Lego Group

Profit Statement 2013 2014 2015
Sales DKK mil 25,294 28,578 35,780
Gross Profit DKK mil 17,871 20,507 25,966
EBITDA DKK mil 9,100 10,644 13,325
EBIT DKK mil 8,336 9,697 12,244
Financing Cost DKK mil 97.0 206 96.0
Pre-Tax Profit DKK mil 8,239 9,491 12,148
Net Profit DKK mil 6,076 7,025 9,174
Dividends DKK mil 5,000 4,500 ...
Balance Sheet 2013 2014 2015
Total Assets DKK mil 17,952 21,419 27,877
Non-Current Assets DKK mil 6,839 9,386 11,224
Current Assets DKK mil 11,113 12,033 16,653
Working Capital DKK mil 4,493 5,543 6,014
Shareholders' Equity DKK mil 11,075 12,832 17,751
Liabilities DKK mil 6,877 8,587 10,126
Total Debt DKK mil 293 358 376
Net Debt DKK mil -731 -124 -835
Ratios 2013 2014 2015
ROE % 58.0 58.8 60.0
ROCE % 58.5 53.5 57.0
Gross Margin % 70.7 71.8 72.6
EBITDA Margin % 36.0 37.2 37.2
EBIT Margin % 33.0 33.9 34.2
Net Margin % 24.0 24.6 25.6
Net Debt/EBITDA -0.080 -0.012 -0.063
Net Debt/Equity -0.066 -0.010 -0.047
Cost of Financing % 17.5 63.3 26.2
Cash Flow 2013 2014 2015
Total Cash From Operations DKK mil 6,744 7,945 10,559
Total Cash From Investing DKK mil -2,704 -3,164 -2,935
Total Cash From Financing DKK mil -3,466 -5,302 -6,816
Net Change In Cash DKK mil 574 -521 808
Cash Conversion Cycle days 51.7 59.5 50.7
Cash Earnings DKK mil 6,840 7,972 10,255
Free Cash Flow DKK mil 4,040 4,781 7,624

