Annual Report of Jysk

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JYSK Nordic 2007-2008

ANNUAL REPORT

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Forward – together

Foreword

This is the Annual Report 07/08 for JYSK Nordic, the designation given to the companies in the JYSK Group with stores in Scandinavia, Central Europe, the Netherlands and the UK. This report covers 11 of the 32 countries in which JYSK is currently represented. This annual report does not cover JYSK companies such as Dänisches Bettenlager in Germany and Austria or JYSK in Switzerland and France. JYSK Franchise and other companies in JYSK Holding A/S have also not been included. We have given this Annual Report the title ”Forward – together”. This is partly because our expansion is continuing and partly because one of our great strengths is our esprit de corps and sense of community among JYSK's 14,000 employees. A strong sense of community and professional advice for our customers was our basic philosophy when the first JYSK store opened on Silkeborgvej in Aarhus almost 30 years ago. This is still our philosophy today – and it will be in the future. Happy reading!

Lars Larsen Chairman of the Board

Jan Bøgh Managing Director

Lars Larsen opened his first store in 1979. JYSK is now an international group with approximately 1,450 stores in 32 countries and more than 14,000 employees. JYSK wants to offer everyone a great bargain and has ambitions to open shops across the world. The group is owned by Lars Larsen, and the annual turnover is approximately 15 billion Danish kroner. 2

Introduction INTRODUCTION

This Annual Report reviews the profit and loss for the companies of JYSK Nordic. The Report also includes the company's overall profit and loss as well as a review of developments in our various markets.

JYSK Nordic consists of: JYSK A/S, Denmark JYSK AS, Norway JYSK Sp. z o.o, Poland JYSK Kft, Hungary JYSK s.r.o, Slovakia JYSK d.o.o, Slovenia JYSK d.o.o, Croatia All the companies are owned by Lars Larsen.

JYSK JYSK JYSK JYSK JYSK

AB, Sweden OY, Finland s.r.o, Czech Republic B.V, Netherlands Ltd., United Kingdom

JYSK Nordic is not a legal entity, but the information presented consists of the consolidated profit of the companies listed above. The Annual Report is presented as if JYSK Nordic were a legal entity.

The Management of JYSK Nordic: Jan Bøgh, Managing Director Jacob Brunsborg, Brand Manager Henrik Naundrup, Finance and IT Director Henrik Bøgelund, Logistics Director Hans Nielsen, Purchasing Director Mie Krog, Marketing Director Niels Veien, Sales & Controlling Director Mikael Nielsen, Retail Director Jan Verhoek, HR Director

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Formal company management

JYSK A/S (Denmark) Management Jan Bøgh Jacob Brunsborg Henrik Naundrup Board Lars Larsen, Chairman Hans Henrik Kjølby Jan Bøgh

JYSK AB (Sweden) Management Johan Sjödin

JYSK AS (Norway) Management John Thomasgaard

Board Jan Bøgh, Chairman Jacob Brunsborg Henrik Naundrup

Board Jan Bøgh, Chairman Jacob Brunsborg Henrik Naundrup

JYSK OY (Finland) Management Jacob Brunsborg Board Jan Bøgh, Chairman Henrik Naundrup

JYSK Kft. (Hungary) Board of directors Jan Bøgh, Chairman Henrik Naundrup

JYSK Sp. z.o.o (Poland) JYSK s.r.o. (Czech Republic) JYSK s.r.o. (Slovakia) JYSK d.o.o. (Slovenia) Board of directors Jan Bøgh, Chairman Jacob Brunsborg Henrik Naundrup * As yet there is no activity in these companies.

JYSK B.V. (Netherlands) JYSK Ltd. (United Kingdom) JYSK d.o.o. (Croatia)*

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Management Report

Profit after tax was DKK 528.0 million compared with DKK 418.4 million in 06/07. The increase in profit of DKK 109.6 million is due to an EBIT increase of DKK 118.4 million. Financial items, which mainly consist of interest expenses to JYSK Holding A/S, remain largely unchanged. Profits are regarded as satisfactory and are better than anticipated. Net turnover rose from DKK 6.6 billion to DKK 7.7 billion which is equivalent to an increase of 15.9%. Profit in Denmark has decreased slightly, which should be seen in the context of rising...
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