(1 APRIL - 30 SEPTEMBER 2024)
Company announcement no. 8 2024/25, Allerød, 15 November 2024
Interim report H1 2024/25
Nordic strategy drives high revenue and earnings growth - revenue guidance narrowed upwards
Table of contents
3 Nordic strategy drives high revenue and
earnings growth - revenue guidance
narrowed upwards
4 Q2 2024/25 highlights
5 H1 2024/25 highlights
6 Key financials
8 Management’s review
10 Q2 and H1 2024/25 performance
14 Costs and operating performance
17 Statement by the Board of Directors and
the Executive Committee
18 Statement of comprehensive income
19 Statement of cash flows
20 Statement of financial position
21 Statement of changes in equity
23 Notes
27 Interim financial highlights
28 Additional information
Webcast
Matas Group will host a webcast for
investors and analysts on Friday, 15
November at 10:00 a.m. CET. 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/q2-report-2024
Interim report H1 2024/25
2
Q2
2022/23
Q2
2022/23
Q2
2022/23
5.4
989
160
5.7
1,068
5.9
1,149
233
2.72.9
702
659
8.6
8.6
1,851
219
1,727
Q2
2023/24
proforma
Q2
2023/24
proforma
Q2
2023/24
proforma
Q2
2024/25
Q2
2024/25
Q2
2024/25
KICKS Matas Matas Group
• Matas Group generated a total revenue of DKK
1,851 million in Q2 2024/25 corresponding to
a year-on-year increase of 44.0% from DKK
1,285 million in Q2 2023/24. Matas stand-alone
growth in Q2 was 7.6% and KICKS stand-alone
5.7% currency neutral (10.4% excluding Skincity).
Group proforma growth was 7.2% and with
currency neutral growth of 6.8%.
• Gross margin was 46.0% in the quarter,
compared to 46.4% last year. Proforma gross
margin was 45.8%. Key drivers in the improved
margin were matured assortment expansion
and synergies offset by price initiatives, discon-
tinuation of certain in-house brands and Skincity
impact at KICKS.
• EBITDA before special items came to DKK 233
million in Q2 2024/25 compared to DKK 177
million last year. Proforma EBITDA currency
neutral was DKK 218 million in Q2 2023/24. The
EBITDA margin before special items was 12.6%
in the quarter against 13.8% last year (12.6%
proforma currency neutral).
• Profit for the period amounted to DKK 24 million
after tax compared to DKK 2 million last year
Nordic strategy drives high revenue and earnings
growth - revenue guidance narrowed upwards
(proforma loss of DKK 3 million). Q2 2024/25
was impacted by special items, net income of
DKK 5 million, compared to special items, net
expenses of DKK 39 million in Q2 2023/24.
• Free cash flow was an outflow of DKK 105
million in Q2 2024/25, reflecting early inventory
build-up to de-risk KICKS' Logistics Center for
Q3 and the construction of Matas' Logistics
Center, compared with an outflow of DKK 781
million in Q2 2023/24, driven by the acquisition
of KICKS.
• Matas Group adjusts its revenue guidance
for the financial year 2024/25. Group revenue
is now expected to grow between 5% and
7% (from 4% to 7%) currency neutral, corre-
sponding to ~4.6% to 6.6% exchange rate
adjusted* (previously ~3.2% to 6.2%), 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'
Logistics Center.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
“Customers continue to show their passion for beauty across the Nordics. Our growth accelerated to 7%
in Q2 with standout growth of 24% online in KICKS. After one year as a Nordic Group, we are offering more
deals and better prices, introducing more brands and delivering products faster while keeping margins
stable. We passed one million members in Norway and two millions members in Denmark, orchestrated
our very first pan-Nordic introduction of a new brand, and launched Matas Striberne in KICKS. Behind
the scenes, KICKS' Logistics Center is ramped up and Matas' Logistics Center is nearing completion.
We remain confident in delivering synergies on time. We are now ready for the all-important Christmas
quarter with stores packed with products. We adjust our revenue guidance for the financial year to 5-7%.”
Gregers Wedell-Wedellsborg, Group CEO
* Based on actual exchange rates for H1 2024/25 and forward rates for H2 2024/25 for NOK/DKK of 0.621 and SEK/DKK of 0.643 as of
13 November 2024.
Interim report H1 2024/25
3
• Matas Group's strategy to Win the Nordics is
delivering as expected with proforma revenue
growth of 6.8% currency neutral in Q2 and
proforma EBITDA before special items growth of
6.8% currency neutral.
• Matas stand-alone growth in Q2 was 7.6%,
online was 18.7% and Matas stores grew 2.4%
like-for-like. KICKS stand-alone grew 5.7%
currency neutral. KICKS excluding Skincity
grew 10.4% currency neutral, and KICKS online
excluding Skincity grew 24% and stores grew
2.4% like-for-like.
• Customer traffic was good, and the number of
transactions came to 8.6 million in Q2 2024/25
which were at level with proforma numbers in
Q2 2023/24. The average basket size grew by
7.6% to DKK 212 per transaction compared to
proforma Q2 last year.
• Gross profit for Q2 2024/25 amounted to DKK
852 million, up from DKK 596 million in Q2
2023/24 (proforma gross profit in Q2 2023/24
amounted to DKK 791 million). The gross margin
was 46.0% in the quarter, compared to 46.4%
last year. Proforma gross margin was 45.8%. Key
drivers in the improved margin were matured
assortment expansion and synergies offset
Q2 2024/25 highlights
by price initiatives, discontinuation of certain
in-house brands and Skincity impact at KICKS.
• Other external costs amounted to DKK 235
million in Q2 2024/25, up from DKK 150 million
in Q2 2023/24 (proforma DKK 215 million)
driven by the KICKS acquisition and high digital
growth.
• Q2 2024/25 staff costs amounted to DKK 389
million, up from DKK 272 million in Q2 2023/24
(proforma DKK 362 million) driven by the KICKS
acquisition, annual salary adjustments and
increased online sales as well as recruitment
of new competencies. Q2 2024/25 staff costs
were negatively impacted by around DKK 10
million relating to KICKS' Logistics Center inven-
tory build-up for Q3 and learning curve.
