Sjølund A/S in Kolding returned to Danish ownership in 2022 and can now see the positive results of a turnaround in a new financial statement. The company is one of the world’s leading providers of profile rolling for industries such as the wind turbine industry, the transportation sector, construction, and manufacturing.
Sjølund A/S from Kolding, which handles complex tasks involving rolling and processing steel and aluminum profiles, returned to Danish hands last year under Søren Ravn, who owned the company from 2007 to 2018.
“The new financial statement for 2022/23 shows that Sjølund A/S is once again profitable and on the right track. We have sharply focused the business and regained our position as a strong niche company in profile rolling,” explains Zoran Aleksic, CEO, who manages the daily business operations and sets the company’s strategic direction.
Profitability and sound operations
The group ends the financial year 2022/23 with a profit after tax of DKK 3.3 million and an improvement in primary operations by over DKK 14.0 million.
The positive development is due to Søren Ravn, along with the bank, implementing a reconstruction plan upon reacquiring the company, after Sjølund’s ownership by a German capital fund for four years. Essentially, the plan aimed to return the company to its core competency: profile rolling. In this process, a loss-making Estonian subsidiary was closed down (resulting in a loss of DKK 57 million), and the bank forgave a debt of DKK 20 million, resulting in a profit for the financial year 2021/22 of DKK 13 million.
“The current improvement in primary operations by over DKK 14.0 million in 2022/23 shows that our business focus is correct, and the turnaround plan is working. Sjølund is once again fully focused on profile rolling, which has been our DNA for generations. And it works,” says Zoran Aleksic.
Great effort from employees
He highlights an extraordinary effort from the more than 100 employees and the support from customers as the primary reasons for the company’s success. “Everyone – both in production and administration – has worked hard and delivered an effort far beyond expectations. I see this great effort as a clear expression of the employees’ trust that together we can achieve anything. And we can,” says Zoran Aleksic. Sjølund has also experienced significant support from customers and partners.
Challenging conditions
The year’s profit and significantly stronger operational situation have been achieved under challenging conditions. For example, Sjølund’s Chinese subsidiary has been severely affected by market slowdowns and intermittent lockdowns in Chinese society due to Covid. The result is a deficit in the subsidiary of DKK 2.7 million. Additionally, the wind turbine industry has faced several challenges in recent years. Therefore, Sjølund A/S has also streamlined its product range for the wind turbine industry to maintain competitiveness. “We are confident about the future, even though the economic conditions are challenging. We have now streamlined all parts of the company and are profitable, making us a stable and financially robust company again. We also expect a profit next year,” says Zoran Aleksic.
For further information: Zoran Aleksic, CEO of Sjølund A/S, phone: +45 76 99 17 77, email: zoran.aleksic@sjoelund.dk or Søren Ravn, owner of Sjølund A/S, phone: +45 76 99 17 77, email: sr@sjoelund.com
Press photo for free use: Sjølund Management Team. From left to right: Kasper Straarup, Factory Manager, Lars Jørgensen, Finance Manager, and Zoran Aleksic, Group CEO.
Learn more about the company: www.sjoelund.com
|
Year |
2023 |
2022 |
2021 |
|
Gross profit |
39.959 |
28.222 |
40.399 |
|
Annual result |
3.292 |
13.093 |
-57.600 |
|
Total assets |
53.743 |
53.189 |
73.469 |