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.