Return and ownership
INVESTMENTS

Return and ownership

I Chr. Augustinus Fabrikker arbejder vi kontinuerligt på at være ideelle ejere af succesfulde danske virksomheder. Vi udvider gradvist vores aktiviteter gennem nye typer af strategiske og scale investeringer. Dermed sikrer vi en balanceret risiko, men åbner samtidig flere muligheder for afkast. Forudsætningen for alle vores ejerskaber er naturligvis, at de altid opfylder vores grundlæggende krav om sunde forretningsmodeller, optimal ledelse og afkast, som matcher investeringens risikoprofil.

Optimalt ejerskab er generelt situationsbestemt og derfor noget, som forandrer sig over tid. Vi ser os selv som ejere i flere sammenhænge. Vi kan være direkte ejere af danske private virksomheder og ejere i børsnoterede virksomheder, og vores ejerskaber kan dermed være kontrollerende såvel som del-ejere. I samarbejde med kapitalfonde og andre ejere, er vi aktive som co-investorer, pre-IPO investorer og som anker-investorer ved IPO’s. Da optimalt ejerskab forandrer sig over tid, kan det naturligvis forekomme, at en af vores investeringer er bedre tjent med et andet ejerskab.

Gennem tillidsfuld dialog med vores virksomheder sætter vi fokus på, at vores virksomheder følger en ansvarlig ESG-politik og forholder sig til specifikke SDG-mål (de 17 verdensmål), der er relevante for den individuelle virksomhed, med øje for omgivelser og samfund.

Chr. Augustinus Fabrikkers finansielle investeringer håndteres i aktiv forvaltning af såvel vores egne teams som af eksterne samarbejdspartnere. Vores finansielle investeringsstrategi omfatter flere aktivklasser med en aktiv Asset Allokering som grundfilosofi.

PORTFOLIO (DKK 34.9 bn)
(31 Dec '20)

  • Financialinvestments
  • Scale-investments
  • Legacyinvestments
  • Strategicinvestments

5 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
3,431
2,520
3,048
3,435
1,226
Booked equity
28,559
25,533
23,350
20,523
17,405
Booked balance
28,825
25,565
23,372
20,546
17,421
Market value
34,887
30,682
26,923
24,572
20,747
 

LEGACY-
INVESTMENTS

We have great veneration for classic Danish brands. The focus of our legacy investments is on both large and small businesses that play a key part in Denmark’s cultural heritage. We have ownership interests within furniture, design, knowhow, consumer goods, literature, music and culture.

Our philosophy is to invest in brands that will not depreciate in value and can yield attractive returns over time. It is essential for Chr. Augustinus Fabrikker that the business model is sound and that the company will benefit from remaining anchored in the Danish society through continued Danish ownership in a loyal and mutual partnership. Within our legacy investments, Chr. Augustinus Fabrikker is often an active owner and represented on the company boards.

 

STRATEGIC
INVESTMENTS

A cornerstone of Chr. Augustinus Fabrikker’s strategy is to have a significant ownership interest in a range of companies. Strategic investments form an important part of our overall business strategy.

We believe that a stable ownership base with a long-term focus provides the best environment for companies and their management to strive – and thus supporting a sound business with the opportunity to create the best returns. It is essential for us that we are comfortable with the business model, strategy and management. When this is fulfilled, we act as loyal owners who support long-term strategies. A natural part of our engagement is to ensure the company is managed in the best way possible and that the future value creation potential is intact.

Our active approach regarding optimal ownership can result in a situation where one of our companies is better suited with a different ownership. Furthermore, we will take into consideration our entire balance sheet when we consider our assets.

 

SCALE
INVESTMENTS

Chr. Augustinus Fabrikker is committed to support Danish business society and as part of this strategy, we believe that investing in new innovative companies is imperative to continue to see Danish businesses flourish. Through our investment in the next generation of companies we aim to support by creating jobs, develop intellectual property and technology as well as generate healthy value growth, originated in Denmark.

We believe that the Danish start-up ecosystem is well funded in the early years, with good representation from business angels and early stage/seed investors, but that a void exists when young companies require capital for scaling the business beyond proof of concept (typically after series A funding rounds). Chr. Augustinus Fabrikker is a dedicated local partner who looks to invest in successful Danish companies which have achieved proof of concept and are looking for funding to scale the business.

Our approach to long-term ownership in our scale investments is based on the same principles as in our strategic investments.

 

IMPACT
INVESTMENTS

Impact-investeringer indgår som en naturlig del af Chr. Augustinus Fabrikkers strategi. Vi mener, at vores ambitioner om at skabe afkast kan forenes med at investere aktivt i bæredygtig udvikling. Vi har allieret os med et antal professionelle kapitalforvaltere med erfaring og indsigt til at håndplukke selskaber inden for vores fokusområder.

Vores aktuelle fokus er bredt omfavnende og dækker over social impact, klima, investeringer i udviklingslande og energi. Vi har en dedikeret strategi, som en af de få fonde i Danmark, med en andel af balancen allokeret til Impact. I de seneste år har vi investeret betydeligt i dette område, og fremadrettet vil fokus blive øget yderligere, både økonomisk og ressourcemæssigt.

 

FINANCIAL
INVESTMENTS

Chr. Augustinus Fabrikker anvender en betydende del af sin formue til investering i finansielle aktiver. Vi tror på aktiv formueforvaltning, og på de markeder, hvor vi råder over kompetencerne, varetager vi selv investeringerne. På andre markeder anvender vi nære samarbejder med professionelle og nøje udvalgte eksterne forvaltere.

Vi har finansielle placeringer i en bred vifte af aktivklasser og forholder os dynamisk til den løbende Asset Allokering.

Vi benytter os ikke af proxy rådgivere og foretager ikke aktieudlån.