FINANCIALHIGHLIGHTS
DKKmillion
2014
2013
2012
2011
2010
Consolidated income statement
Revenue
11,942
9,010
6,652
6,658
6,666
Gross profit
8,423
5,999
4,429
4,860
4,725
Earnings before interest, tax, depreciation and amortisation (EBITDA)
4,294
2,881
1,658
2,281
2,684
Operating profit (EBIT)
4,072
2,681
1,475
2,058
2,416
Net financials
-200
61
4
311
-164
Profit before tax
3,872
2,742
1,479
2,369
2,252
Net profit for the year
3,098
2,220
1,202
2,037
1,871
Consolidated balance sheet
Total assets
10,556
9,275
8,414
8,051
8,959
Invested capital
6,080
5,976
5,900
5,923
5,659
Net working capital
434
1,009
1,277
1,327
1,266
Net interest-bearing debt (NIBD)
-1,121
-637
-183
209
1,102
Equity
7,032
6,462
6,038
5,411
4,315
Consolidated cashflow statement
Cashflows from operating activities
4,322
2,428
1,339
1,823
1,316
Cash flows from investing activities
-632
-543
-231
-364
-304
Free cash flow
3,868
1,956
1,151
1,670
1,388
Cash flows from financing activities
-3,259
-1,524
-943
-2,502
-644
Net increase (decrease) in cash
431
361
165
-1,043
368
Growth ratios
Revenue growth,%
32.5% 35.4% -0.1% -0.1% 92.6%
Gross profit growth,%
40.4% 35.4% -8.9% 2.9% 91.2%
EBITDA growth,%
49.0% 73.8% -27.3% -15.0% 70.7%
EBIT growth,%
51.9% 81.8% -28.3% -14.8% 69.7%
Net profit growth,%
39.5% 84.7% -41.0% 8.9% 86.2%
Margins
Grossmargin,%
70.5% 66.6% 66.6% 73.0% 70.9%
EBITDAmargin,%
36.0% 32.0% 24.9% 34.3% 40.3%
EBITmargin,%
34.1% 29.8% 22.2% 30.9% 36.2%
Other ratios
Tax rate,%
20.0% 19.0% 18.7% 14.0% 16.9%
Equity ratio,%
66.6% 69.7% 71.8% 67.2% 48.2%
NIBD to EBITDA, x
-0.3
-0.2
-0.1
0.1
0.4
Returnon invested capital (ROIC),%
67.0% 44.9% 25.0% 34.7% 42.7%
Capital expenditure (CAPEX), DKKmillion
455
490
276
269
262
Cash conversion,%
124.9% 88.1% 95.8% 82.0% 74.2%
Share information
Dividend per share, DKK
*9.00
6.50
5.50
5.50
5.00
Total payout ratio (incl. share buyback),%
*112.7%
68.6%
59.5% 35.1% 36.9%
Earnings per share, basic, DKK
25.0
17.2
9.2
15.7
14.8
Earnings per share, diluted, DKK
24.7
17.0
9.2
15.7
14.6
Share price at year-end, DKK
504.5
294.0
124.5
54.0
336.0
Other key figures
Average number of employees
9,957
6,910
5,753
5,186
4,336
* Proposeddividendper share for 2014.
