Correction: Georg Jensen A/S will host an investor meeting today to present preliminary Q4 and year end results for 2020.

Tuesday, 2 February 2021 at 08:00, Georg Jensen A/S sent out a press release relating to selected (unaudited) financial highlights for Q4 and the 2020 full year.

This press release referred to an attachment, which should instead have been included in the press release.

The correct text should have been:

Georg Jensen A/S will host an investor meeting today to present preliminary Q4 and year end results for 2020.

Please find selected (unaudited) financial highlights for Q4 and the 2020 full year below:

Preliminary Q4 and Year End Results for 2020 - Subject to Audit

FINANCIAL HIGHLIGHTS

Q4

12 MONTHS

DKK million

2020

2019

Change

2020

2019

Change

Revenue

394.3

373.2

6%

932.4

1,013.8

-8%

Gross profit

246.1

229.7

7%

569.6

621.9

-8%

Gross margin

62.4

61.5

61.1

61.3

EBITDA

114.1

110.2

4%

151.8

149.5

2%

Cash and cash equivalents

148.4

117.2

148.4

117.2

Net interest-bearing debt

416.4

386.5

416.4

386.5

Leverage

2.4

2.3

2.4

2.3

  • Revenue increased 6% in Q4, and the strong performance narrowed the decline in revenue to 8% at the end of 2020, which was significantly impacted by Covid-19. An acceleration of growth in our Q4 E-business, at an index of 185, together with Wholesale growth, at index 110, more than offset the Retail environment that continued to be impacted by local lockdowns and dampened footfall. Our Q4 Retail performed at index 86 to LY bringing the 2020 Retail index to 72, while our B2B proved resilient in 2020 and delivered index 99 to LY. E-business delivered an index 178 to LY and delivered growth in all markets.
  • Gross profit and margin improved in Q4 as a result of margin building initiatives and despite a lower weighting towards Retail, which is our highest margin channel. Gross margin was stable in 2020, as the improvement in margins from all channels was offset by channel mix caused as a result of the Covid-19 impact on the Retail environment.
  • EBITDA increased 4% in Q4 and we improved 2020 EBITDA 2% to DKK 151.8 million despite reduced revenue.
  • Net interest-bearing debt increased to DKK 416.4 million from DKK 386.5 million last year. The reason is an increase in lease liabilities of DKK 65.1 million, offset by improvement in the year end cash balance.
  • The cash balance increased from DKK 117.2 million in 2019 to DKK 148.4 million in 2020 resulting in leverage of 2.4x compared to 2.3x in 2019.
  • The loss for 2020 is lower than 2019, in line with the improvement of EBITDA.

Georg Jensen A/S is obliged to make this information public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 8.00 am CET on 2 February 2021.

Copenhagen, 2 February 2021

For more information please contact

Malene Petrea Skov, Global PR & Communications Manager,

malene.skov@georgjensen.com, +45 27 11 72 13



Correction: Georg Jensen A/S will host an investor meeting today to present preliminary Q4 and year end results for 2020.

Tuesday, 2 February 2021 at 08:00, Georg Jensen A/S sent out a press release relating to selected (unaudited) financial highlights for Q4 and the 2020 full year.

This press release referred to an attachment, which should instead have been included in the press release.

The correct text should have been:

Georg Jensen A/S will host an investor meeting today to present preliminary Q4 and year end results for 2020.








Update to press release of 29th November

Georg Jensen A/S Friday 29th November presented its interim Financial Report Jan-Sep 2019 and in this connection sent out a press release with the following text:


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