# BITTEN OG MADS CLAUSENS FOND

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/bittenogmadsclausensfond).

## Overview

BITTEN OG MADS CLAUSENS FOND is a Danish industrial foundation with an ownership and governance role centered on Danfoss A/S. Its mandate is to preserve and support the Danfoss group through long-term share ownership and the management of a financial investment portfolio tied to the company and its surrounding ecosystem.

## Products & services

• Long-term ownership of Danfoss A/S shares
• Foundation governance and stewardship
• Financial investments in bonds and deposits
• Select equity investments linked to Danfoss-related activities
• Support for Danfoss-related image, brands and recruitment

- **Ownership and stewardship** (0%) — Holding and safeguarding Danfoss A/S shares as a permanent controlling owner.
- **Foundation governance** (0%) — Board-level oversight and capital stewardship for the foundation structure.
- **Financial investments** (0%) — Placement of free capital in bonds, bank deposits and selected securities.
- **Strategic support** (0%) — Selective support for Danfoss-related branding, recruitment and local initiatives.

- Long-term ownership of Danfoss A/S shares
- Foundation governance and stewardship
- Financial investments in bonds and deposits
- Select equity investments linked to Danfoss-related activities
- Support for Danfoss-related image, brands and recruitment

## Customers

The foundation does not sell products to end customers in the usual commercial sense; its primary stakeholder is Danfoss A/S and the broader Danfoss group. Its activities are aimed at preserving ownership continuity, supporting corporate stability, and enabling long-term stewardship rather than generating customer-facing revenue.

- **Danfoss A/S and group stakeholders** (primary) — The foundation exists to preserve ownership and support the Danfoss group through governance and capital stewardship.
- **Employees and recruitment ecosystem** (secondary) — It supports the Danfoss brand and recruitment efforts to strengthen the group's talent base.
- **Local and associated communities** (secondary) — It may invest in or support entities with ties to Sønderjylland and Danfoss operating areas.

- Danfoss A/S is the principal stakeholder and ownership anchor
- Group companies benefit from long-term capital stability
- Employees benefit indirectly through recruitment and brand support
- Local ecosystems benefit from foundation-backed initiatives
- Capital markets interact only through the foundation's investments

## Geography

The foundation is based in Denmark and is economically tied to Danfoss's global operating footprint. Reported disclosures reference Danish activities alongside Danfoss operations in the United States, China and other international markets, which matters because the foundation's ownership value is ultimately linked to those geographies.

- **Denmark** (100%) — Foundation domicile and ownership base

- Headquartered in Denmark
- Closely tied to Danfoss's Danish ownership structure
- Exposure follows Danfoss's global operating footprint
- Disclosures reference the United States and China as key markets
- Other markets are present but not individually material in the excerpt

## Strategy

The foundation's strategy is to remain a stable, long-term controlling owner of Danfoss while preserving capital and support for the group's development. It also maintains flexibility to invest conservatively in financial instruments and selected related businesses, reinforcing the foundation's role as a permanent owner rather than a trading shareholder.

- **Preserve controlling ownership** (long-term) — The foundation's core purpose is to keep Danfoss ownership consolidated over time.
- **Steward capital conservatively** (medium-term) — Investment policy supports financial resilience and the ability to fund foundation activities.
- **Support Danfoss ecosystem** (medium-term) — Brand, recruitment and local support reinforce Danfoss's long-term competitive position.

- Preserve permanent ownership of Danfoss A/S
- Support long-term governance and capital stability
- Maintain conservative financial investments
- Back Danfoss-related brand and recruitment efforts
- Use selective investments to support related ecosystems

## Risks

The main risk is concentration: the foundation's economic value is heavily tied to Danfoss A/S and therefore to the operating performance, valuation and governance of that group. As a holding foundation, it also faces investment, liquidity and impairment risks in its portfolio of securities, associates and other financial assets, alongside legal and stewardship obligations tied to preserving the core capital.

- **Concentration in Danfoss A/S** [critical] — The foundation's asset base and long-term value depend heavily on one group.
- **Fair value and impairment volatility** [high] — Holdings in associates, joint ventures and other investments can require write-downs or revaluations.
- **Foreign market and macro exposure** [medium] — Danfoss revenue and asset base span the US, China and other international markets.
- **Capital preservation constraints** [medium] — The foundation's core capital is intended to remain permanently intact and cannot be freely deployed.

- High concentration in Danfoss A/S ownership value
- Portfolio and fair-value volatility in financial investments
- Impairment risk on associates, joint ventures and intangibles
- Governance and legal constraints on use of core capital
- Indirect exposure to Danfoss's global industrial markets

## Accounting

Accounting is centered on consolidation, fair value and impairment assessment rather than operating revenue recognition. Key judgments include valuation of associates and joint ventures, annual impairment testing of goodwill and trademarks, lease accounting for foundation or group-related commitments, and recognition of grants, guarantees and employee-share-related obligations where relevant.

- **Goodwill and trademark impairment** — Reported asset values and equity
- **Fair value of associates and JVs** — Investment carrying value and earnings
- **Lease accounting** — Assets, liabilities and EBIT
- **Share-related obligations** — Equity and cash flow

- Fair value assessment of SMA Solar Technology AG holding
- Impairment testing of goodwill and indefinite-lived trademarks
- Lease accounting for long-term property and vehicle leases
- Valuation of associates and joint ventures
- Recognition of share buyback and employee-share obligations

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*Last updated: 2026-10-24T15:02:16.844733+00:00*