Key figures

DKK million	2018	2017	2016	2015	2014
Consolidated income statement
Revenue	22,806	22,781	20,281	16,737	11,942
Gross profit	16,942	16,966	15,223	12,193	8,423
Earnings before interest, tax, depreciation and amortisation (EBITDA)	7,421	8,505	7,922	6,214	4,294
Operating profit (EBIT)	6,431	7,784	7,404	5,814	4,072
Net financials	151	-117	246	-469	-200
Net profit for the year	5,045	5,768	6,025	3,674	3,098
Consolidated balance sheet
Total assets	19,244	17,428	15,321	13,311	10,556
Invested capital2	12,071	11,369	9,242	8,047	5,911
Operating working capital	2,555	2,988	2,782	2,388	1,990
Net interest-bearing debt (NIBD)2	5,652	4,855	2,448	1,909	-1,121
Equity	6,419	6,514	6,794	6,139	7,032
Consolidated cash flow statement
Cash flow related to mergers and acquisitions	-1,071	-1,843	-210	-260	-155
Free cash flow	5,558	5,294	5,358	2,449	3,868
Cash conversion, %	86.4%	68.0%	72.4%	42.1%	95.0%
Ratios
Revenue growth, %	0%	12%	21%	40%	33%
Revenue growth, local currency, %	3%	15%	24%	29%	33%
Total like-for-like sales-out, %	-4%	0%	8%	15%	20%
Retail like-for-like sales-out, %	0%	10%	16%	29%	35%
Effective tax rate, %	23.4%	24.8%	21.2%	31.3%	20.0%
Equity ratio, %	33.4%	37.4%	44.3%	46.1%	66.6%
NIBD to EBITDA2, x	0.8x	0.6x	0.3x	0.3x	-0.3x
Return on invested capital (ROIC)2, %	53.3%	68.5%	80.1%	72.3%	68.9%
Days sales outstanding	50	47	37	32	32
Margins
Gross margin, %	74.3%	74.5%	75.1%	72.9%	70.5%
EBITDA margin, %	32.5%	37.3%	39.1%	37.1%	36.0%
EBIT margin, %	28.2%	34.2%	36.5%	34.7%	34.1%
Share information
Dividend per share3, DKK	9	9	9	13	9
Quarterly dividend per share4, DKK	9	27	-	-	-
Total payout ratio (incl. share buyback), %	103.7%	99.1%	91.5%	135.8%	104.1%
Earnings per share, basic, DKK	47.2	52.0	52.8	30.9	25.0
Earnings per share, diluted, DKK	47.0	51.8	52.5	30.7	24.7
Share price at year-end, DKK	265.3	675.5	924.0	872.0	504.5
Other key figures
Capital expenditure (CAPEX)	1,129	1,388	1,199	1,109	455
Capital expenditure, tangible assets (CAPEX)	753	946	828	706	297
Store network, total number of concept stores	2,705	2,446	2,138	1,802	1,410
Average number of full-time employees	24,030	20,904	17,770	13,971	9,957

 

1) Figures have been restated to reflect the adoption of IFRS 15.
2) For 2014, 2015, 2016 and 2017, Invested capital and NIBD have been restated due to immaterial reclassifications. Consequently, NIBD to EBITDA and ROIC have been recalculated.
3) Proposed dividend per share for 2018.
4) Quarterly dividend per share for 2018, paid in 2018.