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales DKK mil                       11,661 16,014 18,731 23,405 25,294    
Gross Profit DKK mil ... ... ... ... ...             6,260 9,063 10,318 13,105 17,871    
EBIT DKK mil                       2,902 4,973 5,666 7,952 8,336    
Net Profit DKK mil ... ... ... ... ...             2,197 3,696 4,137 5,583 6,076    
ROE % ... ... ... ... ...             82.0 84.3 66.5 66.3 58.0    
EBIT Margin %                       24.9 31.1 30.2 34.0 33.0    
Net Margin % ... ... ... ... ...             18.8 23.1 22.1 23.9 24.0    
Employees ... ... ... ... ...             8,616 12,264 9,374 10,400 11,755    
balance sheet                                    
Total Assets DKK mil                       7,788 10,972 12,904 16,352 17,952    
Non-Current Assets DKK mil                       2,259 2,936 3,702 4,909 6,839    
Current Assets DKK mil                       5,529 8,036 9,202 11,443 11,113    
Shareholders' Equity DKK mil                       3,291 5,473 6,975 9,864 11,075    
Liabilities DKK mil                       4,497 5,499 5,929 6,488 6,877    
Non-Current Liabilities DKK mil                       1,061 1,066 1,058 428 1,144    
Current Liabilities DKK mil                       3,436 4,433 4,871 6,060 5,733    
Net Debt/EBITDA ... ... ... ... ... ...           -0.238 0.005 0.043 0.041 -0.080    
Net Debt/Equity ... ... ... ... ... ...           -0.241 0.005 0.038 0.035 -0.066    
Cost of Financing % ... ... ... ... ... ... ...         1.38 10.1 15.0 52.3 17.5    
cash flow                                    
Total Cash From Operations DKK mil ... ... ... ... ...             2,712 3,744 3,828 6,220 6,744    
Total Cash From Investing DKK mil ... ... ... ... ...             -1,248 -1,138 -1,542 -1,773 -2,704    
Total Cash From Financing DKK mil ... ... ... ... ...             -906 -3,477 -2,519 -4,535 -3,466    
Net Change In Cash DKK mil ... ... ... ... ...             558 -871 -233 -88.0 574    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales DKK mil                       11,661 16,014 18,731 23,405 25,294    
Cost of Goods & Services DKK mil ... ... ... ... ...             5,401 6,951 8,413 10,300 7,423    
Gross Profit DKK mil ... ... ... ... ...             6,260 9,063 10,318 13,105 17,871    
Staff Cost DKK mil ... ... ... ... ...             2,500 2,878 3,378 3,845 4,310    
Other Cost DKK mil ... ... ... ... ...             429 606 637 654 4,461    
EBITDA DKK mil ... ... ... ... ...             3,331 5,579 6,303 8,606 9,100    
Depreciation DKK mil ... ... ... ... ...             429 606 637 654 764    
EBIT DKK mil                       2,902 4,973 5,666 7,952 8,336    
Financing Cost DKK mil                       15.0 84.0 124 430 97.0    
Extraordinary Cost DKK mil                       0 0 0 0 0    
Pre-Tax Profit DKK mil                       2,887 4,889 5,542 7,522 8,239    
Tax DKK mil         ...             683 1,171 1,382 1,909 2,120    
Minorities DKK mil ... ... ... ... ...             7.00 22.0 23.0 30.0 43.0    
Net Profit DKK mil ... ... ... ... ...             2,197 3,696 4,137 5,583 6,076    
Dividends DKK mil ... ... ... ...               1,500 2,500 3,000 4,500 5,000   ...
growth rates                                    
Total Revenue Growth % ...                     22.4 37.3 17.0 25.0 8.07    
Operating Cost Growth % ... ... ... ... ... ...           23.5 18.9 15.2 12.1 95.0    
EBITDA Growth % ... ... ... ... ... ...           39.4 67.5 13.0 36.5 5.74    
EBIT Growth % ...                     38.2 71.4 13.9 40.3 4.83    
Pre-Tax Profit Growth % ...                     55.9 69.3 13.4 35.7 9.53    
Net Profit Growth % ... ... ... ... ... ...           63.6 68.2 11.9 35.0 8.83    
ratios                                    
ROE % ... ... ... ... ...             82.0 84.3 66.5 66.3 58.0    
ROCE % ... ... ... ... ... ...           60.4 72.7 61.1 66.0 58.5    
Gross Margin % ... ... ... ... ...             53.7 56.6 55.1 56.0 70.7    
EBITDA Margin % ... ... ... ... ...             28.6 34.8 33.7 36.8 36.0    
EBIT Margin %                       24.9 31.1 30.2 34.0 33.0    
Net Margin % ... ... ... ... ...             18.8 23.1 22.1 23.9 24.0    
Payout Ratio % ... ... ... ... ...             68.3 67.6 72.5 80.6 82.3   ...
Cost of Financing % ... ... ... ... ... ... ...         1.38 10.1 15.0 52.3 17.5    
Net Debt/EBITDA ... ... ... ... ... ...           -0.238 0.005 0.043 0.041 -0.080    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                    
Non-Current Assets DKK mil                       2,259 2,936 3,702 4,909 6,839    
Property, Plant & Equipment DKK mil ... ... ... ... ...             1,930 2,568 3,395 4,566 6,290    
Intangible Assets DKK mil ... ... ... ... ... ... ... ... ...     232 185 190 209 260    
Current Assets DKK mil                       5,529 8,036 9,202 11,443 11,113    
Inventories DKK mil ... ... ... ...               1,056 1,327 1,541 1,705 1,824    
Receivables DKK mil ... ... ... ...               2,128 3,321 3,845 4,950 4,870    
Cash & Cash Equivalents DKK mil ... ... ... ... ...             1,630 802 557 468 1,024    
Total Assets DKK mil                       7,788 10,972 12,904 16,352 17,952    
Shareholders' Equity DKK mil                       3,291 5,473 6,975 9,864 11,075    
Of Which Minority Interest DKK mil ... ... ... ... ...             15.0 21.0 26.0 34.0 0    
Liabilities DKK mil                       4,497 5,499 5,929 6,488 6,877    
Non-Current Liabilities DKK mil                       1,061 1,066 1,058 428 1,144    
Long-Term Debt DKK mil ... ... ... ... ... ...           832 826 818 210 205    
