Disclaimer
Aktieselskabet Schouw & Co.
Key figures (unauditet)
2014-2020
Quarterly figures and full-year figures
Disclamer:
The following pages are intended to summarise previously released financial information. We aim to keep the form and format unchanged, but no warrenty is given.
In case of discrepancy between this spreadsheet and the publicated pdf-file through the stock exchange, it will always bee that through the stock exchange publicated material that apply.
Income
Statement of income and comprehensive income - Schouw & Co. Group
NEW
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2012 2013 2014 2015 2016 2017 2018 2019
Revenue 2,405 2,659 3,618 3,102 2,784 3,104 3,600 3,078 2,776 3,373 4,325 3,896 3,584 4,123 4,835 4,491 3,851 4,534 5,034 4,834 4,676 4,969 5,872 5,428 4,802 4,938 11,162 11,645 11,784 12,566 14,369 17,032 18,253 20,946
Cost of sale -2,063 -2,270 -3,089 -2,650 -2,371 -2,672 -3,050 -2,527 -2,296 -2,799 -3,606 -3,252 -2,999 -3,456 -4,017 -3,720 -3,202 -3,780 -4,220 -4,076 -3,931 -4,189 -4,884 -4,572 -4,030 -4,110 -9,412 -9,964 -10,073 -10,620 -11,952 -14,192 -15,278 -17,576
Gross profit 341 389 529 452 413 432 549 552 480 574 719 644 585 667 818 771 649 754 815 757 745 781 988 856 772 828 1,750 1,681 1,711 1,946 2,417 2,840 2,975 3,370
Other operating income 2 3 6 3 5 3 2 14 8 26 10 30 3 1 21 27 12 18 4 6 7 14 4 12 5 9 14 65 13 24 74 51 41 37
Distribution costs -157 -161 -180 -159 -164 -175 -178 -180 -201 -228 -231 -221 -240 -265 -288 -306 -291 -313 -332 -290 -317 -334 -351 -333 -331 -327 -714 -703 -657 -697 -879 -1,098 -1,225 -1,335
Administrative expenses -88 -89 -85 -97 -102 -109 -104 -127 -130 -157 -148 -136 -169 -168 -184 -173 -186 -193 -176 -185 -231 -236 -220 -231 -209 -196 -370 -358 -359 -442 -571 -693 -741 -918
Other operating expenses 0 -0 -0 -1 0 0 0 0 -0 0 -0 -2 -0 3 -6 -5 -1 -0 -2 -0 -1 -1 0 -3 -7 -5 -1 -1 -1 0 -2 -8 -3 -5
Operating profit (EBIT) 99 141 270 199 152 151 269 259 157 215 351 316 178 238 362 314 183 266 309 289 202 224 421 303 229 309 679 685 708 831 1,039 1,093 1,047 1,149
Profit after tax in associates -17 11 23 7 17 25 24 9 16 32 519 4 1 1 10 19 3 13 19 28 16 5 6 22 11 -10 -5 -21 23 75 572 32 63 49
Profit after tax in joint ventures 5 2 3 6 1 -2 1 -4 -1 -1 3 0 8 -1 4 -0 5 -1 3 4 -5 4 4 -0 12 -5 10 8 1
Gains on equity divestments 9 0 29 0 0 0 2 9 29
Financial income 9 7 14 22 33 5 9 4 10 11 10 3 4 58 10 23 17 17 18 35 29 7 22 26 27 8 86 527 52 50 33 78 79 84
Financial expenses -17 -17 -21 -32 -14 -23 -68 8 -24 -13 -16 -6 -19 -45 -35 -26 -30 -40 -45 -11 -32 -49 -42 -41 -58 -41 -226 -81 -87 -97 -60 -108 -119 -164
Profit before tax 74 141 286 201 189 160 240 282 157 247 860 315 163 256 347 339 172 259 301 355 213 218 411 306 212 272 535 1,109 701 871 1,578 1,105 1,086 1,149
Tax on profit -20 -32 -65 -156 -65 -34 -71 -57 -41 -54 -84 -61 -41 -55 -84 -49 -54 -58 -71 -108 -47 -44 -95 -57 -53 -69 -127 -249 -274 -226 -240 -230 -290 -243
Total profit 54 109 220 45 124 127 169 225 116 193 776 254 122 201 262 289 118 201 230 247 167 175 316 249 159 203 498 1,368 428 645 1,339 875 796 906
Attributable to:
Shareholders of Schouw & Co. 54 109 220 45 125 128 171 225 117 192 777 255 124 203 264 289 118 203 232 248 167 175 317 252 162 203 496 1,367 428 648 1,342 880 801 911
Non-controlling interests 0 0 0 -0 -0 -2 -2 0 -1 0 -1 -1 -1 -2 -2 0 -0 -2 -2 -1 0 -1 -1 -3 -3 0 1 0 -0 -3 -3 -5 -5 -5
Profit for the period 54 109 220 44 124 127 169 225 116 193 776 254 122 201 262 289 118 201 230 247 167 175 316 249 159 203 498 1,368 428 645 1,339 875 796 906
Earnings per share (DKK) 2.25 4.60 9.33 1.90 5.29 5.43 7.23 9.52 4.95 8.10 32.74 10.77 5.20 8.51 11.03 12.11 4.94 8.45 9.64 10.40 7.05 7.37 13.31 10.54 6.76 8.49 21.09 57.46 18.08 27.48 56.56 36.85 33.43 38.27
Diluted earnings per share (DKK) 2.24 4.57 9.30 1.91 5.28 5.41 7.20 9.49 4.94 8.08 32.65 10.74 5.16 8.43 10.96 12.08 4.91 8.42 9.62 10.40 7.04 7.36 13.30 10.57 6.76 8.49 21.07 57.28 18.02 27.38 56.41 36.63 33.35 38.27
Comprehensive income
Actuarial gains/losses on defined benefit pension obligations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 3
Exchange rate adjustment of foreign subsidiaries 18 24 154 (5) 294 (102) (135) 47 (39) 14 (39) 48 14 (144) (78) (18) (51) 97 (1) 36 134 -67 161 -65 -170 -33 37 (202) 191 105 (16) (226) 81 163
