| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Volume (million hectolitres) | 14.1 | 13.4 | 12.3 | 11.1 | 11.0 |
|
INCOME STATEMENT (MDKK) |
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| Net revenue | 12,927 | 11,487 | 8,746 | 7,315 | 7,692 |
| Organic growth net revenue (%) | 4 | 11 | 12 | -3 | 1 |
| EBITDA | 2,208 | 1,997 | 2,020 | 1,861 | 1,814 |
| EBITDA margin (%) | 17.1 | 17.4 | 23.1 | 24.6 | 23.6 |
| Earnings before interest and tax (EBIT) | 1,638 | 1,516 | 1,652 | 1,515 | 1,469 |
| Organic EBIT growth (%) | 7 | -14 | 6 | 2 | 4 |
| EBIT margin (%) | 12.7 | 13.2 | 18.9 | 20.7 | 19.1 |
| Income after tax from investments in associates | 18 | 362 | 37 | 33 | 25 |
| Other financial income and expenses, net | -250 | -93 | -42 | -43 | -36 |
| Profit before tax | 1,406 | 1,785 | 1,647 | 1,505 | 1,458 |
| Net profit for the year | 1,095 | 1,491 | 1,298 | 1,198 | 1,140 |
| Parent company shareholders' share of net profit | 1,095 | 1,492 | 1,299 | 1,183 | 1,142 |
|
BALANCE SHEET (MDKK) |
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| Non-current assets | 14,254 | 11,416 | 8,771 | 7,015 | 7,163 |
| Total assets | 17,778 | 14,474 | 10,914 | 8,306 | 8,493 |
| Equity | 5,748 | 5,158 | 3,342 | 3,332 | 3,106 |
| Net interest-bearing debt | 6,426 | 4,460 | 3,526 | 2,193 | 2,705 |
| Net working capital | -754 | -770 | -1,102 | -875 | -671 |
| Invested capital | 13,342 | 10,451 | 7,449 | 5,927 | 6,211 |
|
CASH FLOW (MDKK) |
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| Operating activities | 1,777 | 1,135 | 1,753 | 1,738 | 1,403 |
| Investing activities | -634 | -558 | -457 | -324 | -616 |
| Free cash flow | 1,143 | 577 | 1,296 | 1,414 | 1,159 |
|
SHARE RATIOS (DKK) |
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| Number of shares (million) | 50.2 | 50.2 | 48.8 | 49.4 | 50.1 |
| Earnings per share (EPS) | 21.9 | 30.5 | 26.5 | 24.1 | 23.0 |
| Diluted earnings per share | 21.9 | 30.5 | 26.5 | 24.1 | 22.9 |
| Free Cash flow per share | 23.0 | 11.8 | 26.4 | 28.8 | 23.4 |
| Dividend per share | 0 (proposed 14.5) | 14.5 | 14.5 | 13.5 | 12.20 |
| Year-end price per share | 451.1 | 495.3 | 737.2 | 706.6 | 610.0 |
|
EMPLOYEES |
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| Average number of employees | 3,984 | 3,365 | 2,890 | 2,631 | 2,567 |
|
FINANCIAL RATIOS (%) |
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| Return on invested capital including goodwill (ROIC) | 11 | 13 | 19 | 20 | 19 |
| Return on invested capital excluding goodwill (ROIC) | 18 | 22 | 32 | 33 | 30 |
| Free cash flow as a percentage of net revenue | 9 | 5 | 15 | 19 | 15 |
| Capex as a percentage of net revenue | 5 | 5 | 5 | 5 | 4 |
| Cash conversion | 104 | 39 | 100 | 118 | 102 |
| Net interest-bearing debt/EBITDA (times) | 2.9 | 2.2 | 1.7 | 1.2 | 1.5 |
| Equity ratio | 32 | 36 | 31 | 40 | 37 |
| Return on equity (ROE) | 20 | 35 | 40 | 37 | 38 |
| Dividend payout ratio (DPR) | 0 | 49 | 55 | 56 | 54 |