K-Landbrug ApS, which owns and operates the majority of Knuthenlund Estate near Stokkemarke on Lolland, has had a deficit for five consecutive years. The company is behind one of Lolland's largest agricultural estates - both in terms of area and financial figures - and is now working on debt restructuring to strengthen its finances.
In 2024, the bottom line ended with a deficit of 2.7 million kroner, according to the latest annual report. It is a pattern that has repeated itself since 2020: The operation itself generates a profit, but interest expenses pull the result into the negative.
Five years of deficit despite positive operations
Since 2019, the company has had a positive operating result every year. In 2024, the result before interest and depreciation was 2.6 million kroner. But the financial costs - especially interest - amounted to over six million kroner, and the result before tax was -3.5 million kroner.
After tax, the year's deficit ended at 2,745,523 kroner. This adds to deficits in both 2020, 2021, 2022, and 2023. The latest profit was six years ago, in 2019, when the company had a surplus of 1.15 million kroner.
The management states in the 2024 accounts that a debt restructuring has been initiated to improve the company's financial situation.
One of Lolland's most expensive estate purchases
In 2018, K-Landbrug ApS purchased the majority of Knuthenlund Estate from Susanne Hovmand-Simonsen. The sale included approximately 650 hectares of agricultural land. The registration showed a purchase price of 199.9 million kroner, but according to LandbrugsAvisen, the actual price was higher.
The buyers were the local brothers Andreas and Erik von Rosen, who today own the company through two holding companies.
Under the previous ownership, Knuthenlund was known for biodynamic farming, a dairy, a farm shop, organic specialty products, and supplies to restaurants like Noma and Geranium.
High assets - and debt that costs
K-Landbrug has fixed assets worth 244.7 million DKK, of which 234 million DKK are in land and buildings. The total debt is 251 million DKK. The majority is long-term - mortgage, internal loans, and bank debt - some of which is interest-free, but the rest imposes significant interest costs on the company.
The gross profit fell in 2024 by just under 900,000 DKK compared to the previous year. The company had an average of five full-time employees - one fewer than in 2023. Personnel costs amounted to 1.75 million DKK.
Security has been provided in the property and machinery. Among other things, owner mortgages of 75.5 million DKK.
