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Björn Borg
Earnings Release • Feb 21, 2025
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Earnings Release
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Björn Borg AB ¸ Year-end report JanuaryDecember 2024
Another sales record!
OCTOBER 1 DECEMBER 31, 2024
- ¸ Group net sales amounted to SEK 234.6 million (197.6), an increase of 18.7 percent. Currency-neutral, Group net sales increased by 18.6 percent.
- ¸ Net sales for own e-commerce increased by 10.3 percent to SEK 50.2 million (45.5), while sales for own e-commerce and e-tailers amounted to SEK 104.7 million (92.8), an increase of 12.9 percent.
- ¸ The gross proĥ t margin was 53.3 percent (56.8). Currency-neutral, the gross proĥ t margin was 53.5 percent, a decrease of 3.3 percentage points.
- ¸ Operating proĥ t amounted to SEK 16.8 million (20.2), a decrease of 16.7 percent. Currency-neutral, operating proĥ t amounted to SEK 17.2 million, a decrease of 14.8 percent.
- ¸ Proĥ t after tax amounted to SEK 10.0 million (15.0), a decrease of 33.3 percent.
- ¸ Earnings per share before and after dilution amounted to SEK 0.40 (0.59).
JANUARY 1 DECEMBER 31, 2024
- ¸ Group net sales amounted to SEK 989.7 million (872.3), an increase of 13.5 percent. Currency-neutral, Group net sales increased by 13.8 percent.
- ¸ Net sales for own e-commerce increased by 17.6 percent to SEK 181.0 million (154.0), while sales for own e-commerce and e-tailers amounted to SEK 419.5 million (358.2), an increase of 17.1 percent.
- ¸ The gross proĥ t margin was 52.6 percent (54.0). Currency-neutral, the gross proĥ t margin was 52.5 percent, a decrease of 1.5 percentage points.
- ¸ Operating proĥ t amounted to SEK 101.8 million (100.6), an increase of 1.3 percent. Currency-neutral, operating proĥ t amounted to SEK 94.5 million, a decrease of 6.0 percent.
- ¸ Proĥ t after tax amounted to SEK 72.7 million (76.0), a decrease of 4.4 percent.
- ¸ Earnings per share before and after dilution amounted to SEK 2.89 (3.02).
- ¸ The Board of Directors has decided to propose to the 2024 Annual General Meeting a dividend of SEK 3.00 (3.00), divided into two payments, corresponding to a total of SEK 75.4 million (75.4). The Board of Directors has also decided to propose to the Annual General Meeting that the meeting authorizes the Board to repurchase the company's own shares.
QUOTE FROM THE CEO
"Our growth during the quarter was driven by all product areas, with particularly strong development in our two strategic focus areas: namely, Footwear, up by +57 percent and Sports Apparel, up by +44 percent," comments CEO Henrik Bunge.
| SEK million | Oct-Dec 2024 |
Oct-Dec 2023 |
Full year 2024 |
Full year 2023 |
|---|---|---|---|---|
| Net sales | 234.6 | 197.6 | 989.7 | 872.3 |
| Gross proĥ t margin, % | 53.3 | 56.8 | 52.6 | 54.0 |
| Operating proĥ t | 16.8 | 20.2 | 101.8 | 100.6 |
| Operating margin, % | 7.2 | 10.2 | 10.3 | 11.5 |
| Proĥ t after tax | 10.0 | 15.0 | 72.7 | 76.0 |
| Earnings per share before dilution, SEK | 0.40 | 0.59 | 2.89 | 3.02 |
| Earnings per share after dilution, SEK | 0.40 | 0.59 | 2.89 | 3.02 |
CEO Comments
The fourth quarter of the year showed very positive sales growth with an increase of +18.7 percent to SEK 234.6 million which contributed to full-year growth of +13.6 percent to SEK 990 million. Operating proĥ t in the fourth quarter decreased to SEK 16.8 million (20.2) but increased by +1.3 percent to SEK 102 million for the full year. The weaker operating proĥ t in the fourth quarter was entirely due to one-oĤ costs for the full integration of the Footwear business and increased investments in marketing, both of which are aimed at ensuring future growth.
Our growth during the fourth quarter was driven by all major product areas, with particularly strong development in our strategic focus areas, Footwear, up by +57 percent, and Sports Apparel, up by +44 percent. These categories represent the areas where we see the most signiĥ cant growth opportunities. Our largest category, Underwear, also developed strongly with an increase of +14 percent, as did the product area Bags, which grew by +30 percent.
We saw particularly strong growth in our largest market, Sweden, which was up +43 percent, and in our strategic focus market, Germany, up by +13 percent. The other larger markets, Finland and the Netherlands, grew more modestly by +5 percent and +2 percent respectively. Of the smaller markets, Denmark developed well with a +10 percent increase, and Norway increased by +51 percent, while Belgium and the UK posted modest decreases of –4 percent and –2 percent, respectively. We are particularly proud that we managed to open a shop-in-shop in The
Alsterhaus, a prestigious department store in the city center of Hamburg, as a milestone for increasing our brand visibility and supporting growth in our strategic focus market.
From a sales channel perspective, our largest channel, wholesale, experienced a very strong fourth quarter growing by +28 percent. Our own e-commerce also continued to develop well with growth of +10 percent. Our own retail store channel saw a small decrease of –2 percent primarily due to planned store closures, while comparable sales grew by +5 percent. Finally, the recovery of our distributors continued in the fourth quarter with growth of +13 percent.
Our overriding objective remains generating proĥ table growth. Throughout the year, we have therefore focused even more on our strategic growth areas, namely Sports Apparel, Footwear, our Own e-commerce, and the German market. All of these areas delivered particularly impressive growth in the fourth quarter proving our ability to execute the deĥ ned strategies while at the same time living up to our sustainability commitments.
Finally, we were particularly satisĥ ed with the results of this year's employee engagement survey – a prerequisite for continued proĥ table growth – where we achieved a very high score which supports our conĥ dence in our future development based on a workplace where our employees thrive and want to develop with us.
So, let's go!
Head coach, Henrik Bunge
The Group's development
OPERATING REVENUE 2024
The fourth quarter of the year showed an improvement in the total operating revenue, including other revenues, of 18.5 percent to SEK 241.5 million (203.7). Adjusted for currency e Ĥ ects, operating revenue showed an increase of 18.3 percent for the quarter.
For the full year, 2024, the total operating revenue increased by 13.6 percent, to SEK 1,012.9 million (891.8). Currency-neutral, the increase was 13.8 percent.
