Interim financial report, 9M 2010/11

(1 October 2010 - 30 June 2011)

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Highlights

• Organic revenue growth was 6%. Revenue in DKK was up by 8% to DKK 7,601m.
• Organic growth rates by business area: Ostomy Care 7%, Urology & Continence Care 8%. The sale of wound & skin care products was at last year's level.
• Gross profit was up by 14% to DKK 4,860m, bringing the gross margin to 64% from 61% in 9M 2009/10.
• EBIT was up by 29% to DKK 1,839m. The EBIT margin was 24% against 20% in 9M 2009/10. At constant exchange rates, the EBIT margin was also 24%.
• The free cash flow amounted to DKK 869m against DKK 957m in the same period of last year.
• ROIC after tax was 28%, compared with 22% in 9M 2009/10.
• The second half of the share buy-back programme launched in February 2011 was closed in the third quarter with buy-backs amounting to DKK 500m.

Financial guidance for 2010/11

• We maintain our forecast of organic revenue growth of around 6%. We now expect around 7% growth in DKK.
• We continue to expect an EBIT margin of 24-25%, both at constant exchange rates and in DKK.
• Capital expenditure is still expected to be around DKK 300m.
• The effective tax rate forecast is unchanged at about 26%.