Financial Overview

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.

 

 

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