Announcement No. 9/2009

(1 October 2008 – 30 June 2009)

Highlights year-to-date

• Organic revenue growth rate was 5%. Changes in exchange rates reduced revenue growth by 1 percentage point. Revenue measured in Danish kroner was up by 4% to DKK 6,558m
• Organic growth rates by business area: Ostomy Care 3%, Urology & Continence Care 8%, Wound & Skin Care 4%. Growth rates are still being impacted by the problems experienced by our German subsidiary
• Gross profit was up by 3% to DKK 3,824m, equal to a gross margin of 58%
• EBIT was up by 11% to DKK 989m. Before special items, EBIT improved by 17%
• The EBIT margin was 15% against 14% in the same period last year. Changes in exchange rates reduced the EBIT margin by almost 2 percentage points. The underlying EBIT margin was 17%
• The free cash flow amounted to DKK 748m against DKK 239m in the same period of last year
• The remaining share buy-back programme, of DKK 500m for 2009, will not be completed

We have revised our financial guidance for the 2008/09 financial year as follows: 

• We still expect organic revenue growth of about 6%. Based on current exchange rates, revenue growth in DKK is expected to be around 5% (earlier around 6%)
•  We expect an EBIT margin of 16-17% (earlier around 16%) at constant exchange rates and of 15-16% in DKK (earlier around 15%)
• Capital expenditure is expected to be around DKK 600m (earlier around DKK 700m)
• The effective tax rate forecast is unchanged at 28%

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