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Financial information
In 2011 Georg Jensn continued the trend of profitable growth established in 2010 and thus achieved a positive financial result for the second year in a row.
Net revenue increased by 8% compared to 2010 and ended at DKK 914 million. EBITDA was DKK 65 million and net profit was DKK 6 million. The growth was mainly attributable to Asia (ex. Japan and Australia) growing 24% and the UK and the US growing 21%.
This positive sales development was achieved in a highly unstable and uncertain macroeconomic environment. In the first half of 2011 the global luxury markets saw a recovery following the recession in the previous years, however, the second half of 2011 was once again negatively impacted by rising uncertainties, fiscal deficits in mature economies, rising inflation in high growth economies and record high commodity price.
Key figures
Net revenue (DKK)
Net revenue increased by 8% to DKK 914 million.
Region (DKK)
Asia Pacific accounts for 42% of sales an increase of 2%-point compared to 2010.
Product Category (DKK)
Largest product category is Jewellery accounting for 50% of sales. Watches grew 27% compared to 2010 and now accounts for 10% of sales.
Sales Channel (DKK)
Retail is largest sales channel constituting 57% of sales. Largest growth rates per channel was E-commerce with 65% growth compared to 2010.
Georg Jensen is on track on the transformational journey and achieved in 2011 a positive net result for the second year in a row.
Net Revenue grew with 8% to DKK 914 million.
Growth was driven by Asia, UK and US. Travel Retail and B2B within the Scandinavian markets contributed to the growth as well.
Gross profit improved by 1%-point to 62.6%
Improved margins for Silverware, Jewellery, Watches and Seasonal through reenginering and improved price points as well as new product launches. Partly diluted by rapidly increased metal prices for mainly Jewellery and Silverware.
EBITDA (DKK)
EBITDA of DKK 65 million compared to DKK 83 million in 2010. Repositioning brand, upgrading of the organisation and difficult macro environment for three markets impacted EBITDA.
Cash flow (DKK)
Cash flow at DKK -66 million due to investments in new shops and refits as well of tie up of working capital in inventories and receivables
New interest-bearing debt (DKK)
Cash flow at DKK -66 million has increased the interest-bearing debt to DKK 216 million
Equity (DKK)
Equity slightly improved to 330 million due to net profit for the year, capital increase partly diluted by fair value of financial and exchange adjustments.
EBITDA of DKK 65 million a decline of DKK 18 million
Investment in the repositioning of the Georg Jensen brand and upgrade of the organisation for future growth impacted EBITDA compared to last year. Difficult macroeconomic environment for Australia, Japan and Danish wholesale impacted the balance between net sales and the cost base.
Cash flow at DKK -66 million leading to net interest-bearing debt at DKK 216 million
Impacted by lower EBITDA level, investment in new shops and refits, higher degree of inventory levels from 2011 launch of gold jewellery concepts and increased receivables from wholesale.
Equity at DKK 330 million compared to DKK 326 million in 2010
Positive impact from net profit and capital increase partly offset by fair value and exchange adjustments
Georg Jensen expects to improve all key figures mentioned above in 2012..
Scandinavian Luxury Lifestyle
Georg Jensen represents quality craftsmanship and timeless aesthetic design, from hollowware to watches, jewellery and home products.
