, co-CEO at FIH (not pictured).

Former prime minister Lars Løkke Rasmussen comments on Axcelfuture’s recommendations for improvements in the business climate.

Participants use tablets to vote on Axcelfuture’s recommendations.

Besides the uncertainty about earnings, equity and loan capital will sis hit Denmark in 2008. These businesses lack not only equity but be more expensive: also expertise at management and board level, which makes them less creditworthy and so makes it harder for them to invest. In the • the smaller the business (costs for assessing and monitoring the wake of the financial crisis, bankruptcy risks have risen substantially, business are relatively high because they need to be offset against a and banks have tightened the relaxed credit standards seen before the smaller investment) crisis. There is therefore a need to contemplate new ways of raising • the less publicly available information there is on the business’s capital, or else many Danish businesses risk becoming enmired in a earnings and risks (because the investor must then obtain the neces- permanent growth crisis. sary additional information) The bulk of Danes’ wealth is tied up in home equity and savings in With loan financing, large businesses pay an average margin of 2%, tax-favoured pension schemes. While it is positive that we are so whereas small businesses pay more than 4% on average. Large busi- good at saving for retirement, this means that we have relatively small nesses get better prices because they have a longer track record and amounts of money available to invest personally in businesses, as are covered by more exacting reporting rules. By reducing these ad- happens in countries like the USA and Sweden. Households invest ditional risk premiums, it will be possible to offer financing to more in their own home, financed with significant borrowings, and invest projects, so increasing investment in Danish businesses. most of their remaining savings in pensions. This pattern has been fairly constant over the past 12 years, and so the pension funds have Danish pension funds sitting on a fortune become a significant potential source of financing for growth in Da- Businesses with fewer than 250 employees account for more than nish businesses. This can be seen from Danish pension funds’ assets 65% of employment in the Danish private sector, and it is at these amounting to a much higher share of GDP than in any other European businesses that employment has fallen furthest since the financial cri- country bar the Netherlands (see chart on p. 32).

WWW.AXCEL.DK 33 Lars Nørby Johansen talks about the need for a second Dansk Vækstkapital Jørgen Huno Rasmussen, chairman of the Lundbeck Foundation. fund.

Pension funds both in Denmark and elsewhere have traditionally focused on “safe” securities – government bonds, covered bonds and large listed companies – while investments in smaller companies have been limited. Out of a total investment portfolio of more than DKK “There is therefore a need for 2,900bn in 2012, only DKK 59bn was invested in Danish shares – all relevant parties – pension sector, DKK 40bn in listed shares and a very modest DKK 19bn in unlisted shares. Pension funds’ investments in Danish businesses more than banks, employers, unions, legislators halved from 2006 to 2012. and others – to work together But Danish businesses could definitely use more capital from the pension sector. The need is greatest among small, unlisted businesses, on solutions” but this is an area where the pension sector has historically found it difficult to invest.

One reason is that costs per krone invested are too high. Much the forward is difficult to say, but the need for equity capital is still im- same resources are needed to invest DKK 20m in a company with mense, especially at businesses with fewer than 250 employees. The sales of DKK 200m as to invest DKK 100m in a company with sales long-term aim should be to create regulatory conditions that allow of DKK 1bn. The pension sector aims to deliver the highest possible the market to resolve this issue itself, but until then there is a need for risk-weighted return and acts rationally by choosing larger com- everyone to pull together. panies. This presents a particular challenge for the many small businesses in Denmark given that institutional investors control such a If we are successful in channelling capital into small businesses, this large percentage of private savings. will not only benefit the businesses themselves but also have considerable social benefits in the form of stronger growth and compet- Joint effort required itiveness, leading in turn to more jobs and exports. And the entire There is therefore a need for all relevant parties – pension sector, economy will benefit more from the innovation that small businesses banks, employers, unions, legislators and others – to work together are actually better than large ones at delivering. on solutions that bring down costs per krone invested so that capital flows more freely to businesses with sales below DKK 200-300m.

