DKKm  2014   2015   2016  2017  2018 
INCOME STATEMENT          
Revenue
 20,499  19,682  18,192  18,000  18,750
Gross profil  5,125  4,946  4,581  4,597  4,693
EBITDA before special non-recurring items 
 2,106  1,878  1,588  1,732  1,826
EBITA  1,823  1,582  1,289  1,515  1,585
EBIT  1,416  1,141  881  1,115  1,220
Financial items, net 

 (137)

 (256)  (54)   (311)  (161)
EBT  1,279  885  827  796  1,059
Profit/loss for the year, continuing activities
 881  603  590  417  811
Profit/loss for the year, discontinued activities 
 (68)  (178)  (68)  (343)  (176)
Profit/loss for the year 
 813  425  522  74  635
           
ORDERS          
Order intake (gross), continuing activities
 17,267  18,490  18,303  19,170  21,741
Order backlog, continuing activities
 17,726  14,858  13,887  13,654  16,218
           
EARNING RATIOS          
Gross margin
 25.0 %  25.1 %  25.2 %  25.5 %  25.0 %
EBITDA margin before special non-recurring items 
 10.3 %  9.5 %  8.7 %  9.6 %  9.7 %
EBITA margin 
 8.9 %  8.0 %  7.1 %  8.4 %  8.5 %
EBIT margin 
 6.9 %  5.8 %  4.8 %  6.2 %  6.5 %
EBT margin
 6.2 %  4.5 %  4.5 %  4.4 %  5.6 %
           
CASH FLOW          
CFFO  1,298  538  1,447  1,065  385
Acquisitions of tangible assets
 (366)  (139)  (203)  (174)  (288)
CFFI  (598)  750  (194)  (113)  (285)
Free cash flow
 700  1,288  1,253  952  100
Free cash flow adjusted for acquisitions and disposals of enterprises and activities
 884  415  1,253  846  (15)
           
BALANCE SHEET          
Net working capital
 2,276  2,583  2,099  1,833  2,200
Net interest-bearing debt (NIBD) 
 (4,593)  (3,674)  (2,525)  (1,545)  (1,922)
Total assets 
 26,352  24,362  24,112  22,364  21,743
Equity
 7,761  7,982  8,462  8,038  8,266
Dividend to shareholders, proposed
461 205 307  410  461
           
FINANCIAL RATIOS
         
CFFO / Revenue 
 6.3 %  2.7 %  8.0 %  5.9 %  2.1 %
Cash conversion
 62.4 %  36.4 % 142.2 %  75.9 %  - 1.2 %
Book-to-bill
 84.2 %  93.9 % 100.6 % 106.5 % 116.0 %
Order backlog / Revenue 
 86.5 %  75.5 %  76.3 %  75.9 %  86.5 %
Return on equity 
 11.1 %  5.4 %  6.3 %  0.9 %  7.8 %
Equity ratio
 29.5 %  32.8 %  35.1 %  35.9 %  38.0 %
ROCE, average 
 12.1 %  10.3 %  8.5 %  10.4 %  11.0 %
Net working capital ratio, end 
 11.1 %  13.1 %  11.5 %  10.2 %  11.7 %
NIBD/EBITDA 
 2.2  2.0  1.6  0.9  1.1
Capital employed, average 
 15,040  15,162  15,157  14,533  14,338
Number of employees 
 14,765  12,969  12,187  11,716  11,368
           
SHARE RATIOS          
CFPS (cash flow per share), (diluted)
 26.3  11.0  29.5  21.4  7.7
EPS (earnings per share), (diluted)
 16.4  8.6  10.6  1.5  12.8
Dividend yield 
 3.3  1.7  2.0  2.2  3.1
Share price 
 272.3  240.0  293.0  361.3  293.1
Number of shares (1,000), end
 51,250  51,250  51,250  51,250  51,250
Market capitalisation
 13,955 12,300  15,016  18,517  15,021


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.


Numbers for 2014-2017 have not been adjusted to reflect new accounting policies, IFRS 9 and IFRS 15, adopted 1 January 2018.

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