Nordic Business

Marie Bjerre (V), Danish minister for Digitization

THERE IS A NEED FOR MORE ACTIONS REGARDING CYBERSECURITY

THE ULTIMATE LUXURY

5 UP / DOWN WINNERS AND LOSERS IN NORDIC BUSINESS

nordic business

L ucas Johansson, managing Director, d'Angleterre in Copenhagen

nordic business

Executive Editor & Publisher

Henning Andersen

Editor & CCO

Julie Brix

Journalists/Contributors

Bibi Christensen, Sten Thorup Kristensen

Kåre Peitersen, Trine Østergaard

Art Director:

Heidi Carlsen

Graphic production

Majbritt Høger

Sales

Partnermedier ApS

Dear Reader

Welcome to Nordic Business. This magazine was created in a great collaboration of experienced and competent business journalists and highly insightful experts, with the vision of gathering and sharing information and insights relevant to Nordic leaders.

Nordic business leaders face many of the same demands, such as transforming Nordic companies into more agile entities while still creating sustainable growth.

Fortunately, many businesses in the Nordic countries are already performing really well each on their own, but when they convene in various categories, they are capable of reaching great flying heights internationally. That is why it is essential that we stay informed of developments across our Nordic neighbours and see the opportunities for expanding and continuing our strong cross-border cooperation.

With these words, we hope that with Nordic Business you will gain even greater insight into Nordic commerce and industry.

Julie Brix Editor & CCO

Cover Photo

Copyright Ministry of Digitization and Gender Equality

Photographer Anni Norddahl

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Next issue published: 28th September 2023

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NEW ESG DIRECTIVE ADOPTED - IT IS IMPORTANT THAT DANISH COMPANIES ARE READY

Some of the areas for which large companies in the EU must in future collect and present data include: climate impact, pollution, water consumption, wastewater management, biodiversity, working conditions among employees and in the supply chain, diversity, and anti-corruption.

Also, the companies must publish concrete KPIs and indicate how they are working to fulfil them.

This is stated by the European Parliament with a new directive for CSR reporting, the Corporate Sustainability Reporting Directive (CSRD), which was adopted on 10 November and aims to oblige companies in the EU to uniform and reliable reporting on sustainability.

With the new directive, around 50,000 companies in the EU will in future publish data for their societal and environmental impacts. In reality, however, the directive will eventually affect small and medium-sized companies as well.

Ellen Marie Friis Johansen, CSR Manager at Dansk Erhverv, says, ‘It can be an advantage to already familiarize yourself with these rules now, so that you don't hit a wall at 120 kilometres per hour when the flexible framework is transformed into fixed rules.’ says

Rules should be proportional

According to both Ellen Marie Friis Johansen and Filip Marott Sundram, Head of Audit, it is good to have reporting standards that are sufficiently clear, focused, and operational so that companies

In 2024, all large companies in the EU must be transparent regarding their social and environmental impacts as the European Parliament has just adopted a new directive on sustainability reporting

ELLEN MARIE FRIIS JOHANSEN, CSR MANAGER AT DANSK ERHVERV

‘It can be an advantage to already familiarize yourself with these rules now, so that you don’thit a wall at 120 kilometres per hour when the flexible framework is transformed into fixed rules.’

‘Danish Erhverv welcomes the improvements and also recognizes that the quality has improved. But it will be a very big task for the companies, and we are concerned that too many resources are being spent on reporting rather than the really important task – which is the green transition.’

can work with them. It is just as crucial that the standards are also proportional, so that a real green transition does not drown in paperwork.

In May 2021, the EU Commission asked EFRAG to develop reporting standards for sustainability: the so-called ESRS (European Sustainability Reporting Standards). EFRAG is a private EU organization which advises the Commission on international accounting standards for use in the EU. EFRAG sent a revised draft of the standards on 22 November.

Dansk Erhverv was pleased to note that the concerns of business have been listened to and that the reporting requirements have been reduced slightly from the draft EFRAG sent out for public consultation in the summer of 2022. The number of information requirements has been reduced and the number of data points has been almost halved from the original draft and is now reduced to 1,144. ‘Danish Erhverv welcomes the improvements and also recognizes that the quality has improved. But it will be a very big task for the companies, and we are concerned that too many resources are being spent on reporting rather than the really important task – which is the green transition,’ says Filip Marott Sundram,. Having said that, it is important to emphasize that Dansk Erhverv supports the CSRD directive.

‘I hope that it will be possible for companies to see the value in CSRD and use it as a tool in the sustainable transition,’ Says Ellen Marie Friis Johansen. ‘There are many positive gains to be made by achieving uniformity in EU companies' sustainability information, which investors and other stakeholders need, even if the ESG task can be difficult to carry out. Strategic use of CSRD can prove to be an advantage for Danish companies, because they are some of the best in the world at green transition.’ says The new rules are comprehensive and the burden is heavy. Dansk Erhverv, in collaboration with FSR – Danish Auditors, is therefore launching a new information effort, 'the sustainable reporting track', on 1 December. Initially, it is about giving companies an overview of all the regulations that are coming – and later on there will be an opportunity to gain more knowledge in the individual areas.

Expected to be adopted before December

The European Council is expected to adopt the proposal on 28 November, and the directive will be effective 20 days after its publication. The rules will be continuously phased in for financial years that begin:

• 1 January 2024 for listed companies with more than 500 employees.

• 1 January 2025 for listed and non-listed companies with more than 250 employees.

• 1 January 2026 for small listed companies.

Foto: Adobe Stock, Ivan

FILIP MAROTT SUNDRAM, HEAD OF AUDIT AT DANSK ERHVERV

GREEN TRANSITION IN A TIME OF ENERGY CRISIS

This is why energy efficiency must be included in the solution. But we need to think in new ways if we really want to make a difference, says Anders Stouge, CEO of the Danish Construction Federation.

Green transition during a time of energy crisis

As the CEO of the Danish Construction Federation, Anders Stouge heads more than 6,000 member companies in the Danish building and construction sector, which is why he’s often looked to when solutions are needed. The green transition is no exception.

“Like many other sectors, the building and construction sector is faced with a massive task in the green transition. Over the last few years, we’ve experienced what you could call a ‘green wave’ from the EU, with various legislative packages and initiatives to push the development. Still, we’re also seeing a market that increasingly looks in that direction. We are currently in a place where there’s a huge focus among companies to lift this task, so I’m hopeful for the future.

Throughout the past year, we’ve also dealt with a new reality of skyrocketing energy prices, which has attracted much attention from citizens, companies, and politicians. There has been great demand for solutions to free us from Russian gas in the short term while at the same time ensuring that we don’t end up in a similar situation in the long term. To this end, the focus on energy efficiency has naturally increased as we need to optimise the available energy. In the EU, a political agreement has just been entered on a new energy efficiency directive, which includes a target for reducing the EU’s energy consumption by 11.7 per cent by 2030 and a renovation commitment of three per cent annually in the public sector. In other words, we will be busy in the coming years.”

Energy efficiency vs sustainable energy

Denmark has a proud history of promoting energy efficiency. Many of our companies supply energy-efficient pumps and intelligent management of buildings, windows, insulation materials, etc., that are exported and used worldwide. However, in the past decade, the main focus in Denmark has been more on the transition to renewable energy from, for instance, solar cells and wind turbines. In contrast, the promotion of energy efficiency has taken a back seat.

The two wings are at odds with one another, vying for the

favour of politicians. However, this is an unnecessary and false antagonism. Instead, we should consider energy efficiency and sustainable energy as sides of the same coin, Anders Stouge argues.

Energy efficiency 2.0

According to Anders Stouge, energy efficiency involves more than simply turning off the heat and light to save energy.

“You often hear this notion that the cheapest energy is the one we don’t use, but we must be smart about this. We need to reduce the energy demand so the demand can be met by electricity produced from renewable energy sources, as this can be done at a lower cost in the energy system.

It is precisely by thinking about the energy system and energy efficiency together across sectors that we can make the most of our energy. Data centres and factories, etc., supply surplus heat that can be used sensibly elsewhere, such as heating buildings in other sectors.

