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Cotes A/S

Public limited companyCVR 15200332Viby JActive

Cotes A/S is a public limited company, based in Viby J, active in manufacture of non-domestic cooling and ventilation equipment, founded in 1991. After a loss in 2024, the company made a profit of DKK 18.2m in 2025. With 35 employees, the company is about 5 times larger than the industry median. Equity grew to DKK 42m in 2025.

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Key figures · financial year 2025

Gross profitDKK 53.3m+33.3% vs. 2024
Net profitDKK 18.2m+1,054.3% vs. 2024
EquityDKK 42m+76.8% vs. 2024
Employees35latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 33% (2024 → 2025), to DKK 53.3m.
  • Net profit went from a loss of DKK 1.9m to a profit of DKK 18.2m (2024 → 2025).
  • Equity rose 77% (2024 → 2025), to DKK 42m.

Management and owners, last 24 months

  • New in management: Carlo Vanin (board member, 03/09/2026), Nicola Biondo (chair of the board, 03/09/2026) and Marino Tanas (board member, 03/09/2026) (+1).
  • Stepped down: Christina Aabo (board member, 03/09/2026), Christian Egemose Agger (board member, 03/09/2026) and Axel Manøe Jepsen (chair of the board, 03/09/2026).
  • New owners registered: Carel Industries S.p.A. (03/09/2026).
  • No longer registered as owner: Tro Holding ApS (03/09/2026) and SRO Cotes ApS (03/09/2026).

Registrations, last 24 months

  • 08/11/2025: Merger registered in CVR
  • 01/01/2025: Industry changed to Manufacture of non-domestic cooling and ventilation equipment (282500)

Calculated from the latest two annual reports in sequence and from registrations in CVR. A figure that is missing in either year gives no line, and we derive no figures.

Financial statements

Financial years 2020–2025 · amounts in DKK thousand

Equity and net profit

−DKK 10mDKK 0DKK 10mDKK 20mDKK 30mDKK 40m202020212022202320242025
EquityNet profit
Financial figures for Cotes A/S
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit36,00932,95631,95645,41539,97053,275+33.3%
Operating profit (EBIT)10,0458,0431,9279,30678421,192+2,603.5%
Profit before tax9,9097,8473,3327,944−2,51322,425+992.4%
Net profit7,7306,0142,8205,953−1,90518,183+1,054.3%
Total assets49,92247,95973,036115,11486,83174,481−14.2%
Equity14,33216,51519,73325,68623,78142,033+76.8%
Liabilities35,16831,06152,40788,12962,25432,408−47.9%
Cash and cash equivalents5885,5903,95410,6012,0624,983+141.7%
Average number of employees–3333374231−26.2%

Source: annual reports filed with the Danish Business Authority (XBRL). Figures for the company (not the group); change is the latest year against the year before. “–” means the figure is not stated in the annual report. Revenue is not stated for 2020, 2021, 2022, 2023, 2024, 2025: smaller companies may omit it, and we do not derive it from other figures.

Download the figures as CSV · free with an account, amounts in whole DKK

DKK 0DKK 10mDKK 20mDKK 30mDKK 40mDKK 50m202020212022202320242025
Gross profitMedian, the industry (145 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Fewer employees

    The number of employees fell 26% from 42 in 2024 to 31 in 2025.

    How is this calculated?

    The number of employees according to the annual report has fallen by at least 25%, and was at least 10 the year before.

The signals are rules applied to the figures in the annual reports. They are not an assessment or credit rating of the company. See Data and method.

Annual reports

6 financial years
Annual reports for Cotes A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202524/04/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202408/05/2025The companyPDFXBRL
202301/01/2023 – 31/12/202314/05/2024The companyPDFXBRL
202201/01/2022 – 31/12/202205/07/2023The companyPDFXBRL
202101/01/2021 – 31/12/202112/05/2022The companyPDFXBRL
202001/01/2020 – 31/12/202014/04/2021The companyPDFXBRL

The figures from all the annual reports are shown on this page. The documents themselves (PDF and XBRL, the machine-readable edition) are downloaded with a Pro account: sign in or create a free account, and then choose Pro. XBRL is the edition the figures on the page are read from.

