|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|
|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|
|Annual growth in revenue, %||5||3||9||6||6|
|Organic growth, %||7||4||8||8||7|
|Currency effect, %||-2||-1||1||-4||-1|
|Acquired operations, %||0||-||0||1||1|
|Other matters, %||-||-||-||1||-1|
|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||
|Investment in property, plant and equipment, gross||
|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|
|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)
|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 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||8|
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.