5 Year Key Figures

  2018 2017  2016 2015 2014
Volume (million hectolitres) 10.08 9.556 9.678 9.100 8.974

 

INCOME STATEMENT (MDKK)

         
Net revenue 7,298 6.384 6,340 6,032 6,056
EBITDA 1,673 1.362 1,306 1,225 1,130
EBITDA margin (%) 22.9 21.3 20.6 20.3 18.7
Earnings before interest and tax (EBIT) 1,339 1.069 1,001 917 826
EBIT margin (%) 18.4 16.7 15.8 15.2 13.6
Income after tax from investments in associates 20 18 28 31 35
Other financial income and expenses, net -31 -31 -31 -46 -60
Profit before tax 1,328 1.056 998 902 801
Net profit for the year 1,040 831 784 711 624
Parent company shareholders' share of net profit 1,041 831 784 711 624

 

BALANCE SHEET (MDKK)

         
Non-current assets 6,775 5,121 5,180 5,505 5,664
Total assets 8,062 6,778 6,076 6,748 7,024
Equity 2,908 2,814 2,911 2,935 2,818
Net interest-bearing debt 2,522 975 991 1,184 1,553
Net working capital -748 -957 -881 -990 -814
Invested capital 5,835 4.030 4.111 4.347 4.650

 

CASH FLOW (MDKK)

         
Operating activities 1,214 1.168 985 1,160 895
Investing activities -1,622 -218 38 -123 -69
Free cash flow 942 950 1,022 1,032 824

 

SHARE RATIOS (DKK)

         
Number of shares (million) 51.0 52.7 54.1 55.5 55.5
Earnings per share (EPS) 20.6 15.9 14.7 13.0 11.3
Diluted earnings per share 20.6 15.9 14.6 12.9 11.2
Free Cash flow per share 18.7 17.8 19.2 18.9 14.9
Dividend per share 10.80 8.90 8.15 7.20 6.80
Year-end price per share 449.0 371.8 272.6 280.1 217.4

 

EMPLOYEES

         
Average number of employees 2,416 2,299 2,350 2,314 2,374

 

FINANCIAL RATIOS (%)

         
Return on invested capital including goodwill (ROIC) 21 21 18 16 13
Return on invested capital excluding goodwill (ROIC) 33 32 28 23 19
Free cash flow as a percentage of net revenue 13 15 16 17 14
Cash conversion 91 114 130 145 132
Net interest-bearing debt/EBITDA 1.5 0.7 0.8 1.0 1.4
Equity ratio 36 42 48 43 40
Return on equity (ROE) 36 29 27 25 25
Dividend payout ratio (DPR) 53 56 56 56 60

Ratios comprised by the “Recommendations and Financial Ratios” issued by the Danish Society's Committee for accounting standards have been calculated according to the recommendations.

Definitions of financial highlights and ratios are provided on page 128.

Due to adoption of IFRS 16 (leases) using the modified retrospective approach the 2018 highlights and ratios are not comparable with those for 2014-2017.