Hedging instruments recognised during the year (11) 2 (4) (6) 3 (8) 18 (10) (16) 24 (19) 8 2 (2) 6 (11) 0 (1) 2 -2 2 -8 11 -5 -6 17 (31) 13 (19) 3 (4) (4) (2) 0
Hedging instruments transferred to cost of sales 1 0 0 0 0 0 0 0 (1) 0 0 0 0 (8) 8 (0) 2 0 0 -1 -1 0 0 3 -2 0 (5) 2 1 0 (1) 0 1 2
Hedging instruments transferred to financials 1 1 1 5 1 1 2 3 0 0 (0) 7 1 1 0 2 5 (3) (2) 5 1 1 0 2 0 -1 13 11 8 7 7 5 5 4
Other comprehensive income from associates and joint ventures (0) 3 (1) (9) (6) 5 (7) (1) (1) (0) 23 (11) (1) 0 (0) (22) (3) (2) (1) 7 0 0 0 9 0 0 (1) (3) (7) (8) 10 (22) 2 9
Other adjustments recognised in other comprehensive income 0 (0) (1) (1) 0 1 (0) (1) (0) (5) (1) 1 1 0 (0) (8) 1 (0) 3 -3 0 -1 0 1 1 -1 0 0 (2) (0) (4) (8) 0 0
Tax on other comprehensive income 2 (1) 1 1 (1) 2 (5) 1 4 (5) 5 (4) (1) 1 (3) 3 (2) 1 0 -0 0 2 -3 0 1 -3 6 (6) 3 (3) (0) 0 (1) (1)
Other comprehensive income after tax 11 29 151 (15) 292 (100) (127) 40 (54) 28 (32) 49 17 (151) (67) (53) (48) 92 1 42 135 -73 170 -52 -175 -22 19 (172) 175 104 (8) (254) 86 180
Total profit 54 109 220 45 124 127 169 225 116 193 776 254 122 201 262 289 118 201 230 247 167 175 316 249 159 203 498 1,368 428 645 1,339 875 796 906
Total recognised comprehensive income 65 138 371 29 416 26 42 264 63 220 745 303 139 50 195 236 70 293 231 289 302 101 485 198 -17 182 516 1,195 603 749 1,331 620 882 1,086
Attributable to:
Shareholders of Schouw & Co. 65 138 371 29 416 27 47 266 64 220 745 306 140 53 198 235 70 296 235 287 302 102 487 200 -14 182 515 1,195 603 756 1,335 625 888 1,091
Non-controlling interests 0 0 0 (0) (0) (1) (5) (2) (1) 0 0 (4) (1) (3) (2) 1 (0) (3) (4) 1 0 -1 -1 -3 -2 0 1 0 (0) (8) (4) (5) (5) (5)
Total recognised comprehensive income 65 138 371 29 416 26 42 264 63 220 745 303 139 50 195 236 70 293 231 289 302 101 485 198 -17 182 516 1,195 603 749 1,331 620 882 1,086
ROIC excl. goodwill 17.3% 18.1% 18.7% 16.9% 17.5% 17.0% 17.0% 18.3% 18.2% 19.1% 19.9% 20.2% 20.0% 19.6% 18.8% 17.6% 16.7% 16.3% 15.2% 14.5% 13.7% 12.4% 12.8% 12.3% 12.5% 13.4% 16.9% 18.3% 20.2% 17.6% 14.5% 12.3%
ROIC incl. goodwill 14.3% 15.0% 15.4% 14.0% 14.5% 14.1% 14.0% 15.1% 14.9% 15.6% 16.4% 16.6% 16.6% 16.1% 15.1% 13.8% 13.0% 12.6% 11.8% 11.3% 10.8% 9.9% 10.3% 10.0% 10.1% 10.9% 14.0% 15.1% 16.6% 13.8% 11.3% 10.0%
Calculation of ROIC:
EBITA (LTM) 745 760 783 729 782 793 794 854 864 935 1,026 1,090 1,114 1,148 1,167 1,176 1,196 1,230 1,181 1,156 1,180 1,144 1,260 1,284 1,309 1,393 729 854 1,090 1,176 1,156 1,284
Average investered capital excl. goodwill 4,307 4,189 4,193 4,313 4,471 4,657 4,680 4,664 4,753 4,899 5,161 5,399 5,565 5,863 6,200 6,681 7,152 7,533 7,790 7,968 8,599 9,193 9,826 10,442 10,478 10,375 4,313 4,664 5,399 6,676 7,968 10,442
Average investered capital incl. goodwill 5,190 5,066 5,074 5,218 5,411 5,627 5,675 5,668 5,791 5,974 6,274 6,552 6,727 7,152 7,754 8,494 9,216 9,739 10,003 10,191 10,883 11,527 12,219 12,865 12,913 12,814 5,218 5,668 6,552 8,494 10,191 12,865
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 4,591 4,471 4,045 4,122 4,116 4,487 4,528 4,755 4,859 4,578 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 4,122 4,755 5,114 5,778 7,665 10,192
Invested capital 6 months ago 4,471 4,045 4,122 4,116 4,487 4,528 4,755 4,859 4,578 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 4,116 4,859 5,441 6,624 8,157 10,532
Invested capital 3 months ago 4,045 4,122 4,116 4,487 4,528 4,755 4,859 4,578 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 10,336 4,487 4,578 5,626 6,964 8,001 10,533
Invested capital current period 4,122 4,116 4,487 4,528 4,755 4,859 4,578 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 10,336 10,119 4,528 4,464 5,416 7,337 8,048 10,510
Average 4,307 4,189 4,193 4,313 4,471 4,657 4,680 4,664 4,753 4,899 5,161 5,399 5,565 5,863 6,200 6,681 7,152 7,533 7,790 7,968 8,599 9,193 9,826 10,442 10,478 10,375 4,313 4,664 5,399 6,676 7,968 10,442
Average investered capital incl. goodwill is calculated as such:
Invested capital 9 months ago 5,488 5,351 4,921 4,998 4,994 5,384 5,498 5,767 5,857 5,576 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 4,998 5,767 6,261 6,958 9,846 12,613