At the same time, we must spread out our consumption, using electricity when it’s cheapest, which many have already done since energy prices surged. Finally, we can’t escape the electrification of, for instance, heating sources and engines, which can result in major savings. This overall package can be called Energy Efficiency 2.0 because it goes beyond traditional energy optimisation. Energy Efficiency 2.0 is necessary if we really want to make a difference in the green transition and the energy crisis,” Anders Stouge says.

The benefits are manifold – the solutions are available

Thinking about energy efficiency in a new context brings about many benefits.

“The obvious benefits of Energy Efficiency 2.0 are, of course, energy savings to the benefit of both the climate and the bottom line. But by, for instance, distributing our energy consumption over the hours of the day, we also reduce the load on the electricity grid and thus avoid having to incur costs for expanding the grid to increase capacity. At the same time, we achieve greater security of supply as we reduce society’s energy needs while covering it with renewable energy, which frees us from Russian gas. Finally, companies have great potential for lower operating costs and increased productivity. With Energy Efficiency 2.0, we strive towards a society that ‘goes further on the litre’ to the benefit of all, and we are well on our way.”

The green transition of our society is one of the major tasks we’re faced with today – and for many years to come. It’s an obligatory task that requires us to deliver, which isn’t necessarily easy during an energy crisis.

The Danish company Cotes, a leading supplier of adsorption dehumidifiers for industrial use, is very serious in its sustainability strategy and has given it an operational priority. This means that the company only works in segments which align with the company’s DNA, and where it is possible to make a positive impact on the sustainability agenda.

IT IS ALL ABOUT HAVING SUSTAINABILITY IN THE COMPANY DNA

By Henrik Malmgreen

“Being a responsible company has always been a part of the Cotes DNA. However, navigating sustainability in a changing world is a challenging discipline that calls for more action and a higher level of accountability. At Cotes, we recognise the importance of committing ourselves to shape a better future for people, business as well as the planet, and last year, we started our journey to integrate sustainability into the core strategy and culture at every level of the Cotes organisation”.

So says CEO Martin Brøchner-Mortensen from the Danish company, and he adds, that Cotes as one of the world’s leading suppliers of adsorption dehumidifiers, in 2022 decided to broaden the perspective and zoom in on sustainability as a strategic and operational priority. With that he means, that Cotes does not go for all kinds of markets but aims to be leading in and dedicated to markets which align with the company’s DNA, and where it is possible to make a positive impact on the sustainability agenda.

Two strategic business areas

“Wind turbines and lithium-ion batteries for the car industry are a part of the green and sustainable transition of the world, and this transition, we want to be a part of. Wind turbines are getting more and more powerful, and today companies like Vestas, Siemens Gamesa and General Electric are already announcing and/or testing wind turbines that are closing in on 300 meters in height and 14-18 megawatts. Imagine how critical it will be, if such a wind turbine is inoperable for even a short amount of time”, Martin BrøchnerMortensen continues. Many of these wind turbines will be in

operation offshore, where it is essential to make them function in a dry- and salt-free environment. Cotes is a leading manufacturer of dehumidifiers on the market, that with patented technology can handle both humidity and salt effectively. Talking about batteries in the car industry, it is essential to maintain an ultradry environment, because the manufacturing of lithiumion batteries is a process that is extremely sensitive to humidity.

The business case is positive

“So, you see, it makes very good sense for us to work in those two markets, but we also have a third business leg, where we work closely with a global network of partners. Of course, a dehumidifier consumes energy, but at the end of the day the business case is quite positive because our products keep important and sustainable technologies fit for fight at all times”, Martin Brøchner-Mortensen adds. Cotes designs, manufactures and sells, globally, and the mission is to make an impact with, what they call, “The Right Way To Dry” and among other things keep critical infrastructures running. But also, in the manufacturing and assembling of the products, sustainability is extremely important, and Cotes as a company has been analyzing, what it really means to operate and make business in a responsible manner.

Understanding the impact

“We worked with the Danish consultancy SustainX to get the ball rolling, helping us develop a common language around sustainability and to understand our impact on the climate and the UN SDG’s . We focus on continuously reducing our greenhouse emissions, mapping, and reducing the waste we produce, making a sustainability

parameter for our suppliers, supporting social development projects, and educating our employees”, Martin BrøchnerMortensen continues.

In 2023, Cotes aims to deliver on targets set by involving the rest of the organisation and the key suppliers to secure the right sustainable dry-air solutions. At the same time, the company will reduce the impact on the environment and enhance the positive impact on people's lives. Cotes will establish a CO 2 baseline, develop a CO2 reduction roadmap, launch an employee sustainability program, and join the UN Global Compact.

Going for the big zero in 2040

“Furthermore, we will commit to Science Based Targets initiative (SBTi), build Sustainability Governance, achieve the ISO 14001 certification at all operations, understand the waste streams and generate baseline, define, and design a Sustainable Supplier Program, and support social development projects. In 2024, we will stand accountable to our targets and the actions we have initiated”, Martin Brøchner-Mortensen says. The goal is to demonstrate, that the company has made meaningful progress towards the targets, and looking down the road, 2030 is when Cotes wants to meet a 50percent reduction in waste generation relative to 2023, and 2040 is the big zero for Cotes.

This will be the year, where the company, at the latest, reaches net-zero across all scopes – both in Scope 1, 2 and 3 – relative to 2021. Quite ambitious, but Martin Brøchner-Mortensen is very confident to make it happen.

FACTS ABOUT COTES

Cotes is a Danish company founded in 1986. The headquarter is in Viby J, Denmark, and the company is represented in all of the Nordic regions.

Between 2020 and 2021, Cotes reduced the total tonnes of greenhouse emission gases by 33 percent, a number that the company is proud of and continues to work on reducing across all different sides of the business.

After a thorough process, Cotes has selected five United Nations Sustainable Development Goals to define the work on sustainability at Cotes:

• # 6 Clean water and sanitation.

• # 7 Affordable and clean energy.

• # 8 Decent work and economic growth.

• #10 Reduced inequalities.

• #12 Responsible consumption and production.

For more information: www.cotes.com

WINNERS AND LOSERS IN NORDIC BUSINESS

By Bibi Christensen

Deft timing

Torbjörn Törnqvist has deftly navigated Russia’s war in Ukraine and its impact on global energy markets. As founder and head of global commodities and energy trader Gunvor, the Swede has doubled his personal fortune in the past year according to wealth followers Forbes and Bloomberg. He bought out his old partner, sanctioned Russian billionaire Gennady Timchenko, back in 2014.

Cheers to Carlsberg

Hopes are high that Jacob Aarup-Andersen will take good care of Danish brewing giant Carlsberg when he takes over the CEO office from Dutchman Cees ‘t Hart. The ambitious Dane, who previously headed global services giant ISS, will need to tackle geopolitical issues in China and Russia that have damaged Carlsberg’s image as a Danish national treasure.

Yeezy does it

Norway’s Bjørn Gulden will need to prove he has the golden touch to steer a turnaround at German sportwear company Adidas after taking over from Dane Kasper Rørsted. Gulden ran the rival Puma with great success for nearly a decade but faces a real headache in dealing with the disastrous end to the Yeezy partnership with controversial rapper Kanye West.

Banking trouble

Magnus Billing, head of Alecta, Sweden’s biggest pension fund, was sacked after admitting a “big failure” in writing off more than 2 billion USD in investments in three U.S. niche banks linked to the collapse of Silicon Valley Bank. Further evidence of the domino effect of the current international banking crisis.

Precious

Danish influencer and jewellery queen Mai Manniche faces an uphill climb in convincing her many followers that her company JEWLSCPH actually does sell her own original designs and not copies from major Indian jewellery supplier DWS. This follows revealing articles in the Danish press suggesting her success story is not quite what it has been made out to be.

SWEDEN LOWERED THE NORDIC REAL ESTATE MARKET IN 2022

By Sten Thorup Kristensen

The Nordic property market has attracted many foreign investors in the years following the financial crisis. Here you found prosperity and stability, and thus the return on the best properties was almost as certain as the return on a bond. And precisely alternatives to bonds were needed when the interest rate was ultra-low, if not downright negative.

From this point of perspective, there is also no mystery that in 2022, when interest rates skyrocketed and bonds again became a better alternative, there was a slowdown in the Nordic property market. This slowdown is clear from a new report from Jones Lang LaSalle (JLL) and EDC International Poul Erik Bech. They calculate a total

transaction volume in Denmark, Norway, Sweden and Finland of approx. 41 billion euro in 2022, which thus became the worst year since 2014 – the last year when people were still living with the after-effects of the financial crisis.

