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.