Return and ownership
INVESTMENTS

Return and ownership

At Chr. Augustinus Fabrikker we strive to be the ideal owner of successful Danish businesses. We gradually expand our activities by making new types of strategic and scale investments, thus ensuring that the risk is balanced and at the same time creating opportunities for generating returns. It is a precondition for our ownership that our fundamental requirements are fulfilled: sound and solid business models, strong management, and returns matching the investment risk.

The optimal ownership structure for any enterprise, is determined by the actual situation, at any time, and potential something that changes over time. We see ourselves as owners in more contexts. We act as direct owners of Danish businesses as well as owners of listed companies, and our ownership includes both controlling positions, minorities as well as other types of partnerships. When partnering with private equity funds and other owners, we are active as co-investors, pre-IPO investors and as anchor investors in IPOs. As the ideal ownership structure may change over time, we remain flexible in case the company is better served with a change in ownership.

Based on an entrusted dialogue with our companies, we focus on our companies following responsible ESG policies which are relevant to the individual company.

Chr. Augustinus Fabrikker’s financial investments are managed by our own teams as well as by external partners. Our financial investment strategy covers a number of asset classes where we deploy an active Asset Allocation strategy.

DISTRIBUTION OF PROPERTY
(31. dec '22)

  • Ourownerships
  • Financialinvestments

FIVE LARGEST OWNERSHIPS

COMPANY
OWNERSHIP
(%)
OWNED SINCE
(Year)
Jeudan A/S
41%
2004
Royal Unibrew A/S
15%
2009
Scandinavian Tobacco Group A/S
25%
1961
Tivoli A/S
57%
2000
Fritz Hansen A/S
65%
1979

KPI's

DKK (Mn.)
Accounting result
847,7
-2,368
5,041
3,431
2,520
3,048
Booked equity
31.195
30,807
33,479
28,559
25,533
23,350
Booked balance
31.226
30,837
33,505
28,825
25,565
23,372
Market value
35.074
34,845
40,618
34,887
30,682
26,923
 

OUR
OWNERSHIPS

Chr. Augustinus Fabrikker owns companies within a wide range of industries. Our ownerships have high ambitions and strong market positions in common. We see it as part of our ownership strategy to help companies make bold and long-term decisions – even when this requires change. We are committed owners with respect for the division of labor between owners, board and management, and we base our cooperation on dialogue, trust and responsibility.

We characterize part of our ownership as scale investments, which are targeted at start-up companies that have achieved proof-of-business and need capital to scale the business. As of 31 December 2023, these make up seven of our holdings.

 

SCALE
INVESTMENTS

Through investments in the next generation of Danish companies with an international outlook, we aim to support job creation, develop intellectual property and technology as well as generate returns.

Chr. Augustinus Fabrikker is a dedicated partner that invests in significant Danish companies that have achieved proof-of-business and need capital to scale the business. Our approach to long-term ownership in our scale investments is based on the same basic principles as in our strategic investments.

 

IMPACT
INVESTMENTS

Impact investments form a natural part of Chr. Augustinus Fabrikker’s strategy. We believe that our ambition to generate returns is compatible with actively investing in more sustainable development. We have teamed up with professional asset managers with the experience and knowhow required within impact strategies.

Our current focus is broad and covers social impact, climate, investment in developing countries and energy. We have a dedicated strategy with a share of our balance allocated to Impact. In recent years we have invested significantly in this area, and in the future the focus will be further increased, both financially and in terms of resource allocation.

 

FINANCIAL
INVESTMENTS

Chr. Augustinus Fabrikker allocates a significant portion of the balance to financial assets. We believe in active asset management, and in markets where our own teams have expertise we cover the investment selection ourselves. In other markets we have built close partnerships with professional and carefully selected asset managers.

Our financial investments span across various asset classes, and we take a dynamic approach to Asset Allocation.

We do not use proxy providers and do not make our equity portfolio available for borrowing.