Key figures

DKK million  2021 2020 2019 20182 20171,2

 



Key financial highlights

         
 Organic growth, %
 23%  -11% -8%
-2%
11%
 Sell-out growth, incl. temporarily closed stores, %  20%  -12% -8%
-4%
0%
 Gross margin excl. restructuring costs, %  76.1%  76.5% 77.4%
 74.3% 74.5%
 EBIT margin excl. restructuring costs, %  25.0%  20.4% 26.8%
28.2%
34.2%
           

Consolidated income statement (reported)

 



Revenue  23,394 19,009
21,868 22,806 22,781
Earnings before interest, tax, depreciation and amortisation (EBITDA)  7,838 4,999
6,148 7,421
8,505
Operating profit (EBIT)  5,839 2,684
3,829 6,431 7,784
Net financials  -461 -190
1 151 -117
Net profit for the period
 4,160 1,938 2,945 5,045 5,768
           

Financial ratios

         
 Revenue growth, DKK, %  23%  -13% -4%
0%
12%
 Revenue growth, local currency, %  24%  -11% -6%
3%
15%
 Gross margin (reported), %  76.1%  75.6% 72.7%
74.3%
74.5%
 EBITDA margin (reported), %  33.5%  26.3% 28.1%
32.5%
37.3%
 EBIT margin (reported), %  25.0%  14.1% 17.5%
28.2%
34.2%
 Effective tax rate, %  22.6%  22.3% 23.1%
23.4%
24.8%
 Equity ratio, %  38%  37% 24%
33%
37%
 NIBD to EBITDA excl. restructuring costs, x  0.4  0.5 1.1
0.8
0.6
 Return on invested capital (ROIC)6, %  59%  25% 27%
53%
68%
 Cash conversion incl. lease payments, %  88% 183% 133%
86%
68%
 Net working capital, % of last 12 months' revenue  -5.0% -7.6%
-1.3% 6.7%
8.8%
           

Stock ratios

         
 Total payout ratio (incl. share buyback)4, %  115%  65% 147%
104%
99%
 Dividend per share5, DKK  16.0  - 9.0
9.0
9.0
 Quarterly dividend per share6, DKK  15.0  - 9.0
9.0
27.0
 Earnings per share, basic, DKK  42.1  20.0 30.3
47.2
52.0
 Earnings per share, diluted, DKK  41.7  19.9 30.1
47.0 51.8
           

 



Consolidated balance sheet

 



Total assets  18,542 19,984
21,571
19,244
17,428
Invested capital7  9,884 10,540
14,268
12,071
11,369
Net working capital  -1,181 -1,447
-293 1,536
2,008
Net interest-bearing debt (NIBD)7  2,882 3,151
9,019
5,652
4,855
Equity  7,001 7,389
5,249
6,419
6,514

 



Consolidated statement of cash flow

 



Cash flow from operating activities  6,228 5,975 6,775
6,624 6,606
Capital expenditure – total  641 491
822
1,129
1,388
Capital expenditure – property, plant and equipment  341 369
556
753
946
Free cash flow incl. lease payments
 5,137 4,908
5,075
5,558
5,294

 




 



Other key figures

 



Store network, total number of concept stores  2,619 2,690
2,770
2,705
2,446
Average number of full-time employees  22,441 22,336
23,736
24,030
20,904

 

 

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.