The problems in the wake of the interest rate rise are not really visible in the full-year figures for Denmark.

This is because many large deals were completed in the first half of the year, before the market stalled over the summer, which led to 2022 was overall one of the best years ever.

A difficult situation

In Finland, the transaction volume definitely increased in 2022, which, however, must also be seen in the light of the fact that 2021

Blue skies over the stock exchange in Stockholm - but that is not how the Swedish listed property companies have experienced 2022. They have been in a veritable storm.

Photo. Flickr. / Andreas Poike

The Nordic real estate market, measured in terms of revenue, had its worst year since 2018, according to a report from JLL and EDC International Poul Erik Bech.

The most important reason is that the many listed Swedish real estate companies are currently in an uncomfortable bind, which limits their trading options.

was not as exceptionally strong here as it was in the other countries. But both Norway, and especially Sweden, drag down the overall Nordic status.

"If you only look at reported transactions, the Nordic real estate market appears to be in a reasonable place. But that is not entirely the case. The real estate market in Sweden in particular is in a difficult situation, as corporate bonds make up a significant proportion of the total financing for real estate investments,” explains Joseph Alberti, head of analysis at EDC Erhverv Poul Erik Bech.

"The interest rate on corporate bonds has skyrocketed over the past year, and the market expects significantly more bankruptcies. This makes it expensive and difficult to borrow money for companies that cannot raise capital from the bank. It is not so widespread in Denmark, but not unknown, as companies such as e.g. Gefion, Oskar Group and NPV raise money through bond issues," he elaborates. It is especially the many listed real estate companies in Sweden that are responsible for the downturn. According to the report, over the past four years they have been involved in 70 percent of the property dealers. But in 2022, this proportion is halved.

Low stock prices

For the Swedish companies, it is particularly painful that they have quickly felt the increase in interest rates in practice, because they have financed themselves with short-term loans a la what we know here at home as adjustable-rate loans. But listed property companies in the other countries are also challenged:

As recently as last spring, JLL calculated that the share prices corresponded to the stock market valuing the roughly 40 listed real estate companies in the Nordics at approx. 15 percent higher than the intrinsic values promised. Equity investors thus saw more value in the underlying portfolios than the companies themselves did. Today, it is the other way around. The listed real estate sector has

come under pressure in the Nordics, and today trade at around 30 percent discount for a median listed real estate company – which stands in contrast with the 15 percent premiums a year ago. With such a low valuation, companies with tight financing cannot get out of their problems by issuing new shares either.

In the property market, higher funding costs are affecting all segments. A strong rental market for community service, logistics and prime office properties bodes well for these segments to mitigate, to some extent, yield requirement with higher rents. Residential rental properties are among the segments where values are under pressure also linked to lower visibility on rental growth, short term. The retail and hotel market remains under pressure with caution with regards to rental outlook, despite the already high underlying yield requirement of the properties.

Minister for Digitization

Marie Bjerre (V)

WITHOUT AN AMBITIOUS CYBER POLICY, OUR GREATEST STRENGTH WILL BECOME OUR ACHILLES’ HEEL

Denmark has one of the most digitalized business sectors in Europe. This achievement benefits us all, as digitalized companies are the most productive and competitive. However, this strength will be turned against us if we don’t take further actions to protect Danish companies in collaboration with the public and private sectors.

By Minister for Digitization Marie Bjerre (V)

As the minister for digitization, I keep a close eye on everything that threatens our digital systems. And unfortunately, there are plenty of threats. Hostile and criminal forces attempt to locate and exploit our weaknesses every day. Cybercriminals, in particular, are a threat to Danish companies. Comparing this to the level of security in Danish SMEs, where 44 per cent have too low a level of security about their risk profile, it is potentially a very serious situation. It seems abstract. But it quickly becomes very concrete for the small company that suddenly loses access to customer and supplier information or where a cyber-attack halts the entire production. In these instances, the company is left with employees that can’t work, customers that don’t receive their products or a stock that the company no longer has control over. When the small business

owner wakes up to this reality, it is no longer abstract, and, in the worst cases, a cyber-attack can force the company to turn the key. Most companies cannot afford to lose access to their digital systems, as they’ve used these same systems to become better companies. I find it pertinent to take further actions to help strengthen security in Danish SMEs. And as the new minister for digitization, I see this as one of my most important tasks.

An ambitious cyber policy

There is no single solution to cyber threats. But we should focus more on strengthening competencies – among employees and specialists. In addition, we must increase the awareness of cyber threats while emphasising the benefits of being on top of your security – for instance, by making the D-seal more widespread. We must continue to strengthen the collaboration between the public

and private sectors. And we must provide even better guidance and support to ensure that companies have the necessary information and tools to improve their security. We’ve already mobilised close to DKK 50 million through SME: Digital, which has gone directly towards improving digital security in SMEs. As part of our strengthened guidance efforts, we opened a new cyber hotline on March 1 to help citizens and companies get a handle on digital security. When calling this cyber hotline, companies can receive guidance on preparing themselves against digital threats such as ransomware, invoice fraud and phishing. They can also receive help and advice if they find themselves in the difficult situation of being a victim of a cyber-attack. The cyber hotline extends our already extensive guidance efforts at sikkerdigital. dk. And the hotline is a good tool to help even more companies and citizens with their digital security. We’ll also be regulating the most critical parts of our digital systems. We’re currently negotiating the Cyber Resilience Act with the other member states of the EU, and the NIS2 Directive is about to be implemented in Danish legislation. The new rules will make Denmark and Danish companies safer. The task will vary across companies and be more challenging for some companies than others, as we see great variation in our business sector. So, when we implement the rules and provide guidance to companies, we must keep an eye on the companies’ differences. Good implementation and good guidance of the rules will be able to limit burdens and heighten security in the Danish business sector.

Joint solutions

As mentioned, strengthening cybersecurity in the Danish business sector is one of my most important tasks. This task must be solved in close collaboration with the business sector, which plays the main part here. We need to collaborate with our partners in the private sector – it’s out there among companies that the day-to-day cyber defence will be tested. For this reason, we have a joint Cyber Security Pact, where both my ministry, the Centre for Cyber Security and many private organisations have committed to several shared objectives. These include creating new collaborations across sectors.

This example is the kind of collaboration necessary to solve the enormous challenges we face in cyber security. These are not challenges any of us can solve alone. And if we fail to address them, our digital strength becomes our weakness.

The EU is introducing stricter requirements for IT security. With the D-seal, you can ensure the fulfilment of the requirements and document customer compliance.

THE D-SEAL HELPS YOU THROUGH STRICTER EU REQUIREMENTS

In 2024, a new IT security directive (NIS2) will enter into force. According to a new mapping, this will strengthen IT security and initially affect more than 1,000 companies across 12 sectors.

- More companies may be directly affected by the directive. Still, it depends on how the law is implemented in Denmark, says Morten Rosted Vang, Head of Digital Responsibility and Cyber Security at the Confederation of Danish Industry (DI). In addition, Morten Rosted Vang emphasises that important suppliers to the affected companies will feel the NIS2 requirements. Should any affected companies get caught in non-compliance with the requirements, fines of up to two per cent of the company’s global turnover will be imposed.

- If the authorities follow their usual approach and implement NIS2 according to the sectoral responsibility principle, they may need help recruiting enough staff for the many new supervisory units in relevant ministries. The same cyber competencies are also needed in the private sector. At the same time, companies could end up drowning in bureaucracy if the various authorities implement the rules differently. We could potentially end up in a situation where companies subject to several sectors must

comply with multiple requirements and supervisory regimes, says Morten Rosted Vang.

The D-seal is your guarantee. Fortunately, there’s a solution. Companies and organisations can ensure compliance with the minimum requirements by becoming D-sealed.

- The D-seal is based on European and internationally recognised standards and frameworks. There is a good alignment between the criteria and requirements of the D-seal and the NIS2 Directive’s requirements for governance and anchoring in the management as well as requirements for risk management and security measures and the NIS2 Directive’s minimum requirements as a whole, Morten Rosted Vang says.

In general, he encourages companies to use the D-seal.