• Special items amounted to DKK 5 million
net income from a reversal of an accrual for
deferred acquisition cost in Q2 2024/25,
compared to DKK 39 million net expense in Q2
2023/24 related to the KICKS acquisition.
• EBITDA before special items came to DKK 233
million in Q2 2024/25 compared to DKK 177
million last year (proforma currency neutral
DKK 218 million), and the EBITDA margin before
special items was 12.6% in the quarter against
13.8% last year (12.6% proforma currency
neutral).
• The total depreciation, amortisation and
impairment charges amounted to DKK 157
million in Q2 2024/25, up by DKK 44 million and
mainly attributable to the acquisition of KICKS.
• Profit for the period amounted to DKK 24 million
after tax compared to DKK 2 million last year
(proforma loss of DKK 3 million). The increase
reflects the continued growth of Matas Group.
• Free cash flow was an outflow of DKK 105 million
in Q2 2024/25 compared with an outflow of
DKK 781 million in Q2 2023/24.
Interim report H1 2024/25
4
• Matas Group's strategy to Win the Nordics is
delivering as expected with proforma revenue
growth of 6.4% currency neutral in H1 2024/25
and proforma EBITDA before special items
growth of 7.6% currency neutral.
• Matas stand-alone growth in H1 was 7.8%.
Growth online was 20% and stores grew 3.1%.
KICKS stand-alone grew 4.2% currency neutral
in H1. KICKS excluding Skincity grew 8.6%
currency neutral, and KICKS online excluding
Skincity grew 22.4% and stores grew 4.5%.
• Customer traffic was good and the number of
transactions came to 17.5 million in H1 similar to
proforma numbers for H1 2023/24. The average
basket size grew by 6.5% to DKK 214 per trans-
action compared to proforma H1 last year.
• Gross profit for H1 2024/25 amounted to DKK
1,755 million, up from DKK 1,118 million in H1
2023/24 (proforma gross profit in H1 2023/24
amounted to DKK 1,630 million). The gross
margin was 46.1%, up from 45.9% in H1 2023/24.
The proforma gross margin was 45.7%. Key
drivers in the improved margin were matured
assortment expansion, higher subsidies from
H1 2024/25 highlights
suppliers and synergies, offset by price initi-
atives, discontinuation of certain in-house
brands and Skincity impact at KICKS.
• Other external costs amounted to DKK 451
million in H1 2024/25, up from DKK 257 million in
H1 2023/24 (proforma DKK 417 million), driven by
the KICKS acquisition and high digital growth.
• H1 2024/25 staff costs amounted to DKK 788
million, up from DKK 487 million (proforma DKK
734 million) in H1 2023/24 driven by the KICKS
acquisition, salary increases, supply chain trans-
formation at KICKS and increased online sales
as well as recruitment of new competencies.
• Special items amounted to DKK 12 million in
H1 2024/25, compared to DKK 60 million in H1
2023/24, which related to the acquisition of
KICKS.
• EBITDA before special items came to DKK 526
million in H1 2024/25 compared to DKK 378
million last year (proforma currency neutral
DKK 489 million), and the EBITDA margin before
special items was 13.8% in H1 against 15.5% last
year (13.7% proforma currency neutral).
• The total depreciation, amortisation and
impairment charges were DKK 315 million in H1
2024/25, up by DKK 111 million and mainly attrib-
utable to the acquisition of KICKS.
• Profit for the period amounted to DKK 83 million
after tax compared to DKK 51 million last year
(proforma DKK 39 million). The increase reflects
the continued growth of Matas Group and the
improved gross margin.
• Free cash flow was an outflow of DKK 73
million in H1 2024/25, reflecting early inventory
build-up to de-risk KICKS' Logistics Center
for Q3 and the construction of Matas' Logis-
tics Center, compared with an outflow of DKK
580 million in H1 2023/24, which related to the
acquisition of KICKS.
Interim report H1 2024/25
5
Key financials
(DKKm)
Q2
2024/25
Q2
2023/24
Growth
(%)
Proforma
Q2
2023/24
Proforma
Growth
(%)
Proforma
currency
neutral
growth
(%)
H1
2024/25
H1
2023/24
Growth
(%)
Proforma
H1
2023/24
Proforma
Growth
(%)
Proforma
currency
neutral
growth
(%
Statement of comprehensive income
Revenue 1,851 1,285 44.0% 1,727 7.2% 6.8% 3,807 2,435 56.3% 3,568 6.7% 6.4%
Gross profit * 852 596 42.9% 791 7.7% 7.2% 1,755 1,118 56.9% 1,630 7.6% 7.3%
EBITDA 238 138 72.3% 180 32.5% 32.9% 514 318 61.7% 428 20.1% 19.9%
EBIT 81 25 224.0% 24 239.7% 199 114 74.8% 117 69.5%
Net financials (50) (21) 131.5% (27) 87.6% (92) (44) 104.4% (62) 46.8%
Profit before tax 31 4 778.1% (3) - 107 70 55.6% 55 95.3%
Profit for the period 24 2 1,448.1% (3) - 83 51 65.3% 39 112.0%
Special items included in EBITDA 5 (39) - (39) - (12) (60) (80.1)% (60) (80.1)%
EBITDA before special items 233 177 31.4% 219 6.5% 6.8% 526 378 39.1% 489 7.7% 7.6%
Adjusted profit after tax 26 47 (44.8)% 42 (38.4)% 111 125 (11.5%) 114 (2.8)%
Statement of financial position
Total assets 9,284 8,625
Total equity 3,501 3,364
Net working capital 656 261
Net interest-bearing debt 3,478 3,003
Statement of cash flows
Cash flow from operating activities 39 (74) 280 178
Cash flow from investing activities (144) (707) (353) (758)
Free cash flow (105) (781) (73) (580)
Q2 and H1 2023/24 include KICKS acquired and consolidated as of 1 September 2023, and Proforma Q2 and H1 2023/24 include KICKS as if Matas Group had owned KICKS since 1 April 2023.
* Gross profit and other external costs for Q2 and H1 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.
