DKK million |
2019/20 |
2018/19 |
2017/18 |
2016/17 |
2015/16 |
|
|
|
|
|
|
Income statement |
|
|
|
|
|
Revenue |
18,544 |
17,939 |
16,449 |
15,528 |
14,681 |
Research and development costs |
-708 |
-692 |
-640 |
-574 |
-509 |
Operating profit before interest, tax, depreciation and amortisation |
6,705 |
5,807 |
5,716 |
5,635 |
4,624 |
Operating profit (EBIT) before special items |
5,854 |
5,556 |
5,091 |
5,024 |
4,846 |
Special items1)
|
0 |
-400 |
0 |
0 |
-750 |
Operating profit (EBIT) |
5,854 |
5,156 |
5,091 |
5,024 |
4,096 |
Net financial income and expenses |
-388 |
-128 |
-82 |
-72 |
-13 |
Profit before tax |
5,466 |
5,028 |
5,009 |
4,950 |
4,082 |
Net profit for the year |
4,197 |
3,873 |
3,845 |
3,797 |
3,143 |
|
|
|
|
|
|
Revenue growth |
|
|
|
|
|
Annual growth in revenue, % |
3 |
9 |
6 |
6 |
6 |
Growth breakdown: |
|
|
|
|
|
Organic growth, % |
4 |
8 |
8 |
7 |
7 |
Currency effect, % |
-1 |
1 |
-4 |
-1 |
-1 |
Acquired operations, % |
0 |
0 |
1 |
1 |
0 |
Other matters, % |
- |
- |
1 |
-1 |
0 |
|
|
|
|
|
|
Balance sheet |
|
|
|
|
|
Total assets |
13,499 |
12,732 |
11,769 |
12,050 |
11,007 |
Capital invested |
9,864 |
8,748 |
8,468 |
7,977 |
5,551 |
Equity at year end |
7,406 |
6,931 |
6,418 |
5,952 |
5,068 |
|
|
|
|
|
|
Cash flows and investments |
|
|
|
|
|
Cash flows from operating activities |
4,759
|
4,357 |
4,361 |
3,251 |
3,028 |
Cash flows from investing activities |
-901 |
-591 |
-947 |
-1,619 |
-603 |
Investment in property, plant and equipment, gross |
-846
|
-617 |
-616 |
-661 |
-627 |
Free cash flow |
3,858 |
3,766 |
3,414 |
1,632 |
2,425 |
Cash flows from financing activities |
-3,857 |
-3,714 |
-3,430 |
-1,863 |
-2,868 |
|
|
|
|
|
|
Key ratios |
|
|
|
|
|
Average number of employees, FTEs |
12,250 |
11,821 |
11,155 |
10,420 |
9,817 |
Operating margin, EBIT, % |
32 |
31 |
31 |
32 |
28 |
EBIT margin before special items, % |
32 |
29 |
31 |
32 |
33 |
Operating margin, EBITDA, % |
36 |
32 |
35 |
36 |
31 |
Return on average invested capital before tax (ROIC), %2) |
59 |
62 |
57 |
61 |
63 |
Return on average invested capital after tax (ROIC), %2)
|
46 |
48 |
44 |
47 |
49 |
Return on equity, % |
66 |
65 |
72 |
77 |
69 |
Equity ratio, % |
55 |
54 |
55 |
49 |
46 |
Net asset value per outstanding share, DKK |
35 |
33 |
30 |
28 |
24 |
|
|
|
|
|
|
Share data |
|
|
|
|
|
Share price, DKK |
1,004 |
825 |
657 |
511 |
514 |
Share price/net asset value per share |
29 |
25 |
22 |
18 |
21 |
Average number of outstanding shares, millions |
213 |
212 |
212 |
212 |
212 |
PE, price/earnings ratio |
51 |
45 |
36 |
29 |
29 |
Dividend per share, DKK3) |
18 |
17,0 |
16.0 |
15.0 |
13.5 |
Pay-out ratio, %4) |
91 |
86 |
88 |
84 |
77 |
Earnings per share (EPS), diluted |
19.67 |
18,18 |
18.10 |
17.87 |
14.78 |
Free cash flow per share |
18 |
18 |
16 |
8 |
11 |
|
|
|
|
|
|
|
|
|
|
|
|
1) Special items include costs of settlements and costs in connection with the lawsuits in the United Stated alleging injury resulting from the use of transvaginal surgical mesh products.
|
2) This item provided before special items. After special items, ROIC before tax is 60%/62%/74%/80%/28%, and ROIC after tax is 46%/47%/57%/62%/21%.
|
3) The figure shown for the 2018/19 financial year is the proposed dividend.
|
4) For the 2018/19, 2015/16 and 2014/15 financial years, this item is before special items. After special items, the pay-out ratio is 93%/91%/294%.
|
|
|
The key ratios have been calculated and applied in accordance with “Recommendations & Financial Ratios 2015” issued by the Danish Society of Financial Analysts.
|
|