- Responsible IT is essential to maintain confidence in the extensive digitalisation of our world. With the D-seal, you signal responsibility and can document customer compliance with authorities. You can sleep better knowing you’ve done what you could prevent digital accidents or crime, says Morten Rosted Vang.

A UNITED DENMARK IS BEHIND THE D-SEAL!

The Danish Industry Foundation is behind the D-seal in collaboration with the Confederation of Danish Industry, the Danish Chamber of Commerce, SMVdanmark and the Danish Consumer Council Think. The Danish Business Authority supports the D-seal. The Authority is an independent private organisation.

Morten Rosted Vang, Head of Digital Responsibility and Cyber Security Confederation of Danish Industry.

OUR SHARED CYBER DEFENCE IS MORE IMPORTANT THAN EVER BEFORE

Political negotiations will soon begin on a new defence agreement, including a significantly increased budget. However, the defence must be considered more broadly than before.

The Danish ICT Industry Association consequently points to four critical areas that should be included in Denmark’s future defence efforts.

The war in Ukraine, the surging number of cyber-attacks from other nations and global unrest have made Danish citizens and politicians aware that the security threat against Denmark is real and concrete.

“Investing in new equipment and personnel to protect Denmark isn’t sufficient. The threat today is hybrid, fragmented and, not least, digital, which is why we propose four key focus areas that politicians should prioritise in the upcoming defence negotiations,” says Jacob Herbst, CTO of Dubex A/S, member of the National Cyber Security Council and chairperson of the Danish ICT Industry Association’s policy board for cyber security.

The current defence is underfunded and has built up a large technological debt, and many critical public systems need to be adequately secured.

At the same time, cyber security lags behind in many companies, and the competencies required to solve security challenges don’t exist. In its defence policy proposal, the Danish ICT Industry Association, therefore, recommends four strategic focus areas to strengthen Denmark’s cyber defence and resilience.

1. Strengthening public IT systems and critical infrastructure

According to the Danish Government IT Project Council, a large proportion of critically important public IT systems don’t have satisfactory IT security, and several state authorities don’t live up to the minimum technical requirements for IT security. Most recently, the National Audit Agency has expressed strong criticism in a report on the IT preparedness of 13 systems that are critical to society. Regions and municipalities need to catch up when it comes to IT security.

“In a digitalised country like Denmark, cyber security in public IT systems is vital for us to function as a country and to ensure the citizens’ trust in the public sector. We need to invest in better cyber security to be better prepared for all types of cyberattacks,” says Jacob Herbst.

JACOB HERBST, CTO AT DUBEX A/S

“Investing in new equipment and personnel to protect Denmark isn’t sufficient. The threat today is hybrid, fragmented and, not least, digital, which is why we propose four key focus areas that politicians should prioritise in the upcoming defence negotiations”.

The Danish ICT Industry Association suggests the following:

• A markedly increased level of investment in public IT systems and infrastructure.

• Mandatory cybersecurity training courses in the public sector.

• Increased coordination between authorities across states, regions, and municipalities.

• Increased focus on public-private collaboration (OPS).

2. Strengthening cyber defence in Danish companies

Danish companies are increasingly the target of cyber-attacks and cybercrime, negatively impacting Danish society and our digital cohesion. Many companies also carry out tasks that are critical to society. More than half of Danish companies have been affected by at least one security incident in the past 12 months, and analyses show that the IT security level is too low in more than 40% of Danish SMEs. In addition, 16% of the observed Russian cyber-attacks during the war in Ukraine targeted Denmark and the Nordic region. “Companies need to take the threat seriously and live up to their responsibility. We must not and cannot accept that a large part of the Danish business sector will stop functioning if they are hit by cyber-attacks. It is, therefore, a major task to upgrade the IT security of especially small and medium-sized Danish companies,” Jacob Herbst says.

The Danish ICT Industry Association suggests the following:

• A public-private partnership that collects and shares knowledge on cyber threats and incidents.

• Targeted efforts to raise the minimum level of security in SMEs.

• The changed mandate for CFCS includes requirements of increased efforts concerning civil society.

• A rapid and efficient Danish implementation of the NIS2 Directive.

3. Training in cyber security competencies

According to DIGITALEUROPE, a shortage of 200,000 cyber security experts exists in Europe. The Council for Digital Security estimates that by 2030 Denmark will see a shortage of 15-20,000 full-time resources within cyber- and information security. “We won’t get far with our national cyber security if we don’t have enough skilled people to solve the tasks. More than one in three Danish IT companies are currently looking for employees with cyber competencies, so trained and upskilled in cyber security,” Jacob Herbst says.

The Danish ICT Industry Association suggests the following:

• Urgent investment in the education of more cyber specialists in Denmark.

• Increased integration of cyber security knowledge in relevant (IT) education programmes.

• Increased supplementary training or continuing education in cybersecurity.

• Establishing ‘IT security driver’s licences.

• Training, recruitment and retention of IT and cyber security competencies in the Danish Defence.

• Ensuring that we attract and retain more international students and talents within cyber security.

4. Increased cyber security in the Danish Armed Forces

As the conflict in Ukraine has shown, modern warfare has changed drastically in recent years, and the Danish Armed Forces need increased digitalisation and cybersecurity. “Modern weapon systems are digital and connected, and the rapid technological development requires a significant boost of the digital backbone of the Danish Defence if we are to keep up with new digital possibilities and the associated threats to modern military defences. At the same time, increased digitalisation can help to address some of the manpower challenges that the Danish Armed Forces will soon face when the Danish Defence effort is to be expanded,” says Jacob Herbst.

The Danish ICT Industry Association suggests the following:

• Reducing the technical debt of the Danish Defence.

• Establishing a task force to strengthen cyber security in the IT systems of the Danish Defence.

• Increased investment in public-private collaboration on the development and use of Danish technology.

• Increased capacity for accreditation of Danish cyber security products.

• Increased share of the military defence budget spent on research and development.

FACTS

The Danish ICT Industry Association helps its members, the industry, and society grow daily. We’re passionate about creating a digital society for everyone. A global society that’s growing, and in which Denmark stands as a beacon because we utilise technology for the benefit of the climate, the economy and the individual. We let the enthusiasts among our members set the direction for a better future. This benefits Denmark, the business sector, the individual citizen and our member companies.

Read more at www.itb.dk

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A new mapping from the Danish Industry Foundation on the impact of the NIS2 Directive on the business sector shows that affected companies can expect major regulatory requirements. The Danish Chamber of Commerce, therefore, calls on the authorities to act quickly in order to equip companies as best as possible for the transition to the new rules.

NEED FOR PROMPT EFFORTS FROM AUTHORITIES REGARDING THE FORTHCOMING EU RULES FOR CRITICAL INFRASTRUCTURE

The Danish Industry Foundation recently published a new mapping showing that 1,079 companies must comply with the new information security requirements laid out in the forthcoming NIS2 Directive from the EU. The requirements aim to ensure that companies part of critical infrastructure are better equipped to withstand cyber threats. “There’s a pressing need to make our societies more resilient to cyber threats. The new mapping from the Danish Industry Foundation, to which we, the Danish Chamber of Commerce, have contributed, shows an urgent need to get the Danish authorities involved as quickly as possible, and to facilitate a good dialogue with the authorities and the business sector, thereby preventing companies with activities in several sectors from having to deal with several different legal texts. Overall, we must help companies and ensure an efficient and manageable implementation. In the first NIS Directive, 15 companies were affected, so this is a huge increase in the number of companies,” says Vice President of the Danish Chamber of Commerce Casper Klynge.

New industries are affected.

Some of the companies that must live up to the requirements of NIS2 are already subject to the first NIS Directive, which was implemented in Denmark in 2018, but with this update, several new sectors are affected. This point makes the updated requirements an extensive task for many Danish companies.

“Among our members, several industries must comply with the new requirements. These include the food and retail industries and the companies that supply Denmark’s digital infrastructure. This has prompted us to, among other things, start a dialogue with the telecommunications companies and the Danish authorities on how we can achieve a good implementation of the new rules in this area. We’re also carrying out information meetings targeted at various industries in collaboration with some of the country’s leading experts, and it may be particularly important to provide advice and guidance to the 36 % of small businesses affected by the new directive,” Casper Klynge says.

Need for prompt authority efforts.

There are still some uncertainties about what the specific rules will look like in Denmark. Ultimately, the responsible authorities must draw up lists of companies in Denmark that will be subject to the new rules.

“We call on the Danish authorities to get involved as quickly as possible. We advise a wide range of companies, from stockbrokers to housing associations, who call us for our assessment of whether they will be covered by these rules. Fortunately, we can often help them on their way, but ultimately, we can’t tell them anything definitive. We, therefore, urge the Danish authorities to initiate the official mapping as soon as possible to provide the companies with clear information on whether they are subject to the new rules,” says Casper Klynge.

POSITIVE DEVELOPMENT FOR FEMALE ENTREPRENEURSHIP IN WESTERN SWEDEN

Incubators in Western Sweden see a positive trend for female entrepreneurship. In recent years, almost 10% more women have participated in the activities organized by West Swedish Incubators, a collaboration between eight incubators in Western Sweden that works for more sustainable innovation companies from the region to establish themselves in an international market.

Since 2020, West Swedish Incubators has carried out joint competence development and entrepreneurial promotion activities such as arranging matchmaking events, pitch events, network meetings, lectures and participated in fairs to support entrepreneurs in the region. The proportion of women who have participated in these activities has increased by almost 10%. The incubators also see a positive increase in female entrepreneurship in general as the proportion of women in the incubator companies today is 22-42%, which varies between the West Swedish incubators.

- We have followed the development over a long period of time and see that the more we can focus on helping women as a group and also other minority groups in the target group, their share will increase and develop, and also bring other added value, says Klementina Österberg, CEO of GU Ventures and also chairman

of the steering group for the collaboration project for the West Swedish incubators. West Swedish Incubators consists of eight incubators in western Sweden, which are Borås INK, Science Park Skövde, Innovatum Science Park in Trollhättan and the five Gothenburg-based incubators GU Ventures, Chalmers Ventures, Brewhouse Inkubator, Sahlgrenska Science Park, and Founders Loft, which collaborated in a special EU-funded project with the support of the Västra Götaland region, and the incubators themselves. The goal is to further sharpen the offer to the innovation companies by sharing networks, experiences and recipes for success, to create better conditions for the entrepreneurs with whom the incubators work.

Sustainability is a central area for West Swedish Incubators,

"Many success examples"

both in the incubators' own operations and in coaching and in development work with startup companies based on Agenda 2030's goals for ecological, economic and social sustainability. One area where the incubators see that they can have a real impact is to work for increased gender equality and equal entrepreneurship. Historically, fewer women have started companies and been less able to find capital to finance their business idea.

Since the start of the collaboration, West Swedish Incubators has seen positive effects and the incubators continue to highlight subjects and people to inspire more women to dare to invest in their dream.

Every year, the startup companies that the incubators support in what the distribution looks like from a gender perspective regarding both the operational team and the board are analyzed,

- We have followed the development over a long period of time and see that the more we can focus on helping women as a group and also other minority groups in the target group, their share will increase and develop, and also bring other added value

Klementina Österberg, CEO of GU Ventures

and work to ensure that the companies find a balance that benefits their development.

The initiatives that West Swedish Incubators plans ahead are to work with the recruitment of female board members.

- We see so many examples of success among the companies we work with where mixed and complete teams have contributed to increased competitiveness. A mixed team has direct access to more perspectives that can be valuable in, for example, product development and marketing strategies to find more business opportunities, says Stefan Dinér, CEO Borås INK and group leader for the work package in gender equality within West Swedish Incubators.

LUCAS JOHANSSON

2016Adm. Director of Independent Hospitality Associates.

2013Adm. director of d’Angleterre

2004-2013

Director of Beau-Rivage Palace, Switzerland

2002-2004

Hotel de Crillon, Paris

2000-2002

Four Seasons, Paris

1997-2000

The Savoy, London

As Managing Director of one of Denmark's best-known hotels –d'Angleterre in Copenhagen –Lucas

Johansson's ambition was clear: Guests must experience the ultimate in luxury.

THE ULTIMATE LUXURY

Text: Tine Østergård

"As a guest at d'Angleterre, you must have an experience that makes you more enlightened, more relaxed or educated than when you arrived. You have to leave the place with something extra.” As he sits there impeccably dressed in a diplomatic blue suit, discreet blue-striped tie and a neat white cloth in his left breast pocket, Lucas Johansson gives the impression of knowing what he's talking about.

We are sitting at d'Angleterre – Denmark's only hotel in the five-star superior category – in a newly renovated suite on the 3rd floor with a view of Kongens Nytorv, in soft, purple chairs at a round marble table, with sparkling water from the minibar standing in front of us. Kongens Nytorv at the very heart of the city is busy, but the noise does not reach the hotel.

Lucas Johansson arrived as the CEO at d'Angleterre in 2013, when the hotel opened its doors after the largest hotel renovation in Danish history, which kept the hotel closed for more than two years.

"My ambition was to make d'Angleterre the leading hotel in Northern Europe. I wanted to raise the hotel's luxury level to the world's elite and show that the ultimate luxury could work for a hotel in Copenhagen, even if there were several skeptical voices who doubted my plan," says Lucas Johansson.

Nordic luxury

The words that come out of his mouth are English with French undertones.

Lucas Johansson was born in Brazil to Swedish parents, graduated from the hotel school in Switzerland and has been shaped by an international career at luxury hotels such as the Hôtel de Crillon in Paris and The Savoy in London. Before joining d'Angleterre, he was director of the five-star hotel Beau-Rivage Palace in Switzerland.

As newly appointed director of d'Angleterre, he therefore had a clear understanding of the concept of ultimate luxury.

D’ANGLETERRE

The hotel was established in 1755 and is owned by The Remmen Foundation. The hotel's restaurant Marchal has had a star in the Michelin guide since 2014. The hotel's patisserie MAISON

D'ANGLETERRE opened in December 2021.

Lucas Johansson became director at d'Angleterre 2013, when the hotel reopened after a two-year renovation.

"It's about how you look, how you welcome guests, how you speak to them. It is very formal. At my former hotel in Switzerland, there was a rule that the chefs were not allowed to have beards, and in general tattoos were not well regarded at international luxury hotels.”

Lucas Johansson brought several of the principles to d'Angleterre and introduced a code of conduct for the employees as hosts. Among other things, in relation to how they should stand, how they should walk, how they should open a door, how they should speak to the guests and to what extent they should interact with the guests. But he soon learned that his luxury standards weren’t 100 % compatible with the Danish culture. The adaptation had to go both ways.

“I quickly realized that traditional luxury would not work here, and should not work here. In Denmark, luxury is a less rigid concept, and there is a need to be less formalistic. The guests don't care if the chefs are freshly shaved or if they have tattoos. The guests appreciate that the staff meet them with a natural and sincere friendliness and forthcomingness.”

For Lucas Johansson, the biggest challenge was therefore to combine classic luxury with a Nordic approach.

“When I came to d'Angleterre, the hotel had a very strong brand, but it did not live up to the greatness of the past. We needed to changed that. In the first years, all hosts and hostesses – as we call them –had to learn not to call the guests by their first names or give them a slap on the back. But they had to maintain their sincerity and their intention. They had to hold on to the personal approach to the guests, because in the end it that’s what the guests will remember," he says and continues:

“You can build a beautiful hotel with beautiful things, but that is not enough. At the end of the day, it is the personal interaction that makes all the difference. It's the one you remember and it's the one that keeps you coming back. You will not come back if the staff have been rude to you, no matter how beautiful the hotel is.”

Lucas Johansson and his team introduced d'Anglecademy, which is a detailed program that all new employees must go through. The program provides an introduction to how employees should act towards guests, and an education in d'Angleterre's 267-year history, so that employees can pass it on to guests.

"It is important that we have a common culture and a common way of doing things. It makes a huge difference how you open the door for the guest – do you go first or do you let the guest in first? Correspondingly, you as an employee must be able to read whether the guest is open for interaction or prefers not to be approached.”

A long-term plan

Lucas Johansson's words are calm and considered. So is his body language. He does not look like he is stressed by the ongoing energy crisis, rising inflation or general uncertainty in the world.

"I have been in the hotel industry for over 30 years, and this is not the first time we have experienced a crisis. We have experienced 9/11, which created fear of traveling the world; the financial crisis, which created economic uncertainty; the ash cloud, which cancelled thousands of flights; and Covid, which combined the challenges all of those economic crises into one massive uncertainty and extended it over a much longer period. Covid has been the worst that we have experienced so far, and when you have been through it, you feel well prepared for most economic situations. The energy crisis is no different from anything we have seen before.”

When Covid shut down large parts of the world, Lucas Johansson wanted to keep d'Angleterre open. He felt a sort of obligation that the hotel should stay accessible to the guests.

So, for two long Covid years, the hotel's doors were open – with its suites, corridors and foyer all beautifully decorated with large

flower decorations -- but the hotel was only periodically allowed to function normally.

"How could I know that it was the right decision to stay open, even if it was periodically empty of people? Of course, I couldn't, but I had a strong feeling of wanting to be present and close to our guests. Now we know it was the right strategy. It has created an advantage in the long run and a grew a completely new market, as we have stayed open and answered the phone when the guests and travel agencies called," says Lucas Johansson.

In the aftermath of the Covid crisis, more Danes have developed a taste for a weekend stay at d'Angleterre rather than traveling abroad. So, although international travelers have gradually returned over the past year, many of them have been replaced by Danish guests. In the future, Lucas Johansson faces new difficult decisions in relation to how d'Angleterre will deal with the energy crisis. However, he is not nervous about making the wrong choices. His plan is always to think long-term and focus on growth and development.

"We improved energy efficiency during the renovation, so there is only so much we can do to save energy. That is why we focus on the positive – that the guests are here and that we can give them a good experience. If guests experience true luxury, even if there is an energy crisis, they are more likely to return. We will of course investigate how we can save even more energy and how we can minimize our impact on the environment and focus on sustainability, but our main focus is to give the guests a stay to remember.”

Lucas Johansson’s vision for the future of luxury hospitality inspired him to co-found Independent Hospitality Associates, a hotel management company that guides independent luxury hotel to achieve the perfect balance of high-quality products, accurate storytelling, intuitive personalized service and profitability.

Leadership in times of crisis

For Lucas Johansson, transparency is a keyword when it comes to management in times of crisis.

"Our employees read news like any other and feel the energy crisis themselves; so, if we as management do not communicate clearly,

the employees can quickly invent their own reality. It is completely natural. That is why we make a point of honestly communicating exactly where we stand.” Good and transparent management is important at a time when there is a great shortage of labor in the hotel industry. During the Covid crisis, many employees left the industry; and d'Angleterre, like many other hotels, is experiencing a staff recruitment challenge. “Everyone says: Where have the employees gone? The answer is probably that many have left the industry in favor of jobs with more flexible working hours. The hotel industry had to learn some hard truths during Covid. Many employees and employers opened their eyes to flexibility and work from home. But as a hotel, we must continue to be open seven days a week, 24 hours a day; so, we must find another form of flexibility for our employees. It's not an easy fix and I don't have the magic solution. But we have to ask ourselves as an industry whether we have found the right balance.”

HAMMER PRICES AT AUCTION

– Three of the most expensive watches in world history

In the past five years, the prices of watches with a very special collector's value have exploded. Here are three of the wildest hammer prices in watch history.

By Kåre Peitersen

Patek Philippe Nautilus: DKK 43 million

In December 2021, the Phillips auction house in New York sold a brand new Patek Philippe Nautilus ref. 5711 with Tiffany Blue® dial for almost DKK 43 million. The auction estimate was 'just' $50,000, so why was it so expensive? There are several reasons for this. Firstly, the estimate was based on the list price at Patek Philippe for a new watch of the same type. The problem is just that the demand was – and is – so much

greater than the supply. And this model is very special because of the Tiffany blue dial with the Tiffany logo on it. Only 170 such watches were made to mark 170 years of uninterrupted collaboration between Tiffany's and Patek Philippe. Of them, 169 were put up for sale at Tiffany's in New York, Beverly Hills, and San Franciscobut the first model was offered for sale at Phillips. It was a charity auction, with the proceeds going to The Nature Conservancy – an international organization that has worked to protect nature around much of

Tiffany Blue®

the world for the past 70 years. The new owner was (by detours, but that’s another story), the American watch collector Zach Lu, who thus not only got a beautiful watch, but also donated money to a good cause. Of the other 169 watches, people like Leonardo DiCaprio, Jay-Z, and LeBron James also got one.

Philippe Nautilus 5711/1A-018

Tiffany Blue®. Auction estimate $52,000. Sold for $6,503 million (approx. DKK 43 million)

Paul Newman's private Rolex Daytona: DKK 130 million

Everybody loved Paul Newman. The cool but popular actor, racing driver, and food creator was the epitome of a good guy. His ice blue eyes and warm smile melted women's hearts, while his raw but fiercely charming attitude in films such as Cool Hand Luke, Butch Cassidy & The Sundance Kid and The Color of Money made many men wish they were in his shoes. And then he had his heart in the right place and donated fortunes away to charity - $550 million alone from the profits of the food company Newman's Own, which he started with a homemade salad dressing in 1982. Therefore, it was not much of a surprise that there were great expectations when his personal Rolex Daytona came up for auction at Phillips in 2017 – because everyone wanted a little piece of Paul. He had been given the watch by his wife, Joanne

Woodward, in 1968. It has gradually emerged that it was a bit of a coincidence. His wife wanted to give him a watch and went to a Rolex dealer in New York. Here a good salesman saw his chance to get rid of one of the models that sold really badly, namely the sports watch Daytona. The watch had flopped after its launch a few years earlier and Mrs Newman reportedly paid approx. $300 for the watch, which was subsequently engraved with a small greeting: ‘Drive carefully – Me’. When the watch came up for auction in the autumn of 2017, there was a sea of interested parties, and after a 12-minute bidding round, the hammer dropped at the staggering price of $17.8 million, which not only set a new world record – it also catapulted the entire watch industry into a new age.

DKK 230 million

The most expensive men's watch ever sold is Patek Philippe's one-of-a-kind steel version of their already rare and insanely expensive Grandmaster Chime (there are a few exorbitantly expensive ladies' watches from Graff, but they are gem-encrusted quartz watches – we do not count them here). At the Only Watch auction in November 2019, the happy buyer had to pay almost DKK 230 million for the 47.7 mm watch, which is the

most complicated watch from Patek ever. Its interior is a micromechanical masterpiece and contains 20 complications, including a perpetual calendar and as many as five different types of chimes and an acoustic alarm. The Grandmaster Chime was first created in 2014 to celebrate Patek Philippe's 175th anniversary and very few of its kind (less than 10) have been produced. One of them is in Patek Philippe's own museum in Geneva, while the rest are distributed among an exclusive group of collectors and connoisseurs. According to

Patek, the development, production, and assembly of the model took more than 100,000 hours of work, which with a little math gives a price of DKK 2,300 per hour - so the price is almost okay, we suppose ...

6300A-010 estimated at CHF 2.5-3 million Sold for CHF 31.2 million (approx. DKK 230 million)

Patek Philippe Grandmaster Chime:

Patek Philippe Grandmaster Chime

Rolex Paul Newman Daytona (6239) sold in 2017 for just under DKK 130 million.

4 IMPRESSIVE WATCHES

Club, the sportiest family of NOMOS Glashütte watches, just got bigger and even more impressive What makes this newcomer special, besides its sunburst finish dial and elegant, strong color, is a new stainless steel strap. The sporty linked strap with folding safety clasp sits snug against the case. Bracelet and watch appear inseparable, becoming one. The white hands glow blue in the dark. Like its sister model in black, the watch has a diameter of 42 millimeters and is water-resistant to a depth of 1000ft/300 meters. This makes it suited for all sports, including those in and under water. A signal-red ring around the stem of the crown alerts the wearer, before contact with the water, if the crown is not screwed tight. The movement is the well-known and patented DUW 6101 date caliber from the NOMOS Glashütte neomatik series. It features a bidirectional, rapidly adjustable date with a super-small timeframe during which the datecannot be set, and an extremely efficient bidirectional winding rotor. The movement’s slender design (3.6 millimeters high) made a particularly robust case possible: Whatever the wearer does, the movement is well-protected.