PRODUCT AREAS 2024
The product area Underwear showed an increase in sales of 14 percent for the fourth quarter of 2024. Sales of Underwear through own e-commerce continued to grow strongly with an increase of 13 percent. In the wholesale operations, Underwear increased by 18 percent in the quarter, while in own stores it decreased by 6 percent, mainly as a result of fewer stores compared to the fourth quarter of last year. Sales to external distributors showed a continued recovery and grew in the product area Underwear by 15 percent.
During the full year, 2024, Underwear grew by 6 percent overall, with own e-commerce accounting for the largest increase of 14 percent.
Sports Apparel continued to show strong development and increased by 44 percent during the fourth quarter of the year, with sales in the wholesale business, in particular, continuing to grow strongly with an increase of 101 percent. Own e-commerce also continued to grow and increased by 16 percent. Sales to external distributors picked up
strongly in the Sports Apparel product area and grew by 14 percent, while own stores increased by 7 percent.
For the full year, 2024, Sports Apparel grew by 32 percent overall, with wholesale operations showing growth of 51 percent and own e-commerce 23 percent.
Footwear sales grew according to plan following the previously reported takeover of distribution from a third party that went bankrupt. Growth during the fourth quarter of 2024 was 57 percent compared to the fourth quarter of the previous year, of which Footwear sales in the company's own e-commerce grew by 94 percent. Overall, this meant that the product area Footwear grew by 36 percent during the full year, 2024, compared to the previous year.
The product area Bags delivered a higher level of sales and grew overall by 30 percent during the fourth quarter. The growth was primarily in the wholesale business with an increase of 39 percent. For the full year, 2024, the product category Bags showed growth of 6 percent.
Other product areas, such as Swimwear and Socks, temporarily showed a 20 percent decrease in the quarter, as well as an overall decrease for the full year, 2024, of 2 percent.
MARKETS 2024
The largest market, Sweden, recovered as planned and increased by 43 percent in the quarter compared to the fourth quarter of the previous year. This was primarily due to the wholesale business which contributed to the growth and increased by 60 percent. For the full year, 2024, Sweden showed growth of 15 percent. The second largest market, the Netherlands, increased by 2 percent in the fourth quarter and by 11 percent for the full year,
- In this market, Footwear accounted for a large part of the growth. Germany showed an increase of 13 percent compared to the fourth quarter of last year and 21 percent for the full year, due to strong through-sales at the larger retailers. Finland increased by 5 percent in the quarter, with Underwear in particular showing strong growth. Denmark increased by 10 percent in the quarter, while Belgium was down by 4 percent. Other smaller markets increased by 24 percent compared to the fourth quarter of the previous year.
SALES CHANNELS 2024
The largest channel, the wholesale business, showed an increase of 28 percent in the fourth quarter of 2024, with e-tailers in wholesale increasing by 15 percent, mainly due to strong development in the German and Dutch markets. The other part of wholesale increased by 36 percent in the quarter. For the full year, 2024, wholesale operations increased by 16 percent. Own stores decreased by 2 percent in the quarter but grew by 2 percent for the full year. A signiĥ cant part of the increase for the full year consisted of late contributions from the Dutch state in the form of Covid contributions. In total, these contributions amounted to SEK 6 million. For comparable stores, i.e. stores that were open during both comparison quarters and adjusted for government subsidies, sales increased by 5 percent compared to the fourth quarter of the previous year, and grew by 3 percent for the full year, 2024. Own e-commerce continued to show strong growth and was up by 10 percent in the fourth quarter and by 18 percent for the full year, 2024. External distributors continued their recovery in the fourth quarter and grew by 13 percent thereby achieving growth of 10 percent for the full year.
NET SALES
Fourth quarter, October-December 2024
Group net sales during the fourth quarter amounted to SEK 234.6 million (197.6), an increase of 18.7 percent. The currency eĤ ect on sales in the quarter was positive, and adjusted for currency eĤ ects, net sales increased by 18.6 percent.
The main explanation for the increase between the quarters was due to the Sports Apparel product area, which showed continued strong growth and increased by 44 percent. A further explanation was the distribution of Footwear in what were new markets for the company. For further details, see below under "Development by segment".
Full year, January-December 2024
Group net sales for the full year, 2024, amounted to SEK 989.7 million (872.3), an increase of 13.5 percent. Currency had a positive impact on sales during the year and adjusted for currency eĤ ects, sales increased by 13.8 percent.
The main reasons for the increase for the full year, 2024, were the distribution of Footwear in what were new markets for the company, and Sports Apparel which continued to show strong growth with an increase of 32 percent. For further details, see below under "Development by segment".
RESULTAT
Fourth quarter, October-December 2024
The gross proĥ t margin for the fourth quarter decreased to 53.3 percent (56.8). Adjusted for currency eĤ ects, the gross proĥ t margin would have been 53.5 percent. The decrease was primarily due to the distribution of Footwear in what were new markets for the company which had temporary, lower gross proĥ t margins. However, a greater focus on proĥ tability generally in the wholesale business together with reduced discounts in direct-to-consumer sales led to the opposite positive eĤ ect.
Other operating income amounted to SEK 6.8 million (6.1) and mainly referred to unrealized proĥ ts on accounts receivable and accounts payable in foreign currency.
Operating costs in the quarter increased by SEK 16.8 million as planned compared to the fourth quarter of the previous year, primarily due to increased investments in marketing.
Increased sales with a lower gross proĥ t margin together with increased operating expenses resulted in operating proĥ t decreasing to SEK 16.8 million (20.2).
Net ĥ nancial items amounted to SEK –6.5 million (0.9). The change in net ĥ nancial items compared to the previous year was primarily attributable to the revaluation of ĥ nancial assets and liabilities in foreign currency.
Proĥ t for the period after tax decreased to SEK 10.0 million (15.0).
Full year, January-December 2024
The gross proĥ t margin for the full year, 2024, fell to 52.6 percent (54.0). Adjusted for currency eĤ ects, the gross proĥ t margin would have been 52.5 percent. The decrease was primarily due to increased short-term discounts for Footwear, which in turn was linked to the takeover of the Footwear business from a former third party that went bankrupt. However, a greater focus on proĥ tability generally in the wholesale business together with reduced discounts in direct-to-consumer sales led to the opposite positive eĤ ect.
Other operating income amounted to SEK 23.2 million (19.5) and mainly referred to unrealized gains on accounts receivable in foreign currency and government Covid grants from the Netherlands.
Operating costs increased as planned by SEK 51.9 million compared to the previous year, primarily through increased investments in marketing.
Increased sales with lower gross proĥ t margins and higher operating costs meant that operating proĥ t increased to SEK 101.8 million (100.6).
Net ĥ nancial items amounted to SEK –11.4 million (–2.9). The change in net ĥ nancial items compared to the previous year was primarily attributable to the revaluation of ĥ nancial assets and liabilities in foreign currency.
