Lego Case Study

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Annual Report 2011
The LEGO Group

FINANCIAL HIGHLIGHTS

Financial Highlights
The LEGO Group
(mDKK)

2011

2010

2009

2008

2007

18,731
(13,065)
5,666
(124)
5,542
4,160

16,014
(10,899)
4,973
(84)
4,889
3,718

11,661
(8,659)
2,902
(15)
2,887
2,204

9,526
(7,522)
2,100
(248)
1,852
1,352

8,027
(6,556)
1,449
(35)
1,414
1,028

12,904
6,975
5,929

10,972
5,473
5,499

7,788
3,291
4,497

6,496
2,066
4,430

6,009
1,679
4,330

3,828
1,451
129

3,744
1,077
123

2,712
1,042
216

1,954
368
75

1,033
399
34

(2,519)
(233)

(3,477)
(871)

(906)
558

(1,682)
128

(467)
592

Employees:
Average number (full-time)

9,374

8,365

7,286

5,388

4,199

Financial ratios (in %):
Gross margin
Operating margin (ROS)
Net profit margin
Return on equity (ROE)
Return on invested capital (ROIC I)
Return on invested capital (ROIC II)
Equity ratio

70.5
30.2
22.2
66.8
133.4
134.2
54.1

72.4
31.1
23.2
84.8
161.2
157.9
49.9

70.3
24.9
18.9
82.3
139.5
138.0
42.3

66.8
22.0
14.2
72.2
101.8
113.8
31.8

65.0
18.1
12.8
71.6
69.7
77.1
27.9

Income Statement:
Revenue
Expenses
Operating profit
Financial income and expenses
Profit before income tax
Net profit for the year
Balance Sheet:
Total assets
Equity
Liabilities
Cash Flow Statement:
Cash flows from operating activities
Investment in property, plant and equipment
Investment in intangible assets
Cash flows from financing activities
Total cash flows

Financial ratios have been calculated in accordance with the “Recommendations and Financial Ratios 2010”, issued by the Danish Society of Financial Analysts. For definitions, please see the section on accounting policies. Parentheses denote negative figures.

2

The LEGO Group – Annual Report 2011

CONTENTS

Annual Report 2011
Annual Report 2011
is published for the LEGO Group
by Corporate Finance, Group Finance
and Corporate Communications.
Design and print: GRC Graphic House

CONTENTS
5

Company information

6

Management’s statement

7

Independent Auditor’s Report

8

Management’s Review

LEGO, the LEGO logo, DUPLO, the Brick and Knob
configurations and the Minifigure are trademarks of
the LEGO Group.
© 2012 The LEGO Group.

11

Income statement and consolidated statement of other comprehensive income 1 January - 31 December 2011, the LEGO Group

© 2012 Lucasfilm Ltd. & TM. All rights reserved.
TM
& © Warner Bros. Entertainment Inc.
© Disney

12

Balance Sheet at 31 December the LEGO Group

14

Statement of changes in Equity, the LEGO Group

15

Cash Flow Statement 1 January - 31 December, the LEGO Group

16

Notes, the LEGO Group

48

Income statement 1 January - 31 December, Parent company

49

Balance Sheet 31 December, Parent Company

51

Statement of changes in Equity, Parent Company

52

Notes, Parent Company

59

Group Structure

Printed matter

LEGO A/S
Aastvej 1
DK-7190 Billund, Denmark
Tel:
CVR-no:
Incorporated:
Residence:
Financial Year:
Internet:

+45 79 50 60 70
54 56 25 19
19 December, 1975
Billund
1 January –
31 December
www.LEGO.com

The LEGO Group – Annual Report 2011

3

4

The LEGO Group – Annual Report 2011

COMPANY INFORMATION

Company Information

Management Board
Jørgen Vig Knudstorp
Chief Executive Officer and President

Board of Directors
Niels Jacobsen
Chairman of the Board since 2008.

Kjeld Kirk Kristiansen
Deputy Chairman of the Board

Thomas Kirk Kristiansen
Member of the Board since 2007.

CEO & President of William Demant Holding A/S.
Deputy Chairman of the Board of KIRKBI A/S.
Deputy Chairman of the Board of
A .P. Møller-Mærsk A/S.
Chairman of the Board of Össur hf.

since 1996.
Member of the Board since 1975.

Shareholder and representing
the fourth generation of the owner family.
Member of the Board...
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