Interim report H1 2024/25
6
Key financials
(DKKm)
Q2
2024/25
Q2
2023/24
Proforma
Q2
2023/24
H1
2024/25
H1
2023/24
Proforma
H1
2023/24
Ratios
Revenue growth 44.0% 29.9% 7.2% 56.3% 19.2% 6.7%
Gross margin 46.0% 46.4% 45.8% 46.1% 45.9% 45.7%
EBITDA margin 12.8% 10.7% 10.4% 13.5% 13.1% 12.0%
EBITDA margin before special items 12.6% 13.8% 12.7% 13.8% 15.5% 13.7%
EBIT margin 4.4% 1.9% 1.4% 5.2% 4.7% 3.3%
Cash conversion (49.2)% (72.5)% (10.2)% 24.2%
Earnings per share, DKK 0.64 0.04 (0.09) 2.20 1.33 1.04
Diluted earnings per share, DKK 0.64 0.04 (0.09) 2.19 1.32 1.03
Share price, end of period, DKK 124.6 97.6
ROIC before tax including goodwill 8.4% 8.3%
ROIC before tax excluding goodwill 21.1% 28.0%
Net working capital as a percentage of
LTM revenue 8.1% 5.4%
Investments as a percentage of revenue 7.8% 55.0% 8.9% 31.1%
Net interest-bearing debt/LTM EBITDA before special items 3.0 2.8
Number of transactions (millions)* 8.6 6.6 8.6 17.5 12.6 17.5
Average basket size (DKK)* 212 189 197 214 189 201
Number of stores 496 488
Club members Matas and KICKS (millions) 5.8 5.5
Club Matas Plus members (thousands) 111.5 85.7
Average number of employees (FTE) 3,468 2,620 3,479 3,414 2,337 3,347
* For definitions of key financials, see page 106 of the 2023/24 Annual Report.
Interim report H1 2024/25
7
On 28 May 2024, Matas Group announced its new strategy, Win
the Nordics, in connection with the Annual Report for 2023/24
and the Capital Markets Day.
Win the Nordics is a growth strategy with six customer centric
strategic priorities for the mid-term to outgrow the market while
improving margins and building the long-term platform. The
strategy continued to progress as planned.
Synergies are on track to deliver improvements of DKK >100
million fully phased in by 2025/26. The implementation of a new
Nordic organisation was completed in April 2024, while syner-
gies from the Group sourcing setup and other effects from
scale and best practice sharing are on track. Matas Group is re-
investing in growth and capabilities, as well as in Matas' Logistics
Center (MLC) and IT to support future growth and margins.
Management’s review
Matas Group strategic priorities
All for you
Potential value creating M&A
Expand and
improve
portfolio of
in-house brands
Roll out
”one-stop”
offering and
concept
Take
e-commerce
market shares
and fuel omni
experience
Refresh,
upgrade
andopen
stores
Integrate
and share
to operate
efficiently
Build
long-term
platform and
culture
More for you Closer to you Stronger for you
Interim report H1 2024/25
8
Win the Nordics - Strategic initiatives in Q2 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 ramped up for the important Christmas
quarter.
• 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 continue to build 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 14.4% in Q2, despite
continued integration of Skincity into KICKS online offering.
Online growth in Matas was 18.7%. KICKS online excluding
Skincity grew 24% in Q2.
• Skincity on track to be fully integrated into KICKS by year-end.
• Club Matas passed 2 million members during the quarter.
KICKS passed one million members in Norway. In total, Matas
Group has 5.8 million club members.
04 Refresh, upgrade and open stores
• With ~500 stores across Denmark, Sweden, Norway and
Finland, the stores play an important role in the omni-channel
and still account for two thirds of revenues.
• During the quarter, Matas opened one new store and relocated one
store. The store NPS improved from Q2 last year.
• Both connected retail (sale of online products from the stores)
and click and collect increased significantly in Q2 compared to
the same period last year.
• KICKS opened a new store in Norway during Q2 and also
opened a new flagship store in Helsinki in a prime location in
October 2024. With over a thousand enthusiastic customers in
line, significant attention on social media and extensive media
coverage, the opening was a success.
More for you
01 Roll out "one-stop" offering and concept
• Matas Group successfully launched the Gen Z brand e.l.f.
online and in stores in September, creating hype on social
media and attracting new Gen Z customers.
• Matas Group also successfully launched the hyped brand
MILK in July.
• Matas launched Dyson Beauty (hair tools) online and in
stores in July. In total, Matas launched 50 new brands in Q2.
• KICKS launched 11 new Pro-hair brands, including Kevin
Murphy, to strenghten its position within Hair. In total, KICKS
launched 18 new brands in Q2 2024/25.
02 Expand and improve portfolio of in-house brands
• KICKS launched Matas Striber (haircare and bodycare) in
stores and online across Sweden, Norway and Finland in
September 2024. The launch is off to a good start.
• Matas in-house brands delivered growth compared Q2 last
year, driven by growth in Matas Striber across Skincare,
Haircare and Vital (Vitamins and Supplements) . Key brand
Nilens Jord generated more than 9% growth in Q2 2024/25.
Matas in-house brands accounted for 17.9% of revenues
from stores and matas.dk.
• To focus on power brands, KICKS have discontinued 5
non-performing in-house brands in the last 12 months.
Interim report H1 2024/25
9
Revenue
Matas Group generated total revenue of DKK 1,851
million in Q2 2024/25, a year-on-year increase of
44.0% from DKK 1,285 million in Q2 2023/24. Retail
sales were up by 45.3% to DKK 1,825 million.
Total revenue grew DKK 566 million compared
to Q2 2023/24 (proforma growth DKK 124
million). Matas stand-alone grew DKK 81 million
or 7.6%. The remaining growth of DKK 485 million
(proforma growth DKK 42 million) reflects KICKS,
and KICKS stand-alone grew 5.7% proforma
currency neutral. KICKS growth was impacted
by the integration of Skincity into KICKS. KICKS
excluding Skincity grew 10.4% proforma currency
neutral, and KICKS online excluding Skincity grew
24.0% in Q2.
DKK 540 million of the KICKS revenue was within
the High-end Beauty category in Q2 2024/25 and
the rest in Mass Beauty. The total revenue for Q2
2024/25 within Beauty grew DKK 89 million or
6.6% compared to proforma Q2 2023/24.