Employees

monthly figures from CVR
0102030405009/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

145 companies in the database

Comparison with the other companies in manufacture of non-domestic cooling and ventilation equipment based on the latest financial year.

Gross profitDKK 53.3mNo. 20 of 145
Better than 87% of the companies in the industry
EquityDKK 42mNo. 21 of 145
Better than 86% of the companies in the industry
Number of employees35No. 29 of 145
Better than 81% of the companies in the industry

Industry median: gross profit DKK 6.1m, net profit DKK 659k, equity DKK 3.6m, 7 employees.

DKK 100kDKK 912kDKK 8.3mDKK 75.9mDKK 331.4mHere
Distribution of gross profit for 137 companies in the industry (latest financial year, logarithmic scale). Amber bar: where this company sits.

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 20–49 employees9,922 companies in the comparison
No. 384of 9,892
Better than 96%
No. 840of 9,922
Better than 92%
Same industry and 20–49 employees18 companies in the comparison
No. 2of 18
Better than 94%
No. 4of 18
Better than 82%
Companies that are at least 30 years old10,276 companies in the comparison
No. 1,410of 10,152
Better than 86%
No. 2,249of 10,275
Better than 78%
All companies of type A/S18,025 companies in the comparison
No. 2,743of 17,786
Better than 85%
No. 4,006of 18,024
Better than 78%

The rank is calculated among companies in the database with a figure for the latest financial year, and is shown only for groups of at least ten companies.

Compare with the industry

Manufacture of non-domestic cooling and ventilation equipment
Gross profit
  1. Cotes A/SDKK 53.3m
  2. Johnson Controls Denmark ApSDKK 692.3m
  3. Skov A/s. GlyngøreDKK 593.2m
Net profit
  1. Cotes A/SDKK 18.2m
  2. Johnson Controls Denmark ApS−DKK 1.2m
  3. Skov A/s. GlyngøreDKK 194.3m
Equity
  1. Cotes A/SDKK 42m
  2. Johnson Controls Denmark ApSDKK 1.3bn
  3. Skov A/s. GlyngøreDKK 507.5m
Employees
  1. Cotes A/S35
  2. Johnson Controls Denmark ApS804
  3. Skov A/s. Glyngøre408

Latest financial year per company. Choose up to three companies from the largest in the industry.

Owners and group

from the Public Ownership Register
Owners
  • Carel Industries S.p.A.100%
Cotes A/S

Management

5 active registrations

Executive management

Executive management at Cotes A/S
NameRoleAppointed
Martin Brøchner-MortensenCEO01/11/2021

Board of directors

Board of directors at Cotes A/S
NameRoleAppointed
Carlo VaninBoard member03/09/2026
Nicola BiondoChair of the board03/09/2026
Marino TanasBoard member03/09/2026
Stefano RuzzonBoard member03/09/2026
Founders
Medimex ApS, ApS Kbil 9 Nr. 1008, VX 20.181 ApS
Former management (26)
Former management at Cotes A/S
NameRoleAppointedResigned
Hans Christian GalstBoard member01/06/199112/04/1995
Ulf Svejgaard PoulsenBoard member01/06/199124/05/1994
Susanne Saul StakemannChair of the board01/06/199124/05/1994
Bruno MånssonChair of the board01/06/199123/10/2015
Laust Carsten Munkholm SørensenBoard member01/06/199127/03/1998
Per Emil Hasselbalch StakemannBoard member01/06/199124/05/1994
Per Emil Hasselbalch StakemannDirector01/06/199124/05/1994
Søren Rønnow OlesenBoard member01/06/199115/05/2018
Søren Rønnow OlesenDirector01/06/199115/07/2009
Hendrik Eric BonvanieBoard member01/06/199111/10/2010
Johannes Gerhardus Antonius MollinkBoard member01/06/199127/03/1998
Thomas RønnowCEO15/07/200931/10/2021
Thomas RønnowBoard member11/10/201028/09/2011
Finn MogensenBoard member28/09/201130/09/2019
Torben Melchior HansenBoard member22/01/201628/05/2018
Peter Johansen ViereckChair of the board19/04/201629/05/2018
Henning Spendrup MeyerDirector13/03/201729/05/2018
Thomas RønnowBoard member15/05/201826/05/2020
Torben Melchior HansenChair of the board29/05/201820/12/2018
Flemming PoulfeltBoard member15/11/201831/12/2019
Flemming PoulfeltChair of the board01/01/202026/09/2024
Christina AaboBoard member01/02/202003/09/2026
Michael Ærø OlsenBoard member26/05/202026/09/2024
Axel Manøe JepsenBoard member08/04/202125/09/2024
Christian Egemose AggerBoard member26/09/202403/09/2026
Axel Manøe JepsenChair of the board26/09/202403/09/2026