Invested capital 6 months ago 5,351 4,921 4,998 4,994 5,384 5,498 5,767 5,857 5,576 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,881 4,994 5,857 6,591 8,292 10,383 12,961
Invested capital 3 months ago 4,921 4,998 4,994 5,384 5,498 5,767 5,857 5,576 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,881 12,803 5,384 5,576 6,773 9,181 10,239 13,006
Invested capital current period 4,998 4,994 5,384 5,498 5,767 5,857 5,576 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,881 12,803 12,567 5,498 5,470 6,585 9,544 10,296 12,881
Average 5,190 5,066 5,074 5,218 5,411 5,627 5,675 5,668 5,791 5,974 6,274 6,552 6,727 7,152 7,754 8,494 9,216 9,739 10,003 10,191 10,883 11,527 12,219 12,865 12,913 12,814 5,218 5,668 6,552 8,494 10,191 12,865
Balance
Consolidated balance sheet • Assets
PR. 31. MAR. 2014 PR. 30. JUN. 2014 PR. 30. SEP. 2014 PR. 31. DEC. 2014 PR. 31. MAR. 2015 PR. 30. JUN. 2015 PR. 30. SEP. 2015 PR. 31. DEC. 2015 PR. 31. MAR. 2016 PR. 30. JUN. 2016 PR. 30. SEP. 2016 PR. 31. DEC. 2016 PR. 31. MAR. 2017 PR. 30. JUN. 2017 PR. 30. SEP. 2017 PR. 31. DEC. 2017 PR. 31. MAR. 2018 PR. 30. JUN. 2018 PR. 30. SEP. 2018 PR. 31. DEC. 2018 PR. 31. MAR. 2019 PR. 30. JUN. 2019 PR. 30. SEP. 2019 PR. 31. DEC. 2019 PR. 31. MAR. 2020 PR. 30. JUN. 2020
Goodwill 876 878 897 971 1,012 999 998 1,006 1,147 1,151 1,148 1,169 1,181 1,658 2,207 2,208 2,180 2,227 2,239 2,404 2,421 2,429 2,474 2,451
Completed development projects 17 17 16 12 12 12 11 0 0 29 25 0 0 0 0 0 0 0 0 0 0 0 0 0
Development projects in progress 0 0 0 18 13 19 23 0 0 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0
Customer relations 123 119 281 396 379 371 371 362 549 538 524 521 519
Brands 55 53 170 192 183 177 175 172 169 166 162 159 157
Know-how 36 35 114 337 326 314 318 314 370 367 356 360 347
Other intangible assets 44 42 41 94 98 92 88 170 326 304 292 99 93 104 95 99 92 86 82 101 101 93 92 94
Intangible assets 937 936 953 1,095 1,135 1,121 1,120 1,176 1,473 1,486 1,467 1,482 1,481 2,328 3,226 3,195 3,135 3,176 3,169 3,594 3,592 3,565 3,605 3,568 3,561 3,510
Land and buildings 1,163 1,157 1,176 1,263 1,292 1,253 1,227 1,260 1,313 1,446 1,401 1,421 1,402 1,433 1,649 1,776 1,778 1,788 1,774 1,797 1.873 1.981 2,004 1,969
Plant and machinery 1,266 1,230 1,214 1,252 1,316 1,192 1,112 1,152 1,129 1,148 1,125 1,328 1,389 1,338 1,519 1,836 1,796 1,786 1,802 1,894 1.940 1.992 2,013 2,076
Other fixtures, tools and equipment 77 73 69 70 70 95 88 65 98 102 126 94 118 132 136 120 134 128 129 125 136 138 144 139
Assets under construction, etc. 103 126 153 131 184 270 235 298 400 499 642 608 694 801 569 226 316 459 464 501 619 621 718 772
Property, plant and equipment 2,608 2,586 2,612 2,715 2,861 2,810 2,662 2,776 2,940 3,195 3,293 3,450 3,603 3,703 3,873 3,959 4,024 4,161 4.167,4 4,317 4.568 4.732 4,879 4,956 4,776 4,758
Equity investments in associates 572 588 609 562 564 593 610 570 587 617 62 63 87 86 330 342 339 367 389 377 397 390 413 427 441 423
Equity investments in joint ventures 19 16 57 64 67 68 73 109 107 119 115 171 168 165 162 169 164 164 152 137 140 138 145 136 138 138
Lease assets (ROU) 849 850 839 827 761 740
Securities 100 110 119 115 130 125 82 84 111 116 115 121 120 182 5 5 5 3 3 75 75 76 77 79 78 79
Deferred tax 76 71 73 52 49 48 48 18 16 31 38 36 40 92 89 58 73 76 77 66 106 116 121 122 122 127
Receivables 149 150 147 144 149 137 192 178 164 171 156 139 130 168 100 137 124 111 102 108 105 140 110 107 92 84
Other non-current assets 916 935 1,004 937 959 972 1,005 959 985 1,054 486 530 545 694 687 710 705 721 722 763 1.672 1.710 1,705 1,698 1,632 1,591
Total non-current assets 4,461 4,457 4,570 4,747 4,955 4,903 4,787 4,911 5,398 5,735 5,246 5,461 5,629 6,724 7,786 7,864 7,864 8,058 8,058 8,674 9.832 10.007 10,189 10,222 9,969 9,859
Inventories 1,153 1,374 1,510 1,448 1,511 1,657 1,374 1,435 1,728 1,974 2,039 1,971 2,265 2,714 2,709 2,811 2,980 3,187 3,191 3,683 3.871 4.019 3,929 3,868 3,617 3,807
Receivables 2,233 2,438 2,917 2,592 2,567 2,857 3,034 2,753 2,708 2,848 3,308 3,104 2,942 3,262 3,449 3,180 3,186 3,753 3,998 3,903 4.058 4.119 4,715 4,112 4,102 4,112
Income tax receivable 11 1 0 8 3 2 0 6 24 28 8 55 63 111 86 56 50 59 55 94 75 60 42 37 41 25
