(1 APRIL - 30 JUNE 2024)
Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06
Company announcement no. 6 2024/25, Allerød, 14 August 2024
Interim report Q1 2024/25
A good start to the year with continued profitable growth
Table of contents
3 A good start to the year as profitable
growth continued
4 Q1 2024/25 highlights
5 Key financials
6 Management’s review
8 Q1 2024/25 performance
11 Costs and operating performance
13 Statement by the Board of Directors and
the Executive Committee
14 Statement of comprehensive income
15 Statement of cash flows
16 Statement of financial position
17 Statement of changes in equity
19 Notes
23 Interim financial highlights
24 Additional information
Webcast
Matas Group will host a webcast for
investors and analysts on Wednesday,
14 August at 10:00 a.m. CEST. The
webcast and the presentation can be
accessed from Matas’ investor website:
https://matasgroup.com/investors.
Webcast access numbers
for investors and analysts
DK: +45 78 76 84 90
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646 787 0157
PIN for all countries: 915912
Link to webcast
https://matas-events.eventcdn.net/
events/q1-report-2024
Interim report Q1 2024/25
2
Q1
2022/23
Q1
2022/23
Q1
2022/23
5.5
1,054
192
6.0
1,150
201
6.1
1,242
293
2.82.9 714
69
691
8.98.9 1,956
270
1,841
Q1
2023/24
proforma
Q1
2023/24
proforma
Q1
2023/24
proforma
Q1
2024/25
KICKS
Matas
Matas Group
Q1
2024/25
Q1
2024/25
• Matas Group generated a total revenue of DKK
1,956 million in Q1 2024/25 corresponding to a
year-on-year increase of 70% from DKK 1,150
million in Q1 2023/24. Organic growth in Matas
in Q1 was 8% and KICKS 2.9% currency neutral
(6.9% excluding Skincity). Group proforma
growth was 6.2% and currency neutral growth
of 6.1%.
• Gross margin was 46.1% in the quarter, up from
45.4% last year (45.6% proforma) due to mix
and higher subsidies from suppliers.
A good start to the year as profitable growth continued
• EBITDA before special items came to DKK 293
million in Q1 2024/25 compared to DKK 201
million (proforma DKK 270 million) last year,
and the EBITDA margin before special items
was 15.0% in the quarter against 17.5% last year
(14.7% proforma).
• Profit for the period amounted to DKK 59
million after tax compared to DKK 49 million last
year (proforma DKK 43 million). Q1 2024/25 was
impacted by special items of DKK 17 million.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
“We have had a good start to the year with growth
in underlying sales and earnings. Our strategy to
Win the Nordics is progressing as planned, with
continued assortment expansion, faster delivery,
store upgrades and membership growth. At the same
time, we continue to see gains from being a Nordic
group. Operations in our new automated KICKS
Logistics Center improved through the quarter and
construction of Matas Logistics Center is on plan.
We maintain our guidance for the financial year.”
Gregers Wedell-Wedellsborg, Group CEO
• Free cash flow was an inflow of DKK 32 million
in Q1 2024/25 compared with an inflow of DKK
201 million in Q1 2023/24, primarily reflecting
investments in Matas Logistics Center.
• Matas Group maintain its guidance for the
financial year 2024/25. Group revenue is
expected to grow between 4% and 7% currency
neutral, ~3.2% to 6.2% exchange rate adjusted,
from the proforma revenue for 2023/24 of DKK
7.8 billion. The EBITDA margin before special
items in 2024/25 is expected to be in the range
of 14.5% and 15.5% (from proforma base of 14.3%
in 2023/24). Investments, excluding M&A, are
expected to be DKK ~650 million, including
approximately DKK 325 million for Matas Logis-
tics Center. Please see company announcement
no. 1 2024/25 for assumptions related to the
guidance.
Interim report Q1 2024/25
3
• Matas Group's strategy to Win the Nordics is
delivering as expected with proforma revenue
growth of 6.2% and proforma EBITDA before
special items growth of 8.6%.
• Organic growth in Matas in Q1 was 8%. Organic
growth online was 21% and stores grew 3%. KICKS
grew 2.9% currency neutral. Growth picked up in the
later part of the quarter. KICKS excluding Skincity
grew 6.9% currency neutral, and KICKS online
excluding Skincity grew 20.5% and stores grew 3.2%.
• Customer traffic was strong, and the organic
number of transactions increased by 2.1% to 6.1
million, and the organic average basket size grew
by 5.9% to DKK 199 per transaction compared to
Q1 last year.
• Gross profit for Q1 2024/25 amounted to DKK 903
million, up from DKK 522 million in Q1 2023/24
(proforma gross profit in Q1 2023/24 amounted
to DKK 839 million). The gross margin was 46.1%,
up from 45.4% in Q1 2023/24 (45.6% proforma)
due to mix and higher subsidies from suppliers.
• Other external costs amounted to DKK 216
million in Q1 2024/25, up from DKK 107 million in
Q1 2023/24, driven by the KICKS acquisition and
increased online sales.
Q1 2024/25 highlights
• Q1 2024/25 staff costs amounted to DKK 399
million, up from DKK 215 million in Q1 2023/24 driven
by the KICKS acquisition and increased online sales.
• Special items amounted to DKK 17 million in Q1
2024/25, compared to DKK 21 million in Q1 2023/24.
• EBITDA before special items came to DKK 293
million in Q1 2024/25 compared to DKK 201 million
last year (proforma DKK 270 million), and the
EBITDA margin before special items was 15.0% in
the quarter against 17.5% (14.7% proforma) last year.
• The total depreciation, amortisation and impair-
ment charges were DKK 158 million in Q1 2024/25,
up by DKK 67 million and mainly attributable to the
acquisition of KICKS.
• Profit for the period amounted to DKK 59 million
after tax compared to DKK 49 million last year
(proforma DKK 43 million). The increase reflects
the continued growth of Matas Group and the
improved gross margin.
