Gabriel_Annual_Report_2024-25 - Flipbook - Page 9
CONTENTS // MANAGEMENT COMMENTARY // FINANCIAL REVIEW
Financial review
The Gabriel Group delivered revenue of DKK 902.7 million
in the 2024/25 financial year compared to DKK 912.3
million in the 2023/24 financial year. Operating profit
(EBIT) was DKK 28.2 million in 2024/25 compared to DKK
10.9 million in 2023/24.
Realised results are attributable to a steep increase in the
continuing operations, continued strong execution of the
FurnMaster business strategy in Europe, but also from
anticipated negative results in the FurnMaster business
in Mexico due to the ongoing restructuring.
Given the geopolitical conditions and the ongoing restructuring of the Mexican FurnMaster business unit,
market growth has proved challenging, but the development in both revenue and profit is satisfactory.
Financial review for continuing operations
(comparative figures in parentheses)
Revenue and earnings
In 2024/25, continuing operations delivered revenue of
DKK 516.0 million (DKK 483.5 million), equivalent to growth
of DKK 32.5 million (7%).
Revenue by year
Revenue in DKK million
The increase in the continuing operations derives from
growth realised by the global fabric business in North
America, Europe and Asia, while SampleMaster realised
revenue on a par with the previous year.
Operating results
The growth realised in the fabric business in a decreasing
market reflects that Gabriel is able to win market shares
based on its well-executed long-standing growth strategy. The efforts in both sales and development were
maintained and in a few areas even expanded – even
in recent years’ challenging general market conditions.
100
Profit in DKK million
Operating margin in % (EBIT)
%
DKK million
25
90
20
80
70
As a result of the growth of DKK 32.5 million, an increased
gross profit and improvement of cost efficiency, all important financial highlights improved in the financial
year, which is illustrated as follows:
DKK million
1.400
1.300
15
60
50
1.200
An increasing level of activity in the global M&A market
and a high level of activity in the sales process support
management’s expectations, and it is considered possible that a sale will realise at least the values recognised
in the financial statements.
See note 9 for a description of discontinued operations.
300
200
EBITDA in the fourth quarter was DKK 22.0 million (DKK
19.9 million), EBIT was DKK 12.4 million (DKK 7.8 million)
and profit before tax was DKK 10.7 million (DKK 2.1 million).
100
0
*20/21
*21/22
22/23
23/24
*20/21
*21/22
EBT
0
EBIT
EBT
23/24
EBITDA
EBIT
EBT
22/23
EBITDA
400
0
EBIT
500
10
EBT
600
5
EBITDA
700
20
EBIT
800
30
EBITDA
900
EBT
1.000
10
40
EBIT
• Earnings before depreciation, amortisation and impairment losses (EBITDA) were DKK 83.7 million (DKK
56.8 million)
• EBITDA margin was 16.2% (11.7%)
• Operating profit (EBIT) was DKK 44.1 million (DKK 19.7
million)
• EBIT margin was 8.5% (4.1%)
• Profit before tax was DKK 33.8 million (DKK 4.0 million)
• Profit after tax was DKK 24.8 million (negative DKK
1.5 million)
• Cash flows from operating activities were positive at
DKK 101.4 million (DKK 46.0 million).
1.100
EBITDA
Gabriel announced in August 2024 that it intended to sell
the FurnMaster business units. They were consequently
accounted as discontinued operations in the 2023/24
annual report. The divestment was not completed in
the 2024/25 financial year, mainly as a consequence of
temporary external impacts on the global M&A activity
level. The identified irregularities in the Mexican unit and
their consequences naturally also influenced the outcome
of the attempt to sell this unit. The FurnMaster business
units remain classified as discontinued operations and
assets held for sale, because management expects that
a sale can be achieved in the 2025/26 financial year.
24/25
*No restatement was made of the financial highlights for the
years 2020/21 – 2021/22 regarding discontinued operations.
24/25
*No restatement was made of the financial highlights for the
years 2020/21 – 2021/22 regarding discontinued operations.
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