The owners of Copenhagen Infrastructure Partners (CIP) Torsten Lodberg Smed, Jacob Barüel Poulsen, Christian T. Skakkebæk, Christina G. Sørensen and Rune Bro Róin were once known as the "goldfudges", a name they were given by the media after they received very high salaries at Dong (now Ørsted ed.), which the then CEO of Dong Anders Eldrup had not informed the board of directors about. That case ended with both Eldrup and the goldfudges parting ways with Dong.
The five goldfudges used the parting to join forces on CIP, and here they lived up to their nickname. Thus, the five owners, all of whom except Rune Bro Róin are still part of the daily management of CIP, burst onto Økonomisk Ugebrev's annual list of Denmark's 100 richest people last year with a total fortune of 13.5 billion. kr.
They had achieved great economic prosperity just ten years after the establishment of CIP, and it was precisely the ownership in CIP, which had exploded in value, that got them on the list.
This happened after Vestas bought a 25 percent share of the company for a price of 500 million euros, equivalent to just over 3.7 billion kr. This gave the company a total value of 14.8 billion kr.
Crisis in the wind turbine industry
But Vestas may regret that valuation today. Because according to Økonomisk Ugebrev, the value of CIP must now be estimated to have been more than halved.
This will also have an impact on the goldfinch's position on the list. Thus, none of the five are any longer among Denmark's 100 richest. Torsten Lodberg Smed comes closest, at number 102 with a fortune of just under DKK 1.8 billion. The five's total fortune is estimated to have almost halved since last year and currently stands at DKK 7.6 billion.
The reason for the five's large decline in fortune must naturally be found in the general decline that has occurred in the offshore wind turbine industry, where CIP is a major player. Here, increased interest costs and material prices have taken a toll on the previously high and secure returns that CIP has long managed to deliver.
According to Økonomisk Ugebrev, these factors have led to CIP's operating profit last year not only being lower than in 2021. But also lower than the expectations announced by management at the beginning of 2022. Management had expected a decline in the result - operating profit - from DKK 320 million to DKK 320 million. DKK in 2021 to the range of DKK 225-275 million. DKK. However, the realized value fell all the way down to DKK 210 million.
For the current year, management has announced an expected operating profit of DKK 400-600 million. But that was before the major downturn in the industry began, which has led to Ørsted taking billions in write-downs.
Energy traders new to the list
While some, including the goldfinch, have slipped out of the top 100, others in the energy industry have entered. This includes a trio of energy traders in the form of Jeppe Bülow Højgaard, Jesper Severing Johansen and Christian Bach. They are the three largest owners of Incomas Holding with 21 percent each. Icomas Holdig owns the energy trading company In Commodities A/S, which trades in electricity and gas and last year posted a profit of 7.9 billion DKK.
The ownership stakes have been enough to place the three men at No. 73, 74 and 75 on the list, respectively, although all with an estimated fortune of 2.5 billion DKK. The three also all have a past in Danske Commodities, whose former owner Henrik Lind is also on the list at number 25 with a total fortune of 7.9 billion DKK, which is a drop of five places compared to the previous year due to a loss in fortune of 1.2 billion DKK.
Other well-known men in the energy industry are Monjasa owner Anders Østergaard and European Energy's CEO and main shareholder Knud Erik Andersen, who with fortunes of 7.7 billion and 11 billion DKK respectively DKK. achieves positions as no. 26 and 18.
Most notably, Anders Østergaard has jumped straight into the ranking as the 26th richest Dane. He has been on the list before. While his company Monjasa, which sells bunker oil to ships all over the world, delivered an impressive result last year, which has led to the value of Monjasa Holding this year being calculated at just over 7.7 billion. DKK. against just under 1.7 billion. DKK. a year ago.
Michael Dystrup Pedersen, CTO of European Energy, is also exactly on the list with a position as no. 96 with an estimated fortune of 1.9 billion. DKK.
The list is topped by the Kirk Kristiansen family, whose fortune of 318 billion. DKK places them far ahead of the Holch Povlsen family, who have to "make do" with 83.3 billion. kr. in wealth. The entire list can be seen here.
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