Growing sales by DKK 365 million, the physical
stores recorded the largest absolute increase and
online grew sales by DKK 204 million mainly due
to the acquisition of KICKS. Store revenue for Q2
2024/25 grew DKK 54 million or 4.5% compared to
Q2 and H1 2024/25 performance
Revenue by categories and sales channels
(DKKm)
Q2
2024/25
Q2
2023/24
Growth
(%)
Proforma
Q2
2023/24
Proforma
Growth
(%)
H1
2024/25
H1
2023/24
Growth
(%)
Proforma
H1
2023/24
Proforma
Growth
(%)
Categories
High-end Beauty 899 491 82.9% 818 9.9% 1,858 863 115.2% 1,698 9.4%
Mass Beauty 537 415 29.3% 529 1.5% 1,117 826 35.2% 1,113 0.4%
Health and Wellbeing 338 323 4.8% 323 4.6% 699 636 10.0% 637 9.8%
Other 51 27 89.7% 28 83.3% 77 52 47.7% 62 24.5%
Retail revenue 1,825 1,256 45.3% 1,698 7.5% 3,751 2,377 57.8% 3,510 6.9%
Retail revenue by category (%)
High-end Beauty 49% 39% 48% 49% 36% 48%
Mass Beauty 29% 33% 31% 30% 35% 32%
Health and Wellbeing 19% 26% 19% 19% 27% 18%
Other 3% 2% 2% 2% 2% 2%
100% 100% 100% 100% 100% 100%
Sales channels
Physical stores 1,247 882 41.4% 1,193 4.5% 2,574 1,677 53.5% 2,482 3.7%
Online 578 374 54.4% 505 14.4% 1,177 700 68.0% 1,028 14.5%
Wholesale 26 29 (8.5)% 29 -8.5% 56 58 (3.5)% 58 (3.5)%
Total revenue 1,851 1,285 44.0% 1,727 7.2% 3,807 2,435 56.3% 3,568 6.7%
Revenue by sales channel (%)
Physical stores 67% 69% 68% 69% 69%
Online 31% 29% 31% 29% 29%
Wholesale 2% 2% 1% 2% 2%
100% 100% 100% 100% 100%
Interim report H1 2024/25
10
proforma Q2 2023/24. Matas stand-alone revenue
in stores grew by 3.5%, while online Matas stand-
alone had a growth rate of 18.7% compared to Q2
2023/24.
The number of transactions increased by 29.7%
to 8.6 million compared to 6.6 million in Q2
2023/24, while the average basket size increased
by 12% to DKK 212 per transaction in the quarter
compared to DKK 189 in Q2 2023/24. The increase
was mainly attributable to the KICKS transaction.
Proforma number of transactions came to 8.6
million in Q2 2024/25 as in Q2 2023/24, and the
average basket size increased by 7.6% to DKK
212 per transaction compared to proforma Q2
2023/24.
Revenue for H1 2024/25 amounted to DKK 3,807
million corresponding to an increase of 56.3%
from the year-earlier period (proforma increase
of 6.7%), while Matas stand-alone sales grew by
7.8% and KICKS stand-alone grew 4.2% proforma
currency neutral.
In H1 2024/25 the number of transactions
increased by 39.0%, while the average basket size
grew 13.5%. The increase was mainly attributable
to the KICKS transaction. The number of transac-
tions came to 17.5 million in H1 similar to proforma
numbers for H1 2023/24. The average basket
size grew by 6.5% to DKK 214 per transaction
compared to proforma H1 last year.
Interim report H1 2024/25
11
Online
Physical stores
Wholesale
High-end Beauty
Other
Mass Beauty
Health and Wellbeing
49
3
29
19
2024/25
Q2
67
31
2
2024/25
Q2
Performance by category
Both High-end and Mass Beauty reported signif-
icantly higher sales in Q2 2024/25 compared
to Q2 2023/24 mainly due to the acquisition of
KICKS.
The Beauty segment accounted for 78% of the
retail revenue, compared to 72% in Q2 2023/24.
High-end Beauty was the primary growth driver
with 9.9% growth when looking at the proforma
performance for Q2. Sales of make-up, women’s
fragrances and professional haircare and salon
treatments recorded ongoing significant growth
during the quarter.
For Matas stand-alone, the in-house brands sales,
including Nilens Jord, Flora Danica and Miild,
accounted for 17.9% of the revenue generated
by Matas stores and matas.dk in Q2 2024/25, a
decrease of 0.4 percentage points compared to
Q2 2023/24.
For H1, the beauty categories had the highest
absolute growth mainly due to the acquisition of
KICKS.
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 pro-
ducts, interior decoration and
textiles) and other.
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report H1 2024/25
12
Sales channels
At 30 September 2024, Matas consisted
of 266 physical stores – 265 stores in
Denmark and one on the Faroe Islands. In
addition, Matas has one associated store
in Greenland. KICKS added 230 physical
stores at 30 September 2024. 67% of Q2
2024/25 revenue was generated by the
Group’s 496 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 2% of
revenue for the quarter.
Performance by sales channel
Physical stores grew revenue by 41.4% or DKK
365 million to DKK 1,247 million compared to Q2
2023/24. Proforma growth Q2 amounted DKK 54
million or 4.5%. Matas stand-alone grew revenues
in stores by 3.5%, including four additional stores.
KICKS stand-alone grew 5.9% proforma currency
neutral in Q2, including four additional stores. The
number of stores end of September was 266 in
Matas and 230 in KICKS.
Like-for-like Matas stores grew 2.4% and KICKS
stores grew 2.4%.
Online sales were up by 54.4% or DKK 204 million
to DKK 578 million. Proforma growth Q2 amounted
DKK 73 million or 14.4%. Matas stand-alone online
business grew 18.7%. KICKS stand-alone grew 5.1%
proforma currency neutral in Q2. KICKS online
excluding Skincity grew 24% in Q2. Overall, online
sales accounted for 31% of Q2 2024/25 revenue
against 29% in Q2 2023/24.
In Q2 2024/25, wholesale decreased by DKK 3
million to DKK 26 million.
Wholesale reported a revenue decline of DKK 2
million to DKK 56 million in H1 2024/25.
