Key Figures

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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 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.}