Helly Hansen's final results for the past year show that it reached a pre-tax profit of 39 million Norwegian kroner (€5.0m-$6.7m) as compared to a loss of NOK 19 million (€2.4m-$3.3m), confirming its turnaround. Operating revenues went up by 10 percent to NOK 1,656 million (€212.0m-$282.7m), while operating profit before amortization (Ebitda) shot up by 39 percent to NOK 197 million (€25.3m-$33.8m). Sales increased across all categories. They grew in more than 40 markets, with increases of almost 30 percent in Norway and over 30 percent in China. Almost 80 percent of the products made for spring/summer 2012 have been sold out, indicating another record year in 2012. Helly Hansen's chief executive, Peter Sjølander, feels that the company has the potential to reach an annual turnover of more than US$1 billion within the next five years. The former Nike executive has made substantial changes to the cost base, the supply chain, sales, marketing strategies and organization since he came on board following Helly Hansen's takeover by the Altor Fund II in 2006.
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