It is good news in this context that the Ministry of Business and Growth together with the pension sector has already taken a step in this direction by launching the investment fund Dansk Vækstkapital as a source of capital for unlisted companies.

The ministry is also in talks with the government investment fund Vækstfonden and the pension sector on the possibility of starting up a second Dansk Vækstkapital fund. Whether this is the right way

34 AXCEL ANNUAL REVIEW 2O13 CSR AT AXCEL AND ITS COMPANIES

Axcel and its portfolio companies have signed up to the UN Global Compact, Axcel has decided to adopt the UN’s Principles for Responsible Investment (PRI), and a new EU directive is also demanding more in terms of CSR.

Ever since 1994, Axcel has demonstrated in practice how active owner- Axcel and the Global Compact ship, a strong operational focus and alignment of interests between a New companies added to the portfolio have a year to adapt their pro- private equity fund’s investors, the fund manager’s employees and cedures and sign up to the Global Compact. In this way, Axcel is sup- portfolio companies’ management can drive positive change not only porting the UN’s efforts to get governments, civil society, business in returns, but also in environmental performance, transparency, em- and others to unite behind ten principles for responsible business in ployee interests and so on. the areas of human rights, labour, the environment and anti-corrup- tion. Axcel aims to invest in companies which behave responsibly, as this will ensure the best possible risk profile. However, Axcel also wishes Axcel has gradually developed CSR policies based on our view of to promote socioeconomic development in general and therefore en- corporate governance, which includes dialogue with stakeholders and courages its companies to contribute to their local communities and transparent communications and reporting. Axcel updated its policies their development where this makes commercial sense. in the corporate governance area in 2013 to make CSR an explicit element that the boards of portfolio companies must actively address. Axcel was the first private equity fund in Denmark to require all of its portfolio companies to sign up to the Global Compact, an interna- Axcel also has the following procedures in place for responsible busi- tional initiative led by the UN. The idea is to involve businesses and ness: organisations in solving some of the big social and environmental • Axcel considers very carefully the acquisition of companies that challenges resulting from economic growth, technological develop- could put Axcel in a social, ethical or environmental dilemma ment and the increasingly international division of labour. The Global • Axcel performs a social due diligence ahead of acquisitions Compact makes it possible for companies worldwide to play an active • Companies owned by Axcel must join the Global Compact within role in overcoming these challenges. 12 months • Axcel ensures that its companies comply with the requirements of Axcel joined the Global Compact back in 2010, with its portfolio the Global Compact through its CSR network and ongoing dialogue companies following suit from 2011. This means that Axcel consi- with the companies ders very carefully the acquisition of companies that could put it in • Axcel itself has signed up to the Global Compact and publishes a a social, ethical or environmental dilemma. Axcel therefore performs Communication on Progress (COP) each year a social due diligence ahead of new investments. Axcel also ensures that its companies comply with the requirements of the Global Com- Axcel also expects its companies to: pact partly through ongoing dialogue and partly through Axcel’s CSR • comply with relevant laws, rules and internationally recognised network of CSR officers at portfolio companies. principles • consider risks relating to CSR issues and address them proactively Axcel has also now decided to adopt the UN’s Principles for Respon- • be in a position to meet the requirements and expectations of cus- sible Investment (PRI) – a set of guidelines on environmental, social tomers and business partners concerning supply chain management and governance (ESG) issues for professional investors. Axcel has and codes of conduct noted ever growing calls from investors and authorities for it to report • consider future business opportunities and positioning in relation on ESG issues, and the trend is for most large PE fund managers to to CSR sign up to the PRI. • comply with the DVCA’s guidelines on openness and transparency

WWW.AXCEL.DK 35 Axcel is keen for its companies to recognise that CSR work can cre- their funds with the Danish Financial Supervisory Authority. The new ate value. In this context, the implementation of a CSR programme act also contains a number of formal and substantive requirements must be based on an individual assessment of critical focus areas, and for how governance issues and, in one case, social issues are to be these must then be placed in relation to the resources available to the integrated at fund level. company.