• Free cash flow was an inflow of DKK 32 million in
Q1 2024/25 compared with an inflow of DKK 201
million in Q1 2023/24, primarily reflecting invest-
ments in Matas Logistics Center and partly due to
timing effects.
Interim report Q1 2024/25
4
Key financials
(DKKm)
Q1
2024/25
Q1
2023/24
Growth
(%)
Proforma
Q1
2023/24
Proforma
growth
(%)
Statement of comprehensive income
Revenue 1,956 1,150 70.1 1,841 6.2
Gross profit * 903 522 72.8 839 7.6
EBITDA 276 180 53.7 249 11.0
EBIT 118 89 32.7 93 26.6
Net financials (42) (23) 79.4 (36) 16.1
Profit before tax 76 66 16.1 57 33.2
Profit for the period 59 49 20.8 43 37.7
Special items included in EBITDA (17) (21) (19.6) (21) (19.6)
EBITDA before special items 293 201 46.0 270 8.6
Adjusted profit after tax 85 78 8.6 72 17.5
Statement of financial position
Total assets 8,943 6,378
Total equity 3,462 3,338
Net working capital 441 (50)
Net interest-bearing debt 3,262 1,483
Statement of cash flows
Cash flow from operating activities 241 252
Cash flow from investing activities (209) (51)
Free cash flow 32 201
Q1 2023/24 does not include KICKS acquired and consolidated as of 1 September 2023, but Proforma Q1 2023/24 include KICKS as if
Matas Group had owned KICKS since 1 April 2023.
* Gross profit and other external costs for Q1 2023/24 have been restated in accordance with the change in accounting policies in
2023/24 as described in the Annual Report for 2023/24 note 1.
(DKKm)
Q1
2024/25
Q1
2023/24
Proforma
Q1
2023/24
Ratios
Revenue growth 70.1% 9.2%
Organic growth 8.0% 9.2%
Gross margin 46.1% 45.4% 45.6%
EBITDA margin 14.1% 15.6% 13.5%
EBITDA margin before special items 15.0% 17.5% 14.7%
EBIT margin 6.0% 7.7% 5.1%
Cash conversion 20.7% 109.5%
Earnings per share, DKK 1.56 1.29 1.13
Diluted earnings per share, DKK 1.55 1.28 1.12
Share price, end of period, DKK 116.0 100.6 100.6
ROIC before tax including goodwill ** 10.2% 9.6%
ROIC before tax excluding goodwill ** 31.6% 47.6%
Net working capital as a percentage of
LTM revenue 5
.5% (1.1)%
Investments as a percentage of revenue 9.9% 4.4%
Net interest-bearing debt/EBITDA before special items ** 2.9 1.8
Number of transactions (millions)* 8.9 6.0 8.9
Average basket size (DKK)* 217 188 203
Number of stores 494 261 488
Club members Matas and KICKS (millions) 5.8 1.9 5.4
Club Matas Plus members (thousands) 108.2 77.1 77.1
Average number of employees (FTE) 3,389 2,054 3,215
* For definitions of key financials, see page 106 of the 2023/24 Annual Report.
** LTM EBITDA includes pro forma financials of KICKS LTM.
Interim report Q1 2024/25
5
Interim report Q1 2024/25
6
Win the Nordics - Strategic initiatives in Q1 2024/25
Stronger for you
05 Integrate and share to operate efficiently
• As of 1 April 2024, our new organisational structure was
implemented with focus on closeness to the markets and
with three Nordic Groupwide functions to drive efficiency,
synergies and leverage our scale.
• Our new automated distribution centers are a platform
for long-term profitable growth across the Nordics. The
two logistics centers will facilitate expanded assortment,
strengthen fast and efficient deliveries and contribute to
reducing overall logistic costs.
• The new KICKS Logistics Center outside of Stockholm is in
operation and volumes were further ramped up during Q1
2024/25 and with improved operation in the later part of Q1.
• The construction of Matas Logistics Center (MLC), which will
more than double Matas overall capacity of web orders when
fully operational in 2025, is progressing according to plan.
06 Build long-term platform and culture
• We are building a long-term platform and culture. This
includes a consolidated Group IT platform to foster
collaboration and scale benefits to among others drive
enhanced investments in AI and analytics, both in the
front-end and back-end as this is fundamental to maintain a
competitive advantage.
Closer to you
03 Take e-commerce market shares
and fuel omni experience
• Group proforma online growth was 15%, despite continued
integration of Skincity into KICKS online offering. Organic online
growth in Matas was 21%. KICKS online excluding Skincity grew
20.5%.
• Matas.dk Net Promoter Score remained high and improved
from Q1 last year. Matas won two major e-commerce awards
from the Danish Chamber of Commerce; best omnichannel
solution and best B2C with turnover above DKK 100 million.
04 Refresh, upgrade and open stores
• The stores play an important role in the omni-channel and
still account for two thirds of revenues. With ~500 stores
across Denmark, Sweden, Norway and Finland.
• During the quarter, Matas opened one new store and renewed five
stores, including one relocation. Store NPS improved from Q1 last
year.
• Store turnover from “endless aisles” (sale of products from
matas.dk through the stores) increased significantly in Q1
compared to the same period last year.
• KICKS opened two new stores in Q1, in Norway and Finland, while
one store was closed in Norway.
More for you
01 Roll out "one-stop" offering and concept
• Matas created hype among the Gen Z consumers with
the launch of the Matas exclusive brand 'Tessa Beauty' in
collaboration with Tessa. Matas further launched the impor-
tant skincare pharmacy brand Faaborg Pharma. In total,
Matas launched 75 new brands in Q1 2024/25.
• KICKS successfully launched Beauty Pharmacy (dermatolog-
ical skincare) in Sweden in Q1 2024/25, establishing an online
presence and opening the concept in our three flagship
stores. KICKS successfully launched ProSkin by Skincity in
all three countries with key professional skincare brands. In
total, KICKS launched 30 new brands in Q1 2024/25.