Securities 0 0 0 0 0 0 0 0 0 0 1,035 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash and cash equivalents 1,514 1,543 1,233 1,087 1,337 1,072 1,209 1,411 893 442 549 1,682 1,513 520 562 478 509 371 464 585 574 588 613 538 578 615
Total current assets 4,910 5,356 5,660 5,135 5,417 5,588 5,617 5,605 5,353 5,290 6,939 6,812 6,783 6,607 6,806 6,525 6,725 7,370 7,707 8,266 8.577 8.787 9,298 8,554 8,339 8,560
Assets held for sale 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total assets 9,371 9,813 10,230 9,882 10,372 10,491 10,404 10,516 10,750 11,026 12,185 12,273 12,412 13,331 14,591 14,389 14,589 15,429 15,765 16,940 18.409 18,794 19,487 18,777 18,308 18,419
Consolidated balance sheet • Liabilities and equity
PR. 31. MAR. 2014 PR. 30. JUN. 2014 PR. 30. SEP. 2014 PR. 31. DEC. 2014 PR. 31. MAR. 2015 PR. 30. JUN. 2015 PR. 30. SEP. 2015 PR. 31. DEC. 2015 PR. 31. MAR. 2016 PR. 30. JUN. 2016 PR. 30. SEP. 2016 PR. 31. DEC. 2016 PR. 31. MAR. 2017 PR. 30. JUN. 2017 PR. 30. SEP. 2017 PR. 31. DEC. 2017 PR. 31. MAR. 2018 PR. 30. JUN. 2018 PR. 30. SEP. 2018 PR. 31. DEC. 2018 PR. 31. MAR. 2019 PR. 30. JUN. 2019 PR. 30. SEP. 2019 PR. 31. DEC. 2019 PR. 31. MAR. 2020 PR. 30. JUN. 2020
Share capital 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255
Hedge transaction reserve -21 -19 -21 -20 -17 -21 -7 -12 -25 -7 -21 -11 -8 -15 -4 -11 -5 -8 -9 -8 -6 -12 -3 -3 -9 3
Exchange adjustment reserve -19 5 159 154 448 345 214 263 224 238 198 240 255 111 34 -7 -58 40 41 79 213 146 307 251 80 47
Retained earnings 5,385 5,496 5,652 5,478 5,608 5,759 5,925 5,895 6,056 6,250 7,052 7,006 7,152 7,396 7,759 7,748 7,868 8,084 8,209 7,994 8,167 8,392 8,688 8,658 8,817 9,045
Proposed dividend 153 0 0 204 204 0 0 255 255 0 0 306 306 0 0 332 332 0 0 332 332 0 0 357 357 0
Share of equity attributable to the parent company 5,753 5,737 6,045 6,071 6,498 6,338 6,387 6,656 6,764 6,736 7,484 7,797 7,959 7,747 8,044 8,317 8,392 8,371 8,495 8,652 8,961 8,781 9,247 9,519 9,500 9,350
Minority interests 3 3 3 3 15 29 23 21 20 20 20 18 17 14 11 15 14 12 8 7 7 6 5 2 -0 0
Total equity 5,757 5,740 6,048 6,074 6,513 6,366 6,410 6,677 6,784 6,756 7,504 7,814 7,976 7,761 8,056 8,332 8,406 8,382 8,503 8,659 8,967 8,787 9,252 9,521 9,500 9,350
Deferred tax 122 115 129 151 159 143 150 148 202 203 202 189 186 258 341 309 320 317 309 397 420 428 438 409 410 406
Liability regarding put option 237 241 261 307 321 336 341 366 0 0 0
Other payables 97 96 98 113 117 112 104 106 111 109 104 100 92 105 387 153 183 187 130 275 271 269 272 306 299 316
Interest bearing debt 968 902 885 858 809 762 728 687 701 394 387 402 516 545 551 1,366 1,553 2,003 1,771 1,749 2,379 3.565 3,282 2,976 2,867 1,761
Non-current liabilities 1,186 1,113 1,111 1,123 1,085 1,017 982 941 1,014 705 693 691 794 908 1,278 2,065 2,296 2,768 2,517 2,742 3,406 4.603 4,357 3,691 3,577 2,483
Interest bearing debt 579 708 535 316 431 466 347 300 506 713 644 321 312 967 1,146 440 485 454 443 1,309 1,762 1,124 924 909 921 1,943
Trade payables and other payables 1,836 2,236 2,500 2,239 2,194 2,481 2,519 2,567 2,400 2,811 3,246 3,339 3,252 3,623 3,973 3,464 3,310 3,721 4,167 4,089 4,150 4.156 4,806 4,173 3,820 4,148
Liability regarding put option 369 387 388
Income tax 14 17 36 131 150 161 147 31 47 40 98 107 78 73 138 89 92 104 135 140 125 124 148 114 104 108
Current liabilities 2,428 2,961 3,071 2,686 2,775 3,108 3,012 2,899 2,952 3,564 3,989 3,767 3,642 4,662 5,257 3,993 3,887 4,279 4,745 5,538 6,036 5.404 5,878 5,565 5,231 6,586
Total liabilities 3,615 4,074 4,181 3,808 3,859 4,125 3,994 3,839 3,966 4,270 4,681 4,459 4,436 5,571 6,536 6,057 6,183 7,047 7,262 8,281 9,442 10.007 10,235 9,256 8,808 9,069
Liabilities associated with assets held for sale 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and equity 9,371 9,813 10,230 9,882 10,372 10,491 10,404 10,516 10,750 11,026 12,185 12,273 12,412 13,331 14,591 14,389 14,589 15,429 15,765 16,940 18,409 18.794 19,487 18,777 18,308 18,419
Cash flow
Consolidated cash flow statement
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2014 2015 2016 2017 2018 2019
Profit before tax 74 141 286 201 189 160 240 282 157 247 860 315 163 256 347 339 172 259 301 355 213 218 411 306 212 272 701 871 1,578 1,105 1,086 1,149
Adjustment for operating items of a non-cash nature, etc.
