Selected financial ratios
Revenue increased to DKK 1,065 million (DKK 809.7 million)
EBITDA margin was 10.1% (11.9%)
Operating profit (EBIT) was DKK 64.9 million (DKK 58.6 million)
EBIT margin was 6.1% (7.2%)
Profit before tax was DKK 80.6 million (DKK 58.8 million)
Profit after tax was DKK 58.2 million (DKK 46.2 million)
Return on invested capital (ROIC) before tax was 15.3% (13.3%)
Earnings per share (EPS) increased to DKK 30.8 (DKK 24.4)
Cash flow from operating activities in the period was DKK 9.1 million (DKK 39.4 million)
The Board of Directors proposes a dividend of DKK 10.75 per DKK 20 share, equivalent to a payout ratio of 35%
Revenue of DKK 1,065 million (DKK 809.7 million) was realised in the 2021/22 financial year, equivalent to 32% growth, and with exports contributing 83% (85%). The realised revenue is the highest in the Group’s history and a record for the eighth consecutive year. This development in revenue has generally exceeded management’s expectations and is a result of growth rates of 32%, 37%, 46% and 12% respectively in the four quarters of the year.
In the annual report covering the 2020/21 financial year, management stated that it expected revenue of the order of DKK 890-930 million for the 2021/22 financial year. This original expectation was upwardly adjusted in step with higher than expected realised revenue. The realised development in revenue is a result of growth in all business units.
Earnings before depreciation, amortisation and impairment losses (EBITDA) increased to DKK 107.5 million (DKK 96.5 million), an increase of 11%.
Operating profit (EBIT) was DKK 64.9 million (DKK 58.6 million) and profit before tax was DKK 80.6 million (DKK 58.8 million). The EBIT margin was 6.1% (7.2%).
Operating profit (EBIT) for the year thus increased by 11%, while profit for the year before tax increased by 37%.
In the annual report for the 2020/21 financial year, management stated that it expected profit before tax of DKK 64-67 million. This expectation was adjusted during the year in step with higher than expected revenue and amounted to around DKK 73 million in the Q3 report. However, the preliminary results after the fourth quarter were below this expectation, which was consequently adjusted on 28 October 2022 to EBIT of the order of DKK 65 million.
The operating profit for the full financial year is negatively affected by increases in the costs of raw materials, components, carriage and energy which have not been fully compensated through adjustments to the Group’s selling prices. Shifts in the Group’s product mix and adjustment costs incurred must be added to this.
Expectations for the future
Management believes that revenue and profit in the coming 2022/23 financial year will continue to be challenged by the international political situation, energy supply and inflation and the resulting market and logistics challenges and uncertainties.
On this basis, management expects revenue of the order of DKK 1,000-1,100 million and operating profit (EBIT) of the order of DKK 50-60 million. Management notes that a higher than normal level of uncertainty, resulting from geopolitical challenges, surrounds the expectations for the year.
The Board of Directors recommends the following to the general meeting of Gabriel Holding A/S, to be held on 15 December 2022:
Approval of the annual report for 2021/22
Submission of the remuneration report for a consultative vote
Distribution of a dividend of DKK 10.75 per DKK 20 share
Approval of the remuneration of the Board of Directors for the current financial year
Re-appointment of Jørgen Kjær Jacobsen, Hans O. Damgaard and Søren B. Lauritsen and election of Randi Toftlund Pedersen and Søren Mygind Eskildsen as new board members appointed by the general meeting.
Re-appointment of KPMG Statsautoriseret Revisionspartnerselskab as auditors.
The official annual report is published on the company’s website and the printed version of the report will be available by 1 December 2022 at the company’s office.