Company type
Commercial Foundation
Established
1986
Size
Medium
Employees
78
Revenue
- DKK
Gross profit
- DKK
Operating Profit (EBIT)
- DKK
Profit for the Year
2,944 MDKK
Equity
14,279 MDKK
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Rank Profit for the Year

Rank in industry
3/5,086
"Top 10%"
Rank in Denmark
59/312,164
"Top 10%"

Top management Top 3

Board Top 3

Thomas Kirk Kristiansen 14Chairman of board
Jørgen Vig Knudstorp 7Vice chairman
Kjeld Kirk Kristiansen 31Vice chairman

Rights certificate

Fonden tegnes af formanden for bestyrelsen i forening med en direktør eller af to bestyrelsesmedlemmer i forening.

Company information based on CVR

NameLego Fonden
CVR12458339
AddressHøjmarksvej 8, st, 7190 Billund
IndustrySocieties, charitable trusts and funds for the prevention of diseases and for social and welfare pur [889910]
Established10-12-1986 (34 yr)
Company typeCommercial Foundation
Number of employees78 (Fin.Stmt)
Advertising protectionNo
AuditorDeloitte Statsautoriseret Revisionspartnerselskab since 01-03-2014
Financial statement period01-01 to 31-12
Company capital262,453,000 DKK
62,453,000 DKK (25-05-2005 - 06-09-2006)
193,000,000 DKK (28-08-2003 - 24-05-2005)
192,000,000 DKK (09-08-2000 - 27-08-2003)
177,000,000 DKK (26-11-1998 - 08-08-2000)
173,650,000 DKK (04-12-1995 - 25-11-1998)
Articles of assoc. last20-08-2015

Purpose

Fondens formål er - at sikre og underbygge grundlaget for de til LEGO Gruppen hørende virksomheders fortsatte beståen og udvikling, hvis det af fondsbestyrelsen skønnes at kunne ske på en sund, forretningsmæssig og økonomisk basis. Under samme forudsætninger skal fonden søge at støtte på en måde, så Gruppen får mulighed for at blive opretholdt som en samlet og selvstændig virksomhedsgruppe, men synes sådant ikke økonomisk forsvarligt, kan fonden vælge at støtte en større eller mindre del af Gruppen, hvis der i fondens bestyrelse er enighed om, at sådan støtte må anses for at være det mest hensigtsmæssige middel til for fremtiden at sikre de i Gruppen investerede, økonomiske og menneskelige ressourcer i størst muligt omfang. Hvis det synes økonomisk forsvarligt, kan støtte efter bestyrelsens skøn tillige omfatte: Direkte og/eller indirekte støtte af forsknings- og undervisningsmæssige formål; aktiviteter der direkte eller indirekte kommer børn til gode; samt formål der i øvrigt understøtter LEGO's interesse for børn og deres udvikling, samt i øvrigt - at drive erhvervsvirksomhed ved investering i produktions-, handels- eller servicevirksomheder enten direkte eller gennem andre selskaber, herunder køb, salg eller udleje af fast ejendom, samt enhver anden dermed beslægtet virksomhed.

Financial Statement

 201920182017
Currency/unit000' DKK000' DKK000' DKK
Revenue
-
-
-
-
-
-
Gross Profit
-
-
-
-
-
-
Profit for the Year
2,944,495
+73%
1,697,364
-12%
1,918,539
-21%
Equity
14,278,831
+9%
13,135,164
+4%
12,615,875
+15%
Total Assets
17,269,243
+16%
14,899,091
+9%
13,620,134
+13%