Interim report H1 2024/25
13
Gross profit for Q2 2024/25 amounted to DKK 852
million, up from DKK 596 million (proforma DKK
791 million) in Q2 2023/24.
The gross margin was 46.0% in the quarter,
compared to 46.4% last year. Proforma gross
margin was 45.8%. Key drivers in the improved
margin were matured assortment expansion and
synergies offset by price initiatives, discontin-
uation of certain in-house brands and Skincity
impact at KICKS.
The gross margin was 46.1%, up from 45.9% in H1
2023/24 The proforma gross margin was 45.7%.
Key drivers in the improved margin were matured
assortment expansion, higher subsidies from
suppliers and synergies, offset by price initiatives,
discontinuation of certain in-house brands and
Skincity impact at KICKS.
Adjusted for special items, overall costs (other
external costs and staff costs) increased in
line with revenues and accounted for 33.7% of
revenue in Q2 2024/25 against 32.8% the year
before and 33.4% proforma Q2 2023/24.
Other external costs amounted to DKK 235
million in Q2 2024/25 or 12.7% of revenue, up from
DKK 150 million in Q2 2023/24 equal to 11.7% of
Costs and operating performance
revenue, (proforma DKK 215 million or 12.5% of
revenue in Q2 2023/24).
Other external costs amounted to DKK 451 million
in H1 2024/25, up from DKK 257 million in H1
2023/24, (proforma DKK 417 million).
Increase in other external cost was due to the
acquisition of KICKS as well as continued execu-
tion of Win the Nordics Group strategy and digital
growth which impacted marketing and freight
costs.
Staff costs amounted to DKK 389 million or 21.0%
of revenue in Q2 against DKK 272 million or 21.1% of
revenue in the year-earlier period, (proforma DKK
362 million or 20.9% of revenue in Q2 2023/24). Q2
2024/25 staff costs were negatively impacted by
around DKK 10 million relating to KICKS' Logistics
Center inventory build-up for Q3 and learning
curve.
In H1 2024/25, the staff costs amounted to DKK
788 million compared to DKK 487 million in the
year-earlier period and DKK 734 million proforma
H1 2023/24.
The increase in staff costs was besides KICKS
acquisition related to salary increases (collective
wage agreements), supply chain transformation
at KICKS and increased online sales as well as
recruitment of new competencies to execute the
Win the Nordics strategy.
In H1 2024/25, Matas Group had 3,414 full-time
employees, against 2,337 in the year-earlier
period. The addition mainly relates to KICKS
acquisition.
EBITDA before special items in Q2 2024/25 came
to DKK 233 million against DKK 177 million in Q2
2023/24 (DKK 218 million proforma currency
neutral). EBITDA margin before special items was
12.6% in Q2 2024/25, against 13.8% in the year-
earlier period (12.6% proforma currency neutral).
Special items amounted to net income of DKK 5
million in Q2 2024/25 where DKK 7 million related
to reversal of accrual for deferred acquisition cost
in respect of Web Sundhed.
Costs
(DKKm)
Q2
2024/25
Q2
2023/24
Growth
(%)
Proforma Q2
2023/24
Proforma
growth (%)
Other external costs 235 150 56.9% 215 9.4%
As a percentage of revenue 12.7% 11.7% 12.5%
Staff costs 389 272 43.2% 362 7.5%
As a percentage of revenue 21.0% 21.1% 20.9%
Costs
(DKKm)
H1
2024/25
H1
2023/24
Growth
(%)
Proforma H1
2023/24
Proforma
growth (%)
Other external costs 451 257 75.2% 417 8.1%
As a percentage of revenue 11.9% 10.6% 11.7%
Staff costs 788 487 61.9% 734 7.3%
As a percentage of revenue 20.7% 20.0% 20.6%
Interim report H1 2024/25
14
EBITDA before special items in H1 2024 came
to DKK 526 million against DKK 378 million in H1
2023/24 and DKK 489 million proforma H1 2023/24.
EBITDA margin before special items was 13.8% in
H1 2024/25, against 15.5% in the year- earlier period
(13.7% proforma currency neutral).
Special items amounted to net expense of DKK 12
million in H1 2024/25 compared to DKK 60 million
in H1 2023/24.
In H1 2024/25, DKK 9 million of the special items
related to integration cost and DKK 10 million
to celebrating Matas' 75-year anniversary, less
income of DKK 7 million from reversal of accrual for
deferred acquisition cost. In H1 2023/24, special
items amounted to DKK 60 million related to the
KICKS acquisition.
Since the acquisition of KICKS, DKK 82 million of
integration cost has been expensed and up to DKK
18 million is expected as integration cost in the
remaining of the financial year 2024/25.
Depreciation, amortisation and impairment
The total amortisation, depreciation and impair-
ment charges were up by DKK 44 million to DKK 157
million in Q2 2024/25, mainly attributable to KICKS.
In H1 2024/25, total amortisation, depreciation
and impairment charges amounted to DKK 315
million compared to DKK 204 million in H1 2023/24
(proforma DKK 311 million), mainly attributable to
KICKS.
Net financials
Net financial expenses increased by DKK 29 million
to a net expense of DKK 50 million in Q2 2024/25.
In H1 2024/25, net financial expenses increased by
DKK 48 million to a net expense of DKK 92 million
compared to the year-earlier period. Increase in Q2
and H1 is mainly driven by higher interest-bearing
debt reflecting the acquisition of KICKS.
Profit for the period
Profit for the period amounted to DKK 24 million
after tax, against DKK 2 million in Q2 2023/24
(proforma loss of DKK 3 million).
Adjusted profit after tax amounted to DKK 26
million in Q2 2024/25 compared to DKK 47 million
in the year-earlier period (proforma DKK 42 million).
In H1 2024/25, profit for the period amounted to
DKK 83 million after tax, against DKK 51 million in
H1 2023/24 (proforma DKK 39 million).
In H1 2024/25, adjusted profit after tax amounted
to DKK 111 million against DKK 125 million in H1
2023/24 (proforma DKK 114 million).
Statement of financial position
Total assets amounted to DKK 9,284 million on 30
September 2024, up from DKK 8,625 million at 30
September 2023.
Non-current assets increased by DKK 198 million
to DKK 6,579 million.
Current assets totalled DKK 2,705 million, a year-
on-year rise of DKK 463 million.