Signing rule: Selskabet tegnes af et medlem af direktionen i forening med et medlem af bestyrelsen, af to medlemmer af bestyrelsen, eller af den samlede bestyrelse.

Address and production units

2 active production units

Bjørnholms Allé 20
8260 Viby J

Aarhus Municipality · Postcode 8260

Other companies at the address (3)

Production units
Production unitAddressEmployeesP number
Cotes A/SBjørnholms Allé 20, 1, 8260 Viby J241026506804
Cotes A/SKalundborgvej 35B, 4200 Slagelse111031173929

Purpose

Selskabets formål er produktion og handel

The purpose is quoted from the register in Danish.

Changes year by year

95 registered events
202611 changesmanagement 7 · ownership 3 · accounts 1
  • Nicola Biondo appointed chair of the board
  • Stefano Ruzzon appointed board member
  • Marino Tanas appointed board member
  • Carlo Vanin appointed board member
  • Axel Manøe Jepsen stepped down as chair of the board
  • Christian Egemose Agger stepped down as board member
  • Christina Aabo stepped down as board member
  • Carel Industries S.p.A. registered as owner (100%)
  • SRO Cotes ApS is no longer registered as owner
  • TRO HOLDING ApS is no longer registered as owner
  • Annual report for 2025 published
20253 changesmerger 1 · accounts 1 · industry 1
  • Merger registered in CVR
  • Annual report for 2024 published
  • Industry changed to Manufacture of non-domestic cooling and ventilation equipment (282500)
20246 changesmanagement 5 · accounts 1
  • Axel Manøe Jepsen appointed chair of the board
  • Christian Egemose Agger appointed board member
  • Michael Ærø Olsen stepped down as board member
  • Flemming Poulfelt stepped down as chair of the board
  • Axel Manøe Jepsen stepped down as board member
  • Annual report for 2023 published
20234 changescapital 1 · ownership 1 · accounts 1 · address 1
  • Share capital changed from 1,325,000 DKK to 1,180,555 DKK
  • COTES A/S is no longer registered as owner
  • Annual report for 2022 published
  • Moved to Bjørnholms Allé 20, 1, 8260 Viby J
20221 changeaccounts 1
  • Annual report for 2021 published
20214 changesmanagement 3 · accounts 1
  • Martin Brøchner-Mortensen appointed ceo
  • Thomas Rønnow stepped down as ceo
  • Annual report for 2020 published
  • Axel Manøe Jepsen appointed board member
20207 changesaddress 3 · management 4
  • Moved to Mariane Thomsens Gade 2F, 11. 2, 8000 Aarhus C
  • Moved to Ndr.Ringgade 70C, 4200 Slagelse
  • Moved to Mariane Thomsens Gade 2F, 11. 2, 8000 Aarhus C
  • Michael Ærø Olsen appointed board member
  • Thomas Rønnow stepped down as board member
  • Christina Aabo appointed board member
  • Flemming Poulfelt appointed chair of the board
20196 changesmanagement 2 · ownership 4
  • Flemming Poulfelt stepped down as board member
  • Finn Mogensen stepped down as board member
  • COTES A/S registered as owner (10%)
  • SRO Cotes ApS registered as owner (50%)
  • FONDEN SPRING NORDIC is no longer registered as owner
  • SRO Cotes ApS is no longer registered as owner
201810 changesmanagement 8 · ownership 2
  • Torben Melchior Hansen stepped down as chair of the board
  • Flemming Poulfelt appointed board member
  • SRO Cotes ApS registered as owner (33.33%)
  • SRO HOLDING ApS is no longer registered as owner
  • Torben Melchior Hansen appointed chair of the board
  • Henning Spendrup Meyer stepped down as director
