DKKm 2018  2019   2020  2021  2022
INCOME STATEMENT          
Revenue
 18,750  20,646

 16,441

 17,581  21,849
Gross profit  4,693  4,849  3,865  4,180  5,076
EBITDA before special non-recurring items 
 1,826  2,008  1,134  1,401  1,300
EBITA  1,585  1,663  771  1,030  943
EBIT  1,220  1,286  428  668  619
Financial items, net 
 (161)  (118)  (47)  (81)  (67)
EBT  1,059  1,171  381  587  552
Profit/loss for the year, continuing activities
 811  798  226  374  351
Profit/loss for the year, discontinued activities 
 (176)  (22)  (21)  (17)  1
Profit/loss for the year 
 635  776  205  357  352
           
ORDERS          
Order intake (gross), continuing activities
 21,741  19,554  18,524  19,233  24,644
Order backlog, continuing activities
 16,218  14,192  14,874  16,592  23,541
           
EARNING RATIOS          
Gross margin
 25.0 %  23.5 %  23.5%  23.8%  23.2%
EBITDA margin before special non-recurring items 
 9.7 %  9.7 %  6.9%  8.0%   5.9%
EBITA margin 
 8.5 %  8.1 %  4.7%  5.9%  4.3%
EBIT margin 
 6.5 %  6.2 %  2.6%  3.8%  2.8%
EBT margin
 5.6 %  5.7 %  2.3%  3.3%  2.5%
           
CASH FLOW          
CFFO  385  948  1,421  1,449  968
Acquisitions of tangible assets
 (288)  (177)  (171)  (116)  (88)
CFFI  (285)  (661)  (376)  (273)  (2,310)
Free cash flow
 100  287  1,045  1,176  (1,342)
Free cash flow adjusted for acquisitions and disposals of enterprises and activities
 (15)  574  1,082  1,185  777
           
BALANCE SHEET          
Net working capital
 2,200  2,739  1,752  1,058  1,893
Net interest-bearing debt (NIBD) 
 (1,922)  (2,492)  (1,808)  889  (726)
Total assets 
 21,743  23,532  20,456  23,053  29,845
Equity
 8,266  8,793  8,130  10,368  10,787
Dividend to shareholders, proposed
 461  0  103  173  173
           
FINANCIAL RATIOS
         
CFFO / Revenue 
 2.1 %  4.6 %  8.6%  8.2%  4.4%
Book-to-bill
116.0 %  94.7 %  112.7%  109.4%  112.8%
Order backlog / Revenue 
 86.5 %  68.7 %  90.5%  94.4%  107.7%
Return on equity 
 7.8 %  9.1 %  2.4%  3.9%  3.3%
Equity ratio
 38.0 %  37.4 %  39.7%  45.0%  36.1%
ROCE, average 
 11.0 %  10.9 %  5.1%  7.2%  5.9%
Net working capital ratio, end 
 11.7 %  13.3 %  10.7%  6.0%  7.8%
NIBD/EBITDA 
 1.1  1.2  1.6  (0.6)  0.6
Capital employed, average 
 14,338  15,251  15,195  14,384  15,888
Number of employees 
 11,368  11,765  10,639  10,117  10,977
           
SHARE RATIOS          
CFPS (cash flow per share), (diluted)
 7.7  18.9  28.3  27.8  17.0
EPS (earnings per share), (diluted)
 12.8  15.5  4.2  6.9  6.5
Dividend yield 
 3.1  0.0  0.9  1.2  1.2
Dividend per share, proposed  9  0  2  3  3
Share price 
 293.1  265.4  232.8  244.3  251.7
Number of shares (1,000), end
 51,250  51,250  51,250  57,650  57,650
Market capitalisation
 15,021  13,602  11,931  14,084  14,511
           
 SUSTAINABILITY KEY FIGURES          
Spend with suppliers with science-based targets*        4.9%  7.7%
Safety, Total recordable incident rate (TRIR)* 3.0 1.6  1.0   1.9  1.5
Quality, Delivery in full on time (DIFOT) 87.0%  88.0%  88.3%   85.1%  81.9%
Scope 1 & 2 greenhouse gas emissions (tCO2e) market-based      41,155  34,737  36,767
Scope 3: Economic intensity | Use of sold products
(GHGs in tonnes CO2e/DKKm order intake)*
  10,663    10,348**  5,310
Water withdrawal (m3) 227,272  221,613  197,346   201,997  178,064
Suppliers assessed for sustainability 195  689   390  641  676
Women managers 10.4%  11.2%  13.1%   14.3%  14.3%

 

IFRS 16 was adopted 1 January 2019. No figures prior to 1 January 2019, throughout the report, have been restated.

 

*Sustainability key figures are from our Sustainability Report. Starting in 2018, TRIR is including contractors. Spend with suppliers with sciencebased targets was tracked for the first time in 2021. Scope 3 economic intensity was a new target introduced in 2021 using 2019 data as baseline. No data was tracked for economic intensity in 2020.

 

**Reported lifetime greenhouse gas emissions for 2021 have been recalculated by 631 tonnes CO₂e due to two orders moved from 2021 to 2022 to align with the effective Order Intake date

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