Gabriel_Annual_Report_2024-25 - Flipbook - Page 10
CONTENTS // MANAGEMENT COMMENTARY // FINANCIAL REVIEW
Cost of sales – gross margin
Continuing operations realised a gross margin of 55.0%
(51.7%) for the full financial year. The increase is attributable to shifts in the product mix and implemented initiatives to ensure productivity improvements. Realised
gross margin in the fourth quarter was 56.1% (55.0%).
Other external costs
Other external costs for continuing operations increased
by 2% to DKK 73.3 million (DKK 71.6 million). The reason
for the relatively small increase in external costs is a realised decrease in fixed costs (primarily rent costs), while
variable costs increased as a result of the increased level
of activity and the effect of inflation.
Gross profit increased to DKK 284.0 million (DKK 250.1
million) as a result of realised growth and improved
gross profit percentage.
In the fourth quarter, the Group’s external costs were DKK
17.6 million (DKK 18.4 million), a reduction of 4%.
Payroll costs for the Group’s employees in production
are included in cost of sales and specified in notes 3
and 5. At the end of the year there were 162 production
employees in continuing operations compared to 172 at
the beginning of the year.
Staff costs
The Group’s staff costs for continuing operations increased by 4% to DKK 127.3 million (DKK 122.9 million). In
the fourth quarter, the Group’s staff costs were DKK 30.6
million (DKK 30.0 million), an increase of 2%.
Return on invested capital (ROIC) before tax
Return on invested capital in %
%
25
20
The average number of employees in continuing operations for the financial year was 386 (389), 169 (171) of
whom were in production, 135 (139) in sales/development
and 82 (79) in administration. The number of employees
in the continuing operations at the end of the 2024/25
financial year was 375 (387), of whom 162 (172) were in
production, 129 (137) in sales/development and 84 (78)
in administration.
Depreciation, amortisation and impairment losses
Consolidated depreciation, amortisation and impairment
losses in the continuing operations increased to DKK 39.6
million (DKK 37.1 million), primarily due to increased depreciation of lease assets (rent).
15
10
Share of profit after tax in joint venture
Profit for the year includes a total DKK 2.8 million share
of profit for the investment in UAB Scandye (DKK 0.9
million). The increase is primarily attributable to a higher
level of activity and resulting productivity improvement.
5
0
*20/21
*21/22
22/23
23/24
24/25
*No restatement was made of the financial highlights for the
years 2020/21 – 2021/22 regarding discontinued operations.
Finance income and costs
Net finance income and costs for continuing operations
were DKK 13.1 million, compared to DKK 16.6 million in
the same period last year. Finance costs decrease as a
result of the reduction of debt to credit institutions and
a decreasing interest rate level.
See notes 6 and 7 for further specification.
Tax on profit for the year
Tax on profit for the year was DKK 9.0 million (DKK 5.5
million), equivalent to a tax rate of 27%. The reason for
the high tax rate is that management has judged that
realisation of deferred tax assets cannot be expected for
tax losses arising in the year. See note 19 for a further
specification.
Statement of financial position
The consolidated statement of financial position total
was DKK 745.7 million on 30 September 2025, compared
to DKK 777.2 million on 30 September 2024.
Intangible assets were DKK 63.0 million on 30 September
2025, of which development projects amounted to DKK
29.0 million (DKK 28.0 million). Goodwill from the acquisitions of Screen Solutions Ltd, UAB Baltijos Tekstilė and
Visiotex GmbH amounted to DKK 25.8 million.
Property, plant and equipment amounted to 173.9 million
on 30 September 2025, compared to DKK 169.8 million in
the previous year. The development is attributable to increased rent liabilities, primarily related to lease renewals.
Other non-current assets were DKK 42.1 million on 30
September 2025, compared to DKK 40.3 million on 30
September 2024. Non-current assets were thus DKK 279.0
million on 30 September 2025, compared to DKK 277.3
million at the same time last year.
The Group’s inventories amounted to DKK 107.5 million
on 30 September 2025, compared to DKK 116.4 million
on 30 September 2024, a reduction of 7.7%.
Receivables amounted to DKK 71.2 million on 30 September 2025, compared to DKK 78.1 million on 30 September
2024, a decrease of 8.8%.
Net working capital on 30 September 2025 was DKK
141.7 million, equivalent to 27.4% of revenue for the year,
compared to DKK 156.9 million/32.4% of revenue for the
year on 30 September 2024.
The aim is to continuously reduce the relative working
capital through targeted efforts to improve purchasing
processes and contractual bases, and to use reduction
tools for inventory reductions. Management expects that
the activities initiated and partly completed will help
to further improve the proportional figure in 2025/26.
The Group’s equity amounted to DKK 263.7 million on 30
September 2025, compared to DKK 261.7 million on 30
September 2024. Non-current liabilities were DKK 82.3
million, compared to DKK 71.5 million on 30 September
2024. Current liabilities were DKK 399.7 million on 30
September 2025, compared to DKK 444.1 million on 30
September 2024. Total liabilities were thus DKK 482.0
million on 30 September 2025, compared to DKK 515.6
million on 30 September 2025. The decrease was 6.5%
and primarily attributable to reduction of the Group’s
drawing on its credit facilities.
Financial review for discontinued operations
The Group’s discontinued operations comprise the FurnMaster units located in Lithuania, Poland and Mexico,
which are managed by a global management team
in Denmark.
The discontinued operations delivered the following financial highlights:
• In 2024/25, the discontinued operations delivered
revenue of DKK 386.8 million (DKK 429.1 million), equivalent to a 10% decrease
• Earnings before depreciation, amortisation and impairment losses (EBITDA) were DKK 1.0 million (DKK
7.1 million)
• EBITDA margin was 0.3% (1.6%)
• Operating loss (EBIT) was DKK 15.9 million (negative
DKK 8.8 million)
• EBIT margin was negative 4.1% (negative 2.0%)
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