Large Deficit: Brewery Pressured by Investments and Interest Expenses

Bryghuset Møn ApS ended 2024 with a deficit of just over 2 million DKK after tax. It is the second consecutive year the company has lost money. The equity is almost depleted, amounting to just 655,000 DKK at the end of the year.

According to the annual report, the result is partly affected by the move to a new location in Stege and investments in brewery equipment and furnishings. The management states that this should form the basis for future growth - but in 2024 there is no prospect of returns.

The operating result before depreciation was positive, but not large enough to cover depreciation and interest. The total interest expenses approached 1.7 million DKK, further dragging down the year's result.

This is stated in the company's annual report, which has just been published.

Loans from the owners keep the brewery going

The result would have looked even worse if Bryghuset Møn had not received fresh capital. At the end of 2024, 5 million DKK was injected as a subordinated loan, and at the beginning of 2025, a further 3.6 million DKK followed - of which 2.5 million DKK directly from the group of owners.

A subordinated loan is not just an ordinary loan. It is a construction where the lender - often an owner - agrees to stand at the back of the queue if the company should go bankrupt. In return, the loan counts positively when the auditor or bank assesses the solvency.

But the money still needs to be paid back. The company is therefore not standing on its own feet, but is dependent on support from the group of owners and a continued belief that it can turn around.

The debt grows - and the interest bites

At the end of the year, Bryghuset Møn had long-term debt of over DKK 22 million, of which just over DKK 16.9 million was to credit institutions. The interest burden was significant in 2024 and alone pulls the result significantly down.

At the same time, the equity ratio has fallen to just 2.4 percent. Including the subordinated loans, the technical solidity rises to 20.6 percent - but it does not change the fact that the company's balance is under pressure.

The capital injection ensures that the company can continue operations, but the financial room for manoeuvre is limited. This also applies if the investments do not quickly lead to growth in earnings.

Investments drag down

Part of the explanation for the deficit is found in the balance sheet assets. The move to new premises in Stege has triggered a number of major investments. Among other things, nearly DKK 3 million has been spent on furnishing and over DKK 4 million on production equipment.

The total level of tangible fixed assets has increased by over DKK 5 million during the year. The management mentions that there are plans for new product categories and the establishment of a visitor centre, but does not go into detail about what this specifically means for operations.

Changes in Ownership

In the spring of 2025, there have been changes among the owners. David Ruben Jensin, who has been part of the board and ownership via Jensin Holding ApS, has withdrawn. He left the board on March 6, and the holding company is no longer listed as a registered owner.

At the same time, Hans Steffen Steffensen has been registered as a real owner with a third of both ownership and voting rights. He has also joined the board and already has connections to the company through Liselund Fontænen A/S.

The other key owners remain director Thomas Stecher and Kasper Kjærulff Bøgedal. All three hold shares via local holding companies and now constitute the entire ownership group.

The management describes the result as unsatisfactory but views 2024 as an investment year. For 2025, it is expected that profits can be generated again.