Inventories amounted to DKK 2,396 million at
30 September 2024 which is an increase of DKK
641 million compared to the end of Q2 2023/24.
KICKS accounted for DKK 1,160 million. Inven-
tories accounted for 29.7% of LTM revenue at
30 September 2024 compared to 23.0% at 30
September 2023. Matas stand-alone invento-
ries accounted for 24.7% of LTM revenue at 30
September 2024 compared to Matas stand-alone
23.0% at 30 September 2023. The inventory
increase is mainly early build-up for Q3, but also
reflects our assortment expansion.
Trade receivables increased by DKK 15 million
to DKK 83 million. KICKS accounted for DKK 59
million. Trade payables increased by DKK 334
million year-on-year. KICKS accounted for DKK 712
million of total trade payables of DKK 1,471 million.
Net working capital excluding deposits amounted
to DKK 656 million at 30 September 2024 against
DKK 261 million at 30 September 2023. The
increase is due to higher inventory of which more
than half was financed with supplier debt.
Cash and cash equivalents amounted to DKK 102
million, down from DKK 261 million the year before.
Equity amounted to DKK 3,501 million at 30
September 2024 compared to DKK 3,365 million
at 30 September 2023.
Net interest-bearing debt amounted to DKK 3,478
million at 30 September 2024, a year-on-year
increase of DKK 472 million. The gearing ratio
was 3.0 times LTM EBITDA before special items,
which is in line with our long-term target of a level
between 2 and 3.
Gross interest-bearing debt stood at DKK 3,580
million at 30 September 2024, including lease
liabilities of DKK 1,123 million. At 30 September 2023
gross interest-bearing debt stood at DKK 3,265
million, including lease liabilities of DKK 1,226 million.
Cash flows
(DKKm)
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
Cash generated from operations 39 (74) 280 178
Cash flow from investing activities (144) (707) (353) (758)
Free cash flow excl. acquisitions of subs. (105) (164) (58) 37
Acquisition of subsidiaries and operations - (617) (15) (617)
Free cash flow (105) (781) (73) (580)
Cash flows from financing activities 51 974 41 803
Interim report H1 2024/25
15
At 30 September 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 connec-
tion with the exercise of the 2021/22 incentive
programme, Matas held 107,474 treasury shares at
30 September 2024.
Statement of cash flows
Cash generated from operations was an inflow of
DKK 39 million in Q2 2024/25 against an outflow
of DKK 74 million in Q2 2023/24 corresponding to
an increase of DKK 113 million.
In H1 2024/25, cash generated from operations
was an inflow of DKK 280 million compared to an
inflow of DKK 178 million in H1 2023/24.
In H1 2024/25, changes in working capital were
an outflow of DKK 242 million compared to an
outflow of DKK 145 in the year-earlier period,
the increase is mainly due to earlier inventory
build-up for Q3.
For Q2 2024/25, cash flows from investing activi-
ties were an outflow of DKK 144 million against an
outflow of DKK 707 million in Q2 2023/24.
For H1 2024/25, cash flows from investing activ-
ities were an outflow of DKK 353 million against
an outflow of DKK 758 million in H1 2023/24. In
2024/25, the outflow mainly related to construc-
tion of Matas' Logistics Center while the outflow in
the year-earlier period mainly related to the KICKS
acquisition.
The Q2 2024/25 free cash flow was an outflow of
DKK 105 million compared to an outflow of DKK
781 million in Q2 2023/24.
The H1 2024/25 free cash flow was an outflow of
DKK 73 million, compared to an outflow of DKK
580 million in H1 2023/24.
Return on invested capital
The return on LTM invested capital before tax
was 8.4% at 30 September 2024 against 11.3% at
30 September 2023. ROIC before tax excluding
goodwill was 21.1% at 30 September 2024 against
28.2% at 30 September 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.
Interim report H1 2024/25
16
Executive Committee
Group CEO
Group CFO
Board of Directors
Interim report H1 2024/25
17
(DKKm) Note
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
Revenue 4, 5 1,851 1,285 3,807 2,435
Cost of goods sold (999 ) (689 ) (2,052 ) (1,317 )
Gross profit 852 596 1,755 1,118
Other external costs (235 ) (150 ) (451 ) (257 )
Staff costs (389 ) (272 ) (788 ) (487 )
Other operating income and expenses, net 5 3 10 4
EBITDA before special items 233 177 526 378
Special items 5 (39 ) (12 ) (60 )
EBITDA 238 138 514 318
Depreciation, amortisation and impairment (157 ) (113 ) (315 ) (204 )
EBIT 81 25 199 114
Share of profit or loss after tax of associates 0 0 0 0
Financial income 0 3 2 3
Financial expenses (50 ) (24 ) (94 ) (47 )
Profit before tax 31 4 107 70
Tax on profit for the period (7 ) (2 ) (24 ) (19 )
Profit for the period 24 2 83 51
Currency adjustment of foreign entities and loan 11 28 3 28
Tax on currency adjustment of foreign entities and loan (2 ) (6 ) 0 (6 )
Other comprehensive income after tax 9 22 3 22
Total comprehensive income 33 24 86 73
Distributed as follows:
Shareholders of Matas A/S 33 24 86 73
Minority shareholders - - - -
Earnings per share
Earnings per share, DKK 0.64 0.04 2.20 1.33
Diluted earnings per share, DKK 0.64 0.04 2.19 1.32
Statement of comprehensive income
Interim report H1 2024/25
18
Statement of cash flows
(DKKm)
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
Profit before tax 31 4 107 70
Depreciation, amortisations and impairment 157 113 315 204
Other non-cash operating items, net 5 3 8 5
Share of profit or loss after tax of associates 0 0 0 0
Financial income 0 (3 ) (2 ) (3 )
Financial expenses 50 24 94 47
Cash generated from operations before
changes in working capital 243 141 522 323
Changes in working capital (204 ) (215 ) (242 ) (145 )
Cash generated from operations 39 (74 ) 280 178
Corporation tax paid - - - -
Cash flow from operating activities 39 (74 ) 280 178
Acquisition of intangible assets (36 ) (39 ) (81 ) (74 )
Acquisition of property, plant and equipment (108 ) (51 ) (257 ) (67 )
Acquisition of subsidiaries and operations - (617 ) (15 ) (617 )
Cash flow from investing activities (144 ) (707 ) (353 ) (758 )
Free cash flow (105 ) (781 ) (73 ) (580 )
(DKKm)
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
Debt raised with credit institutions 200 1,121 395 1,121
Debt settled with credit institutions - - - (110 )
Interest received 0 3 2 3
Interest paid (50 ) (22 ) (94 ) (44 )
Repayment of lease liabilities (99 ) (52 ) (196 ) (91 )
Dividend paid - (76 ) (76 ) (76 )
Option agreement, received - - 10 -
Cash flow from financing activities 51 974 41 803
Net cash flow from operating, investing
and financing activities (54 ) 193 (32 ) 223
Currency adjustment 2 2 3 2
Cash and cash equivalents, beginning
of period 154 66 131 36
Cash and cash equivalents, end of period 102 261 102 261
The above cannot be derived directly from the statement of comprehensive income and the statement of
financial position.