Depreciation and impairment losses 88 88 90 97 95 96 93 99 99 103 120 111 106 119 121 129 131 133 136 132 200 196 200 206 205 208 363 383 434 475 532 802
Other non-cash operating items, net (5) 20 68 (48) 43 (17) 16 31 (38) 1 0 51 (17) 19 33 30 (23) (8) (19) 56 (22) (34) 24 31 (3) (7) 34 73 14 66 6 (1)
Provisions (0) (0) (0) 1 (0) 1 0 (0) 0 (0) (0) (1) 1 12 (12) (1) 1 2 1 (3) 6 1 1 25 2 1 1 1 (1) 1 0 33
Profit/loss after tax in associates and joint ventures 17 (11) (23) (12) (19) (28) (29) (10) (14) (33) (516) (3) (0) (4) (10) (27) (2) (16) (19) (33) (15) (7) (11) (17) (14) 6 (29) (86) (566) (42) (70) (50)
Financial income (9) (7) (14) (22) (33) (5) (9) (4) (10) (11) (10) (3) (4) (58) (10) (7) (17) (17) (18) (35) (29) (7) (22) (26) (27) (8) (52) (50) (33) (78) (79) (84)
Financial expenses 17 17 21 32 14 23 68 (8) 24 13 16 6 19 45 35 9 30 40 45 11 32 49 42 41 58 41 87 97 60 108 119 164
Cash generated from operations (operating activities) before change in working capital 181 249 427 249 289 231 379 389 218 319 471 477 269 388 505 473 291 394 427 482 385 415 646 566 433 512 1,105 1,288 1,485 1,635 1,594 2,012
Changes in working capital (93) (24) (352) 172 (76) (151) 120 306 (60) 109 (88) 411 (194) (232) 213 (333) (252) (350) 201 (33) (216) (209) 169 28 (164) 176 (297) 198 372 (546) (434) (228)
Cash generated from operations (operating activities) 87 225 75 421 213 81 499 694 158 428 382 888 75 157 717 140 39 44 628 449 169 207 814 594 269 688 808 1,486 1,857 1,089 1,160 1,784
Financial income received 7 5 12 7 14 0 1 14 7 4 3 11 3 10 13 (8) 6 4 6 13 7 2 4 3 3 3 31 29 25 18 30 16
Financial expenses paid (17) (15) (19) (33) (14) (14) (20) (5) (12) (9) (14) (19) (13) (29) (27) 17 (13) (22) (27) (36) (23) (36) (39) (18) (27) (39) (84) (54) (55) (53) (98) (116)
Cash flows from ordinary activities 78 215 68 395 212 67 479 704 153 423 371 880 65 138 703 149 33 26 607 426 153 173 779 579 245 652 756 1,462 1,827 1,054 1,092 1,684
Income tax paid (27) (23) (25) (54) (41) (15) (83) (153) (44) (51) (9) (126) (51) (132) (14) (94) (31) (61) (44) (118) (53) (46) (55) (120) (63) (45) (128) (291) (229) (291) (254) (274)
Cash flows from operating activities 51 192 43 342 172 52 396 551 110 373 363 754 14 6 690 55 2 (35) 563 308 100 128 724 458 181 607 628 1,171 1,598 763 837 1,410
Purchase of intangible assets (1) (1) (1) (9) (0) (1) (1) (60) (2) (0) (2) (15) (2) (4) (1) (17) (3) (3) (4) (24) (9) (4) (8) (9) (5) (6) (13) (62) (19) (25) (34) (30)
Disposal of intangible assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 (0) (0) 0 0 0 0 0 0 0 0 0 2 0 0
Purchase of property, plant and equipment (46) (50) (43) (94) (58) (107) (75) (114) (145) (148) (243) (293) (246) (209) (137) (216) (135) (221) (128) (201) (184) (183) (203) (204) (133) (79) (233) (354) (828) (809) (685) (774)
Sale of property, plant and equipment 0 0 0 8 0 0 0 16 0 0 1 5 1 3 0 16 0 2 2 (0) 0 9 1 2 2 1 9 16 6 20 4 12
Acquisitions 0 0 0 (129) (20) 0 0 (105) (565) 14 0 0 (30) (897) (735) (202) (80) 0 0 (628) (134) (107) 0 (18) 0 0 (129) (125) (551) (1,864) (708) (259)
Acquisition/divestment of non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2) 0 0 0 55 0 0 0 (1) 0 0 0 0 0 (2) 55 (1)
Acquisition of joint ventures and associates / capital contribution 0 0 (38) (0) 0 0 0 (37) 0 (13) 0 (61) (24) 0 (64) (0) (0) 0 0 (1) 0 0 (1) (2) 0 0 (39) (37) (74) (87) (1) (3)
Divestment of associates 0 0 0 0 0 0 0 0 0 0 0 1,034 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,034 0 0 0
Received dividend from associates 31 0 0 45 0 0 0 49 1 0 64 0 0 0 0 3 0 0 0 0 0 11 0 0 0 0 76 49 64 3 0 11
Addition/disposals of other financial assets (0) (14) 0 (12) (1) 1 (53) (4) (28) (2) 11 (9) 0 (77) 79 (4) 1 1 1 5 2 (41) 43 (3) 3 5 (26) (57) (27) (2) 9 1
Cash flows from investing activities (16) (65) (82) (192) (78) (106) (129) (256) (739) (149) (170) 662 (301) (1,185) (857) (421) (217) (221) (128) (794) (325) (316) (170) (232) (134) (79) (355) (569) (396) (2,763) (1,360) (1,043)
Debt financing:
