DKKm  2013  2014   2015   2016  2017 
INCOME STATEMENT          
Revenue
 25,027  20,499  19,682  18,192  18,000
Gross profil  5,060  5,125  4,946  4,581  4,597
EBITDA before special non-recurring items 
 1,618   2,106  1,878  1,588  1,732
EBITA  1,379  1,823  1,582  1,289  1,515
EBIT  67  1,416  1,141  881  1,115
Financial items, net 
 (227)

 (137)

 (256)  (54)   (311)
EBT  (160)  1,279  885  827  796
Profit/loss for the year, continuing activities
 (472)  881  603  590  417
Profit/loss for the year, discontinued activities 
 (312)  (68)  (178)  (68)  (343)
Profit/loss for the year 
 (784)  813  425  522  74
           
ORDERS          
Order intake (gross), continuing activities
 19,794  17,267  18,490  18,303  19,170
Order backlog, continuing activities
 20,813  17,726  14,858  13,887  13,654
           
EARNING RATIOS          
Gross margin
 20.2 %  25.0 %  25.1 %  25.2 %  25.5 %
EBITDA margin before special non-recurring items 
 6.5 %  10.3 %  9.5 %  8.7 %  9.6 %
EBITA margin 
 5.5 %  8.9 %  8.0 %  7.1 %  8.4 %
EBIT margin 
 0.3 %  6.9 %  5.8 %  4.8 %  6.2 %
EBT margin
 - 0.6 %  6.2 %  4.5 %  4.5 %  4.4 %
           
CASH FLOW          
CFFO  (157)  1,298  538  1,447  1,065
Acquisitions of tangible assets
 (524)  (366)  (139)  (203)  (174)
CFFI  (567)  (598)  750  (194)  (113)
Free cash flow
 (724)  700  1,288  1,253  952
Free cash flow adjusted for acquisitions and disposals of enterprises and activities
 (751)  884  415  1,253  846
           
BALANCE SHEET          
Net working capital
 2,027  2,276  2,583  2,099  1,833
Net interest-bearing debt (NIBD) 
 (4,780)  (4,593)  (3,674)  (2,525)  (1,545)
Total assets 
 27,328  26,352  24,362  24,112  22,364
Equity
 6,922  7,761  7,982  8,462  8,038
Dividend to shareholders, proposed
 106 461 205 307  410
           
FINANCIAL RATIOS
         
CFFO / Revenue 
 - 0.6 %  6.3 %  2.7 %  8.0 %  5.9 %
Cash conversion
 n/a  62.4 %  36.4 %  142.2 %  75.9 %
Book-to-bill
 79.1 %  84.2 %  93.9 % 100.6 %   106.5 % 
Order backlog / Revenue 
 83.2 %  86.5 %  75.5 %  76.3 %  75.9 %
Return on equity 
 - 9.6 %  11.1 %  5.4 %  6.3 %  0.9 %
Equity ratio
 25.3 %  29.5 %  32.8 %  35.1 %  35.9 %
ROCE, average 
 9.2 %  12.1 %  10.3 %  8.5 %  10.4 %
Net working capital ratio, end 
 8.1 %  11.1 %  13.1 %  11.5 %  10.2 %
NIBD/EBITDA 
 3.0  2.2  2.0  1.6  0.9
Capital employed, average 
 15,070  15,040  15,162  15,157  14,533
Number of employees 
 15,137  14,765  12,969  12,187  11,716
           
SHARE RATIOS          
CFPS (cash flow per share), (diluted)
 (3.1)  26.3  11.0  29.5  21.4
EPS (earnings per share), (diluted)
 (15.3)  16.4  8.6  10.6  1.5
Dividend yield 
 0.7  3.3  1.7  2.0  2.2
Share price 
 296.1  272.3  240.0  293.0  361.3
Number of shares (1,000), end
 53,200  51,250  51,250  51,250  51,250
Market capitalisation
 15,753  13,955 12,300  15,016  18,517


The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Please refer to note 8.15 for definitions of terms.

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