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.


 

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