Press release January 30, 2025
Stensdal Group publishes annual report for 2023/24
Despite a market characterized by many factors, the financial year 2023/2024 has been characterized by stable growth and strategic investments for Stensdal Group's real estate activities, resulting in a satisfactory result. The Group's private equity investments have not lived up to expectations, which has resulted in continued unsatisfactory results in this part of the Group. Overall, the Group's result is satisfactory.
Stable growth and development
Stensdal Group's real estate portfolio has developed positively during the financial year, and the strategy of investing long-term in attractive commercial properties and residential projects has continued. Among other things, the next phase of the Ammendrup Park residential area in Helsinge has been launched, where modern terraced and semi-detached houses are being built for rent. In addition, a building permit was obtained during the financial year and a new 10,600 m² head office building for MTAB Danmark A/S in Høje-Taastrup was started.
In contrast to the satisfactory real estate activities, the private equity activities in the company Anthill Agency A/S continue to deliver unsatisfactory results, and the results of the private equity activities are thus worse than the expectations announced for the financial year. Overall, the Group's financial results are satisfactory, which pleases CEO Søren Stensdal:
"I am pleased that our real estate activities in particular continue to develop well, despite the fact that increased yield requirements have led to negative value adjustments in the order of DKK 21 million. This is a great testament to the value that the organization adds to our properties. During the year, we have also worked on the continued development of our multi-user buildings, of which three properties in Lyngby, Farum and Høje-Taastrup offer staff restaurants, and in several of them also fitness centers, reception services, etc. Our housing pipeline has developed very positively and now contains around 2,000 potential residential building rights, and during the financial year we continued the construction of Ammendrup Park in Helsinge and only 36 units remain before the area is developed. During the year, we obtained a local plan for a development of 59 apartments at Lyskær in Herlev, where construction is expected to begin in Q2 2025."
Increased ESG focus
The financial year also marked an important milestone in the group's focus on ESG efforts, which was reflected in the publication of Stensdal Group's first sustainability report. "The report marked an important milestone and the start of a more structured approach to sustainability and more transparency in the way we as a company work with environmental, social and governance (ESG) aspects in our value chain," says the management report in the annual report.
With in-depth work during the financial year on emission accounts for the real estate activities, activity and cost-based data, the double materiality analysis and the setting of ambitious reduction targets through joining the Science Based Targets Initiative, a good foundation has been laid to meet the EU reporting requirements in the coming financial years.
The importance of being at the forefront of the EU CSRD is further emphasized by Stensdal Group's acquisition of a majority stake in Gardian (formerly ParkZone) in October 2024. This means that Stensdal Group will achieve a size and accounting class that will make the Group subject to the reporting requirements under CSRD as of the financial year 2025/26.
Expectations for the coming financial year
In Stensdal Group, the focus on strategic development will continue in 2024/25 with a strong focus on both real estate investment, residential development and responsibility in our business practices. With the continued momentum and satisfactory financial results, the Group looks forward to another exciting year.
The full annual report can be found via the link below: