Aktieselskabet Th. Wessel & Vett. Magasin Du Nord

Beskrivelse af virksomhedens væsentligste aktiviteter

Description of key activities of the company
The Company operates seven department stores in Denmark at Kgs. Nytorv, in Lyngby, in Rødovre, in the shopping centre Fields on Amager, in Odense, Aarhus and Aalborg as well as the online shops, Magasin.dk, Magasin.se and Magasin.no. In late 2024 the company launched a new concept called “Small Stores”, which so far has resulted in openings of two new stores in Hillerød and Odense.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Development in activities and financial matters
Magasin’s operating profit before depreciation, amortisation, impairment and tax amounted to DKK 131 million (2023: DKK 127 million).
The net profit for the period amounted to DKK 59 million after tax (2023: DKK 57 million). All things considered, the management finds the results satisfactory.
Amortisation, depreciation and impairment amounted to DKK 69 million (2023: DKK 69 million).
Equity amounted to DKK 720 million (2023: DKK 661 million) and solvency ratio amounted to 48.3 % (2023: 46.9 %).
Assets total amounted to DKK 1.487 million (2023: DKK 1.450 million).
Department store operations
Revenue in Magasin slightly increased compared to 2023 primarily driven by the flagship store at Kongens Nytorv, while the gross profit was in line with 2023.
Investments
Investments in property, equipment and software development amounted to DKK 76 million. This includes a significant investment in new omni-channel POS system and the two new Small Stores in Hillerød and Odense.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Events occurring after the end of the financial year
No events materially affecting the assessment of the Annual Report have occured after the balance sheet date.

Beskrivelse af virksomhedens forventede udvikling

Expected developments
Magasin’s budget for 2025 shows a continuing high level of activity. However, the increased uncertainty due to the changed global economic outlook makes it challenging to make specific predictions and expectations for the 2025 financial year. Magasin expects revenue and net profit for the financial year 2025 (January 1 - December 31, 2025) to be in line with the same period in 2024. It is estimated by the management that there is no uncertainty related to the company’s ability to continue as a going concern.
The total investments for the coming year will be similar to the level of 2024. Marketing, promotion campaigns and customer service will remain at a high level in order to maintain Magasin’s market position. Magasin also maintain its ambition of continuing the introduction of new brands, products and improving the shopping experience in the seven department stores, Small Stores and on Magasin.dk, Magasin.se, and Magasin.no.
Ownership structure Magasin is wholly owned by Emil Retail Holding ApS, which is registered in Denmark. Cash and capital ressources As an omni-channel multi-brand retailer, Magasin is a highly seasonal business and cash needs are strongest in September and October immediately before the Christmas trading. As stated, investments of DKK 76 million into property, equipment and software development were made during the financial year without raising any supplementary financing. General risks Magasin’s most material operating risk is its ability to keep a strong position in the retail market and to continue being innovative and constantly launching new brands and products at the right price. Moreover, Magasin is exposed with respect to its ability to continue controlling and optimizing inventory and making the right purchases. Magasin has a leading market position in these areas via a structured performance within merchandising and a flexible purchasing model, which combines its own purchases and private label brands with concession and consignment partner agreements.