Gabriel Holding A/S

Financial targets

Gabriel aims to achieve:

return on invested capital (ROIC) averaging at least 15% before tax;
an increasing average operating (EBIT) margin;
an average annual increase in earnings per share of at least 15%; and
an average annual increase in revenue of at least 15%.

In years with acquisitions or major business start-ups, management accepts a temporary decrease in the achievement of its financial targets, provided that the company on average meets the targets over a five-year period.

Strategy

Gabriel is growing with the largest market participants. Gabriel’s growth is based on a global strategy of close development partnerships and trading relations with approximately 70 selected major leading customers.

Gabriel strives to win the largest possible share of the selected strategic customers' purchase of furniture fabrics, other components and services in the value chain. The FurnMaster Business Unit realises the commercial potential of the links of the value chain deriving from furniture fabrics, e.g. cutting, sewing and upholstering of furniture components.

Financial Highlights

Key figures	Unit	2022/23	2021/22	2020/21	2019/20	2018/19
Revenue	DKK million	931.2	1.065	809.7	727.3	708.2
Growth	%	-12.6	31.5	11.3	2.7	17.8
Of which exports	DKK million	769.9	884.6	688.0	629.0	633.3
Export percentage	%	83	83	85	86	89
Earnings before depreciation, amortisation and impairment losses (EBITDA)	DKK million	64.3	107.5	96.5	80.3	81.1
Operating profit (EBIT)	DKK million	15.9	64.9	58.6	41.9	61.9
Net finance income and costs	DKK million	-13.8	15.5	-2.8	-12.8	-1.3
Profit before tax	DKK million	2.6	80.6	58.8	32.0	62.9
Tax	DKK million	-6.9	-22.4	-12.6	-7.0	-13.9
Profit after tax	DKK million	-4.3	58.2	46.2	25.0	49.0
Cash flows from:
Operating activities	DKK million	26.5	9.1	39.4	57.2	43.8
Investing activities	DKK million	-34.8	-41.1	-36.6	-30.5	-80.2
Financing activities	DKK million	-44.0	-45.2	-32.0	-18.1	35.7
Cash flows for the year	DKK million	-52.2	-77.2	-29.2	8.6	-0.7
Investments in property, plant and equipment	DKK million	23.7	32.2	27.8	22.7	25.2
Depreciation, amortisation and impairment losses	DKK million	48.3	42.6	37.9	38.4	19.2
Equity	DKK million	326.6	358.7	322.1	283.4	281.2
Statement of financial position total	DKK million	813.8	868.5	731.2	645.5	562.3
Invested capital	DKK million	580.7	580.8	474.7	411.3	349.1
Working capital	DKK million	299.3	311.3	223.8	172.3	166.3
Average number of employees	Number	1,242	1,358	1,163	1,151	855
Revenue per employee	DKK million	0.7	0.8	0.7	0.6	0.8

Financial ratios
Gross margin	%	33.3	32.5	36.4	37.6	40.1
EBITDA margin	%	6.9	10.1	11.9	11.0	11.5
EBIT margin	%	1.7	6.1	7.2	5.8	8.7
Return on invested capital (ROIC) before tax	%	0.4	15.3	13.3	8.4	22.7
Return on invested capital (ROIC) after tax	%	-0.7	11.0	10.4	6.6	17.7
Earnings per share (EPS)	DKK	-2.3	30.8	24.4	13.2	25.9
Return on equity	%	-1.3	17.1	15.3	8.9	18.5
Equity ratio	%	40.1	41.3	44.1	43.9	50.0
Book value per share at year end	DKK	173	190	170	150	149
Market price at year end	DKK	306	515	630	690	712
Price/book value		1.8	2.7	3.7	4.6	4.8
Price earnings (PE)	DKK	-133.6	16.7	25.8	52.2	27.5
Price cash flow (PCF)	DKK	21.8	107.1	30.3	22.8	30.7
Proposed dividend per DKK 20 share	DKK	0.00	10.75	9.75	5.00	10.50
Dividend yield	%	0.0	2.1	1.5	0.7	1.5
Payout ratio	%	0	35	40	38	41

Mission

Innovation and value-adding partnerships are fundamental values of Gabriel’s mission statement.

Gabriel is a niche company which, in the entire value chain from concept to furniture user, develops, manufactures and sells upholstery fabrics, components, upholstered surfaces and related products and services. Gabriel develops its services to be used in fields of application where product features, design and logistics have to meet invariable requirements, and where quality and environmental management must be documented.

Vision

Gabriel Holding A/S

Gabriel is to be the preferred development partner and supplier to selected leading international manufacturers and major users of upholstered furniture, seats and upholstered surfaces.

Gabriel will achieve Blue Ocean status through an innovative business concept, patents, licences, exclusivity agreements or similar rights.

Gabriel will have the status of an attractive workplace and partner company for competent employees and companies.