02 Expand and improve portfolio of in-house brands
• Matas in-house brands delivered growth compared to a
strong Q1 last year, driven by 16% growth in Matas Striberne
Vital (Vitamins and Supplements) whereas Suncare was
down compared to Q1 last year due to less sunny weather.
Key brand Nilens Jord delivered growth of 19% in Q1
2024/25. Matas in-house brands accounted for 17.6% of
revenues from stores and matas.dk.
• KICKS in-house brands sales improved from new innova-
tions but were overall down compared to Q1 last year due to
discontinued brands and decrease in Skincity brands.
Interim report Q1 2024/25
7
Online
Physical stores
Wholesale
2024/25
Q1
High-end Beauty
50
68
30
30
19
2
1
Other
Mass Beauty
Health and Wellbeing
2024/25
Q1
Revenue
Matas Group generated total revenue of DKK 1.956
million in Q1 2024/25, a year-on-year increase of
70% from DKK 1,150 million in Q1 2023/24. Retail
sales were up by 72% to DKK 1,926 million.
Total revenue grew DKK 806 million compared
to Q1 2023/24, Matas grew DKK 92 million or
organically 8.0%. The remaining growth of DKK
714 million reflects KICKS, and KICKS grew 2.9%
currency neutral. KICKS growth was impacted
by both the continued ramp-up of volumes in
the new logistics center and the integration of
Skincity into KICKS, especially in the beginning of
the quarter. KICKS growth picked up in the later
part of the quarter. KICKS excluding Skincity grew
6.9% currency neutral, and KICKS online excluding
Skincity grew 20.5%.
DKK 545 million of the KICKS revenue was within
the High-end Beauty category in Q1 2024/25 and
the rest in Mass Beauty thus reflecting the signi-
ficant growth in both categories in Q1 2024/25
compared to last year.
Growing sales by DKK 532 million, the physical
stores recorded the largest absolute increase and
online grew sales by DKK 273 mainly due to the
acquisition of KICKS.
Q1 2024/25 performance
Revenue by sales channel (%)
Retail revenue by category (%) Revenue by categories and sales channels
(DKKm)
Q1
2024/25
Q1
2023/24
Growth
(%)
Proforma Q1
2023/24
Proforma
growth (%)
Categories
High-end Beauty 958 372 158.0% 880 8.9%
Mass Beauty 581 411 41.2% 585 (0.6)%
Health and Wellbeing 361 313 15.4% 313 15.1%
Other 26 25 3.3% 34 (23.5)%
Retail revenue 1,926 1,121 71.8% 1,812 6.3%
Retail revenue by category (%)
High-end Beauty 50 33 49
Mass Beauty 30 37 32
Health and Wellbeing 19 28 17
Other 1 2 2
100 100 100
Sales channels
Physical stores 1,327 795 66.9% 1,289 2.9%
Online 599 326 83.8% 523 14.5%
Wholesale 30 29 1.5% 29 1.5%
Total revenue 1,956 1,150 70.1% 1,841 6.2%
Revenue by sales channel (%)
Physical stores 68 69 70
Online 30 28 28
Wholesale 2 3 2
100 100 100
Interim report Q1 2024/25
8
Organic revenue in stores grew by 2.7%, while
online had an organic growth of 21.3% compared
to Q1 2023/24.
The number of transactions increased by 49.3%
to 8.9 million compared to 6.0 million in Q1
2023/24, while the average basket size increased
by 15.1% to DKK 217 per transaction in the quarter
compared to DKK 188 in Q1 2023/24. The increase
was mainly attributable to the KICKS transaction.
The organic number of transactions increased by
2.1% to 6.1 million in Q1 2024/25 and the organic
average basket size increased by 5.9% to DKK 199
per transaction compared to Q1 2023/24.
Performance by category
Both High-end and Mass Beauty reported signifi-
cantly higher sales in Q1 2024/25 compared to Q1
2023/24 mainly due to the acquisition of KICKS.
The Beauty segment accounted for 80.0% of the
retail revenue, compared to 70.0% in Q1 2023/24.
Health and Wellbeing was the primary growth
driver when looking at the organic performance.
Sales of special skincare, MediCare and Mother
and child products recorded ongoing significant
growth during the quarter.
For Matas, the private label sales, including Nilens
Jord and Miild, accounted for 17.6% of the revenue
generated by Matas stores and matas.dk in Q1
2024/25, a decrease of 0.7% compared to Q1
2023/24 due to less sold suncare products.
Categories
Matas Group is characterised by its wide assortment of beauty, personal
care, health, wellbeing and problem-solving household products. This
broad product range creates a unique one-stop retail value proposition
for the Group's customers in the shape of four categories.
High-end Beauty
Luxury beauty products, including
cosmetics, skin and haircare prod-
ucts and fragrances. High-end
beauty is the largest category in
KICKS.
Mass Beauty
Everyday beauty products and
personal care, including cosmetics,
skin and haircare products.
Health and Wellbeing
MediCare (OTC medicine and nursing
products). Vitamins, minerals, health
supplements, specialty foods and
herbal medicinal products. Sports,
nutrition and exercise. Mother and
child. Sexual wellness, Personal care
products (oral, foot and intimate
care and hair removal) and special
skincare.
Other
Clothing and accessories (footwear,
hair ornaments, jewellery, toilet bags,
etc.). House and gardening (cleaning
and maintenance, electrical prod-
ucts, interior decoration and textiles)
and other.
Interim report Q1 2024/25
9
Sales channels
At 30 June 2024, Matas consisted of 265
physical stores – 264 stores in Denmark
and one on the Faroe Islands. In addition,
Matas has one associated store in Green-
land. KICKS added 229 physical stores at
30 June 2024. 68% of Q1 2024/25 revenue
was generated by the Group's 494 physical
stores.
