Financial Overview

Financial Overview

  2019 2018 2017 2016 2015
Income statement (DKKm)          
Revenue 17,036 18,117 17,234 15,634 14,594
Research and development costs 3,116 3,277 2,705 2,967 8,149
Operating profit before depreciation and amortization (EBITDA) 4,823 6,436 5,424 3,846 210
Profit/(loss) from operations (EBIT) 3,608 5,301 4,408 2,292 -6,816
Net financials -127 -12 -131 -135 -190
Profit/(loss) before tax 3,481 5,289 4,277 2,157 -7,006
Profit/(loss) for the year 2,667 3,907 2,624 1,211 -5,694
Assets (DKKm)          
Non-current assets 26,719 11,362 10,912 12,686 13,665
Inventories 2,204 1,753 1,376 1,528 2,217
Receivables 3,822 3,261 3,791 3,779 3,922
Cash, bank balances and securities 3,012 6,635 3,677 2,217 1,521
Total assets 35,757 23,011 19,756 20,210 21,325
Equity and liabilities (DKKm)          
Equity 14,554 14,251 12,181 9,694 8,785
Non-current liabilities 10,923 1,184 1,096 2,740 4,792
Current liabilities 10,280 7,576 6,479 7,776 7,748
Total equity and liabilities 35,757 23,011 19,756 20,210 21,325
Cash flow statement (DKKm)          
Cash flows from operating activities 2,609 5,981 4,045 3,126 197
Cash flows from investing activities -7,755 -2,907 -1,830 -337 -2,842
Cash flows from operating and investing activities (free cash flow) -5,146 3,074 2,215 2,789 -2,645
Cash flows from financing activities 4,548 -1607 -2,235 -2,006 501
Interest-bearing debt, cash, bank balances and securities, net at year-end          
- Net cash/(net debt) -6,566 6,635 3,677 326 -2,249
Key figures 2019 2018 2017 2016 2015
EBIT margin (%) 21.2 29.3 25.6 14.7 -46.7
Research and development ratio (%) 18.3 18.1 15.7 19 55.8
Return on equity (%) 18.5 29.6 24 13.1 -51.1
Equity ratio (%) 40.7 61.9 61.7 48 41.2
Invested capital (DKKm) 21,120 7,616 8,504 9,368 11,034
Net debt/EBITDA 1.4 -1 -0.7 -0.1 10.7
Effective tax rate (%) 23.4 26.1 38.7 43.9 18.7
Purchase of intangible assets, gross (DKKm) 88 1,149 480 104 2,719
Purchase of property, plant and equipment, gross (DKKm) 356 300 245 238 237
Purchase of financial assets, gross (DKKm) 18 1,524 1,509 16 9
Average number of employees 5,475 5,060 4,980 5,120 5,534
Share data1, 2          
Number of shares for the calculation of EPS (millions) 198.7 198.7 197.5 197.2 196.5
Earnings per share, basic (EPS) (DKK) 13.42 19.66 13.28 6.12 -28.84
Earnings per share, diluted (DEPS) (DKK) 13.42 19.66 13.27 6.11 -28.84
Proposed dividend per share (DKK) 4.10 12 8 2.45 0
Cash flow from operating activities per share, diluted (DKK) 13.13 30.10 20.45 15.77 1
Net asset value per share, diluted (DKK) 73.24 71.69 61.27 48.87 44.23
Market capitalization (DKKm) 50,660 56,825 62,700 56,776 46,445
Price/Earnings, diluted (DKK) 18.95 14.52 23.75 47.03 n/a
Price/Cash flow, diluted (DKK) 19.38 9.48 15.41 18.22 236.15
Price/Net asset value, diluted (DKK) 3.47 3.98 5.14 5.88 5.32

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 0.9999 for the effect of employees’ exercise of warrants.

 

 

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