Helgstrand Dressage responds to Nordjyske’s article about Helgstrand Dressage and our financial situation, which unfortunately presents a misleading picture of reality. The article draws erroneous conclusions about our finances, and important information has been omitted. For further clarification, we refer to the press release with management's comments on the annual financial statement, published on the group’s website on December 30, 2024 - Global Equestrian Group annual report for 2023/2024
It is correct that our latest consolidated financial statement for Global Equestrian Group shows an overall deficit. This is primarily due to significant interest costs related to recently divested activities in the USA, as well as impairments in several of our business areas. Both the divested activities and the impairments are part of a planned and controlled process.
It is important to point out that, after the fiscal year ended (June 30, 2024), we completed the sale of our U.S. event business, which was announced in November 2024. As stated in the annual report, the proceeds from this sale have resulted in a significant reduction of more than DKK 1.6 billion of the group’s debt (see page 11 in Global Equestrian Group Holding ApS’ annual report). Thus, our financial position has been substantially strengthened, along with significant free liquidity. This major debt payment is not mentioned in the aforementioned article and thereby significantly alters several conclusions. It is important to emphasize that Global Equestrian Group is not struggling to survive but, on the contrary, stands strong after the U.S. divestment.
Actual results from the latest fiscal year
Despite challenges during the fiscal year, Helgstrand Dressage achieved a profit of approximately DKK 30 million after tax in its core business of buying and selling horses, underscoring the company’s strength and sustainability.
We are an internationally recognized company focused on the purchase, sale, and training of the world’s best dressage and showjumping horses, as well as the operation of our stallion station. Our core business is not only healthy but strong, and we look to the future with optimism.
Misleading speculations
The unbalanced and, to some extent, one-sided portrayal of stories concerning Global Equestrian Group and Helgstrand Dressage are very unfortunate. Such representations, especially when based on missing or omitted facts, have the potential to harm our business. We therefore strongly urge media outlets that have reported on Global Equestrian Group’s financial situation to correct their articles to include all relevant facts and adjust their conclusions accordingly.