In addition, the Group was present online
through matas.dk, nilensjord.dk and several
web shops operated by Firtal. KICKS is
present online through kicks.se/.no/.fi and
skincity.com/se/no/fi. 31% of consolidated
revenue was generated through Matas
Group’s online channels.
Wholesale mainly consists of wholesale
from Web Sundhed, Grænn and interna-
tional wholesale of Matas’ house brands in
Germany. Wholesale accounted for 1% of
revenue for the year.
Performance by sales channel
Physical stores grew revenue by 66.9% or DKK
532 million to DKK 1,327 million compared to Q1
2023/24. Organic revenue in stores increased
by 2.7%. The number of Matas stores at 30 June
2024 amounted to 265, a year-on-year increase
of four, while KICKS had 229 physical stores at 30
June 2024, bringing the Group to a total of 494
stores.
Like-for-like Matas stores grew 1.5% and KICKS
stores grew 2.7%.
Online sales were up by 83.8% or DKK 273 million
to DKK 599 million. The organic online business
grew 21.3%. Overall, online sales accounted for
30% of Q1 2024/25 revenue against 28% in Q1
2023/24.
In Q1 2024/25, wholesale grew by DKK 0.4 million
to DKK 30 million.
Interim report Q1 2024/25
10
Gross profit for Q1 2024/25 amounted to DKK 903
million, up from DKK 522 million in Q1 2023/24.
KICKS contributed with DKK 323 million of the
total increase of DKK 381 million.
The gross margin for Q1 2024/25 was 46.1%, up
from 45.4% (45.6% proforma) in the year-earlier
period due to mix and higher subsidies from
suppliers.
Other external costs excluding special items
amounted to DKK 216 million in Q1 2024/25, up
by DKK 109 million from DKK 107 million in Q1
2023/24. The increase was mainly driven by the
acquisition of KICKS as well as execution of Win
the Nordics Group strategy and continuing digital
growth.
Other external costs accounted for 11.0% of
revenue in Q1 against 9.3% the year before and
11.0% proforma Q1 2023/24.
Q1 2024/25 staff costs amounted to DKK 399
million, up by DKK 184 million from DKK 215 million
in Q1 2023/24.
The increase in staff costs was besides the KICKS
acquisition related to salary increases (collective
wage agreements), supply chain transformation
Costs and operating performance
at KICKS and increased online sales as well as
recruitment of new competencies to execute the
Win the Nordics Matas Group strategy.
Staff costs accounted for 20.4% of revenue in Q1
2024/25 against 18.7% in Q1 2023/24 and 20.2%
proforma Q1 2023/24.
At 30 June 2024, Matas Group had an average of
3,389 full-time employees, against 2,054 at 30
June 2023. The addition mainly relates to KICKS
acquisition.
EBITDA before special items came to DKK 293
million in Q1 2024/25 compared to DKK 201
million (DKK 270 million proforma) last year, and
the EBITDA margin before special items was
15.0% in the quarter against 17.5% last year (14.7%
proforma).
Special items amounted to DKK 17 million in Q1
2024/25 whereof DKK 7 million related to integra-
tion cost and DKK 10 million to celebrating Matas
75-year anniversary. In Q1 2023/24, special items
amounted to DKK 21 million related to the KICKS
acquisition.
Since the acquisition of KICKS, DKK 70 million of
integration cost has been expensed and up to
DKK 30 million is expected as integration cost in
the remaining of the financial year 2024/25.
Q1 2024/25 reported EBITDA amounted to DKK
276 million against DKK 249 million proforma in Q1
2023/24, and the EBITDA margin was 14.1% against
13.5% proforma in the year-earlier period. EBITDA
margin excluding KICKS was 15.6% in Q1 2023/24.
Depreciation, amortisation
and impairment
The total depreciation, amortisation and impair-
ment charges were up by DKK 67 million to DKK
158 million in Q1 2024/25. The increase was mainly
attributable to KICKS.
Net financials
Net financial expenses increased by DKK 19 million
to a net expense of DKK 42 million in Q1 2024/25,
mainly driven by higher interest-bearing debt.
Profit for the period
Profit for the period amounted to DKK 59 million
after tax, against DKK 49 million in Q1 2023/24.
Adjusted profit after tax amounted to DKK 85
million in Q1 2024/25 compared to DKK 78 million
in Q1 2023/24.
Costs
(DKKm)
Q1
2024/25
Q1
2023/24
Growth
(%)
Proforma Q1
2023/24
Proforma
growth (%)
Other external costs 216 107 100.8 202 6.9
As a percentage of revenue 11.0% 9.3% 11.0%
Staff costs 399 215 85.6 372 7.3
As a percentage of revenue 20.4% 18.7% 20.2%
Interim report Q1 2024/25
11
Statement of financial position
Total assets amounted to DKK 8,943 million at 30
June 2024, up from DKK 6,378 million at 30 June
2023.
Non-current assets increased by DKK 1,353 million
to DKK 6,534.
Current assets totalled DKK 2,409 million, a year-
on-year increase of DKK 1,212 million.
Inventories amounted to DKK 2,034 million at
30 June 2024, which is an increase of DKK 1,028
million compared to end Q1 2023/24. KICKS
accounted for DKK 895 million at 30 June 2024.
Inventories accounted for 25.6% of LTM revenue
at 30 June 2024 compared to 21.9% at 30 June
2023. Excluding KICKS, inventories accounted for
23.1% of LTM revenue. The increase was mostly
due to timing of deliveries around quarter end
and assortment expansion.
Trade receivables increased by DKK 35 million
to DKK 100 million. KICKS accounted for DKK 49
million. Trade payables increased by DKK 438
million year-on-year. KICKS accounted for DKK
397 million.
Net working capital excluding deposits amounted
to DKK 441 million at 30 June 2024 against a
negative amount of DKK 50 million at 30 June
2023.
Cash and cash equivalents amounted to DKK 154
million, up from DKK 67 million the year before.
Dividend of DKK 76 million was paid out during
the quarter. Last year, the dividend was paid out
in Q2.