Price: EUR 2.680

“60´s feeling from Seiko

Last year, Seiko introduced a series of dress watches inspired by the aesthetics of the 1960s, as seen in the Seiko Crown Chronograph from 1964. This watch was a breakthrough for Seiko, both aesthetically and technologically. It was the first Japanese watch with a stopwatch and was chosen as the official timekeeper at the Olympic Games in Tokyo that same year. The new series is generally a bit more elegant and less sporty, but the source of inspiration is clear. This applies to this model as well - it’s a combination of the 60´s feeling and a modern appearance resulting from the opening into the clockwork, Seiko’s caliber 4R39.

Seiko Presage Style 60´s 40,8 mm (ref. SSA425J1).

Price: EUR 621

Fine craftsmanship from De Bethune

De Bethune is a small brand, founded in 2002 by watchmaker Denis Flageollet, who comes from a family of watchmakers. He proudly carries on the Swiss tradition in the most exquisite way. In their small atelier located in St. Croix in the Jura Mountains, De Bethune creates their watches and movements from scratch, with a finish and precision to perfection. This year’s new model DB25 is proof of that. It’s essentially a new version of a previous model, but they developed an entirely new movement for it, so it could fit in a smaller case. The model has gone from 44mm to 40mm which is an improvement, as the watch fits perfectly around the wrist. The case is made of titanium, and through the sapphire glass on the back, you can see the new movement, which not only keeps track of hours and minutes but also days, months, and years, as it has a built-in perpetual calendar. Only 15 watches of this model are produced each year, and the price ends up being well over 1 million Danish kroner if you have to pay Danish VAT.

DB25 Perpetual Calendar (ref. DB25sQPATIS13).

Price: CHF 125.000 (approx. EUR 127.700 + VAT and duties).

Enjoy one of the world’s most famous watches

Zenith is well-known for their exceptional clockworks, especially the El Primero, which has been one of the world’s best integrated chronograph movements for decades. It is even a high-beat movement, meaning that it oscillates at a higher frequency than usual (36,000 vibrations per hour, or 10 times per second), allowing the stopwatch to measure 1/10 of a second. Therefore, it is fitting that Zenith has launched a couple of Chronomaster Sport models this year, where you can see the movement through a hole in the dial. The watch is slim, measuring 39.5 mm, and could be a great alternative to, for example, the Rolex Daytona, which is known to have waiting lists for years.

Zenith Chronomaster Open (ref. 03.3300.3604/21.M3300).

Price: approx. EUR 10.075

WOMENS WEAR SPRING 2023

Photo by Mio Ito, mioitophotography

/ Unsplash

SILK-LINEN TWEED BLAZER

Expertly tailored with a silk-and-linen blend, this tweed blazer is designed with a slight flare at the back of its elongated silhouette.

Buy on ralphlauren.eu

Price EUR 726,-

PLEATED LAVALIERE COLLAR BLOUSE

An opaque blouse in luxurious stretch-silk crepe de Chine by BOSS Womenswear, with a ruched neckline, concealed closure and rear logo trim.

Buy on hugoboss.com

Price EUR 269,-

By Heidi Carlsen

LOEWE SNEAKERS

Flow runner in suede and nylon. Buy on loewe.com

Price EUR 598,-

SCARF IN SILK TWILL WITH HAND-ROLLED EDGES

This essential Hermès accessory complements any outfit. It can be worn many waysaround your neck, as a top, at the waist or as a headscarf! Buy on hermes.com

Price EUR 460,-

STRAIGHT-LEG SILK-LINEN TWEED TROUSERS

Crafted with a silk-and-linen blend, these straight-leg trousers feature menswear-inspired details, including waist darts and crisp creases along each leg. Buy on ralphlauren.eu

Price EUR 430,-

UP-TO-DATE FRAMES OFFER PLENTY OF COUTURE CONFIDENCE

A Hexagonal shape offers subtle twist on round fashionforward look in unique colorways with plenty of edge to it.

Buy on ray-ban.com

Price EUR 175,-

LARGE SAFFIANO LEATHER WALLET

Sleek lines distinguish this wallet in iconic Saffiano leather. The accessory with snap closure and metal triangle logo has pockets and slots inside.

Buy on prada.com

Price EUR 740,-

MENS WEAR SPRING 2023

Photo by Shutterstock.com

SAC A DEPECHES LIGHT 1-37 BRIEFCASE

Briefcase in Galop d’Hermès cowhide with brushed palladium-plated hardware.

Buy on hermes.com

Price EUR 6.367,-

SLIM-FIT SHIRT

A long-sleeved shirt cut to a defined fit in Italian linen by BOSS Menswear.

Price EUR 162,-

CLASSIC SUMMER BLAZER

A regular-fit jacket crafted in micro-patterned cloth blended with virgin wool and cotton.

Price EUR 417,-

Buy both on hugoboss.com

SUEDE-FRONT CASHMERE CARDIGAN

This cardigan merges birdseyeknit cashmere, supple suede and a utilitarian silhouette inspired by classic sporting jackets.

Buy on ralphlauren.eu

Price EUR 3.117,-

CUSTOM FIT DENIM SHIRT

Classic denim and our signature embroidered Pony anchor this shirt in pure Polo style.

Buy on ralphlauren.eu

Price EUR 161,-

By Heidi Carlsen

FLOW RUNNER IN NYLON AND SUEDE

A ace up sneaker in nylon and suede with a soft upper and honey rubber waves sole that curves around the toe and to the back of the heel.

Buy on loewe.com

Price EUR 591,-

3 NORDIC LUXURY HOTELS

- THAT WILL TAKE YOU BACK IN TIME

New, luxurious modern homes and hotels are being built at a rapid pace. Fortunately, some establishments choose to restore and convert these historic buildings into new luxury hotels.

Impressively, their ambition to combine today’s luxury and demands for sustainability, is successfully achieved in the historical buildings and spectacular surroundings. If you do not favour historic buildings, but prefer luxurious art decor and the relaxed atmosphere that was popular in Palm Springs in the late 60’s and early 70’s, you’ll find that 2 of these luxury hotels are striving, and succeeding in recreating this experience.

The first 25hours hotel in Scandinavia has opened its doors in the Danish capital, decked out in everything other than Nordic chic. Erected in the 19th century, the establishment once housed a porcelain factory and was later used as a university building.

Guests drift constantly through periods in Copenhagen’s history and find themselves transported back into a bygone era – both indoors and out. Innumerable new elements are nonetheless visible throughout the building complex. A stroll through the 25hours Hotel Indre By inevitably means a juxtaposition of the old and the new. This design has created a fascinating, dichotomous arena that delivers a wealth of contrasting experiences.

Photes by Stephan Lemke

copenhagen

The Assembly Hall is the central gathering point and the perfect spot for a quick coffee in the morning, a snack after a saunter through the city or a drink before diving into Copenhagen’s nightlife. The NENI restaurant and Café Duse are the perfect places to socialise for hotel guests and locals alike, and the Boilerman Bar in the basement is a great venue for relaxed evenings filled with music and top-class drinks.

The 243 rooms in the Passion and Knowledge designs range from Small to Gigantic and offer a retreat to suit every traveller and their needs. Some of them even come with a small terrace and access to the Secret Garden – almost unique features for Copenhagen.

An urban get-away that surprises you all the time

Ellery Beach House is Stockholm’s newest get-away and only Beach Resort. Ellery is located on the tip of Lidingö, where urban life feels far away in the rural surroundings.

It is easy to understand that Ellery also has a vision of being an alternative for the guest who chooses to go to Como in the summer and Capri in the fall. The hotel wants their guests to feel that something lovely is about to happen as the staff and surroundings are driven to surprise and service in a charming and warm way.

With a devotion to creating homely, comfortable environments Ellery makes the perfect getaway. It is not just an ordinary hotel, rather a destination, where you can be your best self.

Restaurants

Ellery has two restaurants. Palmers is inspired by cities like Athens, Tel-Aviv and Beirut. The concept there is all about family-style dining, where you rip and dip and share the dining experience with others, as you do around the Mediterranean. The other restaurant, Coco Beach Club, is inspired by the west coast of the United States and the menu will be set accordingly and also features an indoor pool, fireview room and treatment rooms. There are three bars, where Bally Bar in the lobby is the epicenter. Here it feels a little like being in an episode of Mad Men, mysterious, but clear. Great music, good drinks, pinball, shuffle, billiards, ping pong and lots of nice sitting areas.two pools that are heated all year round, two saunas, padle courts & boule.The hotel has 122 rooms, gym, pools, paddle courts, boule courts, 11 conference rooms and treatment rooms.

