LEGO Lost Nearly 2 Billion Kroner in One Year. Then It Went Back to the Brick. #Shorts
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LEGO Lost Nearly 2 Billion Kroner in One Year. Then It Went Back to the Brick. #Shorts
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LEGO nearly went under in 2004. This is the true story of the owner who stepped aside and the company that went back to the brick.
THE TIMELINE (what the record shows)
• 2003 – LEGO posts a net loss of DKK 935 million (Danish kroner) as restated in the 2004 annual report [1]. The original 2003 report showed a net loss of DKK 1,072 million [9].
• 2004 – Net loss of DKK 1,931 million [1]. In October, Kjeld Kirk Kristiansen retires as president and CEO after 25 years and stays as vice chairman [1].
• Oct. 2004 – Jørgen Vig Knudstorp, a former McKinsey consultant, becomes president and CEO [1].
• End of 2004 – KIRKBI A/S, the family investment company owned by Kristiansen and his sister, converts DKK 800 million of debt into subordinated loan capital; it was a debt conversion, not new cash [1][8].
• 2005 – LEGO sells its LEGOLAND parks and moves Swiss production to the Czech Republic; total profit before tax is DKK 702 million, including discontinued activities such as the parks (continuing activities: DKK 456 million; net profit: DKK 505 million) [4].
SOURCES
[1] LEGO Group Annual Report 2004: https://www.lego.com/cdn/cs/aboutus/assets/blt07abb4b8a3da3f39/Annual_Report_2004_ENG.pdf
[2] The New York Times, "Lego CEO resigns after profit warning," Oct. 22, 2004: https://www.nytimes.com/2004/10/22/business/worldbusiness/lego-ceo-resigns-after-profit-warning.html
[3] The New York Times, "Lego braces for big changes," July 2, 2005: https://www.nytimes.com/2005/07/02/business/worldbusiness/lego-braces-for-big-changes.html
[4] LEGO Group Annual Report 2005: https://www.lego.com/cdn/cs/aboutus/assets/blt6eacf5a8b7af1359/Annual_Report_2005_ENG.pdf
[5] NBC News, "Lego reports return to profitability in 2005": https://www.nbcnews.com/id/wbna11367083
[6] NBC News, "Lego puts theme parks on the block": https://www.nbcnews.com/id/wbna7407020
[7] WIRED, "All Fall Down," Sept. 2005: https://www.wired.com/2005/09/all-fall-down/
[8] Jyllands-Posten, KIRKBI ownership: https://jyllands-posten.dk/uknews/ECE3385634/LEGO-criticised-for-dividend-payouts/
[9] LEGO Group Annual Report 2003: https://www.lego.com/cdn/cs/aboutus/assets/blte6c97bc4718a1848/Annual_Report_2003_ENG.pdf
IMAGE & LOGO CREDITS
LEGO store photo (CC0), Billund campus (CC BY-SA 4.0), LEGO brick patent drawing (public domain), LEGO logo (public domain): Wikimedia Commons. All logos and trademarks belong to their owners and appear for factual reference only; no endorsement is implied.
AI DISCLOSURE
The narration is an AI-generated voice (not a real person). Characters are paper-cut silhouettes. Facts come from the sources above.
MORE FROM BIZ & LIFE STORY
Playlist – true business stories: https://www.youtube.com/playlist?list=PLYbMA-YDTwL4
Next episode: https://youtube.com/shorts/pwBG88kwc34
What is the one thing only your company can make? Tell us in the comments.
#Shorts #LEGO #BusinessHistory
THE TIMELINE (what the record shows)
• 2003 – LEGO posts a net loss of DKK 935 million (Danish kroner) as restated in the 2004 annual report [1]. The original 2003 report showed a net loss of DKK 1,072 million [9].
• 2004 – Net loss of DKK 1,931 million [1]. In October, Kjeld Kirk Kristiansen retires as president and CEO after 25 years and stays as vice chairman [1].
• Oct. 2004 – Jørgen Vig Knudstorp, a former McKinsey consultant, becomes president and CEO [1].
• End of 2004 – KIRKBI A/S, the family investment company owned by Kristiansen and his sister, converts DKK 800 million of debt into subordinated loan capital; it was a debt conversion, not new cash [1][8].
• 2005 – LEGO sells its LEGOLAND parks and moves Swiss production to the Czech Republic; total profit before tax is DKK 702 million, including discontinued activities such as the parks (continuing activities: DKK 456 million; net profit: DKK 505 million) [4].
SOURCES
[1] LEGO Group Annual Report 2004: https://www.lego.com/cdn/cs/aboutus/assets/blt07abb4b8a3da3f39/Annual_Report_2004_ENG.pdf
[2] The New York Times, "Lego CEO resigns after profit warning," Oct. 22, 2004: https://www.nytimes.com/2004/10/22/business/worldbusiness/lego-ceo-resigns-after-profit-warning.html
[3] The New York Times, "Lego braces for big changes," July 2, 2005: https://www.nytimes.com/2005/07/02/business/worldbusiness/lego-braces-for-big-changes.html
[4] LEGO Group Annual Report 2005: https://www.lego.com/cdn/cs/aboutus/assets/blt6eacf5a8b7af1359/Annual_Report_2005_ENG.pdf
[5] NBC News, "Lego reports return to profitability in 2005": https://www.nbcnews.com/id/wbna11367083
[6] NBC News, "Lego puts theme parks on the block": https://www.nbcnews.com/id/wbna7407020
[7] WIRED, "All Fall Down," Sept. 2005: https://www.wired.com/2005/09/all-fall-down/
[8] Jyllands-Posten, KIRKBI ownership: https://jyllands-posten.dk/uknews/ECE3385634/LEGO-criticised-for-dividend-payouts/
[9] LEGO Group Annual Report 2003: https://www.lego.com/cdn/cs/aboutus/assets/blte6c97bc4718a1848/Annual_Report_2003_ENG.pdf
IMAGE & LOGO CREDITS
LEGO store photo (CC0), Billund campus (CC BY-SA 4.0), LEGO brick patent drawing (public domain), LEGO logo (public domain): Wikimedia Commons. All logos and trademarks belong to their owners and appear for factual reference only; no endorsement is implied.
AI DISCLOSURE
The narration is an AI-generated voice (not a real person). Characters are paper-cut silhouettes. Facts come from the sources above.
MORE FROM BIZ & LIFE STORY
Playlist – true business stories: https://www.youtube.com/playlist?list=PLYbMA-YDTwL4
Next episode: https://youtube.com/shorts/pwBG88kwc34
What is the one thing only your company can make? Tell us in the comments.
#Shorts #LEGO #BusinessHistory