Equity amounted to DKK 3,462 million at 30 June
2024, compared to DKK 3,338 million at 30 June
2023.
Net interest-bearing debt amounted to DKK 3,262
million at 30 June 2024, a year-on-year increase
of DKK 1,779 million. Of this increase, DKK 528
million was attributable to higher lease liabilities.
The gearing ratio was 2.9 times LTM EBITDA before
special items, which is in line with our long-term
target between 2 and 3. Credit facilities are subject
to covenants. Matas Group was compliant with
these covenants as of 30 June 2024.
Gross interest-bearing debt stood at DKK 3,416
million at 30 June 2024, including lease liabili-
ties of DKK 1,159 million. At 30 June 2023 gross
interest-bearing debt stood at DKK 1,549 million,
including lease liabilities of DKK 631 million.
At 30 June 2024, the Company’s share capital
consisted of 38,291,492 shares of DKK 2.50
each, corresponding to a share capital of DKK
95,728,730. 190.241 treasury shares were vested
in the period under review in connection with the
exercise of the 2021/22 incentive programme.
Matas held 107,474 treasury shares at 30 June
2024.
Statement of cash flows
Cash generated from operations was an inflow of
DKK 241 million in Q1 2024/25 against an inflow of
DKK 252 million in Q1 2023/24 corresponding to a
decrease of DKK 11 million.
Settlement of deferred acquisition cost with
former owners of Web Sundhed was partly
settled with cash of DKK 15 million and partly with
treasury shares of DKK 10 million.
For Q1 2024/25, cash flows from investing activ-
ities were an outflow of DKK 209 million against
an outflow of DKK 51 million in Q1 2023/24. The
increase of DKK 158 million was mainly attribut-
able to Matas Logistics Center.
The Q1 2024/25, free cash flow excluding acquisi-
tion of subsidiaries and operations was an inflow
of DKK 47 million compared to an inflow of DKK
201 million in Q1 2023/24.
Return on invested capital
The return on LTM invested capital before tax was
10.2% at 30 June 2024 against 9.6% at 30 June
2023. ROIC before tax excluding goodwill was
31.6% at 30 June 2024 against 47.6% at 30 June
2023.
Events after the date of the
statement of financial position
No subsequent events have occurred that materi-
ally affect the Matas Group's financial position.
Significant risks
Matas Group is exposed to operational risks
affecting the retail industry in general as well as
in the health and beauty industry. If the current
macroeconomic environment leads to a slowing
down of the economic activity, Matas Group’s
business could suffer. In addition, Matas Group is
to some extent exposed to financial risks such as
interest rate, liquidity, currency and credit risk.
Cash flows
(DKKm)
Q1
2024/25
Q1
2023/24
Growth
(%)
Cash generated from operations 241 252 (4.4)
Cash flow from investing activities (209) (51) 309.8
Free cash flow excl. acquisitions of subs. 47 201 (76.6)
Acquisition of subsidiaries and operations (15) - -
Free cash flow 32 201 (84.1)
Cash flows from financing activities (10) (171) (94.2)
Interim report Q1 2024/25
12
Executive Committee
Group CEO
Group CFO
Board of Directors
Interim report Q1 2024/25
13
(DKKm) Note
Q1
2024/25
Q1
2023/24
Revenue 4, 5 1,956 1,150
Cost of goods sold (1,053 ) (628 )
Gross profit 903 522
Other external costs (216 ) (107 )
Staff costs (399 ) (215 )
Other operating income and expenses, net 5 1
EBITDA before special items 293 201
Special items (17 ) (21 )
EBITDA 276 180
Depreciation, amortisation and impairment (158 ) (91 )
EBIT 118 89
Share of profit or loss after tax of associates 0 0
Financial income 2 0
Financial expenses (44 ) (23 )
Profit before tax 76 66
Tax on profit for the period (17 ) (17 )
Profit for the period 59 49
Currency adjustment of foreign entities and loan (8 ) -
Tax on currency adjustment of foreign entities and loan 2 -
Other comprehensive income after tax (6 ) -
Total comprehensive income 53 49
Distributed as follows:
Shareholders of Matas A/S 53 49
Minority shareholders - -
Earnings per share
Earnings per share, DKK 1.56 1.29
Diluted earnings per share, DKK 1.55 1.28
Statement of comprehensive income
Interim report Q1 2024/25
14
Statement of cash flows
(DKKm) Note
Q1
2024/25
Q1
2023/24
Profit before tax 76 66
Depreciation, amortisations and impairment 158 91
Other non-cash operating items, net 3 2
Share of profit or loss after tax of associates (0 ) (0 )
Financial income (2 ) (0 )
Financial expenses 44 23
Cash generated from operations before changes in
working capital 279 182
Changes in working capital (38 ) 70
Cash generated from operations 241 252
Corporation tax paid - -
Cash flow from operating activities 241 252
Acquisition of intangible assets (45 ) (35 )
Acquisition of property, plant and equipment (149 ) (16 )
Acquisition of subsidiaries and operations (15 ) -
Cash flow from investing activities (209 ) (51 )
Free cash flow 32 201
(DKKm) Note
Q1
2024/25
Q1
2023/24
Debt raised with credit institutions 195 -
Debt settled with credit institutions - (110 )
Interest received 2 0
Interest paid (44 ) (22 )
Repayment of lease liabilities (97 ) (39 )
Dividend paid (76 ) -
Option agreement, received 10 -
Cash flow from financing activities (10 ) (171 )
Net cash flow from operating, investing and
financing activities 22 30
Currency adjustment 1 -
Cash and cash equivalents, beginning of period 131 37
Cash and cash equivalents, end of period 154 67
The above cannot be derived directly from the statement of
comprehensive income and the statement of financial position.
