DKKm  2016  2017  2018  2019   2020
INCOME STATEMENT          
Revenue
 18,192  18,000  18,750  20,646

 16,441

Gross profit  4,581  4,597  4,693  4,849  3,865
EBITDA before special non-recurring items 
 1,588  1,732  1,826  2,008  1,134
EBITA  1,289  1,515  1,585  1,663  771
EBIT  881  1,115  1,220  1,286  428
Financial items, net 
 (54)   (311)  (161)  (118)  (47)
EBT  827  796  1,059  1,171  381
Profit/loss for the year, continuing activities
 590  417  811  798  226
Profit/loss for the year, discontinued activities 
 (68)  (343)  (176)  (22)  (21)
Profit/loss for the year 
 522  74  635  776  205
           
ORDERS          
Order intake (gross), continuing activities
 18,303  19,170  21,741  19,554  18,524
Order backlog, continuing activities
 13,887  13,654  16,218  14,192  14,874
           
EARNING RATIOS          
Gross margin
 25.2 %  25.5 %  25.0 %  23.5 %  23.5%
EBITDA margin before special non-recurring items 
 8.7 %  9.6 %  9.7 %  9.7 %  6.9%
EBITA margin 
 7.1 %  8.4 %  8.5 %  8.1 %  4.7%
EBIT margin 
 4.8 %  6.2 %  6.5 %  6.2 %  2.6%
EBT margin
 4.5 %  4.4 %  5.6 %  5.7 %  2.3%
           
CASH FLOW          
CFFO  1,447  1,065  385  948  1,421
Acquisitions of tangible assets
 (203)  (174)  (288)  (177)  (171)
CFFI  (194)  (113)  (285)  (661)  (376)
Free cash flow
 1,253  952  100  287  1,045
Free cash flow adjusted for acquisitions and disposals of enterprises and activities
 1,253  846  (15)  574  1,082
           
BALANCE SHEET          
Net working capital
 2,099  1,833  2,200  2,739  1,752
Net interest-bearing debt (NIBD) 
 (2,525)  (1,545)  (1,922)  (2,492)  (1,808)
Total assets 
 24,112  22,364  21,743  23,532  20,456
Equity
 8,462  8,038  8,266  8,793  8,130
Dividend to shareholders, proposed
307  410  461  0  103
           
FINANCIAL RATIOS
         
CFFO / Revenue 
 8.0 %  5.9 %  2.1 %  4.6 %  8.6%
Book-to-bill
100.6 % 106.5 % 116.0 %  94.7 %  112.7%
Order backlog / Revenue 
 76.3 %  75.9 %  86.5 %  68.7 %  90.5%
Return on equity 
 6.3 %  0.9 %  7.8 %  9.1 %  2.4%
Equity ratio
 35.1 %  35.9 %  38.0 %  37.4 %  39.7%
ROCE, average 
 8.5 %  10.4 %  11.0 %  10.9 %  5.1%
Net working capital ratio, end 
 11.5 %  10.2 %  11.7 %  13.3 %  10.7%
NIBD/EBITDA 
 1.6  0.9  1.1  1.2  1.6
Capital employed, average 
 15,157  14,533  14,338  15,251  15,195
Number of employees 
 12,187  11,716  11,368  11,765  10,639
           
SHARE RATIOS          
CFPS (cash flow per share), (diluted)
 29.5  21.4  7.7  18.9  28.3
EPS (earnings per share), (diluted)
 10.6  1.5  12.8  15.5  4.2
Dividend yield 
 2.0  2.2  3.1  0.0  0.9
Dividend per share, proposed  6  8  9  0  2
Share price 
 293.0  361.3  293.1  265.4  232.8
Number of shares (1,000), end
 51,250  51,250  51,250  51,250  51,250
Market capitalisation
 15,016  18,517  15,021  13,602  11,931
           
 SUSTAINABILITY KEY FIGURES          
 Safety, Total recordable incident rate (TRIR) 4.0 3.2 3.0 1.6  1.0 
 Quality, Delivery in full on time (DIFOT) 84.0%  87.5%  87.0%  88.0%  88.3% 
 CO2 emissions in tonnes 44,195  64,267  64,270  53,200  36,830 
 Relative carbon footprint 2.4  3.6  3.4  2.6  2.2 
 Water withdrawal (m3) 241,651  227,272  221,613  197,346 
 Suppliers assessed for sustainability 161  113  195  689   390
 Women managers  10.7% 10.5%  10.4%  11.2%  13.1% 


The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Please refer to note 7.8 in the Annual Report 2020 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 have been changed during 2020, and 2019 has been adjusted accordingly. The number of employees includes temporary employees compared to previous periods where only permanent headcount was disclosed. 2016-2018 has not been adjusted.

 

Last year’s proposed dividend of DKK 8 per share, amounting to DKK 410m and a dividend yield of 3.0, was withdrawn in connection to the Annual General Meeting and the comparative numbers have been adjusted accordingly.

 

Sustainability key figures are from our Sustainability Report. Starting in 2018, TRIR is including contractors, while comparison numbers are excluding contractors. Water withdrawal was not counted in 2016.

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