
The 9M 2024/25 free cash flow was an inflow of
DKK 304 million, compared to an outflow of DKK
20 million in 9M 2023/24.
Statement of financial position
31December 2024 vs 31 December 2023
Total assets amounted to DKK 9,604 million on
31 December 2024, up from DKK 8,879 million
at 31 December 2023.
Non-current assets increased by DKK 255 million
to DKK 6,651 million. Current assets totalled DKK
2,953 million, a year-on-year rise of DKK 471 million.
Inventories amounted to DKK 2,233 million at
31 December 2024 which is an increase of DKK
415 million compared to the end of 9M 2023/24.
KICKS accounted for DKK 1,004 million. Inven-
tories accounted for 27.3% of LTM revenue at
31 December 2024 compared to 23.3% at 31
December 2023. Matas stand-alone inventories
accounted for 24.3% of LTM revenue at 31
December 2024 compared to Matas stand-alone
22.8% at 31 December 2023. The inventory in -
crease mainly reflects the supply chain trans-
formation at KICKS, with central warehouse and
improved product availability in KICKS stores.
Trade receivables decreased by DKK 15 million
to DKK 128 million. KICKS accounted for DKK 74
million. Trade payables were down by DKK 135
million year-on-year. KICKS accounted for DKK 271
million of total trade payables of DKK 1,175 million.
Net working capital excluding deposits amounted
to DKK 492 million at 31 December 2024 against a
negative amount of DKK 46 million at 31 December
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 453
million, up from DKK 421 million the year before.
Equity amounted to DKK 3,676 million at 31
December 2024 compared to DKK 3,527 million at
31 December 2023.
Net interest-bearing debt amounted to DKK 3,235
million at 31 December 2024, a year-on-year
increase of DKK 745 million. The gearing ratio
was 2.7 times LTM EBITDA before special items,
which is in line with our long-term target of a
level between 2 and 3. In November 2024, Matas
increased its Revolving Credit Facility.
Gross interest-bearing debt stood at DKK 3,688
million at 31 December 2024, including lease
liabilities of DKK 1,076 million. At 31 December
2023 gross interest-bearing debt stood at DKK
2,912 million, including lease liabilities of DKK 1,155
million.
At 31 December 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. 210,000 treasury shares were
purchased for future incentive programmes and
190,241 treasury shares were vested in the period
under review in connection with the exercise of
the 2021/22 incentive programme, Matas held
317,474 treasury shares at 31 December 2024.
Return on invested capital
The return on LTM invested capital before tax was
9.2% at 31 December 2024 against 12.8% at 31
December 2023.
ROIC before tax excluding goodwill was 24.1% at
31 December 2024 against 48.0% at 31 December
2023.
Events after the date 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 9M 2024/25
18