Proĥ t for the period after tax decreased to SEK 72.7 million (76.0).
Development by segment
Björn Borg's segment reporting consists of the company's main revenue streams which are divided into Wholesale, Own e-commerce, Own stores, Distributors and Licensing, which is also how the operations are followed up internally in the Group.
Wholesale business
The segment's external operating income for the full year, 2024, amounted to SEK 671.5 million (577.5), which was an increase of 16 percent. One explanation for the increase was the distribution of Footwear in what were new markets for the company, and that Sports Apparel continued to show strong growth with an increase of 51 percent. Furthermore, the company saw an increase in demand from e-tailers in the segment – players who primarily sell online, where growth for the full year was 17 percent and amounted to SEK 238 million (204). Physical stores in the segment grew by 16 percent and amounted to SEK 433 million (373). Within the wholesale business, the largest market, Sweden, showed an overall increase in sales of 17 percent compared to the previous year. Sales in the second largest market, the Netherlands, increased within the segment by 13 percent since the distribution of Footwear now constitutes a signiĥ cant part of the business. The Finnish market increased by 4 percent while Germany increased by 20 percent due to strong through-sales at the larger retailers.
The operating proĥ t amounted to SEK 54.4 million (60.8). It was, above all, the higher, planned operational costs in connection with the takeover of Footwear distribution that caused the operating proĥ t to decrease by 11 percent.
Egen e-handel
Own e-commerce continued to grow strongly. For the full year, 2024, own e-commerce increased by 18 percent to SEK 181.0 million (154.0). The increase was mainly due to the strong growth in the Sports Apparel product area, which increased by 23 percent compared to the previous year. The Underwear product area also increased strongly and grew by 14 percent. Footwear continued to show strong momentum and grew by 91 percent while bags increased by 48 percent.
The operating proĥ t for the year, 2024, amounted to SEK 32.9 million (28.8), an increase of 14 percent. The improvement was primarily due to increased sales with maintained margins.
| Operating income, SEK thousands January-December |
Operating proĥ t, SEK thousands January-December |
Operating margin,% January-December |
|||||
|---|---|---|---|---|---|---|---|
| Segment | Revenue type | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Wholesale | Products | 671,547 | 577,469 | 54,399 | 60,818 | 8 | 11 |
| Own e-commerce | Products | 181,017 | 153,975 | 32,871 | 28,809 | 18 | 19 |
| Own stores | Products | 107,128 | 104,713 | 2,662 | –7,009 | 2 | –7 |
| Distributors | Products | 50,967 | 46,512 | 9,980 | 9,848 | 20 | 21 |
| Licensing | Royalties | 2,230 | 9,122 | 1,933 | 8,084 | 98 | 89 |
| Total | 1,012,889 | 891,791 | 101,845 | 100,550 | 10 | 11 |
Own stores
Own physical stores showed a total growth of 2 percent for the full year, 2024, which amounted to SEK 107.1 million (104.7), despite the company choosing to close two stores in accordance with the company's strategy to close unproĥ table stores. However, a signiĥ cant part of the increase consisted of late contributions from the Dutch state in the form of Covid grants. In total, these contributions amounted to SEK 6 million for the full year, 2024. For comparable stores, i.e. stores that were open during both comparison quarters, and adjusted for government contributions, sales increased by 2 percent for the full year, 2024.
In the Netherlands, sales in own stores increased by 15 percent including the grants, and by 1 percent excluding the grants. In Sweden, sales in own stores decreased by 7 percent due to the closure of unproĥ table stores. For comparable stores in Sweden, sales increased by 7 percent. Sales in Finland were on par with the previous year both in total and for comparable stores, while Belgium decreased by 17 percent in total but increased by 2 percent in comparable stores.
The operating proĥ t for the full year, 2024, amounted to SEK 2.7 million (–7.0). The improvement in operating proĥ t was primarily explained by improved margins and reduced operational costs due to fewer stores, as well as the above-mentioned government Covid grants.
Distributors
The segment's external operating income increased by 10 percent for the full year, 2024, compared to 2023 and amounted to SEK 51.0 million (46.5). Sales to the largest distributor market, Norway, increased by 24 percent while sales to the UK and other smaller distributors were down by a combined 18 percent compared to the previous year, mainly due to large inventories and thus lower purchases in the respective markets.
The operating proĥ t increased slightly to SEK 10.0 million (9.8) as a result of increased revenues and maintained gross proĥ t margins.
Licensing
The segment's external operating income decreased during the full year, 2024, compared to 2023 and amounted to SEK 2.2 million (9.1). This was due to the company taking over the distribution of Footwear which previously accounted for a signiĥ cant part of the income for the segment.
Operating proĥ t amounted to SEK 1.9 million (8.1) for 2024.
Intra-Group sales
Intra-Group sales for 2024 amounted to SEK 682.3 million (597.5).
SEASONAL VARIATIONS
The Björn Borg Group operates in an industry with seasonal variations. The diĤ erent quarters vary in terms of sales and proĥ ts. See the diagram with 'Net sales and operating proĥ t per quarter' on page 5.
INVESTMENTS AND CASH FLOW
The cash Ħ ow from the operating activities in the Group amounted to SEK 76.0 million (121.3) for the full year, 2024. The decrease, compared to the previous year, was primarily due to a higher capital commitment resulting from the integration of the Footwear business.
The cash Ħ ow from investment activities was negative at SEK –14.3 million (–11.1). The major investments related mainly to the re-modelling of the oħ ce in the Netherlands. Cash Ħ ow from ĥ nancing activities amounted to SEK –77.9 million (–101.6). The improvement, compared to the previous year, was due to a higher utilization of overdraft facilities and lower loan repayments.
FINANCIAL POSITION AND LIQUIDITY
At the end the period, the Björn Borg Group's cash and cash equivalents amounted to SEK 8.8 million (26.6), plus unused bank facilities of SEK 182.7 million (150.0). At the end of the fourth quarter of the year, the company had a net debt, excluding leasing liabilities, of SEK 8.5 million, compared with net cash of SEK 26.6 million the previous year. Total interest-bearing liabilities amounted to SEK 58.9 million (42.8), with total leasing liabilities amounting to SEK 41.7 million (42.9), of which SEK 22.6 million was the long-term share and SEK 19.1 million was the short-term share.
As of December 31, 2024, the Björn Borg Group had SEK 200 million in bank facilities, of which SEK 17.3 million was utilized. The fair value of ĥ nancial instruments corresponded in all material respects to the book value.