Interim report Q1 2024/25
15
Statement of financial position
(DKKm) Note 30 June 2024 30 June 2023 31 March 2024
ASSETS
Non-current assets
Goodwill 4,097 3,999 4,096
Trademarks and trade names 183 56 184
Software 261 168 258
Other intangible assets 112 69 132
Total intangible assets 4,653 4,292 4,670
Property, plant and equipment
Lease assets 1,101 600 1,157
Land and buildings 107 86 108
Other fixtures and fittings, tools and equipment 133 62 89
Leasehold improvements 212 28 208
Plant in progress 264 64 170
Total property, plant and equipment 1,817 840 1,732
Investments in associates 1 1 1
Deferred tax 16 - 17
Deposits 46 48 47
Other securities and equity investments 1 0 1
Total other non-current assets 64 49 66
Total non-current assets 6,534 5,181 6,468
Current assets
Inventories 2,034 1,006 1,864
Trade receivables 100 65 76
Corporation tax receivable 7 5 17
Other receivables 34 12 38
Prepayments 80 42 74
Cash and cash equivalents 154 67 131
Total current assets 2,409 1,197 2,200
Total assets 8,943 6,378 8,668
(DKKm) Note 30 June 2024 30 June 2023 31 March 2024
EQUITY AND LIABILITIES
Equity
Share capital 96 96 96
Translation reserve 11 0 17
Treasury share reserve (12 ) (21 ) (43 )
Retained earnings 3,366 3,262 3,315
Dividend proposed for the financial year - - 76
Equity, shareholders in Matas A/S 3,461 3,337 3,461
Non-controlling interests 1 1 1
Total equity 3,462 3,338 3,462
Liabilities
Deferred tax 225 198 227
Lease liabilities 6 795 439 850
Provisions 7 28 28 28
Credit institutions 2,257 918 2,007
Other payables 8 5 13 5
Total non-current liabilities 3,310 1,596 3,117
Credit institutions - - 55
Lease liabilities 6 364 192 360
Provisions 7 8 - 19
Prepayments from customers 216 159 221
Dividend - 76 -
Trade payables 1,253 847 1,070
Corporation tax payable 1 - -
Other payables 8 329 170 364
Total current liabilities 2,171 1,444 2,089
Total liabilities 5,481 3,040 5,206
Total equity and liabilities 8,943 6,378 8,668
Interim report Q1 2024/25
16
Statement of changes in equity
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
Equity at 1 April 2024 96 17 (43 ) 76 3,315 3,461 1 3,462
Currency adjustment of foreign entities and loan - (8 ) - - - (8 ) - (8 )
Tax on currency adjustment of foreign entities and loan - 2 - - - 2 - 2
Other comprehensive income - (6 ) - - - (6 ) - (6 )
Profit for the period - - - - 59 59 - 59
Total comprehensive income - (6 ) - - 59 53 - 53
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - (0 ) 0 - - -
Exercise of incentive programme - - 21 - (21 ) - - -
Option agreement * - - - - 10 10 - 10
Deferred acquisition ** - - 10 - - 10 - 10
Share-based payment - - - - 3 3 - 3
Total transactions with owners - - 31 (76 ) (8 ) (53 ) - (53 )
Equity at 30 June 2024 96 11 (12 ) - 3,366 3,461 1 3,462
* In april, Matas completed an option agreement with the former owners of Firtal Group ApS and received an option premium payment of DKK 10 million which is recognised in the equity. The option allows the former owners to
acquire 20% of the shares in Firtal Group ApS for a predetermined amount. The option can be exercised from 1 May 2024 and expires 31 March 2029. After the option has been exercised, Matas has a right to acquire the shares at a
consideration calculated based on a predetermined formula with a cap. There will not be any impact on the Matas Group profit and loss accounts from the option agreement nor the shareholder agreement.
** Related to Web Sundhed.
Interim report Q1 2024/25
17
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
1 April 2023 96 0 (44 ) 76 3,234 3,362 1 3,363
Other comprehensive income - - - - - - - -
Profit for the period - - - - 49 49 - 49
Total comprehensive income - - - - 49 49 - 49
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - (0 ) 0 - - -
Exercise of incentive programme - - 23 - (23 ) - - -
Share-based payment - - - - 2.0 2.0 - 2.0
Total transactions with owners - - 23 (76 ) (21 ) (74.7 ) - (74 )
Equity at 30 June 2023 96 0 (21 ) - 3,262 3,337 1 3,338
Statement of changes in equity
Interim report Q1 2024/25
18
Notes
Note 1 – Accounting policies
This interim report is presented in accordance with IAS 34, Interim Financial Reporting as adopted by the EU and
additional disclosure requirements under the Danish Financial Statements Act.
Matas Group supports its suppliers with a range of activities, such as marketing of brands, advertising and
promotions etc. These costs have previously been deducted in other extertal cost. Support from suppliers not
directly linked to a specific activity was in the consolidated financial statements for 2023/24 reclassified to a
reduction in cost of goods sold in accordance with the standards.
This change has resulted in a reallocation of the comparison figures in the statement of comprehensive income
decreasing cost of goods sold for Q1 2023/24 by DKK 16 million and increasing other external cost with the same
amount. Consequently, gross profit for Q1 2023/24 improved by DKK 16 million increasing the gross margin by 1.4
percentage points, but there is no impact on EBITDA for Q1 2023/24.
Except as set out below, the accounting policies are consistent with the accounting policies applied in the
Annual Report for 2023/24 to which reference is made.
Changes of accounting policies
Matas Group has implemented amendments to the IFRS accounting standards effective as of 1 April 2024 as
adopted by the EU.
None of those amendments have significantly affected recognition and measurement, nor are they expected to
have a material effect on Matas Group's financial statements in the near future.
Note 2 – Accounting estimates and judgments
The preparation of interim financial statements requires Management to make accounting judgments and esti-
mates that affect the application of accounting policies and recognised assets, liabilities, income and expenses.
Actual results may differ from these estimates.
The critical accounting estimates and judgments applied are consistent with those applied in the Annual Report
for 2023/24.
Note 3 – Seasonality
The Group’s activities in the interim period were only to a limited extent affected by seasonal fluctuations.
