Management Report 2017
The Foundation’s activities in 2017 have been particularly focused on supporting research and studies aimed at defining and establishing specific opportunities for Danish companies in Asian markets. In this context, the Foundation has provided additional resources to its secretariat in project development.
The Foundation has continued a thematic focus on urban development and has, in cooperation with The Danish Industry Foundation, implemented the project “Gateway to India’s Smart Cities”. Additionally, in 2017 the Foundation launched a survey of urban development markets in Vietnam, Thailand, and the Philippines, focusing on concrete business opportunities for Danish companies.
The Foundation has supported an increased knowledge sharing about Asian themes relevant to Danish businesses, including an update on Asia House’s website. In addition, Asia House has strengthened its network of contacts and collaborated with relevant stakeholders in Denmark and Asia.
Income from equity dividends and bond yields amounted to DKK 3.5 million, which was in line with expectations. In addition, the Foundation’s assets held an unrealized capital gain of DKK 3.0 million. The Foundation’s administrative expenses amounted to DKK 0.7 million.
Asia House’s income in 2017 was DKK 2.3 million. Operating expenses for the year amounted to DKK 2.7 million, of which expenses for arranging events amounted to DKK 0.4 million. and the total wage costs DKK 2.8 million.
The result for the Foundation in 2017, after depreciation of buildings and fixtures of DKK 0.8 million, amounts to a profit of DKK 1.7 million. The Foundation’s equity at the end of the year amounts to DKK 110 million against DKK 100 million at the end of 2016, including the year’s revaluation of property of DKK 8.3 million.
The Board of Directors considers the result of the year to be satisfactory.
In connection with the City of Copenhagen’s sales of land around Asia House in 2017, after 120 years of rent, the Foundation has acquired the land on which Asia House is built. In addition, the Foundation has acquired the neighboring building – East Asiatic House, Indiakaj 20 – and in cooperation with public and private interests, the Foundation has supported the establishment of Innovation House China-Denmark, a growth start-up initiative for companies focusing on business cooperation between China and Denmark. This Innovation House rents premises in East Asiatic House. The acquisitions of land and neighboring property will be finalized in 2018.