Highlights

Interim financial report, Q1 2009/10
(1 October 2009 - 31 December 2009)

• Organic revenue growth was 7%. Changes in exchange rates reduced revenue growth by 2 percentage points. Revenue measured in Danish kroner was up by 5% to DKK 2,296m.
• Organic growth rates by business area: Ostomy Care 6%, Urology & Continence Care 11%, Wound & Skin Care 2%.
•  Gross profit was up by 4% to DKK 1,354m, equal to a gross margin of 59%. Changes in exchange rates did not affect the gross margin.
• EBIT was up by 36% to DKK 454m.
• The EBIT margin was 20% against 15% in Q1 2008/09. Changes in exchange rates did not affect the EBIT margin.
• The free cash flow improved by DKK 424m to DKK 174m relative to Q1 2008/09. 
• ROIC after tax was 20%, compared with 13% in Q1 2008/09.
• A share buy-back programme will be initiated in February 2010

The full-year guidance for 2009/10 has been adjusted as follows:

• We continue to expect organic revenue growth of 6–7%. Revenue growth in DKK is now expected to be 5–6% instead of 4–5%.
• We now expect an EBIT margin of about 19%, both at constant exchange rates and in DKK, against the previous guidance of 17–18% at constant exchange rates and of 16–17% in DKK.
• Capital expenditure is expected to be about DKK 500m instead of the previous guidance of DKK 500–600m.
• The effective tax rate is still expected to be around 27%.
  

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