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From the left: Jacob Brunsborg, Chairman of the Board. Jesper Lund, President and CEO. PAGE 4
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FY23 at a glance Delivering long-term growth and value Welcome to our annual report for Lars Larsen Group for the financial year 2022/23. In the last year, global volatility and uncertainty continued to affect us all. Deglobalisation grew, the need for the world to reduce our carbon footprint became even more urgent and the pressure on societies to be able to provide for a changing demographic increased. The list of challenges is long. But so is the number of opportunities to make a real difference. In Lars Larsen Group we want to do so by delivering long-term growth and value to the global society while providing great offers to our customers around the world, in line with our owner family’s overall strategy. In the financial year 2022/23, the group again delivered growth. The revenue grew 3% to DKK 45,359 million compared to DKK 44,017 million in the financial year 2021/22 (FY22). The revenue in the business area Lars Larsen Group Retail was DKK 41,983 million and in Lars Larsen Group Investments was DKK 3,376 million. agreement, we aim to keep global warming to 1.5 degrees. Furthermore, we are committed to reducing our direct and indirect CO2e emissions (scopes 1 and 2) by 50% by 2030. We are currently calculating our full CO2e baseline for scopes 1,2, and 3 across our business. Lars Larsen Group also continued to donate to humanitarian relief around the world in 2022/23. We donated DKK 2 million to UNICEF and The Red Cross and we continue to support humanitarian work and local initiatives in Ukraine to rebuild the country. In total, we have donated more than DKK 15 million. Finally, the new financial year will mark a change for Lars Larsen Group. In the beginning of 2024, we will move to our new head office in Silkeborg. We wish to thank all our colleagues for their hard work and great effort to deliver a strong result for Lars Larsen Group and for their continued commitment to our values. Our operating profit for 2022/23 was DKK 4,224 million compared to DKK 4,642 million in FY22. After goodwill amortisation and financial items, the profit before tax for 2022/23 was DKK 3,441 million compared to DKK 4,307 million the year before. Tax on profit for FY23 was DKK 741 million compared to DKK 830 million the year before. This is equivalent to a tax rate of 21.4% against 20.5% for FY22. Our Global Tax Footprint showing our total tax contribution for the financial year 2022/23 amounted to DKK 8,805 million compared to DKK 9,234 million in FY22. Jacob Brunsborg Chairman of the Board We have continued to invest in long-term growth in FY23 where the total investment in operations amounted to around DKK 2,900 million which is compared to annual depreciations of around DKK 1,400 million. Jesper Lund President and CEO The financial year 2022/23 was a transition period for our new business structure with the two business areas Lars Larsen Group Retail and Lars Larsen Group Investment. Lars Larsen Group Retail is now led by former President and CEO of JYSK, Jan Bøgh and the work to create strong synergies across the whole group and a unified strategic approach to our retail activities is well under way. Decarbonisation and investments in green initiatives is important to Lars Larsen Group and we want to do our part to limit global warming. To mention one of many initiatives, Lars Larsen Group along with subsidiaries JYSK, Actona Group, Bolia, ILVA, SOFACOMPANY, and ScanCom International have all committed to the internationally acclaimed Science Based Targets initiative (SBTi). In line with the Paris LARS LARSEN GROUP | ANNUAL REPORT 2022/23 | PAGE 5