Axcel implemented the following CSR initiatives in 2013: • Axcel produced a manual describing how companies are to map social risks and prepare for concrete CSR activities • In connection with its endorsement of the PRI, Axcel developed a Responsible Investment Policy, available on request from Axcel. In broad terms, this means that Axcel is to perform a social due diligence before making an investment, and that ESG issues are to be integrated into its active ownership so that they are addressed at both strategic and operational level

EU directive sharpens governance and CSR requirements The AIFM directive adopted by the EU in 2011 applies to PE funds and was implemented in Danish law in 2013 in the form of the FAIF Act. The most important consequence is that managers of PE funds must apply for a licence to operate or register (depending on size)

In brief, the following requirements apply:

RELEVANT REQUIREMENTS OF THE FAIF ACT AXCEL’S COMPLIANCE

Governance requirements

Disclose strategy for each investment, including ESG strategy Axcel’s overall strategy for ESG and CSR is set out in Axcel’s Responsible Investment Policy Meet certain requirements in terms of expertise and reputation Documented in LPA* Disclose the fund’s ESG strategy Documented in Axcel’s Responsible Investment Policy Adhere to good business ethics etc. Documented in written procedures Disclose and prevent conflicts of interest Documented in written procedures Treat all investors equitably Agreed via LPA Communication with FSA, investors, companies and employees Axcel produces an annual review and regular material for investors. Axcel plans to produce a manual for external and internal communication when taking over a company. Have a remuneration policy that promotes good risk management Agreed via LPA Perform risk management, including due diligence procedures when Documented in Axcel’s due diligence process making investments (ESG and CSR due diligence forms part of this) Document business procedures, including ESG and CSR policies Documented in Axcel’s Responsible Investment Policy etc. and processes

Social requirements

Set targets for the underrepresented gender in the most senior The most senior management tier at Axcel is the board of directors management tier of the management company. This board has limited influence, however, because it is the partners in the management company who make investment decisions on behalf of the funds. Axcel also has a Danish industrial board and a Swedish industrial board with two female members, and intends to retain this level of representation through to 2017

* The Limited Partner Agreement between the fund and its investors.

36 AXCEL ANNUAL REVIEW 2O13 GLOBAL COMPACT STATUS OF AXCEL-OWNED COMPANIES AS AT 1 MAY 2014 Axcel’s companies and the Global Compact Axcel closely monitors portfolio companies’ work and makes sug- JOINED FIRST COP gestions for improvements. There are also regular network meetings GLOBAL COMPACT where companies have an opportunity to share experience. BALL GROUP • 2012 The majority of Axcel’s companies have actively addressed the var- BB ELECTRONICS • 2012 ious components of the Global Compact. Those publishing a second DELETE GROUP* or third COP have made progress from the year before in line with the UN’s intentions. DRICONEQ • 2013

EG*

EXHAUSTO • IDDESIGN • 2013 JUNCKERS • 2012 LGT • 2013 MITA-TEKNIK •

NETEL*

NOA NOA • 2012 NORDIC WATERPROOFING • 2013 PANDORA • 2011

SILKEBORG DATA*

TMK • 2012 VPG • 2014

* NEW INVESTMENT – HAS NOT YET JOINED GLOBAL COMPACT.

AXCEL’S APPROACH TO CSR Axcel has signed up to both the PRI and the Global Compact at fund level. At company level, all portfolio companies have signed up to the Global Com- pact, which ensures real improvements in ESG performance and risk management.

