PAGE 4 Jesper Lund, President and CEO Jacob Brunsborg, Chairman of the Board
FY21 AT A GLANCE RECORD RESULTS DESPITE CHALLENGES Welcome to the first ever annual report for Lars Larsen Group. On 1 February 2020, Lars Larsen Group saw the light of day; not as a legal group but defined as all the companies and activities owned by the Brunsborg family, descendants of JYSK founder Lars Larsen. The activities within the Group are all operated in accordance with the family’s fundamental values of Tradesmanship, Respon- sibility and Growth. In this publication, we have therefore taken these three fundamental values as our starting point. Total investments in operations amounted to around DKK 2,500 million, and in addition new companies have been acquired, e.g. SOFACOMPANY as well as new investments such as Private Equity including development of Power-to-X technology. The family’s values are the core of how we conduct our business. We strive to act with integrity and maintain our reputation as a responsible corporate member of global society, contributing to the communities and people we work with while providing great offers to our customers all over the world. The consequences of COVID-19 have been experienced world- wide with a great impact on the economy due to Governmental restrictions, temporarily lockdown of institutions, businesses, and activities. It has been a volatile period where three things have been fun- damentally important to our mindset – focus on our values, con- tinuous agility, and long-term value creation. A clear tailwind has been blowing in most of our sectors including investments. This, together with the strong business models and not least an extraordinary effort from all our colleagues, means that the Group has not been severely impacted by the effects of COVID-19 in the financial year. In Lars Larsen Group, the number of jobs has increased by 2,000 reaching 37,000 in 2020/21, which supports our core family value of Growth. The result and growth were achieved through the great efforts of every one of our colleagues in the Group. This year, it has been an extraordinary achievement due to the pandemic. Thank you to everyone for their great efforts. Together, we look forward to continuing the positive development of Lars Larsen Group! For the second successive year, the financial result was record high. Revenue for 2020/21 grew by almost 10% compared to previous year reaching DKK 39,090 million. Divided into the Business Areas, revenue in JYSK increased by 7% and Lars Larsen Group Companies by 24%. In 2020/21, profit before tax increased by 55% to DKK 6,450 million. The substantial increase in profit before tax can be attributed to all three Business Areas, where profit in JYSK has increased from DKK 3,648 million to DKK 4,493 million, Group Companies from DKK 64 million to DKK 393 million and Investments from DKK 449 million to DKK 1,564 million. Jacob Brunsborg Chairman of the Board, Lars Larsen Group Jesper Lund President and CEO, Lars Larsen Group Tax on profit for the year 2020/21 is DKK 1,308 million, which is equivalent to a tax rate of 20.3% against 22.8% last year. LARS LARSEN GROUP | ANNUAL REPORT 2020/21 | PAGE 5