Note 4 – Segment information
Matas Group is segmented in two reportable segments Matas and KICKS. Management monitors the profitability
of the operating segments separately for the purpose of making decisions about resource allocation and perfor
-
mance management. Management has aggregated the operational segments Matas, Firtal, Grænn and Web
Sundhed as one reportable segment due to similarities in operations. Segment results are measured at gross
profit as presented in the table below. Group costs are currently not separated from the segments below gross
profit, why management when looking at financial performance below gross profit are looking at the consoli
-
dated Group figures.
(DKKm)
Matas
Q1 2024/25
KICKS
Q1 2024/25
Total
Q1 2024/25
Matas
Q1 2023/24
KICKS
Q1 2023/24
Total
Q1 2023/24
Revenue 1,242 714 1,956 1,150 - 1,150
Cost of goods sold (662) (391) (1,053) (628) - (628)
Gross profit 580 323 903 522 - 522
Gross margin 46.7% 45.3% 46.1% 45.4% - 45.4%
Other external costs (216) (107)
Staff costs (399) (215)
Other operating income
and expenses, net 5 1
EBITDA before special
items 293 201
Special items (17) (21)
EBITDA 276 180
Interim report Q1 2024/25
19
Notes
Note 5 – Revenue
(DKKm)
Q1
2024/25
Q1
2023/24
Retail sales, physical stores 1,327 795
Retail sales, online 599 326
Wholesale 30 29
Total revenue 1,956 1,150
In Q1 2024/25, 31% of Matas Group’s revenue was generated by its online channels, compared to 28% in the year-
earlier period.
Revenue break-down by product groups is as follows:
(DKKm)
Q1
2024/25
Q1
2023/24
High-end Beauty 958 372
Mass Beauty 581 411
Health and Wellbeing 361 313
Other 26 25
Wholesale sales, etc. 30 29
Total revenue 1,956 1,150
Revenue from sales of products through Matas Group stores is recognised when a store sells the product to
the customer. Payment is usually received when the customer receives the product, or, if the customer pays by
credit card, a few days later. Revenue from sales through web shops is recognised and payment is received when
the product is sent to the customer.
A small proportion of Matas Group’s revenue is invoiced, e.g. wholesale sales, in which connection a receivable is
recognised.
Note 5 – Revenue continued
Income from the sale of gift vouchers is reconised as revenue upon redemption, alternatively upon expiry of the
validity period. In estimating the redemption rate, Matas Group considers breakage which represents the portion
of gift vouchers issued that will never be redeemed.
For the customer loyalty programme at Matas and KICKS, a performance obligation is recognised at the date
of recognition of the sale triggering the allocation of loyalty points. The performance obligation is measured at
the estimated fair value of the points allocated and amounted to DKK 69 million at 30 June 2024 (30 June 2023:
DKK 58 million). The estimated fair value is inherently subject to some uncertainty with respect to actual future
redemption and considering the flexibility of the customer loyalty programme. Revenue is recognised when the
customer uses points, usually over an average period of three months.
Customers have the option of returning products, but the volume of returns at 30 June 2024 was insignificant as
was the amount of guarantee commitments, similar to last year.
Interim report Q1 2024/25
20
Notes
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
30 June
2024
30 June
2023
31 March
2024
Store leases 934 551 986
Administration and warehouse buildings, etc. 160 43 164
Cars and other leases 7 6 7
Total lease assets 1,101 600 1,157
Matas Group’s lease liabilities are as follows:
(DKKm)
30 June
2024
30 June
2023
31 March
2024
Non-current liabilities 795 439 850
Current liabilities 364 192 360
Total lease liabilities 1,159 631 1,210
Most store leases in Denmark are evergreen contracts as defined in the Danish Business Lease Act and are
consequently subject to terms of notice of 3-12 months. Commercial renting of shops, etc., in the other Nordic
countries are not similar to the practice in Denmark, as extensions take place at fixed intervals and with fixed
deadlines for termination/extension. This has been accounted for in recognising the KICKS leases.
Depreciation as set out below is recognised in the statement of comprehensive income:
(DKKm)
Q1
2024/25
Q1
2023/24
Store leases, etc. 79 37
Administration and warehouse buildings, etc. 9 4
Cars and other leases 1 1
Total depreciation of lease assets 89 42
Lease payments in the amount of DKK 97 million were made in Q1 2024/25 (Q1 2023/24: DKK 46 million).
Interest in the amount of DKK 13 million was expensed in Q1 2024/25 (Q1 2023/24: DKK 7 million).
Matas Group is the lessee of a limited number of premises. For some of these leases, the rent is fully or partially
based on revenue.
Revenue-based rent is not comprised by IFRS 16 and is therefore not included in the above tables. Revenue-
based rent is, as before, recognised under other external costs and amounted to DKK 22 million in Q1 2024/25
(Q12023/24: DKK 2 million).
A total of DKK zero million in Q1 2024/25 (Q1 2023/24: DKK zero million) was recognised in the statement of
comprehensive income regarding short-term, leases and leases of low-value assets. Lease liabilities relating to
non- recognised short- term leases and leases of low-value assets amounted to DKK zero at 30 June 2024 (30
June 2023: DKK zero million).
Interim report Q1 2024/25
21
Notes
Note 7 – Provisions
(DKKm)
30 June
2024
30 June
2023
31 March
2024
Included in non-current liabilities
Obligation for reinstatement of tenancies 28 28 28
Total provision, non-current 28 28 28
Included in current liabilities
Restructuring provisions 8 - 19
Total provision, current 8 - 19
Note 8 – Other payables
(DKKm)
30 June
2024
30 June
2023
31 March
2024
Other non-current payables
Contingent consideration and
deferred purchase price 5 13 5
Total other non-current payables 5 13 5
Other current payables
VAT payable 83 42 56
Holiday pay obligations etc. 127 51 122
Pay-related liabilities
(A tax/social security contributions) 103 31 136
Contingent consideration and deferred purchase price 10 35 34
Other creditors 6 11 16
Total other current payables 329 170 364
Note 9 – Transactions with related parties
Matas Group's related parties comprise the companies' board of directors and executive boards and their
related family members. Further, related parties comprise companies in which the above-mentioned persons
have significant interest as well as associates.
