Vennerslund Gods A/S ended 2024 with a deficit of 1.2 million kroner. This is evident from the company's annual accounts, which have just been published. This marks the second consecutive year that the estate in Nordfalster has recorded losses. In 2023, the result was even worse - with a deficit of just over three million kroner.
The accounts reflect a tight economy, where interest expenses are increasingly significant. In 2024, the company paid 1.65 million kroner in financial costs. This is more than the gross profit, which amounted to 1.39 million kroner.
However, operations have developed in a slightly more positive direction. The gross profit has increased by just over 250,000 kroner compared to the previous year, and the deficit from primary operations has been reduced - from 362,000 kroner in 2023 to 222,000 kroner in 2024.
Throughout the year, the company has had four to five employees, and the annual work volume has averaged around one full-time position.
Debt and negative equity
The biggest challenge is financing. Vennerslund Gods has a total debt of 71.8 million kroner, of which just over 68 million are mortgage loans. The equity is negative by 3.15 million kroner, and the total assets are valued at 68.6 million kroner.
There is a mortgage on properties and buildings for the entire amount - and more. The accounting values of the properties are stated at 58 million kroner, while securities have been provided for a total of over 85 million kroner, including owner mortgages and securities on behalf of affiliated companies.
Solar project incurs million advances
A significant item in the balance sheet is a receivable of 5.1 million kroner. The amount relates to advances for a planned energy project on the estate's land. The money has been spent in connection with the planning, but the actual payment for the advance depends on whether the project materialises - in whole or in part.
According to management, it is still realistic that the project can be completed within a shorter timeframe. Therefore, the amount is still listed at full value, and no write-down has been made.
The project, which concerns a larger solar panel installation, is included in a new local plan that has been sent for consultation by Guldborgsund Municipality. The local plan has not yet been finally adopted, and it has also not been announced if or when the project will be realised.
Not a winding-up - but still dependent on new income
Despite several years of deficits, the company continues to operate with the expectation that the situation can be improved. However, this requires that the energy project is realised, or that other income is significantly strengthened. According to the accounts, it is management's assessment that the company can continue to operate as a going concern - that is, on the assumption of continued operation.
The company is 100 percent owned by Kim Brockenhuus-Schack, who is also the director and a member of the board. The other board members are Merete Christine Brockenhuus-Schack and chairman Janus Skak Olufsen.