Deferred Tax Liabilities DKK mil ... ... ... ... ...             82.0 21.0 50.0 21.0 126    
Current Liabilities DKK mil                       3,436 4,433 4,871 6,060 5,733    
Short-Term Debt DKK mil ... ... ... ... ... ...           5.00 6.00 7.00 608 88.0    
Trade Payables DKK mil ... ... ... ... ...             1,336 1,518 1,611 2,112 2,201    
Provisions DKK mil ... ... ... ... ... ... ... ... ...     100 3.00 103 64.0 110    
Equity And Liabilities DKK mil                       7,788 10,972 12,904 16,352 17,952    
growth rates                                    
Total Asset Growth % ...                     19.9 40.9 17.6 26.7 9.78    
Shareholders' Equity Growth % ...                     59.3 66.3 27.4 41.4 12.3    
Net Debt Growth % ... ... ... ... ... ... ...         -471 -104 793 30.6 -309    
Total Debt Growth % ... ... ... ... ... ... ...         -37.7 -0.597 -0.841 -0.848 -64.2    
ratios                                    
Total Debt DKK mil ... ... ... ... ... ...           837 832 825 818 293    
Net Debt DKK mil ... ... ... ... ... ...           -793 30.0 268 350 -731    
Working Capital DKK mil ... ... ... ... ...             1,848 3,130 3,775 4,543 4,493    
Capital Employed DKK mil ... ... ... ... ...             4,107 6,066 7,477 9,452 11,332    
Net Debt/Equity ... ... ... ... ... ...           -0.241 0.005 0.038 0.035 -0.066    
Cost of Financing % ... ... ... ... ... ... ...         1.38 10.1 15.0 52.3 17.5    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                    
Net Profit DKK mil ... ... ... ... ...             2,197 3,696 4,137 5,583 6,076    
Depreciation DKK mil ... ... ... ... ...             429 606 637 654 764    
Non-Cash Items DKK mil ... ... ... ... ... ...           278 724 -301 751 -146    
Change in Working Capital DKK mil ... ... ... ... ... ...           -192 -1,282 -645 -768 50.0    
Total Cash From Operations DKK mil ... ... ... ... ...             2,712 3,744 3,828 6,220 6,744    
Capital Expenditures DKK mil ... ... ... ... ...             -1,042 -1,077 -1,451 -1,729 -2,747    
Other Investments DKK mil ... ... ... ... ...             -206 -61.0 -91.0 -44.0 43.0    
Total Cash From Investing DKK mil ... ... ... ... ...             -1,248 -1,138 -1,542 -1,773 -2,704    
Dividends Paid DKK mil ... ... ... ... ...             -1,500 -2,500 -3,000 -4,500 -5,000   ...
Issuance Of Debt DKK mil ... ... ... ... ... ... ...         -506 -5.00 -7.00 -7.00 -525    
Total Cash From Financing DKK mil ... ... ... ... ...             -906 -3,477 -2,519 -4,535 -3,466    
Net Change In Cash DKK mil ... ... ... ... ...             558 -871 -233 -88.0 574    
ratios                                    
Days Sales Outstanding days ... ... ... ...               66.6 75.7 74.9 77.2 70.3    
Days Sales Of Inventory days ... ... ... ... ...             71.4 69.7 66.9 60.4 89.7    
Days Payable Outstanding days ... ... ... ... ...             90.3 79.7 69.9 74.8 108    
Cash Conversion Cycle days ... ... ... ... ...             47.7 65.7 71.9 62.8 51.7    
Cash Earnings DKK mil ... ... ... ... ...             2,626 4,302 4,774 6,237 6,840    
Free Cash Flow DKK mil ... ... ... ... ...             1,464 2,606 2,286 4,447 4,040    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                    
ROA % ... ... ... ... ...             30.8 39.4 34.7 38.2 35.4    
Gross Margin % ... ... ... ... ...             53.7 56.6 55.1 56.0 70.7    
Employees ... ... ... ... ...             8,616 12,264 9,374 10,400 11,755    
Cost Per Employee USD per month ... ... ... ... ...             4,516 3,477 5,606 5,319 5,439    
Cost Per Employee (Local Currency) DKK per month ... ... ... ... ...             24,180 19,556 30,030 30,809 30,554    
Staff Cost (As % Of Total Cost) % ... ... ... ... ...             28.5 26.1 25.9 24.9 25.4    
Effective Tax Rate %         ...             23.7 24.0 24.9 25.4 25.7    
Capital Expenditures (As % of Sales) % ... ... ... ... ...             8.94 6.73 7.75 7.39 10.9    
Employees In Asia ... ... ... ... ... ... ... ...       160 224 219 194 ... ...  
Employees in Americas & Oceania ... ... ... ... ... ... ... ...       2,245 4,135 3,286 2,751 ... ...  
Employees in Europe ... ... ... ... ... ... ... ...       6,211 7,905 7,285 6,908 ... ... ...
Number of Suppliers Total ... ... ... ... ... ... ... ... ... ...   231 117 154 139 ... ... ...
Number of Suppliers - High-risk countries ... ... ... ... ... ... ... ... ... ...   44.0 43.0 51.0 44.0 ... ... ...
Number of Suppliers - Intermediate-risk countries ... ... ... ... ... ... ... ... ... ...   90.0 19.0 34.0 26.0 ... ... ...
Number of Suppliers - Low-risk countries ... ... ... ... ... ... ... ... ... ...   97.0 55.0 69.0 69.0 ... ... ...

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Nov 2013
Company Report

The Lego Group is a privately held manufacturer of toys based in Billund, Denmark. The company's flagship product, Lego, consists of colourful interlocking plastic bricks and an accompanying array of gears, minifigures and various other parts. Lego bricks can be assembled and connected in many ways, to construct such objects as vehicles, buildings, and even working robots. Anything constructed can then be taken apart again, and the pieces used to make other objects. Lego began manufacturing interlocking toy bricks in 1949. Since then a global Lego subculture has developed, supporting movies, games, competitions, and six themed amusement parks. As of 2013, around 560 billion Lego parts had been produced. The name Lego comes from the Danish phrase "leg godt", which means "play well"

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