Interim report H1 2024/25
19
Statement of financial position
(DKKm) Note 30 Sept 2024 30 Sept 2023 31 March 2024
ASSETS
Non-current assets
Goodwill 4,098 4,094 4,096
Trademarks and trade names 182 189 184
Software 251 261 258
Other intangible assets 138 142 132
Total intangible assets 4,669 4,686 4,670
Property, plant and equipment
Lease assets 6 1,062 1,190 1,157
Land and buildings 104 93 108
Other fixtures and fittings, tools and equipment 90 79 89
Leasehold improvements 205 70 208
Plant in progress 384 207 170
Total property, plant and equipment 1,845 1,639 1,732
Investments in associates 1 1 1
Deferred tax 17 9 17
Deposits 47 48 47
Other securities and equity investments 0 0 1
Total other non-current assets 65 58 66
Total non-current assets 6,579 6,383 6,468
Current assets
Inventories 2,396 1,755 1,864
Trade receivables 83 98 76
Corporation tax receivable 6 3 17
Other receivables 21 49 38
Prepayments 97 76 74
Cash and cash equivalents 102 261 131
Total current assets 2,705 2,242 2,200
Total assets 9,284 8,625 8,668
(DKKm) Note 30 Sept 2024 30 Sept 2023 31 March 2024
EQUITY AND LIABILITIES
Equity
Share capital 96 96 96
Translation reserve 20 22 17
Treasury share reserve (12 ) (21 ) (43 )
Retained earnings 3,396 3,267 3,315
Dividend proposed for the financial year - - 76
Equity, shareholders in Matas A/S 3,500 3,364 3,461
Non-controlling interests 1 1 1
Total equity 3,501 3,365 3,462
Liabilities
Deferred tax 226 239 227
Lease liabilities 6 767 877 850
Provisions 7 28 28 28
Credit institutions 2,258 1,848 2,007
Other payables 8 5 12 5
Total non-current liabilities 3,284 3,004 3,117
Credit institutions 199 191 55
Lease liabilities 6 356 349 360
Provisions 7 3 - 19
Prepayments from customers 212 191 221
Dividend - - -
Trade payables 1,471 1,137 1,070
Corporation tax payable - - -
Other payables 8 258 388 364
Total current liabilities 2,499 2,256 2,089
Total liabilities 5,783 5,260 5,206
Total equity and liabilities 9,284 8,625 8,668
Interim report H1 2024/25
20
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 - 3 - - - 3 - 3
Tax on currency adjustment of foreign entities and loan - 0 - - - 0 - 0
Other comprehensive income - 3 - - - 3 - 3
Profit for the period - - - - 83 83 - 83
Total comprehensive income - 3 - - 83 86 - 86
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - (0 ) - (0 ) - (0 )
Exercise of incentive programme - - 21 - (21 ) - - -
Option agreement * - - - - 10 10 - 10
Deferred acquisition ** - - 10 - - 10 - 10
Share-based payment - - - - 9 9 - 9
Total transactions with owners - - 31 (76 ) (2 ) (47 ) - (47 )
Equity at 30 September 2024 96 20 (12 ) - 3,396 3,500 1 3,501
* 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 H1 2024/25
21
(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 - 22 - - - 22 - 22
Profit for the period - - - - 51 51 - 51
Total comprehensive income - 22 - - 51 73 - 73
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - (0 ) 0 - - -
Exercise of incentive programme - - 23 - (23 ) - - -
Share-based payment - - - - 5 5 - 5
Total transactions with owners - - 23 (76 ) (18 ) (71 ) - (71 )
Equity at 30 September 2023 96 22 (21 ) - 3,267 3,364 1 3,365
Statement of changes in equity
Interim report H1 2024/25
22
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 external 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 Q2 2023/24 by DKK 24 million (H1 2023/24 by DKK 40 million) and increasing
other external cost with the same amount. Consequently, gross profit for Q2 2023/24 improved by DKK 24 million
increasing the gross margin by 1.9 percentage points (H1 2023/24 improved by DKK 40 million increasing the
gross margin by 1.6 percentage points), but there is no impact on EBITDA for neither Q2 2023/24 nor H1 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
Q2 2024/25
KICKS
Q2 2024/25
Total
Q2 2024/25
Matas
Q2 2023/24
KICKS
Q2 2023/24
Total
Q2 2023/24
Revenue 1.149 702 1,851 1,068 217 1,285
Cost of goods sold (611) (388) (999) (574) (115) (689)
Gross profit 538 314 852 494 102 596
Gross margin 46.8% 44.8% 46.0% 46.3% 47.0% 46.4%
Other external costs (235) (150)
Staff costs (389) (272)
Other operating income
and expenses, net 5 3
EBITDA before special
items 233 177
Special items 5 (39)
EBITDA 238 138
Q2 2023/24 includes KICKS with only 1 month as of 1 September 2023.