COMMITMENTS AND CONTINGENT LIABILITIES
As a commitment to the overdraft facility, the company has undertaken to ensure that the ratio of the Group's net debt and its 12-month rolling operating proĥ t before depreciation, as of the last day of each quarter, does not exceed 3.00. Furthermore, the Group should, at all times, maintain an equity ratio of at least 35 percent.
As of December 31, 2024, the ratio was 0.08 (+0.24) and the equity ratio was 49.7 percent (55.6).
There have been no signiĥ cant changes in collateral and contingent liabilities compared to December 31, 2023.
PERSONNEL
The average number of employees in the Group for the twelve-month period which ended on December 31, 2024, was 152 (151), of which 67 percent (69) were women.
TRANSACTIONS WITH RELATED PARTIES
In addition to the customary remuneration (salary, fees and other beneĥ ts) to the CEO, the senior executives and the Board of Directors, as well as intra-Group sales, no transactions with related parties were carried out during the period.
SIGNIFICANT RISKS AND UNCERTAINTIES
Through its operations, the Björn Borg Group is exposed to risks and uncertainties. Information about the Group's risks and uncertainties is provided on page 60 of the 2023 Annual Report.
The company notes, however, that the geopolitical situation in the world remains challenging. It is currently diħ cult to determine how these challenges will aĤ ect the Björn Borg Group's operations ĥ nancially, but the fact that the company does not do business in either Russia, Ukraine or Israel minimizes any risks which might impact the business, although consumers' declining conĥ dence in the future may have an indirect, negative eĤ ect.
Furthermore, the company also notes that interest rates in the markets where the Björn Borg Group operates continue to be at high levels. Taken together, these macroeconomic eĤ ects may have an additional impact on consumer purchasing behavior.
PARENT COMPANY
Björn Borg AB (publ) mainly conducts intra-Group operations. As of December 31, 2024, the company owned 100 percent of the shares in Björn Borg Brands AB, Björn Borg Footwear AB, Björn Borg Inc, Björn Borg Ltd, Baseline BV, Belgian Brand Management BVBA, Björn Borg Finland Oy and Björn Borg Denmark ApS. The company also owned 75 percent of the shares in Bjorn Borg (China) Ltd.
The parent company's net sales for the full year, 2024, amounted to SEK 106.1 million (101.2).
Proĥ t before tax amounted to SEK 71.7 million (84.9). Cash and cash equivalents at the end of the period amounted to SEK 0 million (18.4).
EVENTS AFTER THE END OF THE REPORTING PERIOD
There have been no signiĥ cant events to report since the end of the reporting period.
NUMBER OF SHARES
The number of shares in Björn Borg amounted to 25,148,384 shares (25,148,384), unchanged from the previous period.
FINANCIAL GOALS
Björn Borg's long-term ĥ nancial targets valid until further notice, are:
- ¸ Annual sales growth of at least 10 percent.
- ¸ An annual operating margin of at least 10 percent.
- ¸ An annual dividend of at least 50 percent of net proĥ t after tax.
- ¸ An equity ratio which should not fall below 35 percent.
Comments on the ĥ nancial targets: Sales growth is expected to come primarily from growth in Sports Apparel and the Footwear business, while other product groups are also expected to grow.
DIVIDEND
The Board of Directors has decided to propose to the 2024 Annual General Meeting that a dividend of SEK 3.00 (3.00) per share be paid for the ĥ nancial year, 2024, corresponding to 104 percent (99) of proĥ t after tax. The dividend will be divided into two payments of SEK 1.50 each, subject to approval by the Annual General Meeting, one to be paid out in May and one in November 2025. The Board of Directors' proposal corresponds to a transfer to the shareholders of SEK 75.4 million (75.4). The Board of Directors has also decided to propose to the Annual General Meeting that the meeting authorizes the Board of Directors to repurchase the company's own shares.
ANNUAL REPORT
The annual report for the 2024 ĥ nancial year will be available on the company's website no later than April 24, 2025.
ANNUAL GENERAL MEETING
The Annual General Meeting for the ĥ nancial year, 2024, will be held at 5:30 p.m. on May 15, 2025.
ACCOUNTING PRINCIPLES
This interim report in summary for the Group has been prepared in accordance with IAS 34 and applicable regulations in the . The interim report for the parent company has been prepared in accordance with 9 chapters, and RFR 2 . The accounting principles applied in the interim report are consistent with the accounting principles that were applied when preparing the Group and Annual Report for 2023 (see page 56 of the Annual Report for 2023). New and amended standards and new interpretations that apply from 1 January 2024 have not had any signiĥ cant impact on the Group's ĥ nancial reports. Changes in RFR 2 that apply from 1 January 2024 have not had any signiĥ cant impact on the parent company's ĥ nancial reports.
IMPORTANT JUDGMENTS AND ASSESSMENTS
When preparing an interim report, management is required to make assessments and estimates regarding assumptions that aĤ ect the application of the Group's (and the parent company's) accounting principles as well as reported amounts for assets, liabilities, revenues, and costs. The eĤ ects of the negative ĥ nancial impact of the current geopolitical situation in the world have been taken into account. The outcome of the aforementioned assessments has not had any signiĥ cant impact on the Group's ĥ nancial reports. Important assessments and estimates appear in the Annual Report for 2023. No signiĥ cant changes to assessments and estimates have taken place compared to the 2023 Annual Report.
AUDIT REPORT
This interim report has not been the subject of a general review by the company's auditors.
OUTLOOK 2025
The company's policy is not to provide forecasts.
