Key figures
| DKK million | 2020 | 2019 | 20182 | 20171,2 |
20161,2 |
Key financial highlights |
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| Organic growth, % |
-11% | -8% |
-2% |
11% |
N/A |
| Sell-out growth, incl. temporarily closed stores, % | -12% | -8% |
-4% |
0% |
8% |
| Total like-for-like sales out3, % | 1% | -8% |
-4% |
0% |
8% |
| Gross margin excl. restructuring costs, % | 76.5% | 77.4% |
74.3% | 74.5% |
75.1% |
| EBIT margin excl. restructuring costs, % | 20.4% | 26.8% |
28.2% |
34.2% |
36.5% |
Consolidated income statement (reported) |
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| Revenue | 19,009 |
21,868 | 22,806 | 22,781 | 20,281 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 4,999 |
6,148 | 7,421 |
8,505 |
7,922 |
| Operating profit (EBIT) | 2,684 |
3,829 | 6,431 | 7,784 | 7,404 |
| Net financials | -190 |
1 | 151 | -117 | -246 |
| Net profit for the period |
1,938 | 2,945 | 5,045 | 5,768 | 6,025 |
Financial ratios |
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| Revenue growth, DKK, % | -13% | -4% |
0% |
12% |
21% |
| Revenue growth, local currency, % | -11% | -6% |
3% |
15% |
24% |
| Gross margin (reported), % | 75.6% | 72.7% |
74.3% |
74.5% |
75.1% |
| EBITDA margin (reported), % | 26.3% | 28.1% |
32.5% |
37.3% |
39.1% |
| EBIT margin (reported), % | 14.1% | 17.5% |
28.2% |
34.2% |
36.5% |
| Effective tax rate, % | 22.3% | 23.1% |
23.4% |
24.8% |
21.2% |
| Equity ratio, % | 37% | 24% |
33% |
37% |
44% |
| NIBD to EBITDA excl. restructuring costs, x | 0.5 | 1.1 |
0.8 |
0.6 |
0.3 |
| Return on invested capital (ROIC)6, % | 25% | 27% |
53% |
68% |
80% |
| Cash conversion incl. lease payments, % | 183% | 133% |
86% |
68% |
72% |
| Operating working capital, % of last 12 months' revenue | -2.1% |
3.1% |
11.2% |
13.1% |
13.7% |
Stock ratios |
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| Total payout ratio (incl. share buyback)4, % | 65% | 147% |
104% |
99% |
91% |
| Dividend per share5, DKK | - | 9.0 |
9.0 |
9.0 |
9.0 |
| Quarterly dividend per share6, DKK | - | 9.0 |
9.0 |
27.0 |
- |
| Earnings per share, basic, DKK | 20.0 | 30.3 |
47.2 |
52.0 |
52.8 |
| Earnings per share, diluted, DKK | 19.9 | 30.1 |
47.0 | 51.8 |
52.5 |
Consolidated balance sheet |
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| Total assets | 19,984 |
21,571 |
19,244 |
17,428 |
15,321 |
| Invested capital7 | 10,540 |
14,268 |
12,071 |
11,369 |
9,242 |
| Operating working capital | -391 |
684 |
2,555 |
2,988 |
2,782 |
| Net interest-bearing debt (NIBD)7 | 3,151 |
9,019 |
5,652 |
4,855 |
2,448 |
| Equity | 7,389 |
5,249 |
6,419 |
6,514 |
6,794 |
Consolidated statement of cash flow |
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| Cash flow from operating activities | 5,975 | 6,775 |
6,624 | 6,606 |
6,531 |
| Capital expenditure – total | 491 |
822 |
1,129 |
1,388 |
1,199 |
| Capital expenditure – property, plant and equipment | 369 |
556 |
753 |
946 |
828 |
| Free cash flow incl. lease payments |
4,908 |
5,075 |
5,558 |
5,294 |
5,358 |
Other key figures |
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| Store network, total number of concept stores | 2,690 |
2,770 |
2,705 |
2,446 |
2,138 |
| Average number of full-time employees | 22,336 |
23,736 |
24,030 |
20,904 |
17,770 |
1) Figures have been restated to reflect the adoption of IFRS 15.
2) Comparative figures have not been restated following the adoption of IFRS 16 Leases.
3) Like-for-like excluding stores which have been temporarily closed in 2020 due to COVID-19 (2019: excluding Hong Kong SAR in Q3 and Q4 due to the extraordinary turmoil in the market).
4) Excluding sale of treasury shares amounting to DKK 1.8 billion in Q2 2020.
5) Proposed dividend per share for the year.
6) Paid quarterly dividend per share for the period.
7) For 2016 and 2017, Invested capital and NIBD have been restated due to immaterial reclassifications. Consequently, NIBD to EBITDA and ROIC have been recalculated.