LEGO-Group-Annual-Report-2017.pdf

Kåre schultz member of the board of lego as since

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Kåre Schultz Member of the Board of LEGO A/S since 2007. CEO of Teva Pharmaceutical Industries Ltd. Søren Thorup Sørensen Member of the Board of LEGO A/S since 2010. CEO of KIRKBI A/S, KIRKBI Invest A/S and Koldingvej 2, Billund A/S. Chairman of the Board of K&C Holding A/S and Boston Holding A/S. Deputy Chairman of KIRKBI AG and KIRKBI Real Estate AG. Member of the Board of Falck A/S, Koldingvej 2, Billund A/S, Ole Kirk’s Fond, Merlin Entertainments PLC and 2 fully owned subsidiaries of KIRKBI A/S. Eva Berneke Member of the Board of LEGO A/S since 2011. CEO of KMD A/S. Member of the Board of DTU. Member of the Foreign Economic Forum. Member of the Board of Directors of Nationalbanken. Jan Nielsen Member of the Board of LEGO A/S since 2013. Senior Managing Director in Blackstone Private Equity and COO of Blackstone Asia Pacific. Chairman of the Board of Antares Restaurants Group. Member of the Board of Blackstone in 8 countries. Member of the Board of Ixom Ltd. Member of the Board of Simone Acc. Collection. Auditors PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 3 Company Information The LEGO Group — Annual Report 2017
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2017 was a challenging year for the LEGO Group. Revenue for the full year declined 8% to DKK 35.0 billion compared with DKK 37.9 billion in 2016. Excluding the impact of foreign currency exchange, revenues for the full year declined 7% compared with 2016. Significant revenue growth was achieved in China. However, revenues in most established markets in North America and Europe declined, primarily due to actions the company took to reduce inventories across its value chain. Global consumer sales were flat in 2017 and trended upwards in the final months of the year. The LEGO Group’s profit before tax amounted to DKK 10.2 billion in 2017 against DKK 12.4 billion the year before, a decrease of 18%. Overall, Management is not satisfied with the financial results. However, the LEGO Group ended the year well, and is entering 2018 with a better foundation. Operating profit The LEGO Group’s operating profit amounted to DKK 10.4 billion in 2017 against DKK 12.4 billion in 2016. The operating margin was 29.6% in 2017 against 32.8% in 2016. Financial income and expenses Net financials created a total expense of DKK 158 million in 2017 against an expense of DKK 57 million in 2016. Corporate income tax Corporate income tax amounted to DKK 2.4 billion com- pared with DKK 3.0 billion the prior year. The effective tax rate for the year is 23.5% against 23.8% in 2016. Profit for the year The LEGO Group’s profit for the year amounted to DKK 7.8 billion in 2017 against DKK 9.4 billion in 2016. The lower level of profit in 2017 is driven by the LEGO Group’s lower revenues during the year. Management’s Review Cash flows and equity The LEGO Group’s assets remained unchanged in 2017 and amounted to DKK 29.9 billion. Cash flows from operating activities amounted to DKK 10.7 billion, against DKK 9.1 billion in 2016.
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