Consolidated income statement
IN SUMMARY
| Oct-Dec | Oct-Dec | Full year | Full year | ||
|---|---|---|---|---|---|
| SEK thousands | Note | 2024 | 2023 | 2024 | 2023 |
| Net sales | 1 | 234,619 | 197,632 | 989,698 | 872,261 |
| Other operating revenue | 6,838 | 6,101 | 23,191 | 19,530 | |
| Operating revenue | 241,457 | 203,733 | 1,012,889 | 891,791 | |
| Goods for resale | –109,596 | –85,350 | –469,050 | –401,132 | |
| Other external expenses | 2 | –63,685 | –52,692 | –246,190 | –206,307 |
| Personnel costs | –40,478 | –33,726 | –148,986 | –135,029 | |
| Depreciation/amortization of tangible/intangible non-current assets | –7,845 | –8,104 | –32,133 | –33,015 | |
| Other operating expenses | –3,041 | –3,689 | –14,685 | –15,758 | |
| Operating proĥ t | 16,812 | 20,172 | 101,845 | 100,550 | |
| Net ĥ nancial items | –6,518 | 901 | –11,442 | –2,859 | |
| Proĥ t before tax | 10,294 | 21,073 | 90,403 | 97,691 | |
| Tax | –312 | –6,122 | –17,735 | –21,722 | |
| Proĥ t for the period | 9,982 | 14,951 | 72,668 | 75,969 | |
| Proĥ t for the period attributable to | |||||
| Parent Company shareholders | 9,982 | 14,951 | 72,668 | 75,969 | |
| Non-controlling interests | 0 | 0 | 0 | 0 | |
| 0.40 | 0.59 | 2.89 | 3.02 | ||
| Earnings per share before dilution, SEK | |||||
| Earnings per share after dilution, SEK | 0.40 | 0.59 | 2.89 | 3.02 | |
| Number of shares | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 |
Consolidated statement of comprehensive income IN SUMMARY
| Note SEK thousands |
Oct-Dec 2024 |
Oct-Dec 2023 |
Full year 2024 |
Full year 2023 |
|---|---|---|---|---|
| Proĥ t/loss for the period | 9,982 | 14,951 | 72,668 | 75,969 |
| OTHER COMPREHENSIVE INCOME Components that may be reclassiĥ ed to proĥ t or loss for the period |
||||
| Translation diĤ erence for the period | 1,975 | –4,319 | 4,175 | –567 |
| Total other comprehensive income for the period | 1,975 | –4,319 | 4,175 | –567 |
| Total comprehensive income for the period | 11,957 | 10,632 | 76,843 | 75,402 |
| Total comprehensive income attributable to | ||||
| Parent Company shareholders | 12,452 | 10,791 | 77,422 | 75,103 |
| Non-controlling interests | –495 | –159 | –579 | 299 |
Consolidated statement of ĥ nancial position
| IN SUMMARY | |
|---|---|
| ------------ | -- |
| Dec 31, | Dec 31, | |
|---|---|---|
| Note SEK thousands |
2024 | 2023 |
| Non-current assets | ||
| Goodwill | 37,203 | 36,422 |
| Trademarks | 187,532 | 187,532 |
| Other intangible assets | 6,487 | 6,401 |
| Tangible non-current assets | 21,035 | 17,663 |
| Deferred tax assets | 12,191 | 12,310 |
| Right-of-use assets | 42,220 | 43,942 |
| Total non-current assets | 306,668 | 304,270 |
| Current assets | ||
| Inventory | 259,487 | 184,361 |
| Accounts receivable | 111,398 | 99,379 |
| Other current receivables | 22,550 | 16,869 |
| Cash and cash equivalents | 8,771 | 26,646 |
| Total current assets | 402,206 | 327,255 |
| Total assets | 708,874 | 631,525 |
| Equity and liabilities | ||
| Equity | 352,478 | 350,817 |
| Deferred tax liabilities | 39,454 | 39,701 |
| Long-term lease liabilities | 22,591 | 25,470 |
| Current liability to credit institution | 17,281 | – |
| Accounts payable | 188,961 | 135,792 |
| Short-term lease liabilities | 19,071 | 17,379 |
| Other current liabilities | 69,038 | 62,366 |
| Total equity and liabilities | 708,874 | 631,525 |
Consolidated statement of changes in equity
IN SUMMARY
| Possession | ||||
|---|---|---|---|---|
| Equity attributable to | without | |||
| the parent company's | controlling | Total | ||
| SEK thousands | Note | shareholders | inĦ uence | equity |
| Opening balance, January 1, 2023 | 331,411 | –6,602 | 324,809 | |
| Total comprehensive income for the period | 75,103 | 299 | 75,402 | |
| Distribution for 2022 | –50,297 | – | –50,297 | |
| Warrant premium | 903 | – | 903 | |
| Closing balance, December 31, 2023 | 357,120 | –6,303 | 350,817 | |
| Opening balance, January 1, 2024 | 357,120 | –6,303 | 350,817 | |
| Total comprehensive income for the period | 77,422 | –579 | 76,843 | |
| Distribution for 2023 | –75,445 | – | –75,445 | |
| Warrant premium | 264 | – | 264 | |
| Closing balance, December 31, 2024 | 359,361 | –6,882 | 352,478 |
Consolidated statement of cash Ħ ows
IN SUMMARY
| SEK thousands | Oct-Dec 2024 |
Oct-Dec 2023 |
Full year 2024 |
Full year 2023 |
|---|---|---|---|---|
| Cash Ħ ow from operating activities | ||||
| Before changes in working capital | 22,182 | 23,506 | 100,776 | 94,361 |
| Changes in working capital | 121,438 | 105,886 | –24,735 | 26,921 |
| Cash Ħ ow from operating activities | 143,620 | 129,392 | 76,041 | 121,282 |
| Investments in intangible non-current assets | –537 | –948 | –2,640 | –2,092 |
| Investments in tangible non-current assets | –1,867 | –1,973 | –11,410 | –9,049 |
| Cash Ħ ow from investing activities | –2,404 | –2,921 | –14,050 | –11,141 |
| Distribution | – | – | –75,445 | –50,297 |
| Warrant premium | – | – | 264 | 903 |
| Amortization of loans | – | – | – | –30,000 |
| Amortization of lease liabilities | –7,173 | –5,330 | –19,963 | –22,157 |
| Overdraft facility | –125,244 | –103,698 | 17,281 | – |
| Cash Ħ ow from ĥ nancing activities | –132,417 | –109,028 | –77,863 | –101,551 |
| Cash Ħ ow for the period | 8,799 | 17,443 | –15,872 | 8,590 |
| Cash and cash equivalents at the beginning of the period | 3,707 | 9,739 | 26,646 | 16,032 |
| Translation diĤ erence in cash and cash equivalents | –3,735 | –536 | –2,003 | 2,024 |
| Cash and cash equivalents at the end of the period | 8,771 | 26,646 | 8,771 | 26,646 |
Key ĥ gures
GROUP
| SEK thousands | Oct-Dec 2024 |
Oct-Dec 2023 |
Full year 2024 |
Full year 2023 |
|---|---|---|---|---|
| Gross proĥ t margin,% * | 53.3 | 56.8 | 52.6 | 54.0 |
| Operating margin,% * | 7.2 | 10.2 | 10.3 | 11.5 |
| Proĥ t margin,% * | 4.4 | 10.7 | 9.1 | 11.2 |
| Return on capital employed,% * | 23.6 | 25.2 | 23.6 | 25.2 |
| Return on average equity,% * | 19.7 | 22.5 | 19.7 | 22.5 |
| Proĥ t attributable to the Parent Company's shareholders | 9,982 | 14,951 | 72,668 | 75,969 |
| Equity/assets ratio,% * | 49.7 | 55.6 | 49.7 | 55.6 |
| Equity per share, SEK * | 14.02 | 13.95 | 14.02 | 13.95 |
| Investments in intangible non-current assets | 537 | 948 | 2,640 | 2,092 |
| Investments tangible non-current assets | 1,867 | 1,973 | 11,410 | 9,049 |
| Depreciation, amortization and impairment losses for the period | –7,845 | –8,104 | –32,133 | –33,015 |
| Average number of employees | 151 | 151 | 152 | 151 |
* The ĥ gure is an alternative performance measure (APM) and not (IFRS). It is described under deĥ nitions and explained on page 17.