INVESTMENT UNPRI Global Compact DECISION

AXCEL’S ACTIVE OWNERSHIP REPORTING TO INVESTORS AND PUBLIC

DUE DILIGENCE

COP MONITORING OF GLOBAL COMPANIES COMPACT 15 COMPANIES

WWW.AXCEL.DK 37 AXCEL’S MANAGEMENT AND INDUSTRIAL BOARDS

PARTNERS CHRISTIAN NIKOLAJ PER VILHELM FRIGAST VEJLSGAARD CHRISTENSEN SUNDSTRÖM

CASPER LYKKE LARS LARS PEDERSEN ÖSTERBERG THOMASSEN

BOARD OF NIELS B. PETER LARS JENS W. DIRECTORS/ CHRISTIANSEN DAMGAARD JOHANSEN MOBERG DANISH CHAIRMAN JENSEN INDUSTRIAL BOARD

PETER LARS METTE LARS SCHÜTZE MUNCH VESTERGAARD RASMUSSEN

SWEDISH LARS BENGT ARNE MATS INDUSTRIAL WESTERBERG LEJSVED BERNROTH NORDLANDER BOARD CHAIRMAN

LOTTA LUNDÉN

38 AXCEL ANNUAL REVIEW 2O13 PARTNERS

Christian Frigast holds an MSc in Economics and has been managing partner Peter Schütze at Axcel since its inception in 1994. Prior to that he was employed by Incen- Former CEO of Nordea Bank Danmark. Peter Schütze is chairman of Copen- tive A/S (1993-94), Unibank A/S, Merchant Bank (1990-92) and Unibank hagen Business School and rail company DSB and vice chairman of Simcorp (1973-90). Christian Frigast is a member of the board of PANDORA, Nordic and the Nordea Foundation. He is also chairman of the Danish Climate Invest- Waterproofing and the Danish Venture Capital and Private Equity Association ment Fund’s investment committee and sits on the Systemic Risk Council. (DVCA), among others. Lars Munch Nikolaj Vejlsgaard holds an MSc in Economics and Business Administra- Former CEO and now chairman of the board of media company JP/Politikens tion and joined Axcel in 1998. Prior to that he was employed by the Superfos Hus. Lars Munch is also chairman of BRFfonden, the Louisiana Museum of Group (1996-98). Nikolaj Vejlsgaard is a member of the board of Junckers, Modern Art and SOS Children’s Villages Denmark. PANDORA and the IP Group. Mette Vestergaard Per Christensen holds an MSc in Economics and joined Axcel in 2000. He CEO of Mannaz A/S, a global specialist in executive development. Mette was previously employed at Maersk Medical (A.P. Møller Group, 1996-2000) Vestergaard is a member of the board of think-tank DEA, the Danish National and as a consultant at McKinsey (1992-96). Per Christensen is a member of Centre for Social Research (SFI) and the Confederation of Danish Industry’s the board of Vital Petfood Group, TCM Group and EG. Copenhagen Region, and sits on the Government Committee on the Quality of Further Education. Vilhelm Sundström holds an MSc in Economics and joined Axcel in 2006. He was formerly a director at Merrill Lynch International in London, where Lars Rasmussen he was responsible for M&A activities in the Nordic region. Prior to that, he Lars Rasmussen has been CEO of medtech company Coloplast since 2008. worked for such companies as Carnegie (2002-05), Morgan Stanley (1995-97 He joined the company in 1988 and is a trained engineer with an E-MBA from and 1999-2002) and Nordic Capital (1997-99). Vilhelm Sundström is the head SIMI. He also sits on the board of H. Lundbeck. of Axcel’s office in Stockholm, and is a member of the board of LGT and Nordic Waterproofing. SWEDISH INDUSTRIAL BOARD Casper Lykke Pedersen holds an MSc in Economics and Business Admin- istration and has been with Axcel since 2005. Previous employers include Lars Westerberg – chairman Deutsche Bank in London (2001-05) and Axcel (1998-2001). Casper Lykke Former CEO of Autoliv Inc., a world-leading supplier of safety equipment Pedersen is a member of the board of Driconeq and EXHAUSTO. for carmakers. Lars Westerberg is a member of a number of boards, including Volvo AB, Meda AB, Stena AB, SSAB, Sandvik and Husqvarna (chairman). Lars Österberg holds an MSc in Engineering Physics from the Royal Insti- He is also the link to Axcel’s industrial board in Denmark. tute of Technology in Stockholm and an MBA from the Stockholm School of Economics, and has also studied at the Graduate School of Business in Chica- Bengt Lejsved go. Previous employers include Swedish PE fund Triton (2001-11), Keystone Nordic Partner at Chairman Mentoring International, CMi. Formerly head of Advisers (2000-01), McKinsey (1999-2000) and Goldman Sachs (1997-99). executive search company Heidrick & Struggles’ activities in EMEA, and vice Lars Österberg is a member of the board of Netel and Delete Group. chairman and executive director of Heidrick & Struggles International.

