| 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|
| Volume (million hectolitres) | 11.1 | 11.0 | 10.8 | 9.9 | 9.9 |
|
INCOME STATEMENT (MDKK) |
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| Net revenue | 7,557 | 7,692 | 7,298 | 6.384 | 6,340 |
| Organic growth net revenue (%) | -3% | 1% | 9% | 1% | 5% |
| EBITDA | 1,861 | 1,814 | 1,673 | 1.362 | 1,306 |
| EBITDA margin (%) | 24.6 | 23.6 | 22.9 | 21.3 | 20.6 |
| Earnings before interest and tax (EBIT) | 1,515 | 1,469 | 1,339 | 1.069 | 1,001 |
| EBIT margin (%) | 20.0 | 19.1 | 18.4 | 16.7 | 15.8 |
| Income after tax from investments in associates | 33 | 25 | 20 | 18 | 28 |
| Other financial income and expenses, net | -43 | -36 | -31 | -31 | -31 |
| Profit before tax | 1,505 | 1,458 | 1,328 | 1.056 | 998 |
| Net profit for the year | 1,198 | 1,140 | 1,040 | 831 | 784 |
| Parent company shareholders' share of net profit | 1,183 | 1,142 | 1,041 | 831 | 784 |
|
BALANCE SHEET (MDKK) |
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| Non-current assets | 7,015 | 7,163 | 6,775 | 5,121 | 5,180 |
| Total assets | 8,306 | 8,493 | 8,062 | 6,778 | 6,076 |
| Equity | 3,332 | 3,106 | 2,908 | 2,814 | 2,911 |
| Net interest-bearing debt | 2,193 | 2,705 | 2,522 | 975 | 991 |
| Net working capital | -875 | -671 | -748 | -957 | -881 |
| Invested capital | 5,930 | 6,211 | 5,835 | 4,030 | 4,111 |
|
CASH FLOW (MDKK) |
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| Operating activities | 1,738 | 1,403 | 1,214 | 1.168 | 985 |
| Investing activities | -324 | -616 | -1,622 | -218 | 38 |
| Free cash flow | 1,414 | 1,159 | 942 | 950 | 1,022 |
|
SHARE RATIOS (DKK) |
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| Number of shares (million) | 49.4 | 50.1 | 51.0 | 52.7 | 54.1 |
| Earnings per share (EPS) | 24.1 | 23.0 | 20.6 | 15.9 | 14.7 |
| Diluted earnings per share | 24.1 | 22.9 | 20.6 | 15.9 | 14.6 |
| Free Cash flow per share | 28.8 | 23.4 | 18.7 | 17.8 | 19.2 |
| Dividend per share | 13.5 | 12.20 | 10.80 | 8.90 | 8.15 |
| Year-end price per share | 706.6 | 610.0 | 449.0 | 371.8 | 272.6 |
|
EMPLOYEES |
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| Average number of employees | 2,631 | 2,567 | 2,416 | 2,299 | 2,350 |
|
FINANCIAL RATIOS (%) |
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| Return on invested capital including goodwill (ROIC) | 20 | 19 | 21 | 21 | 18 |
| Return on invested capital excluding goodwill (ROIC) | 33 | 30 | 33 | 32 | 28 |
| Free cash flow as a percentage of net revenue | 19 | 15 | 13 | 15 | 16 |
| Capex as a percentage of net revenue | 5 | 4 | 6 | 4 | 0 |
| Cash conversion | 118 | 102 | 91 | 114 | 130 |
| Net interest-bearing debt/EBITDA (times) | 1.2 | 1.5 | 1.5 | 0.7 | 0.8 |
| Equity ratio | 40 | 37 | 36 | 42 | 48 |
| Return on equity (ROE) | 37 | 38 | 36 | 29 | 27 |
| Dividend payout ratio (DPR) | 56 | 54 | 53 | 56 | 56 |