Mangement review

Legal overviewKoldingvej 2, Billund A/SKoldingvej 2, Billund A/S is a 100%-ownedsubsidiary of the LEGO Foundation. The mostsignificant asset in the company is the 25%shareholding in the LEGO Group.Another significant asset in the company consistsof ownership and operation of the LEGO®House, an experience house in Billund opened inSeptember 2017 and designed to give LEGO fansof all ages the ultimate LEGO experience.CoC Office A/S (CoC Playful Minds A/S)CoC Office A/S (CoC Playful Minds A/S) is anindependent public-private corporation, foundedon 1 January 2012, in which the LEGO Foundation,through Koldingvej 2, Billund A/S, and BillundMunicipality each own 50% of the shares."CoC" is an abbreviation of "Capital of Children"and the company is a unique partnership betweena municipality and a foundation, with a shareddesire to develop Billund into an outstanding placefor children, play, learning and creativity, to benefiteveryone who lives in Billund Municipality – andchildren all over the world.The LEGO GroupThe LEGO Group is 25%-owned by the LEGOFoundation through the Koldingvej 2, Billund A/Sshare of ownership in LEGO A/S. The remaining75% is owned through KIRKBI A/S by the KirkKristiansen family.The LEGO Group is engaged in the developmentof children’s creativity through play and learning.Based on the world-famous LEGO® brick, thecompany today provides toys, experiences andteaching materials for children in more than 140countries. The head office is in Billund, Denmark.Chairman of the BoardThomas Kirk KristiansenBorn: 1979Gender: MaleEducation: Degree in marketingYear elected: 2013 (chairman since 2016)Re-elected: YesTerm expires: 2020Short bio: Shareholder of KIRKBI A/S andrepresenting the fourth generation of theLEGO® owner family. Deputy Chairman of theLEGO Brand GroupSpecial competences: Family-ownedcompanies and board workOther management positions: Chairman ofthe Board of LEGO A/S and Great NorthernA/S. Board member of KIRKBI A/S and threesubsidiaries of KIRKBI A/S. Executive Managerof Kirk og Kirk Holding ApS and managementroles in three subsidiaries of Kirk og KirkHolding ApSAppointed by authorities: NoIndependent member: No2019 board remuneration: DKK 01st Deputy Chairman of the BoardKjeld Kirk KristiansenBorn: 1947Gender: MaleEducation: MBA from IMD, Lausanne, CHYear elected: 2000Re-elected: YesTerm expires: 2021Short bio: Third generation of the LEGO®owner family and principal shareholder of thefamily-owned LEGO Group through KIRKBIA/S. President and CEO of the LEGO Group1979–2004. Appointed Knight 1st Degree in2008. Appointed Chamberlain in 2012Special competences: Business development,sales, marketing, production and board workOther management positions: Chairmanof the Board of KIRKBI A/S, Koldingvej 2Billund A/S, Ole Kirk´s Foundation and threesubsidiaries of KIRKBI A/S. Board member ofCoC Office A/S and a subsidiary of KIRKBI A/SAppointed by authorities: NoIndependent member: No2019 board remuneration: DKK 02nd Deputy Chairman of the BoardJørgen Vig KnudstorpBorn: 1968Gender: MaleEducation: Master's degree in economics andPhD from the University of Aarhus. ExecutiveMBA from Cranfield School of ManagementYear elected: 2008Re-elected: YesTerm expires: 2021Short bio: Executive Chairman of the LEGOBrand Group. Former President and CEO of theLEGO Group from 2004–2016Special competences: Business development,sales, marketing, production and board workOther management positions: Board memberof LEGO A/S and Starbucks Coffee CompanyAppointed by authorities: NoIndependent member: No2019 board remuneration: DKK 0Member of the BoardAgnete Kirk ThinggaardBorn: 1983Gender: FemaleEducation: Bachelor´s degree in psychologyYear elected: 2016Re-elected: YesTerm expires: 2020Short bio: Professional dressage rider andowner ofJulianelyst in Østbirk, Denmark.Founder of Center for ADHD S/I in Aarhus,Denmark. Fourth generation of the LEGO®owner family and shareholder of KIRKBI A/SSpecial competences: Family-ownedcompanies and board workOther management positions: Chairman ofthe Board of Julianelyst Aps and ExecutiveManager of A&C Holding ApSAppointed by authorities: NoIndependent member: No2019 board remuneration: DKK 0Member of the BoardMette MorsingBorn: 1963Gender: FemaleEducation: PhD at Copenhagen BusinessSchoolYear elected: 2010Re-elected: YesTerm expires: 2020Short bio: Professor at Copenhagen BusinessSchool and Executive Director and MistraChair of Sustainable Markets at the StockholmSchool of EconomicsSpecial competences: Leadership, corporatesocial responsibility and sustainability, andpublic-private research collaborationsOther management positions: Board memberof the Claus Meyer Melting Pot Foundation andCopenhagen Business School. Editorial Boardmember of the "Business, Society and ValueCreation" series for Cambridge UniversityPressAppointed by authorities: NoIndependent member: Yes2019 board remuneration: DKK 200,000Member of the BoardWilliam Ervin HooverBorn: 1949Gender: MaleEducation: MBA from Harvard Business SchoolYear elected: 2010Re-elected: YesTerm expires: 2020Short bio: Previously Director of McKinsey &Company – 30 years in total, of which 27 yearsin ScandinaviaSpecial competences: Strategy, organisation,supply chain, M&A and performance transformationOther management positions: WorkingChairman of ReD associates Holding A/S.Deputy Chairman of GN Store Nord A/Sand two subsidiaries of GN Store Nord A/S.Member of the Board of Danfoss A/S,Neopost S.A. and SPECIALISTERNEFOUNDATIONAppointed by authorities: NoIndependent member: Yes2019 board remuneration: DKK 200,000Annual reviewIncome statementThe LEGO Foundation annual result for 2019amounted to DKK 2,944 million compared withDKK 1,697 million in 2018.The predominant contribution to this result is theDKK 3,116 million result from subsidiaries, wherethe 25% share of the result in the LEGO Groupamounted to DKK 2,077 million (DKK 2,019 millionin 2018).Due to a positive development in the globalfinancial market, financial yield from investmentactivities in Koldingvej 2, Billund A/S increasedfrom DKK -145 million in 2018 to DKK 1,077million in 2019.Activity statementThe