  • Peter Johansen Viereck stepped down as chair of the board
  • Torben Melchior Hansen stepped down as board member
  • Thomas Rønnow appointed board member
  • Søren Rønnow Olesen stepped down as board member
20171 changemanagement 1
  • Henning Spendrup Meyer appointed director
20162 changesmanagement 2
  • Peter Johansen Viereck appointed chair of the board
  • Torben Melchior Hansen appointed board member
20151 changemanagement 1
  • Bruno Månsson stepped down as chair of the board
20141 changeaddress 1
  • Moved to Ndr.Ringgade 70C, 4200 Slagelse
20131 changecapital 1
  • Share capital changed from 1,250,000 DKK to 1,325,000 DKK
20115 changescapital 2 · management 2 · ownership 1
  • Share capital changed from 1,100,000 DKK to 1,250,000 DKK
  • Share capital changed from 1,000,000 DKK to 1,100,000 DKK
  • Finn Mogensen appointed board member
  • Thomas Rønnow stepped down as board member
  • FONDEN SPRING NORDIC registered as owner (20%)
20106 changescapital 1 · ownership 2 · management 2 · address 1
  • Share capital changed from 500,000 DKK to 1,000,000 DKK
  • TRO HOLDING ApS registered as owner (33.33%)
  • SRO HOLDING ApS registered as owner (33.33%)
  • Thomas Rønnow appointed board member
  • Hendrik Eric Bonvanie stepped down as board member
  • Moved to Industrivej 31A, 4230 Skælskør
20092 changesmanagement 2
  • Thomas Rønnow appointed ceo
  • Søren Rønnow Olesen stepped down as director
20082 changesname 1 · industry 1
  • Name changed from HB COTES A/S to COTES A/S
  • Industry changed to Manufacture of non-domestic cooling and ventilation equipment (282500)
20071 changeaddress 1
  • Moved to Værkstedsvej 5, 4230 Skælskør
19982 changesmanagement 2
  • Laust Carsten Munkholm Sørensen stepped down as board member
  • Johannes Gerhardus Antonius Mollink stepped down as board member
19961 changecapital 1
  • Share capital changed from 300,000 DKK to 500,000 DKK
19951 changemanagement 1
  • Hans Christian Galst stepped down as board member
19945 changesname 1 · management 4
  • Name changed from A/S PSE 38 NR. 1325 to HB COTES A/S
  • Per Emil Hasselbalch Stakemann stepped down as director
  • Per Emil Hasselbalch Stakemann stepped down as board member
  • Susanne Saul Stakemann stepped down as chair of the board
  • Ulf Svejgaard Poulsen stepped down as board member
199112 changesfounded 1 · management 11
  • Registered as A/S PSE 38 NR. 1325
  • Søren Rønnow Olesen appointed board member
  • Per Emil Hasselbalch Stakemann appointed director
  • Per Emil Hasselbalch Stakemann appointed board member
  • Laust Carsten Munkholm Sørensen appointed board member
  • Bruno Månsson appointed chair of the board
  • Susanne Saul Stakemann appointed chair of the board
  • Hans Christian Galst appointed board member
  • Ulf Svejgaard Poulsen appointed board member
  • Johannes Gerhardus Antonius Mollink appointed board member
  • Hendrik Eric Bonvanie appointed board member
  • Søren Rønnow Olesen appointed director

Related companies

Same industry in Aarhus

See all →

Same people in management

Source and updates

The information comes from the Danish Central Business Register (Danish Business Authority) and from annual reports filed with the Danish Business Authority. Last synchronised 24/10/2026. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.

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