Interim report H1 2024/25
23
Notes
Note 4 – Segment information continued
(DKKm)
Matas
H1 2024/25
KICKS
H1 2024/25
Total
H1 2024/25
Matas
H1 2023/24
KICKS
H1 2023/24
Total
H1 2023/24
Revenue 2,391 1,416 3,807 2,218 217 2,435
Cost of goods sold (1,274) (778) (2,052) (1,202) (115) (1,317)
Gross profit 1,117 638 1,755 1,016 102 1,118
Gross margin 46.7% 45.0% 46.1% 45.8% 47.0% 45.9%
Other external costs (451) (257)
Staff costs (788) (487)
Other operating income
and expenses, net 10 4
EBITDA before special
items 526 378
Special items (12) (60)
EBITDA 514 318
H1 2023/24 includes KICKS with only 1 month as of 1 September 2023.
Note 5 – Revenue
(DKKm)
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
Retail sales, physical stores 1,247 881 2,274 1,677
Retail sales, online 578 375 1,177 700
Wholesale 26 29 56 58
Total revenue 1,851 1,285 3,807 2,435
In Q2 2024/25, 31% of Matas Group’s revenue was generated by its online channels, compared to 29% in the
year-earlier period.
Note 5 – Revenue continued
Revenue break-down by product groups is as follows:
(DKKm)
Q2
2024/25
Q2
2023/24
H1
2024/25
H1
2023/24
High-end Beauty 899 492 1,858 863
Mass Beauty 537 415 1,117 827
Health and Wellbeing 338 322 699 635
Other 51 27 77 52
Wholesale sales, etc. 26 29 56 58
Total revenue 1,851 1,285 3,807 2,435
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.
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 70 million at 30 September 2024 (30
September 2023: DKK 68 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 September 2024 was insignifi
-
cant as was the amount of guarantee commitments, similar to last year.
Interim report H1 2024/25
24
Notes
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
30 Sept.
2024
30 Sept.
2023
31 March
2024
Store leases 908 1,005 986
Administration and warehouse buildings, etc. 147 179 164
Cars and other leases 7 6 7
Total lease assets 1,062 1,190 1,157
Matas Group’s lease liabilities are as follows:
(DKKm)
30 Sept.
2024
30 Sept.
2023
31 March
2024
Non-current liabilities 767 877 850
Current liabilities 356 349 360
Total lease liabilities 1,123 1,226 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)
H1
2024/25
H1
2023/24
Store leases, etc. 158 87
Administration and warehouse buildings, etc. 19 10
Cars and other leases 2 1
Total depreciation of lease assets 178 98
Lease payments in the amount of DKK 195 million were made in H1 2024/25 (H1 2023/24: DKK 107 million).
Interest in the amount of DKK 26 million was expensed in H1 2024/25 (H1 2023/24: DKK 17 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 40 million in H1 2024/25
(H12023/24: DKK 5 million).
A total of DKK zero million in H1 2024/25 (H1 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 September 2024
(30 September 2023: DKK zero million).
Interim report H1 2024/25
25
Notes
Note 7 – Provisions
(DKKm)
30 Sept.
2024
30 Sept.
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 3 - 19
Total provision, current 3 - 19
Note 8 – Other payables
(DKKm)
30 Sept.
2024
30 Sept.
2023
31 March
2024
Other non-current payables
Contingent consideration and
deferred purchase price 5 12 5
Total other non-current payables 5 12 5
Other current payables
VAT payable 26 50 56
Holiday pay obligations etc. 107 112 122
Pay-related liabilities
(A tax/social security contributions) 109 171 136
Contingent consideration and deferred purchase price 3 35 34
Other creditors 13 20 16
Total other current payables 258 388 364
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)
H1
2024/25
H1
2023/24
Revenue 0 0
Other external costs (9) (9)
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 H1 2024/25
26
Interim financial highlights
(DKKm)
Q2
2024/25
Q1
2024/25
Q4
2023/24
Q3
2023/24
Q2
2023/24
Statement of
comprehensive income
Revenue 1,851 1,956 1,758 2,508 1,285
Gross profit 852 903 845 1,115 596
EBITDA 238 276 182 404 138
EBIT 81 118 16 249 25
Net financials (50) (42) (58) (29) (21)
Profit before tax 31 76 (42) 220 4
Profit for the period 24 59 (45) 163 2
Statement of financial position
Total assets 9,284 8,943 8,668 8,879 8,625
Total equity 3,501 3,462 3,462 3,527 3,364
Net working capital 656 441 378 (46) 261
Net interest-bearing debt 3,478 3,262 3,140 2.490 3,003
Statement of cash flows
Cash flow from operating activities 39 241 (235) 702 (74)
Investments in tangible assets (108) (149) (75) (109) (51)
Cash flow from investing activities (144) (209) (121) (142) (707)
Free cash flow (105) 32 (356) 560 (781)
Acquisitions of subsidiaries and
operations - (15) 2 - (617)
Free cash flow excl. acquisitions of
subsidiaries and operations (105) 47 (358) 560 (164)
Net cash flow from operating,
investing and financing activities (54) 22 (282) 149 193
(DKKm)
Q2
2024/25
Q1
2024/25
Q4
2023/24
Q3
2023/24
Q2
2023/24
Key performance indicators
Number of transactions (millions) 8.6 8.9 8.2 11.1 6.6
Average basket size (DKK) 212 217 211 223 189
Total retail floor space
(thousands of square metres) 106.9 106.1 105.2 104.9 104.1
Avg. revenue per square metre
(DKK thousands) - LTM 76.3 74.9 79.7 83.3 82.7
Proforma revenue currency neutral
growth 6.8% 6.1% 2.7% 7.4% 7.5%
Adjusted figures
EBITDA 238 276 182 404 138
Special items included in EBITDA 5 (17) (22) (20) (39)
EBITDA before special items 233 293 204 424 177
Depreciation of property, plant and
equipment (157) (148) (43) (136) (96)
EBITA before special items 238 145 161 288 81
Adjusted profit after tax 26 85 (13) 190 47
Gross margin 46.0% 46.1% 48.0% 44.5% 46.5%
EBITDA margin 12.8% 14.1% 10.3% 16.1% 10.7%
EBITDA margin
before special items 12.6% 15.0% 11.6% 16.9% 13.8%
EBITA margin 12.8% 7.4% 2.8% 11.5% 6.3%
EBIT margin 4.4% 6.0% 0.9% 9.9% 1.9%
Interim report H1 2024/25
27
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
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 H1 2024/25
28
