Kim Fournais has made a significant investment on the island of Vejrø. The founder and co-owner of Saxo Bank is behind a project that has lost 98 million kroner since 2020. The new annual report shows yet another million-kroner deficit - with no signs of improvement.
The island is located in the Smålandsfarvandet north of Lolland. It is private and only accessible by boat or helicopter. Here, Vejrø ApS operates a destination with green technology, luxury, and self-sufficiency as guiding principles.
In 2024, the deficit was nearly 23 million kroner. This marks the fifth consecutive year at the same level. The company is 100 percent owned by Fournais' holding company.
Salaries of 15 million kr
The dream is big: An island where exclusive comfort and green responsibility go hand in hand. Vejrø has its own farm, restaurant, electric boat powered by wind energy, and green infrastructure. But operations are heavy with 30-40 employees and salaries amounting to 15.3 million kroner. In addition, there are depreciations on buildings and technology for 7.4 million.
The gross loss - that is, the difference between revenue and direct costs - is close to zero. This suggests that daily operations are somewhat streamlined. It is not in the kitchen, the barn, or the rooms where the money is pouring out. But this does not change the fundamental problem: When salaries, depreciations, administration, and other fixed expenses are accounted for, there is still a shortfall of up to 27 million kroner annually to balance the project.
Deficit year by year
Vejrø ApS has had the following result after tax in the past five years:
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2020: -14.4 million kroner
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2021: -19.7 million kroner
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2022: -19.6 million kroner
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2023: -21.8 million kroner
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2024: -22.7 million kroner
The total deficit for the period amounts to 98.2 million kroner.
FemernBusiness asked Vejrø ApS what the goal is with the investments, when the operations can balance - and which elements should reverse the development.
- We have great confidence that our strategy will create lasting value - not only economically, but also culturally and climatically, says CEO Charlotte Cederbye.
The company points to growing interest from conscious guests and strong partners. But does not answer the question of when operations are expected to be profitable.
Subsidy of 38 million DKK
The accounts also show that the project heavily relies on the owner's support. In 2024, the parent company forgave debt of 38 million kroner and has guaranteed coverage of future deficits until the end of 2026.
Therefore, the company still has equity of just under 63 million kroner. But without the money from the owner, it could not continue.
According to the annual report, Vejrø ApS owns almost the entire island - except for the cemetery. New leasing agreements for over 10 million kroner and ongoing construction work show that the expansion continues.
