DKKm  2017  2018  2019   2020  2021
INCOME STATEMENT          
Revenue
 18,000  18,750  20,646

 16,441

 17,581
Gross profit  4,597  4,693  4,849  3,865  4,180
EBITDA before special non-recurring items 
 1,732  1,826  2,008  1,134  1,401
EBITA  1,515  1,585  1,663  771  1,030
EBIT  1,115  1,220  1,286  428  668
Financial items, net 
 (311)  (161)  (118)  (47)  (81)
EBT  796  1,059  1,171  381  587
Profit/loss for the year, continuing activities
 417  811  798  226  374
Profit/loss for the year, discontinued activities 
 (343)  (176)  (22)  (21)  (17)
Profit/loss for the year 
 74  635  776  205  357
           
ORDERS          
Order intake (gross), continuing activities
 19,170  21,741  19,554  18,524  19,233
Order backlog, continuing activities
 13,654  16,218  14,192  14,874  16,592
           
EARNING RATIOS          
Gross margin
 25.5 %  25.0 %  23.5 %  23.5%  23.8%
EBITDA margin before special non-recurring items 
 9.6 %  9.7 %  9.7 %  6.9%  8.0% 
EBITA margin 
 8.4 %  8.5 %  8.1 %  4.7%  5.9%
EBIT margin 
 6.2 %  6.5 %  6.2 %  2.6%  3.8%
EBT margin
 4.4 %  5.6 %  5.7 %  2.3%  3.3%
           
CASH FLOW          
CFFO  1,065  385  948  1,421  1,449
Acquisitions of tangible assets
 (174)  (288)  (177)  (171)  (116)
CFFI  (113)  (285)  (661)  (376)  (273)
Free cash flow
 952  100  287  1,045  1,176
Free cash flow adjusted for acquisitions and disposals of enterprises and activities
 846  (15)  574  1,082  1,185
           
BALANCE SHEET          
Net working capital
 1,833  2,200  2,739  1,752  1,058
Net interest-bearing debt (NIBD) 
 (1,545)  (1,922)  (2,492)  (1,808)  889
Total assets 
 22,364  21,743  23,532  20,456  23,053
Equity
 8,038  8,266  8,793  8,130  10,368
Dividend to shareholders, proposed
410  461  0  103  173
           
FINANCIAL RATIOS
         
CFFO / Revenue 
 5.9 %  2.1 %  4.6 %  8.6%  8.2%
Book-to-bill
106.5 % 116.0 %  94.7 %  112.7%  109.4%
Order backlog / Revenue 
 75.9 %  86.5 %  68.7 %  90.5%  94.4%
Return on equity 
 0.9 %  7.8 %  9.1 %  2.4%  3.9%
Equity ratio
 35.9 %  38.0 %  37.4 %  39.7%  45.0%
ROCE, average 
 10.4 %  11.0 %  10.9 %  5.1%  7.2%
Net working capital ratio, end 
 10.2 %  11.7 %  13.3 %  10.7%  6.0%
NIBD/EBITDA 
 0.9  1.1  1.2  1.6  (0.6)
Capital employed, average 
 14,533  14,338  15,251  15,195  14,384
Number of employees 
 11,716  11,368  11,765  10,639  10,117
           
SHARE RATIOS          
CFPS (cash flow per share), (diluted)
 21.4  7.7  18.9  28.3  27.8
EPS (earnings per share), (diluted)
 1.5  12.8  15.5  4.2  6.9
Dividend yield 
 2.2  3.1  0.0  0.9  1.2
Dividend per share, proposed  8  9  0  2  3
Share price 
 361.3  293.1  265.4  232.8  244.3
Number of shares (1,000), end
 51,250  51,250  51,250  51,250  57,650
Market capitalisation
 18,517  15,021  13,602  11,931  14,084
           
 SUSTAINABILITY KEY FIGURES          
 Safety, Total recordable incident rate (TRIR) 3.2 3.0 1.6  1.0   1.9
 Quality, Delivery in full on time (DIFOT) 87.5%  87.0%  88.0%  88.3%   85.1%
 CO2 emissions in tonnes 64,267  64,270  53,200  36,830   37,830
 Relative carbon footprint 3.6  3.4  2.6  2.2   2.2
 Water withdrawal (m3) 241,651  227,272  221,613  197,346   201,997
 Suppliers assessed for sustainability 113  195  689   390  641
 Women managers 10.5%  10.4%  11.2%  13.1%   14.3%


The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Please refer to note 7.8 for definitions
of terms.

 

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

 

IFRS 15 and 9 were adopted 1 January 2018. No figures prior to 1 January 2018, throughout the report, have been restated.

 

The measure of number of employees changed during 2020, and 2019 was adjusted accordingly. The number of employees includes temporary employees compared to previous periods where only permanent headcount was disclosed. 2017-2018 has not been adjusted.

 

Sustainability key figures are from our Sustainability Report. Starting in 2018, TRIR is including contractors, while comparison numbers are excluding contractors. Spend with SBT-committed suppliers 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. 

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