Pursuant to Matas A/S’ Remuneration Policy, a total of 190,241 Performance Share Units (PSUs) related to the
Company’s long-term incentive programme (LTIP) for 2021/22 were vested at 14 June 2024.
PSUs were vested at 150% of the original grant. Based on a closing price at 13 June 2024 of DKK 121.4, the total
value of vested PSUs amounted to DKK 23.1 million.
On 30 June 2024, a total of 181,823 PSUs have been granted related to the long-term incentive programme for
2024/25. A total of 53,196 PSUs were granted to Group CEO Gregers Wedell-Wedellsborg and a total of 29,258
PSUs were granted to Group CFO Per Johannesen Madsen.
Related party transactions with associates recognised in the income statement and the statement of financial
position.
(DKKm)
Q1
2024/25
Q1
2023/24
Revenue 0 0
Other external costs (3) (3)
Receivables 1 1
Trade payables 0 0
Note 10 – Subsequent events
No subsequent events have occurred that materially affect the Matas Group's financial position.
Interim report Q1 2024/25
22
Interim financial highlights
(DKKm)
Q1
2024/25
Q4
2023/24
Q3
2023/24
Q2
2023/24
Q1
2023/24
Statement of
comprehensive income
Revenue 1,956 1,758 2,508 1,285 1,150
Gross profit 903 845 1,115 596 522
EBITDA 276 182 404 138 180
EBIT 118 16 249 25 89
Net financials (42) (58) (29) (21) (23)
Profit before tax 76 (42) 220 4 66
Profit for the period 59 (45) 163 2 49
Statement of financial position
Total assets 8,943 8,668 8,879 8,625 6,378
Total equity 3,462 3,462 3,527 3,364 3,337
Net working capital 441 378 (46) 261 (50)
Net interest-bearing debt 3,262 3,140 2.490 3,003 1,483
Statement of cash flows
Cash flow from operating activities 241 (235) 702 (74) 252
Investments in tangible assets (149) (75) (109) (51) (16)
Cash flow from investing activities (209) (121) (142) (707) (51)
Free cash flow 32 (356) 560 (781) 201
Acquisitions of subsidiaries and
operations (15) 2 - (617) -
Free cash flow excl. acquisitions of
subsidiaries and operations 47 (358) 560 (164) 201
Net cash flow from operating,
investing and financing activities 22 (282) 149 193 30
(DKKm)
Q1
2024/25
Q4
2023/24
Q3
2023/24
Q2
2023/24
Q1
2023/24
Key performance indicators
Number of transactions (millions) 8.9 8.2 11,1 6.6 6.0
Average basket size (DKK) 216.5 210.6 222.9 182.7 188.2
Total retail floor space
(thousands of square metres) 106.1 105.2 104.9 104.1 53.7
Avg. revenue per square metre
(DKK thousands) - LTM 74,9 79.7 83.3 82.7 83.6
Organic growth 8.0% 4.4% 9.2% 8.0% 9.2%
Adjusted figures
EBITDA 276 182 404 138 180
Special items included in EBITDA (17) (22) (20) (39) (21)
EBITDA before special items 293 204 424 177 201
Depreciation of property, plant and
equipment (148) (43) (136) (96) (81)
EBITA before special items 145 161 288 81 120
Adjusted profit after tax 85 (13) 190 47 78
Gross margin 46.1% 48.0% 44.5% 46.5% 45.4%
EBITDA margin 14.1% 10.3% 16.1% 10.7% 15.6%
EBITDA margin
before special items 15.0% 11.6% 16.9% 13.8% 17.5%
EBITA margin 7.4% 2.8% 11.5% 6.3% 10.4%
EBIT margin 6.0% 0.9% 9.9% 1.9% 7.7%
Interim report Q1 2024/25
23
Additional information
Contacts
Gregers Wedell-Wedellsborg
Group CEO, phone +45 48 16 55 55
Per Johannesen Madsen
Group CFO, phone +45 48 16 55 55
John Bäckman
Head of Investor Relations & Treasury,
phone +45 22 43 12 54
Kristine Ahrensbach
Head of Corporate Communications & ESG,
phone +45 25 52 95 47
Company information
Matas A/S
Rørmosevej 1
DK-3450 Allerød,
Denmark
Phone: +45 48 16 55 55
www.matasgroup.com
Business reg. no.: 27 52 84 06
Forward-looking statements
This interim report contains statements relating to the
future, including statements regarding Matas Group’s
future operating results, financial position, cash flows,
business strategy and future targets. Such statements
are based on Management’s reasonable expectations
and forecasts at the time of release of this report.
Forward-looking statements are subject to risks and
uncertainties and a number of other factors, many of
which are beyond Matas Group’s control. This may have
the effect that actual results may differ significantly
from the expectations expressed in the report. Without
being exhaustive, such factors include general economic
and commercial factors, including market and competi-
tive conditions, supplier issues and financial and regula-
tory issues, IT failures as well as any effects of healthcare
measures that are not specifically mentioned above.
Financial calendar 2024/25
15 November 2024 Interim report – Q2 2024/25
7 January 2025 Trading update for Q3 2024/25
5 February 2025 Interim report – Q3 2024/25
2 May 2025 Deadline for the Company’s share
-
holders to submit in writing requests
for specific proposals to be included
on the agenda for the Annual General
Meeting
23 May 2025 Annual Report 2024/25
16 June 2025 Annual General Meeting for 2024/25
Interim report Q1 2024/25
24
Design & production: Noted
Matas A/S
Phone: + 45 4 8 16 55 5 5
Business reg. no.: 27 52 84 06