DKKm  2015   2016  2017  2018  2019 
INCOME STATEMENT          
Revenue
 19,682  18,192  18,000  18,750  20,646
Gross profil  4,946  4,581  4,597  4,693  4,849
EBITDA before special non-recurring items 
 1,878  1,588  1,732  1,826  2,008
EBITA  1,582  1,289  1,515  1,585  1,663
EBIT  1,141  881  1,115  1,220  1,286
Financial items, net 
 (256)  (54)   (311)  (161)  (118)
EBT  885  827  796  1,059  1,171
Profit/loss for the year, continuing activities
 603  590  417  811  798
Profit/loss for the year, discontinued activities 
 (178)  (68)  (343)  (176)  (22)
Profit/loss for the year 
 425  522  74  635  776
           
ORDERS          
Order intake (gross), continuing activities
 18,490  18,303  19,170  21,741  19,554
Order backlog, continuing activities
 14,858  13,887  13,654  16,218  14,192
           
EARNING RATIOS          
Gross margin
 25.1 %  25.2 %  25.5 %  25.0 %  23.5 %
EBITDA margin before special non-recurring items 
 9.5 %  8.7 %  9.6 %  9.7 %  9.7 %
EBITA margin 
 8.0 %  7.1 %  8.4 %  8.5 %  8.1 %
EBIT margin 
 5.8 %  4.8 %  6.2 %  6.5 %  6.2 %
EBT margin
 4.5 %  4.5 %  4.4 %  5.6 %  5.7 %
           
CASH FLOW          
CFFO  538  1,447  1,065  385  948
Acquisitions of tangible assets
 (139)  (203)  (174)  (288)  (177)
CFFI  750  (194)  (113)  (285)  (661)
Free cash flow
 1,288  1,253  952  100  287
Free cash flow adjusted for acquisitions and disposals of enterprises and activities
 415  1,253  846  (15)  574
           
BALANCE SHEET          
Net working capital
 2,583  2,099  1,833  2,200  2,739
Net interest-bearing debt (NIBD) 
 (3,674)  (2,525)  (1,545)  (1,922)  (2,492)
Total assets 
 24,362  24,112  22,364  21,743  23,532
Equity
 7,982  8,462  8,038  8,266  8,793
Dividend to shareholders, proposed
205 307  410  461  410
           
FINANCIAL RATIOS
         
CFFO / Revenue 
 2.7 %  8.0 %  5.9 %  2.1 %  4.6 %
Cash conversion
 36.4 % 142.2 %  75.9 %  - 1.2 %  N.A.
Book-to-bill
 93.9 % 100.6 % 106.5 % 116.0 %  94.7 %
Order backlog / Revenue 
 75.5 %  76.3 %  75.9 %  86.5 %  68.7 %
Return on equity 
 5.4 %  6.3 %  0.9 %  7.8 %  9.1 %
Equity ratio
 32.8 %  35.1 %  35.9 %  38.0 %  37.4 %
ROCE, average 
 10.3 %  8.5 %  10.4 %  11.0 %  10.9 %
Net working capital ratio, end 
 13.1 %  11.5 %  10.2 %  11.7 %  13.3 %
NIBD/EBITDA 
 2.0  1.6  0.9  1.1  1.2
Capital employed, average 
 15,162  15,157  14,533  14,338  15,251
Number of employees 
 12,969  12,187  11,716  11,368  11,765
           
SHARE RATIOS          
CFPS (cash flow per share), (diluted)
 11.0  29.5  21.4  7.7  18.9
EPS (earnings per share), (diluted)
 8.6  10.6  1.5  12.8  15.5
Dividend yield 
 1.7  2.0  2.2  3.1  3.0
Dividend per share, proposed  4  6  8  9  8
Share price 
 240.0  293.0  361.3  293.1  265.4
Number of shares (1,000), end
 51,250  51,250  51,250  51,250  51,250
Market capitalisation
12,300  15,016  18,517  15,021  13,602


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, Leases, was adopted 1 January 2019. No figures prior to 1 January 2019, throughout the report, have been restated. Refer to note 7.6 for IFRS 16 implementation effects.


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

Stories from FLSmidth