| DKK million |
2015/16 |
2014/15 |
2013/14
|
2012/13
|
2011/12
|
| |
|
|
|
|
|
| Income statement |
|
|
|
|
|
| Revenue |
14,681 |
13,909 |
12,428
|
11,635
|
11,023
|
| Research and development costs |
-509 |
-442 |
-390
|
-380
|
-342
|
| Operating profit before interest, tax, depreciation and amortisation |
4,624 |
2,020 |
3,573
|
4,160
|
3,756
|
| Operating profit (EBIT) before special items |
4,846 |
4,535 |
4,147
|
3,672
|
3,255
|
|
Special items1)
|
-750 |
-3,000 |
-1,000 |
0 |
0 |
| Operating profit (EBIT) |
4,096 |
1,535 |
3,147
|
3,672
|
3,255
|
| Net financial income and expenses |
-13 |
-289 |
46
|
-46
|
-300
|
| Profit before tax |
4,082 |
1,245 |
3,191
|
3,625
|
2,954
|
| Net profit for the year |
3,143 |
899 |
2,390
|
2,711
|
2,194
|
| |
|
|
|
|
|
| Revenue growth |
|
|
|
|
|
| Annual growth in revenue, % |
6 |
12 |
7
|
6
|
8
|
| Growth breakdown: |
|
|
|
|
|
| Organic growth, % |
7 |
7 |
9
|
7
|
6
|
| Currency effect, % |
-1 |
5 |
-2
|
-1
|
2
|
| |
|
|
|
|
|
| Balance sheet |
|
|
|
|
|
| Total assets |
11,007 |
10,817 |
10,379
|
9,564
|
10,176
|
| Capital invested |
5,551 |
4,702 |
6,088
|
6,320
|
6,295
|
| Equity at year end |
5,068 |
4,706 |
6,283
|
6,769
|
6,042
|
| |
|
|
|
|
|
| Cash flows and investments |
|
|
|
|
|
| Cash flows from operating activities |
3,028 |
3,337 |
3,149
|
3,136
|
2,649
|
| Cash flows from investing activities |
-603 |
-468 |
-777
|
-159
|
-390
|
| Investment in property, plant and equipment, gross |
-627 |
-583 |
-505
|
-409
|
-317
|
| Free cash flow |
2,425 |
2,869 |
2,372
|
2,977
|
2,259
|
| Cash flows from financing activities |
-2,868 |
-2,963 |
-2,898
|
-3,430
|
-1,653
|
| |
|
|
|
|
|
| Key ratios |
|
|
|
|
|
| Average number of employees, FTEs |
9,817 |
9,303 |
8,741
|
8,143
|
7,624
|
| Operating margin, EBIT, % |
28 |
11 |
25
|
32
|
30
|
| Operating margin before special items, EBIT before special items, % |
33 |
33 |
33 |
32 |
30 |
| Operating margin, EBITDA, % |
31 |
15 |
29
|
36
|
34
|
| Return on average invested capital before tax (ROIC), %2) |
63 |
62 |
60
|
58
|
52
|
|
Return on average invested capital after tax (ROIC), %2)
|
49 |
48 |
49
|
44
|
38
|
| Return on equity, % |
69 |
16 |
37
|
42
|
42
|
| Equity ratio, % |
46 |
44 |
61
|
71
|
59
|
| Net asset value per outstanding share, DKK4) |
24 |
22 |
30 |
32
|
29
|
| |
|
|
|
|
|
| Share data |
|
|
|
|
|
| Share price, DKK4) |
514 |
473 |
494
|
314
|
242
|
| Share price/net asset value per share4) |
21 |
22 |
17
|
10
|
9
|
| Average number of outstanding shares, millions4) |
212 |
211 |
211
|
211
|
210
|
| PE, price/earnings ratio |
29 |
111 |
44
|
24
|
23
|
| Dividend per share, DKK3)4) |
13.5 |
12.5 |
11.5
|
10.0
|
4.0
|
| Pay-out ratio, %5) |
77 |
82 |
77 |
78
|
38
|
| Earnings per share (EPS), diluted4) |
15 |
4 |
11
|
13
|
10
|
| Free cash flow per share4) |
11 |
14 |
11
|
13
|
11
|
| |
|
|
|
|
|
| 1) Special items include costs of settlements and costs in connection with the lawsuits in the United States alleging injury resulting from the use of transvaginal surgical mesh products. |
| 2) For the 2015/16, 2014/15 and 2013/14 financial years, this item is before Special items. After Special items, ROIC before tax is 80%/28%/51%, and ROIC after tax is 62%/21%/38%. |
| 3) The figure shown for the 2015/16 financial year is the proposed dividend. |
|
|
|
|
|
|
4) The 2012/13 figure has been restated to reflect a 1-to-5 split of the company's A and B shares in the 2012/13 financial year.
|
|
5) For the 2015/16, 2014/15 and 2013/14 financial years, this item is before Special items. After Special items, the pay-out ratio is 91%/294%/101%
|
| The key ratios have been calculated and applied in accordance with “Recommendations & Financial Ratios 2015” issued by the Danish Society of Financial Analysts. |