Hay Aps

Beskrivelse af virksomhedens væsentligste aktiviteter

Principal activities The Company's principal activities are to design and sell furniture, lighting and interior products globally.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The Company's income statement for 2023/24 shows a profit of DKK 94,253 thousand as against a profit of DKK 114,655 thousand in 2022/23. Equity in the Company's balance sheet at 31 May 2024 stood at DKK 394,922 thousand as against DKK 358,669 thousand at 31 May 2023. Revenue in HAY ApS decreased from DKK 1,359 million in 2022/23 to DKK 1,216 million in 2023/24, which was in line with our expectations as communicated last year. During the COVID-19 pandemic, the home furnishings industry, including HAY ApS, experienced a surge in market demand. This increase was largely driven by a heightened interest in home improvement and interior design, as people spent more time at home. Additionally, travel restrictions meant that consumers had fewer opportunities to spend disposable income on travel and leisure, leading them to allocate more of their budget to enhancing their living spaces. Throughout 2023/24, consumers spent less on furniture and more on travel. High interest rates have dampened overall spending, particularly in the professional market, where businesses are more cautious with their investments. HAY ApS’ EBITDA for 2023/24 decreased from DKK 165 million in 2022/23 to DKK 132 million, which accounted for a decline of 20%, primarily due to lower sales volume. Margins stabilised despite increasing freight rates during the last part of the year and the relocation to a new external warehouse facility. A clear strategic prioritisation provided guidance throughout the year, resulting in several cost-saving initiatives, of which HAY ApS has already seen results. Additionally, it was decided to close two unprofitable retail stores, resulting in a revenue decline. Profit before tax for this year (DKK 125 million) was down on last year (DKK 148 million) and short of the expectations provided last year. In a fiercely competitive market, an EBITDA ratio of 10.9% is satisfactory and within the thresholds communicated last year. HAY ApS’ success is built on the hard work and dedication of all our colleagues, and this year has again highlighted their dedication, resilience and ability to work together in challenging times. The Company would like to thank all colleagues for their outstanding work during a demanding year.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2023/24.

Beskrivelse af virksomhedens forventede udvikling

Outlook Overall, our expectation for the 2024/25 financial year is that the challenging external environment will persist, and that we will experience slightly higher demand than in 2023/24. The 2024/25 financial year is expected to reach a revenue within the range of DKK 1,220-1,270 million, and earnings before tax are estimated at approx. DKK 120-140 million. EBITDA margin for the 2024/25 financial year is expected to be between 10% and 14% . During 2024/25, the Company has communicated its intention to merge with Anpartsselskabet af 5.12 2018 and Anpartsselskabet af 6.9 2019 with HAY ApS as the continuing entity to the Danish Business Authority.