Repayment of non-current liabilities (59) (127) (28) (117) (88) (102) (21) (65) (28) (144) (264) (54) (27) (29) (28) (59) (18) (30) (21) (50) (54) (54) (76) (179) (106) (135) (331) (276) (489) (142) (119) (363)
Proceeds from incurring non current financial liabilities 0 64 1 (1) 13 35 3 18 16 7 9 71 136 40 22 33 1 0 2 (2) 0 1,016 0 4 2 72 64 70 104 231 0 1,020
Increase (repayment) of bank overdrafts 269 121 (179) (367) 129 62 (105) (40) 89 (293) 170 (299) (12) 455 187 317 251 440 (251) 779 246 (469) (465) (193) 95 (89) (156) 46 (332) 946 1,219 (881)
Repayment of loans by associates 0 0 0 141 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 141 0 0 0 0 0
Shareholders:
Costs of capital increase/decrease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital contribution by non-controlling interests 0 0 0 0 0 0 0 15 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 1 0 0 0
Dividend paid 0 (143) 0 0 0 (189) 0 0 0 (238) 0 0 0 (286) 0 0 0 (312) 0 (2) 0 (309) 0 0 0 (336) (143) (189) (238) (286) (314) (309)
Purchase / sale of treasury shares, net (55) (13) (64) (5) 9 0 0 0 41 (13) 0 1 20 17 32 0 17 11 (68) (123) 17 26 0 69 9 0 (138) 9 29 69 (163) 112
Cash flows from financing activities 155 (99) (270) (349) 64 (179) (122) (86) 118 (680) (85) (279) 116 198 213 291 250 109 (339) 602 208 210 (541) (298) (1) (488) (563) (324) (925) 818 623 (421)
Cash flows from discontinuing operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash flows for the period 190 29 (309) (199) 157 (233) 145 210 (511) (456) 108 1,136 (171) (981) 45 (76) 35 (147) 96 116 (16) 21 14 (73) 47 40 (290) 278 277 (1,182) 100 (54)
Cash and cash equivalents at the beginning of the period 1,324 1,514 1,543 1,233 1,087 1,337 1,072 1,209 1,411 893 442 549 1,682 1,513 520 562 478 509 371 464 585 574 588 613 538 578 1,324 1,087 1,411 1,682 478 585
Reclassification of cash and cash equivalents at 1 january 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Value adjustment of cash and cash equivalents 0 0 (1) 54 93 (32) (8) (8) (7) 5 (1) (3) 2 (13) (3) (9) (4) 10 (3) 4 5 (7) 11 (2) (7) (3) 53 45 (6) (23) 6 8
Cash and cash equivalents at the end of the period 1,514 1,543 1,233 1,087 1,337 1,072 1,209 1,411 893 442 549 1,682 1,513 520 562 478 509 371 464 585 574 588 613 538 578 615 1,087 1,411 1,682 478 585 538
BioMar
BioMar Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2014 2015 2016 2017 2018 2019
INCOME STATEMENT
Revenue 1,593 1,837 2,788 2,234 1,909 2,230 2,698 2,137 1,532 1,900 2,945 2,491 1,997 2,273 3,048 2,637 1,884 2,518 3,104 2,822 2,137 2,514 3,404 3,126 2,381 2,695 8.451,3 8,974 8,868 9,955 10,328 11,180
Gross profit 176 224 351 269 200 238 347 296 162 249 401 320 208 272 402 342 200 308 402 365 236 320 495 427 280 340 1.019,4 1,081 1,133 1,223 1,275 1,477
EBITDA 69 114 223 169 86 115 215 177 56 145 268 253 87 156 252 217 80 174 246 213 132 191 345 299 159 222 574,2 593 722 712 713 966
Depreciation/impairment 35 35 36 34 37 37 36 36 34 34 35 38 35 34 39 45 45 45 48 46 79 75 81 76 81 85 139,8 146 141 153 184 311
Operating profit (EBIT) 34 79 187 135 49 78 179 140 22 111 233 215 52 122 213 172 35 128 198 167 52 116 264 223 77 137 434,4 447 581 559 529 655
Profit from associates and JV´s 0 0 0 3 0 (1) 1 6 1 7 3 2 1 4 11 22 5 17 21 33 15 7 11 16 14 (6) 2,5 6 13 38 75 50
Gains on equity divestments 29 0 0 0 0 29
Financial items, net (5) (6) (7) (21) 2 (8) (57) 10 (0) (4) (5) (7) (6) 31 (6) (5) (6) (10) (11) (7) (8) (21) (15) (17) (11) (19) -38,6 (54) (16) 14 (35) (62)
Profit before tax 29 73 180 117 52 69 123 156 23 114 230 210 46 157 218 190 33 135 208 193 59 131 260 222 81 113 398,3 399 577 611 569 672
Tax on profit (5) (18) (45) (146) (36) (17) (49) (31) (11) (34) (61) (43) (12) (29) (49) (57) (21) (33) (52) (58) (14) (26) (62) (33) (19) (34) -214,2 (132) (148) (146) (163) (134)
Profit before non-controlling interests 24 54 135 (30) 16 52 74 125 13 80 170 166 35 128 170 133 12 102 156 136 45 105 198 189 62 79 184,1 267 429 465 407 537
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,0 - 0 - 0 - 0 - 0 - 0
