Ah Group Holding Aps

Development in activities, financial matters and business performance

BIBS Group
The Bibs Group has continued its business expansion and is a truly global group with more than 10,000 points of sales in more than 90 markets and growing.


The gross profit for 2022 of the Bibs Group is 113 mDKK. Bibs Group has faced material increases in cost of sales (e.g., increase in raw material prices, costs of external online trading platforms and transport costs). The result is in accordance with the projections and expectations set out in our 2021 annual report. Bibs Group decided throughout 2022 not to make any material price increases to the benefit of our end customers.


In addition to these external factors affecting gross profit, the profit (EBITDA) of the year has primarily been affected by three internal Bibs Group decisions. Namely, (i) the taking over the UK, US and German markets from distributors and converting these markets to own markets such as the Nordics, (ii) taking on a broader management team and doubling of staff costs compared to last year, and finally (iii) inventory write down of certain non-core product groups as a result of Bibs Group’s new strategy “Develop from the Core” which was presented and implemented in late 2022. In relation to the takeover of the US market Bibs Group has taken a loss and write-down of debt to the former distributor in US. Furthermore Bibs is present in most channels like D2C, market places, drug stores, specialty store and pharmacies and the migration towards market places like Amazon has increased variable costs like transportation and marketing costs in the company affecting the 2022 results negatively.

Above decisions have a material impact on the EBITDA of 2022 ending at 59 mDKK. The decisions are considered by the executive board and the board of directors as key drivers for the growth expected in 2023 and beyond. Controlling key markets with highly skilled local management and sales teams combined with a stronger setup and development of the B2C brand store and marketplaces will drive further revenue growth and profitability in the years to come. Topline is expected to continue to grow double digit in 2023 with more limited one-off costs, having a positive impact on EBITDA.

Ejendomselskabet Høgevej
Ejendomselskabet Høgevej ApS primarily rents its premises to the "Bibs Group". The company has achieved a satisfactory result and the management is satisfied with the development.

ZO24
AH Group acquired the majority of ZO24 ApS during the year.

The company has increased revenue significantly in the financial year through targeted sales efforts towards the primary customer segment. At the same time, the number of employees has been increased to ensure that growth can be handled satisfactorily. In addition, the growth means that more money is tied up in inventory and debtors. It is the managements clear goal to continue the growth, also in the coming financial years. Management considers the result to be satisfactory.

Larsen & Eriksen
During the year, AH Group acquired the majority of Larsen & Eriksen ApS, which owns the operating company Larsen & Eriksen Co. ApS 100 %.

The companys new ultimate capital owner has created stability around the ongoing liquidity, and at the same time - together with the management - a major optimization has been initiated, with a particular focus on the establishment of new sales channels, distribution to new markets and the introduction of a significantly improved product range.

As a result, the management expects that there will be an operating profit in 2023, and that equity will be re-established by own earnings over the coming years.