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 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.

Gabriel Group 2023

Gabriel Group 2023