The cake group Bisca A/S ended 2024 with the largest profit in the company's recent history. The bottom line ended at 167.7 million kroner - but behind the impressive figure lies a change of ownership, a significant capital gain, and an extraordinary dividend in the hundreds of millions.
In April 2024, the company was sold from Scandza Danmark ApS to a new group of owners organised in the holding company Bisca Investment A/S, which is owned by Erhvervsinvest. Before the sale of Bisca, the financial accounts were cleared: Loans to other companies in the group were settled, and stakes in other companies were sold off. This resulted in a one-off gain of 167 million kroner, which in practice accounts for the entire profit.
In connection with the sale, an extraordinary dividend of 344 million kroner was paid to the previous owner. The accounts do not disclose the sale price.
As a result, equity was significantly reduced - from just under 292 million to just over 115 million kroner by the end of the year. Management states that the distribution led to a significantly leaner balance compared to the beginning of the year.
Lower turnover - but higher margin
Disregarding the one-off income, 2024 saw subdued activity and slightly declining turnover. Bisca had a turnover of 428.6 million kroner compared to 438.8 million the previous year. The decline is mainly due to falling exports to the USA and Canada, which more than offset an increase in the domestic market.
On the other hand, gains were made in earnings. The operating result (EBIT) turned from minus three million to a small profit of 3.6 million kroner - an improvement of a good six million.
The progress has been achieved through targeted work to convert the range to products with higher margins and improvements in production. According to management, this has contributed to an improvement in the gross result.
Consumers choose cheaper goods
Bisca notes that consumers are increasingly choosing low-cost products, which contribute less per unit to earnings. Along with high raw material prices and more expensive wage agreements for factory workers, this pressures the company's overall economy.
However, management describes the operating result as satisfactory under the current market conditions.
Moderate expectation for 2025
For the current financial year 2025, management expects a slight improvement in operations of between 0 and 6 million kroner. However, the expectations are associated with uncertainty - particularly related to geopolitics, raw material prices, and trading conditions.
Bisca has its headquarters and production in Stege on Møn and employs around 280 people. The company is among the largest producers of biscuits and cookies in the Nordic region.