Summary per segment
GROUP
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK thousands | 2024 | 2023 | 2024 | 2023 |
| Operating revenue | ||||
| Wholesale business | ||||
| External revenue | 148,852 | 116,403 | 671,547 | 577,469 |
| Internal revenue | 835 | 2,282 | 4,627 | 23,323 |
| 149,687 | 118,685 | 676,174 | 600,792 | |
| Own e-commerce | ||||
| External revenue | 50,184 | 45,510 | 181,017 | 153,975 |
| Internal revenue | – | 6 | 274 | 1,154 |
| 50,184 | 45,516 | 181,291 | 155,129 | |
| Own stores | ||||
| External revenue | 27,862 | 28,521 | 107,128 | 104,713 |
| Internal revenue | – | – | – | – |
| 27,862 | 28,521 | 107,128 | 104,713 | |
| Distributors | ||||
| External revenue | 14,208 | 12,604 | 50,967 | 46,512 |
| Internal revenue | 144,127 | 117,642 | 639,712 | 540,716 |
| 158,335 | 130,246 | 690,679 | 587,228 | |
| Licensing | ||||
| External revenue | 350 8,467 |
696 6,799 |
2,230 37,673 |
9,122 32,340 |
| Internal revenue | ||||
| 8,817 | 7,495 | 39,903 | 41,462 | |
| Less internal sales | –153,429 | –126,729 | –682,287 | –597,533 |
| Operating revenue | 241,455 | 203,733 | 1,012,889 | 891,791 |
| 6,837 | 6,100 | 23,191 | 19,530 | |
| Net sales | 234,619 | 197,629 | 989,698 | 872,257 |
| Goods for resale | ||||
| Wholesale business | –79,082 | –56,113 | –356,639 | –297,593 |
| Own e-commerce | –13,566 | –11,536 | –48,645 | –41,209 |
| Own stores | –8,738 | –10,432 | –33,675 | –35,455 |
| Distributors | –8,210 | –7,270 | –30,091 | –26,875 |
| Licensing | – | – | – | – |
| Goods for resale | –109,596 | –85,530 | –469,050 | –401,132 |
| Operating proĥ t | ||||
| Wholesale business | 1,958 | 6,040 | 54,399 | 60,818 |
| Own e-commerce | 10,080 | 11,762 | 32,871 | 28,809 |
| Own stores | 1,625 | –845 | 2,662 | –7,009 |
| Distributors | 2,839 | 2,530 | 9,980 | 9,848 |
| Licensing | 310 | 685 | 1,933 | 8,084 |
| Operating proĥ t | 16,812 | 20,172 | 101,845 | 100,550 |
| Interest income and similar credits | 129 | 2,564 | 460 | 3,264 |
| Interest expenses and similar charges | –6,647 | –1,664 | –11,902 | –6,123 |
| Proĥ t before tax | 10,294 | 21,072 | 90,403 | 97,691 |
Quarterly data
GROUP
| SEK thousands | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 234,619 | 285,087 | 213,205 | 256,788 | 197,632 | 262,105 | 165,631 | 246,893 |
| Gross proĥ t margin,% | 53.3 | 52.1 | 51.8 | 53.3 | 56.8 | 52.6 | 55.6 | 52.2 |
| Operating proĥ t/loss | 16,812 | 42,046 | 9,517 | 33,470 | 20,172 | 40,893 | 8,100 | 31,385 |
| Operating margin,% | 7.2 | 14.7 | 4.5 | 13.0 | 10.2 | 15.6 | 4.9 | 12.7 |
| Proĥ t/loss after net ĥ nancial items | 10,294 | 44,081 | 9,073 | 26,954 | 21,073 | 40,552 | 5,401 | 30,665 |
| Proĥ t margin,% | 4.4 | 15.5 | 4.3 | 10.5 | 10.7 | 15.5 | 3.3 | 12.4 |
| Earnings per share, | ||||||||
| before dilution, SEK | 0.40 | 1.39 | 0.26 | 0.84 | 0.59 | 1.27 | 0.17 | 0.99 |
| Earnings per share, after dilution, SEK | 0.40 | 1.39 | 0.26 | 0.84 | 0.59 | 1.27 | 0.17 | 0.99 |
| Number of Björn Borg retail stores | ||||||||
| at the end of the period | 14 | 14 | 15 | 15 | 16 | 17 | 17 | 19 |
| of which Group-owned | ||||||||
| Björn Borg retail stores | 13 | 13 | 14 | 14 | 15 | 16 | 16 | 18 |
Parent company income statement
IN SUMMARY
| Note SEK thousands |
Oct-Dec 2024 |
Oct-Dec 2023 |
Full year 2024 |
Full year 2023 |
|---|---|---|---|---|
| Net sales | 25,861 | 25,250 | 106,134 | 101,192 |
| Other operating revenue | 802 | 97 | 1,070 | 930 |
| Operating revenue | 26,663 | 25,347 | 107,204 | 102,122 |
| Other external expenses | 2 –16,035 |
–16,862 | –70,103 | –59,070 |
| Personnel costs | –12,935 | –10,689 | –47,341 | –43,352 |
| Depreciation/amortization of intangible and tangible non-current assets | –573 | –804 | –2,407 | –2,963 |
| Other operating expenses | –93 | –154 | –360 | –441 |
| Operating proĥ t | –2,973 | –3,162 | –13,007 | –3,704 |
| Net ĥ nancial items | –7,540 | 5,849 | –13,331 | –7,079 |
| Proĥ t/loss after ĥ nancial items | –10,513 | 2,687 | –26,338 | –10,783 |
| Group contributions received/paid | 98,000 | 95,000 | 98,000 | 95,000 |
| Appropriations | 61 | 720 | 61 | 720 |
| Proĥ t/loss before tax | 87,548 | 98,407 | 71,723 | 84,937 |
| Tax | –15,447 | –19,184 | –15,447 | –19,184 |
| Proĥ t/loss for the period | 72,101 | 79,223 | 56,276 | 65,753 |
| Other comprehensive income | – | – | – | – |
| Total comprehensive income for the period | 72,101 | 79,223 | 56,276 | 65,753 |
Parent company balance sheet
IN SUMMARY
| Note SEK thousands |
Dec 31, 2024 |
Dec 31, 2023 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 720 | 679 |
| Tangible non-current assets | 4,223 | 5,431 |
| Shares in Group companies | 177,868 | 177,868 |
| Total non-current assets | 182,811 | 183,978 |
| Current assets | ||
| Receivables from Group companies | 423,959 | 448,586 |
| Current receivables | 6,288 | 3,968 |
| Cash and cash equivalents | – | 18,414 |
| Total current assets | 430,247 | 470,968 |
| Total assets | 613,058 | 654,946 |
| Equity and liabilities | ||
| Equity | 138,743 | 157,648 |
| Untaxed reserves | 835 | 896 |
| Current liabilities credit institutions | 17,281 | – |
| Due to Group companies | 431,293 | 465,254 |
| Accounts payable | 7,755 | 7,891 |
| Other current liabilities | 17,151 | 23,257 |
| Total equity and liabilities | 613,058 | 654,946 |
Parent company statement of changes in equity IN SUMMARY
| SEK thousands | Full year 2024 |
Full year 2023 |
|---|---|---|
| Opening balance | 157,648 | 136,239 |
| Distribution | –75,445 | –50,297 |
| Warrant premium | 264 | 903 |
| Merger results | – | 5,050 |
| Total comprehensive income for the period | 56,276 | 65,753 |
| Closing balance | 138,743 | 157,648 |
Supplementary disclosures
NOTE 1 NET SALES
The Group's net sales consist of sales of products and royalties for the use of the company's brand. Transfers of goods/royalties are made at ĥ xed points in time. Listed in the table below are markets with a net sales above 10 percent of the total.
