Financial Overview
| 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|
| Income statement (DKKm) | |||||
| Revenue | 18,117 | 17,234 | 15,634 | 14,594 | 13,468 |
| Research and development costs | 3,277 | 2,705 | 2,967 | 8,149 | 2,911 |
| Operating profit before depreciation and amortization (EBITDA) | 6,436 | 5,424 | 3,846 | 210 | 1,552 |
| Profit/(loss) from operations (EBIT) | 5,301 | 4,408 | 2,292 | -6,816 | 99 |
| Net financials | -12 | -131 | -135 | -190 | -155 |
| Profit/(loss) before tax | 5,289 | 4,277 | 2,157 | -7,006 | -56 |
| Profit/(loss) for the year | 3,907 | 2,624 | 1,211 | -5,694 | -153 |
| Assets (DKKm) | |||||
| Non-current assets | 11,362 | 10,912 | 12,686 | 13,665 | 16,251 |
| Inventories | 1,753 | 1,376 | 1,528 | 2,217 | 1,991 |
| Receivables | 3,261 | 3,791 | 3,779 | 3,922 | 3,726 |
| Cash, bank balances and securities | 6,635 | 3,677 | 2,217 | 1,521 | 3,669 |
| Total assets | 23,011 | 19,756 | 20,210 | 21,325 | 25,637 |
| Equity and liabilities (DKKm) | |||||
| Equity | 14,251 | 12,181 | 9,694 | 8,785 | 13,526 |
| Non-current liabilities | 1,184 | 1,096 | 2,740 | 4,792 | 4,909 |
| Current liabilities | 7,576 | 6,479 | 7,776 | 7,748 | 7,202 |
| Total equity and liabilities | 23,011 | 19,756 | 20,210 | 21,325 | 25,637 |
| Cash flow statement (DKKm) | |||||
| Cash flows from operating activities | 5,981 | 4,045 | 3,126 | 197 | 1,610 |
| Cash flows from investing activities | -2,907 | -1,830 | -337 | -2,842 | -3,396 |
| Cash flows from operating and investing activities (free cash flow) | 3,074 | 2,215 | 2,789 | -2,645 | -1,786 |
| Cash flows from financing activities | -1607 | -2,235 | -2,006 | 501 | 589 |
| Interest-bearing debt, cash, bank balances and securities, net at year-end | |||||
| - Net cash/(net debt) | 6,635 | 3,677 | 326 | -2,249 | 326 |
| Key figures | 2018 | 2017 | 2016 | 2015 | 2014 |
| EBIT margin (%) | 29.3 | 25.6 | 14.7 | -46.7 | 0.7 |
| Research and development ratio (%) | 18.1 | 15.7 | 19 | 55.8 | 21.6 |
| Return on equity (%) | 29.6 | 24 | 13.1 | -51.1 | -1.1 |
| Equity ratio (%) | 61.9 | 61.7 | 48 | 41.2 | 52.8 |
| Invested capital (DKKm) | 7,616 | 8,504 | 9,368 | 11,034 | 13,200 |
| Return on invested capital (ROIC) (%) | 48.6 | 30.8 | 13.2 | -45.4 | 0 |
| Net debt/EBITDA | -1 | -0.7 | -0.1 | 10.7 | -0.2 |
| Cash to earnings (%) | 117.6 | 141.8 | 230.3 | n/a | n/a |
| Effective tax rate (%) | 26.1 | 38.7 | 43.9 | 18.7 | -171.5 |
| Purchase of intangible assets, gross (DKKm) | 1,149 | 480 | 104 | 2,719 | 4,225 |
| Purchase of property, plant and equipment, gross (DKKm) | 300 | 245 | 238 | 237 | 240 |
| Purchase of financial assets, gross (DKKm) | 1,524 | 1,509 | 16 | 9 | 62 |
| Average number of employees | 5,060 | 4,980 | 5,120 | 5,534 | 5,665 |
| Share data1, 2 | |||||
| Number of shares for the calculation of EPS (millions) | 198.7 | 197.5 | 197.2 | 196.5 | 196.3 |
| Earnings per share, basic (EPS) (DKK) | 19.66 | 13.28 | 6.12 | -28.84 | -0.77 |
| Earnings per share, diluted (DEPS) (DKK) | 19.66 | 13.27 | 6.11 | -28.84 | -0.77 |
| Proposed dividend per share (DKK) | 12 | 8 | 2.45 | 0 | 0 |
| Cash flow from operating activities per share, diluted (DKK) | 30.10 | 20.45 | 15.77 | 1 | 8.14 |
| Net asset value per share, diluted (DKK) | 71.69 | 61.27 | 48.87 | 44.23 | 68.36 |
| Market capitalization (DKKm) | 56,825 | 62,700 | 56,776 | 46,445 | 24,117 |
| Price/Earnings, diluted (DKK) | 14.52 | 23.75 | 47.03 | n/a | n/a |
| Price/Cash flow, diluted (DKK) | 9.48 | 15.41 | 18.22 | 236.15 | 15.09 |
| Price/Net asset value, diluted (DKK) | 3.98 | 5.14 | 5.88 | 5.32 | 1.8 |
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 0.9997 for the effect of employees’ exercise of warrants.