Prices are between 795-2500 SEK a night

Outdoors there are two pools that are heated all year round, two saunas, padle courts & boule.

The hotel has 122 rooms, gym, pools, paddle courts, boule courts, 11 conference rooms and treatment rooms.

Elfviks Udde - 181 90 Lidingö

STOCKHOLM - SWEDEN

www.ellerybeachhouse.com

5-star Luxury Hotels - with a vibrant atmosphere in historical surroundings

The new boutique hotel, Amerikalinjen, has respectfully taken its name from the building the hotel has moved into. The property of Amerikalinjen, was the former headquarters of the now non-existent cruise ship company Norwegian America Line, which ferried hopeful Norwegian immigrants across the Atlantic Ocean to the US.

The property was originally designed by prolific Norwegian architects Andreas Bjercke and Georg Eliassen in 1919. Now, a century later, the grand Neo-Baroque pile has been spruced up and polished by local firm Kritt Architects who, have carved out 122 beautiful rooms and suites and a series of humming public spaces.

The hotel’s ground floor and basement present a series of four vibrant restaurants, bars and a number of meeting and party rooms. The building’s maritime heritage has been preserved to some extent, and it has been possible to recreate

a Norwegian, classic armchair from the 60s, just as the hotel’s drinking glasses are made from the same Norwegian glassworks that supplied drinking glasses to the cruise ships in the 5Os. The top room is the Triton Suite, which has a separate living room and bedroom in addition to a spacious bathroom and a balcony overlooking the Opera House and the Oslo Fjord.

Rooms

Led by the building’s original façade and wide corridors, the rooms are appropriately defined by their high ceilings and commanding paned windows, while the suites – the Norwegian America Line’s former boardrooms – boast original ornate ceilings.

Helsinki-based studio, Puroplan has smartly created a sense of space by separating the bathroom with a decorative white opaque glass panel and adding a smoked-glass mirrored wall behind the bed.

Bathroom

Helsinki-based studio, Puroplan has smartly created a sense of space by separating the bathroom with a decorative white opaque glass panel and adding a smoked-glass mirrored wall behind the bed.

Amerikalinjen is a luxurious boutique hotel with ambiance of old travelling and modern comfort with a perfect central location and a well-recommended breakfast.

Address: Jernbanetorget 2, 0154 Oslo (Norway) www.amerikalinjen.com

ROLEX DIVES TO NEW DEPTHS

Rolex has always been synonymous with high-quality diving watches. It sent a number of Sea-Dweller models along on the Perpetual Planet initiative and the Under the Pole expedition. Members had an excellent tool to take with them below the surface.

By Kåre Peitersen

For almost a century, Rolex has supported pioneering explorers pushing the boundaries of human and technological endeavour.

Sir Edmund Hillary's wore a Rolex Explorer on Mt. Everest, and James Cameron's wore a Submariner, while helping to find the wreck of the Titanic.

But whereas discovery was previously for sport, today the focus is on learning more about our planet so that we can take better care of it.

Therefore, under the Perpetual Planet umbrella, Rolex has allied itself with a number of organizations that work to improve conditions for nature and wildlife around the world.

The focus is particularly on the world's oceans, and they collaborate with organizations such as the Mission Blue National Geographic Society.

Focus on the blue planet

One of the concrete projects that Rolex supports is the series of Under the Pole expeditions, which aim to increase our knowledge of the world of corals. Under the Pole was founded by Ghislain Bardout and Emmanuelle Périé-Bardout in 2007, and the expeditions have taken them from the Arctic to French Polynesia, to mention just a few destinations. Along the way, members have carried out more than 1,000 dives to a depth of up to 60 metres and have, among other things, collected more than 6,000 coral samples for a completely unique collection. The series of expeditions will now continue with Rolex as a partner until at least 2030. Under the theme Deeplife, the aim is to investigate the wildlife of the underwater forests. You can follow activities on social media via #PerpetualPlanet

Rolex is at work when the Under the Pole expedition searches for life in the Arctic.

A PROFESSIONAL DIVING WATCH FOR HARD WORK

The Rolex Deepsea Sea-Dweller is made for serious diving work. It is a robust watch that can withstand most things - and the pressure at a depth of 3,900 metres. The box is cut from a single block of corrosion-free steel (oystersteel) and measures 44 mm. At the top there is a slightly curved and 5.5 mm thick sapphire glass, while the patented helium valve indicates that it can work deep underwater. On board is a calibre 3235 that is regulated to a variation of just −2/+2 seconds/day. Deepsea is available in a black version and then in this blue-toned model, which has been given the nickname James Cameron, in honour of the world-famous film director (Terminator, Titanic, Avatar, etc.), who in 2012 wore it to the bottom of the Mariana Trench – the deepest place in the world's oceans (10,911 m below the surface).

Rolex Deepsea (136660). Price DKK 111,200.

Ghislain Bardout, co-founder of Under the Pole: ‘These underwater forests are exactly like the forests we have on land. They act as natural environments for a versatile wildlife.’

The first Sea-Dweller was launched in 1967. Here is the actual model.

Rolex Oyster Perpetual Sea-Dweller (126600). Price DKK 101,600. © Rolex/Joël Von Allmen

GREEN JAGUAR WITH SMART FEATURES

In recent years, Jaguar has invested significantly in a range of connected watches that combine a classic, analogue dive watch with some of the functions you know from smart watches. The result is a kind of hybrid watch that can be used 24 hours a day and all year round without running out of battery. The functions of the connected watch can be controlled in collaboration with your smartphone, and the two registers on the dial can, among other things, be set to show the date, alternative time zone, or how far you have progressed towards your daily physical activity goal. The two pushers can also be used to control your smartphone – e.g., jump into a playlist, take a picture, or log your GPS position. It can all be set in the app, where you also choose which notifications you want to reach

your watch. Despite the smart features, the watch looks like a classic steel diver of 45.7 mm with sapphire glass, and water resistance down to 200 metres. Incidentally, the watch brand has nothing to do with the car brand. The watch brand was founded in 1938, while the car brand only got its Jaguar name in 1945, so you can't accuse the Swiss of unfair use of the British brand’s value. Jaguar Watches' founder, Peter Haas, set great store by care and precision, and the design was particularly inspired by the elegance and strength that characterizes the feline of the same name.

THREE DIVE WATCHES –THREE PRICE LEVELS

Diving watches are available in many price ranges – here you get three attractive but very different models from Jaguar, Seiko, and TAG Heuer.

FROST CLEAR SEIKO

This crisp new watch from Seiko is part of the celebration of Seiko's 110th anniversary as a watch manufacturer. The model is produced in a 5,000 pcs limited edition and is part of the Prospex collection, Seiko's line of rugged sports watches. Seiko's reputation for reliable and durable dive watches was established in the 1960s and 1970s, when adventurers and explorers took Seiko watches with them on expeditions to, among other places, the North and the South Pole, and therefore it makes sense that the dial design has been inspired by the Arctic and Antarctic environment, and that it resembles the surface of a glacier.

The model is part of the Seiko Save the Ocean campaign, which supports a number of activities for the conservation and protection of the world's oceans. The case is made of steel and measures 41 mm, there is sapphire glass on top, and in the engine room is Seiko's own movement calibre 6R35 with a power reserve of 70 hours.

Seiko Prospex Save the Ocean (SPB333J1). Price DKK 10,450.

TAG HEUER HAS SEEN THE LIGHT

There aren't many Swiss high-end watch brands that experiment with quartz movements (if we leave out of account genuine jewellery watches and the very small ladies' models). However, last year, TAG Heuer introduced a version of its well-known Aquaracer, which has been equipped with the quartz movement TH50-00 and is even recharged by daylight/sunlight through the striped dial. This means that just 20 hours of exposure to strong light can make the watch run for a full six months. This year there is a new variant, with the 40 mm case is made of titanium.

TAG Heuer Aquaracer Professional 200 Solargraph (WBP1180.BF0000). Price DKK 24,450.

Jaguar Connected (J990/1). Price DKK 5,998.

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