Key figures
| DKK million | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 20181 |
Key financial highlights |
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| Organic growth, % |
13% | 8% | 7% | 23% | -11% | -8% |
-2% |
| Like-for-like growth, %2 | 7% | 6% | 4% | 20% | -12% | -8% |
-4% |
| Gross margin excl. restructuring costs, % | 79.8% | 78.6% | 76.3% | 76.1% | 76.5% | 77.4% |
74.3% |
| EBIT margin excl. restructuring costs, % | 25.2% | 25.0% | 25.5% | 25.0% | 20.4% | 26.8% |
28.2% |
Consolidated income statement (reported) |
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| Revenue | 31,680 | 28,136 | 26,463 | 23,394 | 19,009 |
21,868 | 22,806 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 10,327 | 9,118 | 8,716 | 7,838 | 4,999 |
6,148 | 7,421 |
| Operating profit (EBIT) | 7,974 | 7,039 | 6,743 | 5,839 | 2,684 |
3,829 | 6,431 |
| Net financials | -1,048 | -805 | -210 | -461 | -190 |
1 | 151 |
| Net profit for the period |
5,227 | 4,740 | 5,029 | 4,160 | 1,938 | 2,945 | 5,045 |
Financial ratios |
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| Revenue growth, DKK, % | 13% | 6% | 13% | 23% | -13% | -4% |
0% |
| Revenue growth, local currency, % | 14% | 9% | 8% | 24% | -11% | -6% |
3% |
| Gross margin (reported), % | 79.8% | 78.6% | 76.3% | 76.1% | 75.6% | 72.7% |
74.3% |
| EBITDA margin (reported), % | 32.6% | 32.4% | 32.9% | 33.5% | 26.3% | 28.1% |
32.5% |
| EBIT margin (reported), % | 25.2% | 25.0% | 25.5% | 25.0% | 14.1% | 17.5% |
28.2% |
| Effective tax rate, % | 24.5% | 24.0% | 23.0% | 22.6% | 22.3% | 23.1% |
23.4% |
| Equity ratio, % | 20% | 23% | 33% | 38% | 37% | 24% |
33% |
| NIBD to EBITDA excl. restructuring costs, x | 1.1 | 1.1 | 0.8 | 0.4 | 0.5 | 1.1 |
0.8 |
| Return on invested capital (ROIC)3, % | 46% | 45% | 49% | 52% | 20% | 27% |
53% |
| Cash conversion incl. lease payments, % | 85% | 78% | 39% | 88% | 183% | 133% |
86% |
| Net working capital, % of last 12 months' revenue | -1.7% | 1.8% | 4.2% | -5.0% | -7.6% |
-1.3% | 6.7% |
Stock ratios |
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| Total payout ratio (incl. share buyback)4, % | 105% | 136% | 100% | 115% | 65% | 147% |
104% |
| Dividend per share, proposed, DKK | 20.0 | 18.0 | 16.0 | 16.0 | - | 9.0 |
9.0 |
| Dividend per share, paid, DKK | 18.0 | 16.0 | 16.0 | 15.0 | - | 9.0 |
9.0 |
| Earnings per share, basic, DKK | 64.8 | 55.5 | 54.2 | 42.1 | 20.0 | 30.3 |
47.2 |
| Earnings per share, diluted, DKK | 64.6 | 55.1 | 53.7 | 41.7 | 19.9 | 30.1 |
47.0 |
Consolidated balance sheet |
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| Total assets | 27,758 | 23,798 | 22,013 | 18,542 | 19,984 |
21,571 |
19,244 |
| Invested capital | 16,515 | 15,126 | 13,961 | 9,884 | 10,540 |
14,268 |
12,071 |
| Net working capital | -549 | 510 | 1,104 | -1,181 | -1,447 |
-293 | 1,536 |
| Net interest-bearing debt (NIBD) | 11,008 | 9,770 | 6,794 | 2,882 | 3,151 |
9,019 |
5,652 |
| Equity | 5,508 | 5,355 | 7,167 | 7,001 | 7,389 |
5,249 |
6,419 |
Consolidated statement of cash flow |
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| Cash flow from operating activities | 8,721 | 7,384 | 4,434 | 6,228 | 5,975 | 6,775 |
6,624 |
| Capital expenditure – total | 1,919 | 1,624 | 1,290 | 641 | 491 |
822 |
1,129 |
| Capital expenditure – property, plant and equipment | 1,419 | 1,176 | 929 | 341 | 369 |
556 |
753 |
| Free cash flow incl. lease payments |
6,767 | 5,489 | 2,602 | 5,137 | 4,908 |
5,075 |
5,558 |
Other key figures |
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| Store network, total number of concept stores | 2,788 | 2,651 | 2,542 | 2,619 | 2,690 |
2,770 |
2,705 |
| Average number of full-time employees | 37,000 | 33,000 | 32,000 | 22,441 | 22,336 |
23,736 |
24,030 |
1) Comparative figures have not been restated following the adoption of IFRS 16 Leases.
2) Like-for-Like growth include sell-out from all concept stores (including partner owned), owned and operated Shop in Shops and Pandora Online. Partner owned other points of sale are not included in Like-for-Like. The KPI includes stores which have been operating for +12 months.).
3) Last 12 months’ EBIT in % of last 12 months’ average invested capital. The “Return on invested capital (ROIC), %” was updated in Q1 2024 from “Last 12 months’ EBIT in % of invested capital” to “Last 12 months’ EBIT in % of last 12 months’ average invested capital” to present a more useful and less volatile KPI by switching to moving annual total. Comparatives from 2020-2023 have been restated.
4) Excluding sale of treasury shares amounting to DKK 1.8 billion in Q2 2020.