NET SALES BY GEOGRAPHIC MARKET
| Jan-Dec 2024 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted Other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|---|
| Sweden | 266,327 | 56,298 | 27,937 | – | 1,121 | 351,683 | –5,724 | 345,959 |
| Netherlands | 126,320 | 59,552 | 48,593 | – | 1,109 | 235,574 | –10,538 | 225,036 |
| Finland | 97,905 | 5,771 | 20,479 | – | – | 124,155 | –2,021 | 122,134 |
| Germany | 99,264 | 6,955 | – | – | – | 106,219 | –1,729 | 104,490 |
| Belgium | 15,336 | 10,085 | 10,119 | – | – | 35,540 | –578 | 34,962 |
| Denmark | 27,316 | 7,393 | – | – | – | 34,709 | –565 | 34,144 |
| Others | 39,080 | 34,964 | – | 50,967 | – | 125,011 | –2,035 | 122,975 |
| Total | 671,547 | 181,017 | 107,128 | 50,967 | 2,230 | 1,012,889 | –23,191 | 989,698 |
| Deducted Other operating revenue |
–10,931 | –2,946 | –8,447 | –831 | –36 | –23,191 | ||
| Net sales | 660,616 | 178,071 | 98,681 | 50,136 | 2,194 | 1,012,889 | –23,191 | 989,698 |
NET SALES BY GEOGRAPHIC MARKET
| Jan-Dec 2023 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted Other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|---|
| Sweden | 226,724 | 47,073 | 29,920 | – | 899 | 304,615 | –6,671 | 297,944 |
| Netherlands | 112,003 | 50,385 | 42,181 | – | 8,223 | 212,794 | –4,660 | 208,133 |
| Finland | 94,440 | 5,291 | 20,427 | – | – | 120,158 | –2,631 | 117,526 |
| Germany | 82,634 | 5,226 | – | – | – | 87,860 | –1,924 | 85,936 |
| Belgium | 10,090 | 9,615 | 12,184 | – | – | 31,890 | –698 | 31,191 |
| Denmark | 24,287 | 5,866 | – | – | – | 30,153 | –660 | 29,493 |
| Others | 27,291 | 30,519 | – | 46,512 | – | 104,317 | –2,285 | 102,037 |
| Total | 577,469 | 153,974 | 104,713 | 46,512 | 9,122 | 891,791 | –19,530 | 872,261 |
| Deducted Other operating revenue |
–12,646 | –3,372 | –2,293 | –1,019 | –200 | –19,530 | ||
| Net sales | 564,823 | 150,602 | 102,420 | 45,493 | 8,922 | 891,791 | –19,530 | 872,261 |
NET SALES BY PRODUCT AREAS
| Jan-Dec 2024 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales |
Deducted Other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|---|
| Underwear | 348,383 | 84,367 | 56,664 | 33,491 | – | 522,905 | –8,511 | 514,393 |
| Sports apparel | 143,493 | 67,970 | 35,132 | 7,765 | – | 254,360 | –4,140 | 250,220 |
| Footwear | 85,145 | 9,543 | 2,225 | 108 | – | 97,021 | –1,579 | 95,442 |
| Bags | 49,608 | 4,787 | 680 | 618 | – | 55,693 | –907 | 54,786 |
| Others | 44,919 | 14,350 | 12,428 | 8,985 | 2,230 | 82,910 | –8,053 | 74,857 |
| Total | 671,547 | 181,017 | 107,128 | 50,967 | 2,230 | 1,012,889 | –23,191 | 989,698 |
| Deducted Other operating revenue |
–10,931 | –2,946 | –8,447 | –831 | –36 | –23,191 | ||
| Net sales | 660,616 | 178,071 | 98,681 | 50,136 | 2,194 | 1,012,889 | –23,191 | 989,698 |
NET SALES BY PRODUCT AREAS
| Jan-Dec 2023 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted Other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|---|
| Underwear | 325,607 | 73,754 | 60,289 | 31,549 | – | 491,199 | –10,757 | 480,442 |
| Sports apparel | 94,984 | 55,049 | 34,738 | 7,371 | – | 192,143 | –4,208 | 187,935 |
| Footwear | 64,940 | 5,000 | 1,538 | – | – | 71,479 | –1,565 | 69,913 |
| Bags | 48,404 | 3,230 | 662 | 392 | – | 52,687 | –1,154 | 51,533 |
| Others | 43,534 | 16,941 | 7,486 | 7,200 | 9,122 | 84,283 | –1,846 | 82,437 |
| Total | 577,469 | 153,974 | 104,713 | 46,512 | 9,122 | 891,791 | –19,530 | 872,261 |
| Deducted Other operating revenue |
–12,646 | –3,372 | –2,293 | –1,019 | –200 | –19,530 | ||
| Net sales | 564,823 | 150,602 | 102,420 | 45,493 | 8,922 | 891,791 | –19,530 | 872,261 |
NOTE 2 OTHER EXTERNAL EXPENSES
| The group | Parent Company | |||
|---|---|---|---|---|
| SEK thousands | Full year 2024 |
Full year 2023 |
Full year 2024 |
Full year 2023 |
| Cost of premises | 13,335 | 11,813 | 7,342 | 6,628 |
| Sales expenses | 88,812 | 71,751 | 1,195 | 1,203 |
| Marketing expenses | 92,663 | 75,752 | 44,462 | 36,465 |
| Administrative expenses | 41,638 | 38,715 | 15,599 | 13,800 |
| Other | 9,741 | 8,276 | 1,505 | 974 |
| 246,190 | 206,307 | 70,103 | 59,070 |
Deĥ nitions
The company presents certain ĥ nancial measures in this year-end report that are not deĥ ned in accordance with IFRS. The company considers these measures to be valuable complementary information for investors and the company's management. Since not all companies calculate ĥ nancial measures in the same way, they are not always comparable with measures used by other companies. Consequently, these ĥ nancial measures should not be seen as a substitute for measures deĥ ned in accordance with IFRS. For more on the calculation of these key ĥ gures see:
https://corporate.bjornborg.com/en/section/investors/ interim-reports/
https://corporate.bjornborg.com/en/ĥ nancial-deĥ nitions/ https://corporate.bjornborg.com/en/ĥ nancial-data/
CAPITAL EMPLOYED
Total assets less non-interest-bearing liabilities and provisions.
