| DKK million |
2016/17 |
2015/16 |
2014/15 |
2013/14
|
2012/13
|
| |
|
|
|
|
|
| Income statement |
|
|
|
|
|
| Revenue |
15,528 |
14,681 |
13,909 |
12,428
|
11,635
|
| Research and development costs |
-574 |
-509 |
-442 |
-390
|
-380
|
| Operating profit before interest, tax, depreciation and amortisation |
5,635 |
4,624 |
2,020 |
3,573
|
4,160
|
| Operating profit (EBIT) before special items |
5,024 |
4,846 |
4,535 |
4,147
|
3,672
|
|
Special items1)
|
0 |
-750 |
-3,000 |
-1,000 |
0 |
| Operating profit (EBIT) |
5,024 |
4,096 |
1,535 |
3,147
|
3,672
|
| Net financial income and expenses |
-72 |
-13 |
-289 |
46
|
-46
|
| Profit before tax |
4,950 |
4,082 |
1,245 |
3,191
|
3,625
|
| Net profit for the year |
3,797 |
3,143 |
899 |
2,390
|
2,711
|
| |
|
|
|
|
|
| Revenue growth |
|
|
|
|
|
| Annual growth in revenue, % |
6 |
6 |
12 |
7
|
6
|
| Growth breakdown: |
|
|
|
|
|
| Organic growth, % |
7 |
7 |
7 |
9
|
7
|
| Currency effect, % |
-1 |
-1 |
5 |
-2
|
-1
|
| Acquired operations, % |
1 |
0 |
0 |
0 |
0 |
| Other matters, % |
-1 |
0 |
0 |
0 |
0 |
| |
|
|
|
|
|
| Balance sheet |
|
|
|
|
|
| Total assets |
12,050 |
11,007 |
10,817 |
10,379
|
9,564
|
| Capital invested |
7,977 |
5,551 |
4,702 |
6,088
|
6,320
|
| Equity at year end |
5,952 |
5,068 |
4,706 |
6,283
|
6,769
|
| |
|
|
|
|
|
| Cash flows and investments |
|
|
|
|
|
| Cash flows from operating activities |
3,251 |
3,028 |
3,337 |
3,149
|
3,136
|
| Cash flows from investing activities |
-1,619 |
-603 |
-468 |
-777
|
-159
|
| Investment in property, plant and equipment, gross |
-661 |
-627 |
-583 |
-505
|
-409
|
| Free cash flow |
1,632 |
2,425 |
2,869 |
2,372
|
2,977
|
| Cash flows from financing activities |
-1,863 |
-2,868 |
-2,963 |
-2,898
|
-3,430
|
| |
|
|
|
|
|
| Key ratios |
|
|
|
|
|
| Average number of employees, FTEs |
10,420 |
9,817 |
9,303 |
8,741
|
8,143
|
| Operating margin, EBIT, % |
32 |
28 |
11 |
25
|
32
|
| EBIT margin before special items, % |
32 |
33 |
33 |
33 |
32 |
| Operating margin, EBITDA, % |
36 |
31 |
15 |
29
|
36
|
| Return on average invested capital before tax (ROIC), %2) |
61 |
63 |
62 |
60
|
58
|
|
Return on average invested capital after tax (ROIC), %2)
|
47 |
49 |
48 |
49
|
44
|
| Return on equity, % |
77 |
69 |
16 |
37
|
42
|
| Equity ratio, % |
49 |
46 |
44 |
61
|
71
|
| Net asset value per outstanding share, DKK |
28 |
24 |
22 |
30 |
32
|
| |
|
|
|
|
|
| Share data |
|
|
|
|
|
| Share price, DKK |
511 |
514 |
473 |
494
|
314
|
| Share price/net asset value per share |
18 |
21 |
22 |
17
|
10
|
| Average number of outstanding shares, millions |
212 |
212 |
211 |
211
|
211
|
| PE, price/earnings ratio |
29 |
29 |
111 |
44
|
24
|
| Dividend per share, DKK3) |
15.0 |
13.5 |
12.5 |
11.5
|
10.0
|
| Pay-out ratio, %4) |
84 |
77 |
82 |
77 |
78
|
| Earnings per share (EPS), diluted |
17.87 |
14.78 |
4.20 |
11.17
|
12.62
|
| Free cash flow per share |
8 |
11 |
14 |
11
|
13
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
1) Special items include costs of settlements and costs in connection with the lawsuits in the United Stated alleging injury resulting from the use oftransvaginal surgical mesh products.
|
|
2) For the 2016/17, 2015/16, 2014/15 and 2013/14 financial years, this item is before special items. After special items, ROIC before tax is74%/80%/28%/51%, and ROIC after tax is 57%/62%/21%/38%.
|
|
3) The figure shown for the 2016/17 financial year is the proposed dividend.
|
|
4) 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.
|
|