Key figures
| DKK million | 2019 | 2018 | 2017 | 2016 | 2015 |
| Consolidated income statement | |||||
| Revenue | 21.868 | 22.806 | 22.781 | 20.281 | 16.737 |
| Gross profit | 15.903 | 16.942 | 16.966 | 15.223 | 12.193 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 6.148 | 7.421 | 8.505 | 7.922 | 6.214 |
| Operating profit (EBIT) | 3.829 | 6.431 | 7.784 | 7.404 | 5.814 |
| Net financials | 1 | 151 | -117 | 246 | -469 |
| Net profit for the year | 2.945 | 5.045 | 5.768 | 6.025 | 3.674 |
| Consolidated balance sheet | |||||
| Total assets | 21.571 | 19.244 | 17.428 | 15.321 | 13.311 |
| Invested capital [8] | 14.268 | 12.071 | 11.369 | 9.242 | 8.047 |
| Operating working capital | 684 | 2.555 | 2.988 | 2.782 | 2.388 |
| Net interest-bearing debt (NIBD) | 9.019 | 5.652 | 4.855 | 2.448 | 1.909 |
| Equity | 5.249 | 6.419 | 6.514 | 6.794 | 6.139 |
| Consolidated cash flow statement | |||||
| Cash flow related to mergers and acquisitions | -148 | -1.071 | -1.843 | -210 | -260 |
| Free cash flow [5] | 6.213 | 5.558 | 5.294 | 5.358 | 2.449 |
| Cash conversion [5], % | 162% | 86% | 68% | 72% | 42% |
| Ratios | |||||
| Revenue growth, % | -4% | 0% | 12% | 21% | 40% |
| Revenue growth, local currency, % | -6% | 3% | 15% | 24% | 29% |
| Total like-for-like sales-out [4], % | -8% | -4% | 0% | 8% | 15% |
| Retail like-for-like sales-out, % | -5% | 0% | 10% | 16% | 29% |
| Effective tax rate, % | 23,1% | 23,4% | 24,8% | 21,2% | 31,3% |
| Equity ratio, % | 24% | 33% | 37% | 44% | 46% |
| NIBD to EBITDA, x | 1.5x | 0.8x | 0.6x | 0.3x | 0.3x |
| Return on invested capital (ROIC) [8], % | 27% | 53% | 68% | 80% | 72% |
| Days sales outstanding | 50 | 47 | 37 | 32 | |
| Margins | |||||
| Gross margin, % | 72,7% | 74,3% | 74,5% | 75,1% | 72,9% |
| EBITDA margin, % | 28,1% | 32,5% | 37,3% | 39,1% | 37,1% |
| EBIT margin, % | 17,5% | 28,2% | 34,2% | 36,5% | 34,7% |
| EBIT margin excl. Restructuring costs, % | 26,8% | 28,2% | 34,2% | 36,5% | 34,7% |
| Share information | |||||
| Dividend per share [6], DKK | 9 | 9 | 9 | 9 | 13 |
| Quarterly dividend per share [7], DKK | 9 | 9 | 27 | - | - |
| Total payout ratio (incl. share buyback), % | 147% | 104% | 99% | 91% | 136% |
| Earnings per share, basic, DKK | 30,3 | 47,2 | 52 | 52,8 | 30,9 |
| Earnings per share, diluted, DKK | 30,1 | 47 | 51,8 | 52,5 | 30,7 |
| Share price at year-end, DKK | 289,8 | 265,3 | 675,5 | 924 | 872 |
| Other key figures | |||||
| Capital expenditure (CAPEX) | 822 | 1.129 | 1.388 | 1.199 | 1.109 |
| Capital expenditure, tangible assets (CAPEX) | 556 | 753 | 946 | 828 | 706 |
| Store network, total number of concept stores | 2.770 | 2.705 | 2.446 | 2.138 | 1.802 |
| Average number of full-time employees | 23.736 | 24.030 | 20.904 | 17.770 | 13.971 |
1) 2015-2017 figures have been restated to reflect the adoption of IFRS 15.
2) 2015-2018 comparative figures have not been restated following the adoption of IFRS 16 Leases.
3) 2019 is subject to new accounting policies and disclosures for comparative figures according to IAS 17 (See Annual Report 2019 - Note 1.2)
4) Like-for-like excluding Hong Kong SAR in Q3 and Q4 2019 due to extraordinary turmoil in the market.
5) Includes IFRS 16 impact.
6) Proposed dividend per share for 2019.
7) Quarterly dividend per share 2019, paid in 2019.
8) 2015-2017 invested capital and NIBD have been restated due to immaterial reclassifications. Consequently, NIBD to EBITDA and ROIC have been recalculated.