Purpose: Capital employed measures capital use and eħ ciency.
COMPARABLE STORE SALES
Sales for own retail stores that were also open in the previous period.
Purpose: To obtain comparable sales between periods for own retail stores.
EARNINGS PER SHARE °DEFINED ACCORDING TO IFRS±
Proĥ t after tax in relation to the weighted average number of shares during the period. Purpose: This indicator is used to assess an investment from an owner's perspective.
EARNINGS PER SHARE AFTER DILUTION °DEFINED ACCORDING TO IFRS±
Earnings per share adjusted for any dilution eĤ ect. Purpose: This indicator is used to assess the investment from an owner's perspective.
EQUITY²ASSETS RATIO
Equity as a percentage of total assets adjusted for lease liabilities.
Purpose: This indicator shows ĥ nancial risk, expressed as a share of the total restricted equity ĥ nanced by the owners.
EQUITY PER SHARE
Equity, including those with non-controlling interests, divided by the average number of shares. Purpose: To show the share price in relation to the company's book value.
GROSS PROFIT MARGIN
Net sales less costs of goods sold divided by net sales. Purpose: Gross margin is used to measure operating proĥ tability.
GROSS PROFIT MARGIN EXCLUDING CURRENCY EFFECTS
Gross proĥ t margin calculated using the previous year's exchange rate.
Purpose: To obtain a currency-neutral gross proĥ t margin.
GROUP NET SALES EXCLUDING CURRENCY EFFECTS
Net sales calculated using the previous year's exchange rate.
Purpose: To obtain comparable and currency-neutral net sales.
NET DEBT °+±²NET CASH °®±
Interest-bearing liabilities less investments and cash and cash equivalents.
Purpose: Net debt reĦ ects the company's total debt situation.
NET DEBT TO EBITDA RATIO
Interest-bearing liabilities less investments and cash and cash equivalents divided by operating proĥ t before depreciation/amortizartion.
Purpose: To show the company's ability to pay debts.
NET FINANCIAL ITEMS
Financial income less ĥ nancial expenses. Purpose: To describe the company's ĥ nancial activities.
OPERATING MARGIN
Operating proĥ t as a percentage of net sales. Purpose: The operating margin is used to measure operating proĥ tability.
OPERATING PROFIT
Proĥ t before tax plus net ĥ nancial items. Purpose: : This indicator facilitates comparisons of proĥ tability regardless of the company's tax rate and independent of the company's ĥ nancing structure.
PROFIT MARGIN
Proĥ t before tax as a percentage of net sales. Purpose: Proĥ t margin shows the company's proĥ t in relation to its sales.
RETURN ON CAPITAL EMPLOYED
Proĥ t before tax (per rolling 12-month period) plus ĥ nancial expenses as a percentage of average capital employed. Average capital employed is calculated by adding equity at January 1 to equity at December 31 and dividing by two. Purpose: This indicator is the key measure to quantify the return on all the capital used in operations.
RETURN ON EQUITY
Proĥ t for the period/year attributable to the Parent Company's shareholders (for rolling 12 months) according to the income statement as a percentage of average equity. Average equity is calculated by adding equity at January 1 to equity at December 31 and dividing by two. Purpose: This indicator shows, from an owner's perspective, the return generated on the owners' invested capital.
The Board of Directors and the CEO certify that the interim report provides a true and fair overview of the operations, ĥ nancial position and results of the Parent Company and the Group and describes the signiĥ cant risks and uncertainties faced by the Parent Company and the companies in the Group.
Stockholm, February 21, 2025
Heiner Olbrich Chairman of the Board
Alessandra Cama Jens Högsted Board member Board member
Johanna Schottenius Anette Klintfeldt Board member Board member
Fredrik Lövstedt Mats H Nilsson Board member Board member
Henrik Bunge CEO
CALENDAR 2025
The Annual Report 2024 will be published latest on April 24, 2025.
The Annual General Meeting 2025 will be held on May 15, 2025.
The Interim report January-March 2025 will be issued at 17:30 on May 15, 2025.
The Interim report January-June 2025 will be issued at 07:30 on August 15, 2024.
The Interim report January-September 2025 will be issued at 07:30 on November 14, 2025.
The Year-end report 2025 will be issued at 07:30 on February 13, 2026.
FINANCIAL REPORTS
Financial reports can be downloaded from the company's website, www.bjornborg.com or ordered by phone +46 8 506 33 700, or by e-mail [email protected].
SHAREHOLDER CONTACTS
Henrik Bunge, CEO Email: [email protected] Telephone: +46 8 506 33 700
Jens Nyström, CFO Email: [email protected] Telephone: +46 8 506 33 700
THE BJÖRN BORG GROUP IN BRIEF
The Björn Borg Group owns the Björn Borg brand, and the focus of the business is sports apparel, underwear and bags. In addition, footwear and glasses are also oĤ ered via licensees. Björn Borg products are sold in around twenty markets, of which Sweden and the Netherlands are the largest. The Björn Borg Group has its own operations at all levels, from branding to consumer sales in its own Björn Borg stores and e-commerce, www.bjornborg.com. In total, the Group's net sales in 2024 amounted to SEK 989.7 million and the average number of employees was 152. Björn Borg has been listed on Nasdaq Stockholm since 2007.
THE PICTURES IN THE INTERIM REPORT
The images in the Year-end report are taken from Björn Borg's spring and summer 2025 collection.
Björn Borg AB Frösundaviks allé 1 169 70 Solna Sweden www.bjornborg.com
This information is such information that Björn Borg AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on February 21, 2025 at 07:30.