The same day MSE Entreprise A/S announced a change of ownership, the company's new annual report was also released. The report shows that 2024/25 saw a significant setback as MSE was hit by challenges on several major projects for Better Energy, which later went into reconstruction.
Better Energy went into reconstruction at the end of 2024 after a period of pressure from falling electricity prices, rising costs, and project delays. During the process, several companies in the group were declared bankrupt, and a large number of suppliers and partners were left with significant losses, while many creditors only recovered a small part of their claims.
MSE states that the problems on the Better Energy projects resulted in a significant loss. The report shows a larger debtor loss of DKK 19.0 million, which is the main reason why earnings ended lower than planned.
In the financial year 2024/25, which runs from 1 October to 30 September, revenue landed at DKK 561.9 million compared to DKK 680.2 million the previous year. The result after tax was DKK 19.1 million, which is a decrease from DKK 36.1 million the previous year, while the result before tax ended at DKK 25.2 million.
Satisfactory despite headwinds
Management had initially aimed for revenue around DKK 550 million and a result before tax in the range of DKK 40 to 45 million. Revenue hit the expected level, but earnings were pressured by the loss, so the target for the result was not met.
Despite the headwinds, MSE itself describes the year as satisfactory because the loss could be covered by a continued strong operating result. The company also points out that the organisation has shown resilience in a year with both large projects and unforeseen challenges.
On the balance sheet, equity amounts to DKK 89.1 million, and the solvency ratio is calculated at 36 percent. Cash holdings amount to DKK 55.2 million. The number of employees fell during the year to 140 from 212 the year before.
The financial statement also mentions the change of ownership. Under subsequent events, it is stated that after the end of the financial year, a conditional agreement was entered into for the transfer of all shares to the Belgian infrastructure group Infra Group, and that the transaction depends on the approval of the competition authorities. The sale price is not disclosed, but it is a company with a size and earnings that normally make the transactions amount to hundreds of millions.
For the coming financial year, MSE expects an activity level of around DKK 550 million and a profit before tax in the range of DKK 35 to 40 million.