Profit 24 54 135 (30) 16 52 74 125 13 80 170 166 35 128 170 133 12 102 156 136 45 105 198 189 62 79 184,1 267 429 465 407 537
CASH FLOW
Cash flows from operating activities (63) 148 (80) 262 (6) (96) 294 444 (25) 202 162 545 (51) (128) 516 (42) (60) (159) 409 176 (40) (109) 343 135 (97) 260 266,3 637 884 296 366 328
Cash flows from investing activities (31) (47) (63) (26) (13) (30) (87) (79) (79) (71) (80) (146) (81) (138) (766) (42) (41) (57) (45) (75) (83) (252) (84) (125) (56) (37) -166,5 (210) (376) (1,027) (217) (543)
Cash flows from financing activities 2 11 (186) 113 59 (90) (353) (239) (18) (216) (39) (361) 73 151 298 135 136 118 (275) (88) 155 364 (255) (66) 121 (79) -60,0 (622) (634) 657 (108) 198
BALANCE SHEET
Intangible assets 318 318 337 355 389 375 371 410 394 399 395 406 398 375 1,290 1,273 1,233 1,287 1,288 1,294 1,306 1,302 1,350 1,311 1,328 1,292 354,9 410 406 1,273 1,294 1,311
Property, plant and equipment 964 962 984 919 951 932 902 885 898 929 990 1,049 1,071 1,070 1,247 1,207 1,216 1,267 1,282 1,300 1,377 1,583 1,684 1,750 1,672 1,699 919,0 885 1,049 1,207 1,300 1,750
Other non-current assets 128 133 183 197 214 207 239 269 287 320 317 374 398 503 489 497 511 539 550 568 1,162 1,190 1,201 1,194 1,142 1,115 196,7 269 374 497 568 1,194
Cash and cash equivalents 420 531 203 606 736 492 344 457 325 248 557 330 603 463 498 241 460 343 475 284 398 476 450 270 496 543 605,5 457 330 241 284 270
Other current assets 2,277 2,627 3,178 2,765 2,758 3,228 3,113 2,812 2,535 2,609 3,170 3,409 2,804 3,026 3,135 3,081 2,792 3,468 3,669 3,695 3,541 3,822 4,418 4,246 3,783 3,912 2.765,1 2,812 3,409 3,081 3,695 4,246
AKTIVER I ALT 4,106 4,571 4,885 4,841 5,048 5,234 4,968 4,833 4,439 4,505 5,430 5,567 5,274 5,436 6,659 6,299 6,212 6,904 7,263 7,141 7,785 8,373 9,103 8,771 8,421 8,559 4.841,2 4,833 5,567 6,299 7,141 8,771
Equity 1,596 1,665 1,922 1,902 1,950 1,929 1,991 2,128 1,864 1,975 2,122 2,348 2,186 2,215 2,401 2,490 2,451 2,341 2,456 2,581 2,388 2,431 2,721 2,852 2,561 2,597 1.902,2 2,128 2,348 2,490 2,581 2,852
Interest-bearing debt 1,081 1,092 907 1,019 1,279 1,189 837 598 780 564 789 669 769 895 1,177 1,201 1,344 1,735 1,511 1,415 2,334 2,814 2,559 2,565 2,995 2,869 1.019,4 598 669 1,201 1,415 2,565
Other creditors 1,430 1,814 2,056 1,920 1,819 2,116 2,141 2,107 1,795 1,966 2,519 2,551 2,320 2,327 3,081 2,608 2,417 2,828 3,297 3,146 3,062 3,128 3,823 3,355 2,865 3,093 1.919,6 2,107 2,551 2,608 3,146 3,355
Total liabilities and equity 4,106 4,571 4,885 4,841 5,048 5,234 4,968 4,833 4,439 4,505 5,430 5,567 5,274 5,436 6,659 6,299 6,212 6,904 7,263 7,141 7,785 8,373 9,103 8,771 8,421 8,559 4.841,2 4,833 5,567 6,299 7,141 8,771
Average number of employees 894 901 915 913 912 901 896 884 896 877 877 899 901 929 993 1,135 1,171 1,173 1,178 1,188 1,212 1,215 1,254 1,280 1,338 1,379 904 897 887 996 1,177 1,239
FINANCIAL KEY FIGURES
EBITDA margin 4.3% 6.2% 8.0% 7.6% 4.5% 5.1% 8.0% 8.3% 3.7% 7.7% 9.1% 10.2% 4.3% 6.9% 8.3% 8.2% 4.3% 6,9% 7.9% 7.5% 6,2% 7.6% 10.1% 9.6% 6.7% 8.2% 6,8% 6.6% 8.1% 7.2% 6.9% 8.6%
EBIT margin 2.1% 4.3% 6.7% 6.0% 2.6% 3.5% 6.6% 6.6% 1.4% 5.8% 7.9% 8.6% 2.6% 5.4% 7.0% 6.5% 1.9% 5,1% 6.4% 5.9% 2,5% 4.6% 7.8% 7.1% 3.3% 5.1% 5,1% 5.0% 6.6% 5.6% 5.1% 5.9%
ROIC excl. goodwill 22.8% 24.4% 24.6% 22,9% 23.1% 21.8% 21.8% 22.7% 22.3% 26.0% 30.2% 35.8% 38.2% 38.3% 35.6% 30.1% 27.0% 24,8% 23.4% 22.6% 21,3% 19.1% 19.2% 18.8% 18.6% 18.9% 22,9% 22.7% 35.8% 30.1% 22.6% 18.8%
ROIC incl. goodwill 16.5% 17.5% 17.7% 16.6% 16.7% 16.0% 15.8% 16.4% 15.9% 18.1% 20.7% 24.4% 25.8% 26.0% 23.3% 19.5% 17.4% 15,9% 15.2% 14.8% 14,3% 13.1% 13.5% 13.7% 13.6% 13.9% 16.6% 16.4% 24.4% 19.5% 14.8% 13.7%
Working capital 844 802 1,128 983 1,090 1,260 1,116 752 782 670 750 414 514 653 447 672 774 1,063 867 846 1.001 1,249 1,226 1,315 1,502 1,405 982,6 752 414 672 846 1,315
Net interest-bearing debt 644 539 680 386 531 686 421 69 389 243 161 (234) 98 367 615 726 833 1,342 987 880 1.893 2,298 2,070 2,077 2,455 2,284 386,2 69 (234) 726 880 2,077
Calculation of ROIC:
