Management Report 2023
The foundation’s most important activities
The East Asiatic Company’s Benevolent Foundation (the Foundation) is an independent, self-owned institution, founded by A/S The East Asiatic Company (EAC) and its management in June 1988. The foundation owns and has its registered office at Asia House, lndiakaj 16, 2100 Copenhagen Ø. Asia House was built in connection with the establishment of EAC in 1897 and was the Company’s headquarters until 1907.
The purpose of the foundation
It is the Foundation’s purpose, through financial support or through the use of Asia House, to contribute to maintaining, strengthening, and developing the relations between Denmark and the Asian countries, where the EAC’s historical efforts and significant business commitment have created respect in particular. The foundation also aims to manage EAC’s historical heritage and disseminate knowledge of the company’s business history.
The Foundation’s grant policy
Fulfillment of the Foundation’s purpose is realized primarily through activities and projects organized and carried out by Asia House as well as direct financial support for initiatives that are developed in collaboration with the Foundation’s secretariat.
Main activities
The purpose of the EAC Foundation is to create networks and relations between Denmark and Asia, establish dialog, and create new contacts.
Asia House’s project activities have continued, including the Nordic Asian Venture Alliance, which is a platform for Danish and Nordic start-ups and investors seeking contacts in Northeast Asia, especially Japan and Korea. The platform also supports Japanese and Korean investors who want to explore opportunities in Denmark and the Nordic region and receives support from the Danish Industry Foundation, the Japanese export organization JETRO, and organizations in the Nordic and Baltic countries.
The EAC Foundation’s platform, SPACES, in collaboration with the Grundfos Foundation, has established contacts with Asian foundations that want to collaborate with Danish and Nordic philanthropic foundations to support the development and implementation of innovative solutions within e.g. green transition in Asia .
Danish-Asian SME Network connects Danish business people in Southeast Asia with Danish small and medium-sized enterprises that can use already established Danish business people as sparring partners when entering the markets in the Philippines, Indonesia, Malaysia, Thailand, and Vietnam. The EAC Foundation continues the network, which was established with support from the Danish Industry Foundation.
The Foundation has supported the EAC Club’s dissemination activities about EAC’s business history and has strengthened its youth strategy to support young talents and awaken their interest in Asia, e.g., by awarding a prize for the best bachelor thesis and organizing networking events in Asia House. With support from Orient’s, planning has been initiated to strengthen the focus of youth education programs on “the Blue Denmark” through master classes and job shadowing in Asia for teachers.
Asia House has been used for meetings, seminars and events, some of which were fully funded by the EAC Foundation, while others were organized by associations and societies with support from the EAC Foundation. Asia House partners also used the meeting facilities, and rooms were rented out to external customers.
The Foundation’s other property, East Asiatic House, Indiakaj 20, was leased in 2019 to the company behind Fresh.land, which moved out in 2024. The property is leased to another company.
Income statement
Asia House’s net revenue, consisting of income from events and membership fees as well as project grants, totaled KSEK 3,190 for 2024, compared to KSEK 5,626 for 2023.
Project grants are recognized in net sales for the year when the conditions attached to the project grant are met and in line with the recognition of the costs that the project grant is intended to compensate for, and therefore, they vary from year to year.
Total external costs, excluding project costs, were on par with 2023, amounting to DKK 3,107k (2023: DKK 3,975k).
Personnel costs are on par with 2023, as they amounted to TSEK 4,254 in 2024 compared to TSEK 4,222 in 2023.
Other financial income decreased significantly from KSEK 10,990 in 2023 to KSEK 5,397 in 2024, this is combined with an increase in Other financial expenses from KSEK 1,486 in 2023 to KSEK 1,843 in 2024.
The total net effect regarding financial items is thus a net income of KSEK 3,554 in 2024 compared to a net income of KSEK 9,503 in 2023 and can be attributed to significant unrealized gains on shares and investment funds in 2023.
Net profit for the year amounted to a loss of KSEK 956 compared to a profit of KSEK 7,103 in 2023. The result for the year is primarily affected by the net effect of financial items.
The Board of Directors considers the result for the year to be satisfactory.
Foundation Governance
The Foundation follows the recommendations for ‘good foundation management’, and reference is made to the completed form for a statutory report on good fund management, cf. §77a of the Accounting Act, which is available on the Foundation’s website (www.eacfoundation.dk/god-fondsledelse/) (in Danish).