Financials
| For the year ended 31 December | |||||||
| CONSOLIDATED INCOME STATEMENT | 2019 | 2018 | 2017 | 2016 | 2015 | ||
| (audited) | |||||||
| Net sales | 6,870 | 6,718 | 6,464 | 6,746 | 6,732 | ||
| Gross profit | 3,314 | 3,219 | 3,134 | 3,314 | 3,282 | ||
| EBITDA before special items | 1,513 | 1,304 | 1,283 | 1,440 | 1,385 | ||
| Special items | -133 | -266 | -69 | -200 | -151 | ||
| EBIT | 977 | 738 | 913 | 957 | 941 | ||
| Net profit for the period | 748 | 666 | 712 | 682 | 668 | ||
| As at 31 December | |||||||
| BALANCE SHEET DATA | 2019 | 2018 | 2017 | 2016 | 2015 | ||
| (audited) | |||||||
| ASSETS | |||||||
| Non-current assets | 9,414 | 9,375 | 9,013 | 9,770 | 9,718 | ||
| Current assets | 4,458 | 4,028 | 3,978 | 4,494 | 4,826 | ||
| Total assets | 13,872 | 13,403 | 12,990 | 14,264 | 14,544 | ||
| EQUITY AND LIABILITIES | |||||||
| Equity | 9,103 | 8,818 | 8,448 | 9,273 | 8,998 | ||
| Non-current liabilities | 3,690 | 3,476 | 3,472 | 3,733 | 4,393 | ||
| Current liabilities | 1,079 | 1,109 | 1,071 | 1,258 | 1,153 | ||
| Total liabilities | 4,769 | 4,585 | 4,542 | 4,991 | 5,546 | ||
| Total equity and liabilities | 13,872 | 13,403 | 12,990 | 14,264 | 14,544 | ||
| For the year ended 31 December | |||||||
| CONSOLIDATED CASH FLOW STATEMENT DATA | 2019 | 2018 | 2017 | 2016 | 2015 | ||
| (audited) | |||||||
| Cash flow from operating activities | 1,300 | 785 | 1,049 | 1,358 | 1,285 | ||
| Investing activities | -50 | -511 | -94 | -219 | -229 | ||
| Free cash flow | 1,250 | 274 | 955 | 1,139 | 1,057 | ||
| Financing activities | -673 | -573 | -897 | -1,178 | -1,029 | ||
| Free cash before acquisitions | 1,187 | 668 | 963 | 1,139 | 1,057 | ||
| KEY PERFORMANCE INDICATORS | 2019 | 2018 | 2017 | 2016 | 2015 | ||
| Organic net sales growth (%)(1) | -2.6% | 0.4% | -2.2% | 0.4% | 0.3% | ||
| Net sales growth (%) | 2.3% | 3.9% | -4.2% | 0.2% | 9.9% | ||
| Gross margin (%) | 48.2% | 47.9% | 48.5% | 49.1% | 48.7% | ||
| EBITDA margin (%) | 22.0% | 19.4% | 19.9% | 21.4% | 20.6% | ||
| EBIT margin (%) | 14.2% | 11.0% | 14.1% | 14.2% | 14.0% | ||
| Net profit margin (%) | 10.9% | 9.9% | 11.0% | 10.1% | 9.9% | ||
| Net debt | 2,330 | 2,585 | 2,247 | 2,469 | 3,011 | ||
| Net debt/EBITDA bef. special items | 1.5x | 2.0x | 1.8x | 1.7x | 2.2x | ||
| Basic earnings per share (EPS) | 7.5 | 6.7 | 7.1 | 6.8 | 6.7 | ||
| Dividend per share (2) | 6.1 | 6.0 | 9.3 | 5.5 | 14.0 | ||
| Dividend payout ratio | 82% | 90% | 130% | 81% | 210% | ||
| (1) Organic net sales growth is adjusted for currency fluctuations and acquisitions | |||||||
| (2) Extraordinary dividends: September 2015 of DKK 900m and November 2017 of DKK 350 million | |||||||