Key Figures

 

DKK million 2020/21 2019/20 2018/19 2017/18 2016/17
Income statement          
Revenue  19,426  18,544 17,939 16,449 15,528
Research and development costs -755 -708 -692 -640 -574
Operating profit before interest, tax, depreciation and amortisation 6,947 6,705 5,807 5,716 5,635
Operating profit (EBIT) before special items 6,355 5,854 5,556 5,091 5,024

Special items1)

-200 - -400 - -
Operating profit (EBIT) 6,155  5,854 5,156 5,091 5,024
Net financial income and expenses  78 -388 -128 -82 -72 
Profit before tax  6,233 5,466 5,028 5,009 4,950 
Net profit for the year  4,825 4,197 3,873 3,845 3,797 
           
Revenue growth          
Annual growth in revenue, % 5 3 9 6
Growth breakdown:          
Organic growth, % 7 4 8 8
Currency effect, % -2 -1 1 -4 -1 
Acquired operations, % 0 - 0  1  1
Other matters, % - - - 1 -1
           
Balance sheet          
Total assets  15,841  13,499 12,732 11,769 12,050 
Capital invested 11,576 9,864 8,748 8,468 7,977
Equity at year end 8,168 7,406 6,913 6,418 5,952
           
Cash flows and investments          
Cash flows from operating activities  5,290 4,759 4,357 4,361 3,251 
Cash flows from investing activities

-2,011

-901 -591 -947 -1,619 
Investment in property, plant and equipment, gross

-919

-846 -617 -616 -661 
Free cash flow  3,279 3,858 3,766 3,414 1,632 
Cash flows from financing activities -3,176 -3,857 -3,714 -3,430 -1,863 
           
Key ratios          
Average number of employees, FTEs 12,578 12,250 11,821 11,155 10,420 
Operating margin, EBIT, % 33 32 31 31 32 
EBIT margin before special items, % 32 32 29 31 32 
Operating margin, EBITDA, % 36 36 32 35 36 
Return on average invested capital before tax (ROIC), %2) 58 59 62 57 61 

Return on average invested capital after tax (ROIC), %2)

45 46 48 44 47 
Return on equity, % 70 66 65 72 77 
Equity ratio, % 52 55 54 55 49 
Net asset value per outstanding share, DKK 38 35 33 30 28 
           
Share data          
Share price, DKK 1,007 1,004 825 657 511 
Share price/net asset value per share 26 29 25 22 18 
Average number of outstanding shares, millions 213 213 212 212 212 
PE, price/earnings ratio 44 51 45 36 29 
Dividend per share, DKK3) 19.0 18.0 17.0 16.0 15.0 
Pay-out ratio, %4) 81 91 86 88 84 
Earnings per share (EPS), diluted 22.63 19.67 18.18 18.10 17.87 
Free cash flow per share 15 18 18 16

 

 

The Group has applied IFRS 16 “Leases” for the first time on 1 October 2019. The amounts for 2015/16-2018/19 have not been restated.

1) Special items include the 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)This item is provided before special items. After special items, ROIC before tax was 57%/61%/60%/62%/74%, and ROIC after tax was 44%/47%/46%/47%/57%.

3) The figure shown for the 2020/21 financial year is the proposed dividend.

4) For the 2020/21 and 2018/19 financial years, this item is before special items. After special items, the payout ratio is 84%/93%.

Key ratios have been calculated and applied in accordance with Recommendations & Financial Ratios issued by the Danish Society of Financial Analysts.