Ardagh Glass Holmegaard A/S has reduced its share capital by 59 million kroner. The capital reduction was decided and implemented in July 2025 and, according to the Danish Business Authority's registration, was done to cover losses.
The capital was 60 million kroner before the reduction, divided into A and B shares. It has now been written down to one million. No funds have been paid out to the owners - the reduction is an accounting exercise that improves the company's balance sheet.
New financial statement on the way
The capital reduction happens just as the company is expected to publish its financial statement for 2024. The formal reason is to cover losses, and the timing suggests that there is likely a new larger deficit in addition to the loss the company reported the previous year.
In 2023, Ardagh Glass had a loss of 72 million kroner after tax. The result covered an operating loss of 75 million and negative cash flow from operations of over 82 million. The equity was almost halved - from 152 to 79 million kroner.
Change of CEO in 2024
On 20 June 2024, the company changed its CEO. Kim Holmberg Hansen took over and replaced Bo Lennart Nilsson, who resigned on the same day. The board was also partially replaced.
According to the management, the weak result in 2023 was partly due to lower demand in Europe, high energy and raw material prices, and the lack of Danish support schemes for energy-intensive companies - unlike several other EU countries.
In the latest management report, the expectation for 2024 was a result before tax in the range of minus 5 to plus 5 million kroner.