total activities for the Foundation in 2019amounted to DKK 850 million compared with DKK532 million in 2018.In 2019, the Foundation continued to applysubstantial resources to strengthening theFoundation's strategic focus to systemically reachchildren with Learning through Play. During 2019 theFoundation continued onboarding more employees(16 people net) with a wide array of capabilities, inorder to enable the Foundation to have an evenstronger impact, that is needed to positivelyinfluence children's learning all over the world.A higher level of grant activities has been achievedin 2019, with total grant activities of DKK 643million compared with DKK 391 million in 2018.During 2019 the Board of Directors approvedgrant commitments totalling DKK 1,832 millioncompared to last year's highest ever totalcommitments of DKK 1,169 million. The Boardof Directors again in 2019 approved a grant ofUSD 100 million to a Humanitarian Assistanceinitiative, supporting children in a crisis context.A significant share of this will be part of futureactivities.Expenses related to programmes increasedduring the year from DKK 101 million to DKK 155million due to increased programme activitiesand expenses related to administration increasedfrom DKK 40 million to DKK 52 million.Balance sheetAt the end of the year, the LEGO Foundationassets totaled DKK 17,269 million comparedwith DKK 14,899 million in 2018. This increase isprimarily due to increase in securities and shortterm receivables at Koldingvej 2, Billund A/S. Thebook value of the equity is at the end of the yearDKK 14,279 million compared with DKK 13,135million in 2018. The equity ratio is 83% comparedwith 88% in 2018.Cash flowsIn 2019, cash flows from operating activitiesamounted to DKK -97 million compared with DKK-185 million in 2018. Cash flows from investmentactivities amounted to DKK 748 million comparedwith DKK 581 million in 2018. Cash flow fromfinancing activities amounted to DKK -643 millioncompared with DKK -391 million in 2018.Development in activities and financial positionOverall the Management is very satisfied withthe financial result for the Foundation and theincrease in profit compared to last year. Thefinancial result for 2019 exceeds the expectationsfor the financial year.The core foundation activities showed an increasedactivity level as planned.The global financial markets have developedvery positively throughout 2019, following a verychallenging end of 2018. Increasing companyvaluations within quoted equities, combinedwith disciplined asset management led to astrong result for the investment activities for2019. Return of the investment portfolio in thesubsidiary Koldingvej 2, Billund A/S increased to a positive net return of DKK 1,077 million,equivalent to a return of 12.5%, compared to lastyear’s return of -1.6%. Net interests in the LEGOFoundation carried to the income statementin 2019 were positive totaling DKK 35 millioncompared to last year's DKK 4 million.The LEGO Group has had a strong performancein 2019. The company achieved 6% revenuegrowth, which was especially satisfactory giventhe challenging operating environment, with adeclining global toy market of -3% in the year.The LEGO Group continued to make significantinvestments in initiatives to drive future growthsuch as retail experiences, innovating play andnew geographies. Despite significant investmentsthe LEGO Group delivered a 2% growth on profitbefore tax, compared to last year. The LEGOGroup profit before tax in 2019 increased to DKK10,752 million from DKK 10,510 million in 2018.Knowledge resourcesThe staff are the single most critical resource forthe Foundation’s activities. Due to the complexityof the social impact the Foundation is looking toachieve, it requires staff that possess a wide rangeof skills and capabilities. Their motivation andcommitment are critical for success, as is theirability to combine their talents for the collectiveobjective.At the end of the financial year 2019, the totalnumber of employees in Billund (DK), Johannesburg(SA), Kiev (UA), Mexico City (MX) and Boston (US)was 84 compared with 68 at the end of 2018.Research and development activitiesThe Foundation has its own research departmentthat works intensively with children’sdevelopment and learning. The Foundation alsomaintains an extensive network of partnersworking with research on children’s developmentand learning, including many of the mostreputable universities in the world.Business ModelThe Foundation has 25% ownership of the LEGOGroup through its subsidiary Koldingvej 2, BillundA/S. This primarily is how the Foundation fundsactivities.The Foundation seeks to systemically reachchildren with Learning through Play to enablethem to become creative, engaged, lifelonglearners with the skills they need to thrive in the21st century.RisksThe Foundation's financial risks primarily relateto the global markets where the LEGO Groupis active, and to developments in the financialmarkets.The Foundation has adopted a comprehensiveset of standards and procedures to mitigaterisks on its grant activities, including due diligenceprocesses and randomly selected onsiteexternal audits.Expectations for 2020Based on a high level of grant commitments at theend of 2019, the Foundation expects increased corefoundation activities for 2020 compared with 2019.Koldingvej 2, Billund A/S expects normalisationof the return on financial investments to a level of3% to 4% of the investment portfolio, howeverthe uncertainty of the financial markets must beconsidered.The LEGO Group expects single-digits revenuegrowth in 2020, ahead of the global toy market.This is expected to be achievable due to continuedfocus on innovation, growth in establishedmarkets and continued growth in strategicmarkets, such as China. The LEGO Group alsoplans to continue investing in initiatives toaddress evolving trends and drive long termsustainable growth.The overall result for 2020 for the LEGOFoundation is expected to decrease comparedto the result for 2019, due to expected lowerreturns on the investment portfolio at Koldingvej2, Billund A/S.

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