Lars Thomassen holds an MSc in Economics and Business Administration Arne Bernroth and joined Axcel in 2002. Previously he was employed by the GN Store Nord Former deputy managing director and regional director for Nordea in southern Group (1994-2002) and ISS (1989-94). Lars Thomassen has overall responsi- Sweden and senior vice president at Skandia in Sweden and executive vice bility for Axcel’s finance functions, fund management and investor relations, president at Skandia International. and is a member of the board of Capidea. Mats Nordlander Søren Lindberg (associate partner) holds an MSc in Economics and Busi- Executive vice president at Stora Enso. Mats Nordlander is a member of the ness Administration and joined Axcel in 1996. Previously he was employed at board of Industrikraft. EuroNordic Corporate Finance (1994-96) and PwC (1989-94). Søren Lind- berg is a member of the board of BB Electronics, IDdesign and Mita-Teknik. Lotta Lundén Member of the board of Bergendahl & Son, Lammhults Design Group, Swe- dol, Karl-Adam Bonnier Foundation and Twilfit. Lotta Lundén previously BOARD OF DIRECTORS AND DANISH INDUSTRIAL BOARD worked at IKEA in various senior positions and was CEO at Guldfynd.

Niels B. Christiansen – chairman CEO of Danfoss, one of Denmark’s largest privately owned companies with AXCELFUTURE’S BOARD OF DIRECTORS sales of just under DKK 34bn and approx. 22,500 employees worldwide. Niels B. Christiansen is a member of the board of A.P. Møller - Mærsk and William Christian Frigast, managing partner, Axcel (chairman) Demant Holding and vice chairman of the Confederation of Danish Industry. Per Christensen, partner, Axcel Eivind Kolding, CEO, Novo A/S Peter Damgaard Jensen Lars Munch, chairman, JP/Politikens Hus CEO of PKA, which administers labour market pensions for eight indepen- Caroline Vagner Rosenstand, associate director, Axcel dent pension funds with more than 260,000 members. Peter Damgaard Jensen Peter Schütze, chairman, DSB and CBS is a member of the board of Forca (vice chairman) and Maj Invest Holding (vice chairman), among others.

Lars Johansen Former CEO of FIH Erhvervsbank.

Jens W. Moberg Former CEO of Alectia and Better Place Danmark and Corporate Vice Presi- dent at Microsoft, now chairman of Grundfos and Post Nord, among others.

WWW.AXCEL.DK 39 FURTHER INFORMATION ABOUT AXCEL

Additional information about Axcel and its companies and the latest financial statements can be found on Axcel’s website, www.axcel.dk.

For any further information, please contact:

CFO Lars Thomassen Tel: +45 3336 6999 E-mail: [email protected]

Senior Communication Advisor Joachim Sperling Tel: +45 3336 6999 E-mail: [email protected]

Axcel Management A/S Axcel Management AB Sankt Annae Plads 10 Strandvägen 5B, 5tr. 1250 Copenhagen K 114 51 Stockholm Denmark Sweden

Tel: +45 3336 6999 Tel: +46 8 442 5390 Fax: +45 3336 6998 Fax: +46 8 442 5391 E-mail: [email protected] E-mail: [email protected] www.axcel.dk www.axcel.se

Editorial team Design Photos Joachim Sperling, Senior Communication Advisor Klaus Wilhardt Per Morten Abrahamsen and Klaus Wilhardt Louise Parsholt Beck, Investor Relations Manager Illustrations/cover Translation and proofreading Mads Berg Borella projects

40 AXCEL ANNUAL REVIEW 2O13