Financial Overview
| 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|
| Income statement (DKKm) | |||||
| Revenue | 17,234 | 15,634 | 14,594 | 13,468 | 15,258 |
| Research and development costs | 2,705 | 2,967 | 8,149 | 2,911 | 2,951 |
| Operating profit before depreciation and amortization (EBITDA) | 5,424 | 3,846 | 210 | 1,552 | 2,861 |
| Profit/(loss) from operations (EBIT) | 4,408 | 2,292 | -6,816 | 99 | 1,599 |
| Net financials | -131 | -135 | -190 | -155 | -127 |
| Profit/(loss) before tax | 4,277 | 2,157 | -7,006 | -56 | 1,472 |
| Profit/(loss) for the year | 2,624 | 1,211 | -5,694 | -153 | 855 |
| Assets (DKKm) | |||||
| Non-current assets | 10,912 | 12,686 | 13,665 | 16,251 | 12,286 |
| Inventories | 1,376 | 1,528 | 2,217 | 1,991 | 1,893 |
| Receivables | 3,791 | 3,779 | 3,922 | 3,726 | 3,611 |
| Cash, bank balances and securities | 3,677 | 2,217 | 1,521 | 3,669 | 5,859 |
| Total assets | 19,756 | 20,210 | 21,325 | 25,637 | 23,649 |
| Equity and liabilities (DKKm) | |||||
| Equity | 12,181 | 9,694 | 8,785 | 13,526 | 13,481 |
| Non-current liabilities | 1,096 | 2,740 | 4,792 | 4,909 | 3,650 |
| Current liabilities | 6,479 | 7,776 | 7,748 | 7,202 | 6,518 |
| Total equity and liabilities | 19,756 | 20,210 | 21,325 | 25,637 | 23,649 |
| Cash flow statement (DKKm) | |||||
| Cash flows from operating activities | 4,045 | 3,126 | 197 | 1,610 | 3,760 |
| Cash flows from investing activities | -1,830 | -337 | -2,842 | -3,396 | -1,500 |
| Cash flows from operating and investing activities (free cash flow) | 2,215 | 2,789 | -2,645 | -1,786 | 2,260 |
| Cash flows from financing activities | -2,235 | -2,006 | 501 | 589 | -141 |
| Interest-bearing debt, cash, bank balances and securities, net at year-end | |||||
| - Net cash/(net debt) | 3,677 | 326 | -2,249 | 326 | 3,699 |
| Key figures | 2017 | 2016 | 2015 | 2014 | 2013 |
| EBIT margin (%) | 25.6 | 14.7 | -46.7 | 0.7 | 10.5 |
| Research and development ratio (%) | 15.7 | 19 | 55.8 | 21.6 | 19.3 |
| Return on equity (%) | 24 | 13.1 | -51.1 | -1.1 | 6.4 |
| Equity ratio (%) | 61.7 | 48 | 41.2 | 52.8 | 57 |
| Invested capital (DKKm) | 8,504 | 9,368 | 11,034 | 13,200 | 9,782 |
| Return on invested capital (ROIC) (%) | 30.8 | 13.2 | -45.4 | 0 | 9.3 |
| Net debt/EBITDA | -0.7 | -0.1 | 10.7 | -0.2 | -1.3 |
| Cash to earnings (%) | 141.8 | 230.3 | n/a | n/a | 264.4 |
| Effective tax rate (%) | 38.7 | 43.9 | 18.7 | -171.5 | 41.9 |
| Purchase of intangible assets, gross (DKKm) | 480 | 104 | 2,719 | 4,225 | 1,204 |
| Purchase of property, plant and equipment, gross (DKKm) | 245 | 238 | 237 | 240 | 311 |
| Purchase of financial assets, gross (DKKm) | 1,509 | 16 | 9 | 62 | 7 |
| Average number of employees | 4,980 | 5,120 | 5,534 | 5,665 | 5,530 |
| Share data1, 2 | |||||
| Number of shares for the calculation of EPS (millions) | 197.5 | 197.2 | 196.5 | 196.3 | 196.1 |
| Earnings per share, basic (EPS) (DKK) | 13.28 | 6.12 | -28.84 | -0.77 | 4.33 |
| Earnings per share, diluted (DEPS) (DKK) | 13.27 | 6.11 | -28.84 | -0.77 | 4.33 |
| Proposed dividend per share (DKK) | 8 | 2.45 | 0 | 0 | 2.77 |
| Cash flow from operating activities per share, diluted (DKK) | 20.45 | 15.77 | 1 | 8.14 | 19.03 |
| Net asset value per share, diluted (DKK) | 61.29 | 48.88 | 44.24 | 68.38 | 68.19 |
| Market capitalization (DKKm) | 62,700 | 56,776 | 46,445 | 24,117 | 26,879 |
| Price/Earnings, diluted (DKK) | 23.75 | 47.03 | n/a | n/a | 31.66 |
| Price/Cash flow, diluted (DKK) | 15.4 | 18.22 | 236.1 | 15.08 | 7.2 |
| Price/Net asset value, diluted (DKK) | 5.14 | 5.88 | 5.32 | 1.8 | 2.01 |
1) The calculation is based on a share denomination of DKK 5.
2) Comparative figures including number of shares have been restated using a factor 0.9958 for the effect of employees’ exercise of warrants.