EBITA (LTM) 437 449 459 440 456 456 450 456 429 463 517 597 627 638 621 582 573 585 576 570 587 574 639 695 719 740 440 456 597 582 570 695
Average investered capital excl. goodwill 1,921 1,842 1,867 1,920 1,980 2,089 2,065 2,006 1,921 1,778 1,715 1,668 1,641 1,668 1,744 1,934 2,118 2,355 2,462 2,524 2,758 3,012 3,335 3,694 3,869 3,914 1,920 2,006 1,668 1,934 2,524 3,694
Average investered capital incl. goodwill 2,651 2,570 2,598 2,659 2,735 2,856 2,841 2,788 2,699 2,557 2,494 2,449 2,426 2,451 2,663 2,984 3,294 3,674 3,788 3,859 4,113 4,378 4,720 5,090 5,277 5,325 2,659 2,788 2,449 2,984 3,859 5,090
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 2,101 2,034 1,720 1,830 1,784 2,133 1,931 2,070 2,219 2,041 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 1,830 2,070 1,731 1,623 2,357 3,294
Invested capital 6 months ago 2,034 1,720 1,830 1,784 2,133 1,931 2,070 2,219 2,041 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 1,784 2,219 1,649 1,755 2,706 3,721
Invested capital 3 months ago 1,720 1,830 1,784 2,133 1,931 2,070 2,219 2,041 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 3,997 2,133 2,041 1,787 2,092 2,519 3,813
Invested capital current period 1,830 1,784 2,133 1,931 2,070 2,219 2,041 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 3,997 3,900 1,931 1,692 1,505 2,266 2,512 3,948
Average 1,921 1,842 1,867 1,920 1,980 2,089 2,065 2,006 1,921 1,778 1,715 1,668 1,641 1,668 1,744 1,934 2,118 2,355 2,462 2,524 2,758 3,012 3,335 3,694 3,869 3,914 1,920 2,006 1,668 1,934 2,524 3,694
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 2,839 2,764 2,446 2,556 2,512 2,880 2,687 2,860 2,997 2,819 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 2,556 2,860 2,504 2,413 3,653 4,669
Invested capital 6 months ago 2,764 2,446 2,556 2,512 2,880 2,687 2,860 2,997 2,819 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 2,512 2,997 2,428 2,527 4,048 5,106
Invested capital 3 months ago 2,446 2,556 2,512 2,880 2,687 2,860 2,997 2,819 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 5,416 2,880 2,819 2,565 3,414 3,867 5,237
Invested capital current period 2,556 2,512 2,880 2,687 2,860 2,997 2,819 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 5,416 5,298 2,687 2,477 2,299 3,582 3,869 5,348
Average 2,651 2,570 2,598 2,659 2,735 2,856 2,841 2,788 2,699 2,557 2,494 2,449 2,426 2,451 2,663 2,984 3,294 3,674 3,788 3,859 4,113 4,378 4,720 5,090 5,277 5,325 2,659 2,788 2,449 2,984 3,859 5,090
*) Includes also goodwill in Schouw & Co. in the amount of 430,2 million dkk.
0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% -0.0% 0.0% 0.0% -0.0%
11.0% 12.2% 12.6% 12.0% 10.5% 10.7% 12.9% 13.8% 10.6% 13.1% 13.6% 12.9% 10.4% 12.0% 13.2% 13.0% 10.6% 12.2% 12.9% 12.9% 11.0% 12.7% 14.5% 13.7% 11.8% 12.6% 12.1% 12.0% 12.8% 12.3% 12.3% 13.2%
FPC
Fibertex Personal Care Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2014 2015 2016 2017 2018 2019
INCOME STATEMENT
Revenue 426 421 455 486 428 404 465 501 458 433 444 456 473 494 505 545 541 486 552 608 589 506 541 546 536 548 1,788 1,797 1,792 2,017 2,187 2,183
Gross profit 66 62 74 87 94 64 90 134 124 81 97 96 97 96 115 115 100 81 91 108 115 83 106 102 118 151 289 382 398 423 380 407
EBITDA 70 66 81 90 99 70 92 134 116 74 86 86 83 82 98 102 83 69 75 88 99 72 93 88 101 124 308 395 362 365 315 352
Depreciation/impairment 32 32 33 39 36 36 34 37 29 29 29 29 28 28 28 31 29 30 31 31 33 35 34 35 36 35 136 142 116 114 122 137
Operating profit (EBIT) 38 34 48 51 64 34 57 97 87 45 57 57 55 54 70 71 54 39 43 57 66 38 59 52 66 89 171 253 246 251 194 215
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0 0 0
Financial items, net (5) (4) (3) 9 1 (5) 1 (3) (9) (1) (1) 5 (4) (5) (11) (5) (6) (2) (6) (4) 0 (9) 3 (7) 1 (5) -2 (6) (7) (25) (18) (12)
Profit before tax 34 31 45 60 65 29 59 94 78 44 56 61 51 48 60 66 48 38 37 53 66 29 62 45 67 85 169 247 239 226 176 203
Tax on profit (8) (7) (10) (10) (15) (6) (13) (26) (18) (10) (13) (20) (12) (12) (14) (9) (11) (9) (10) (15) (16) (6) (14) (7) (15) (20) -34 (60) (61) (47) (44) (43)
Profit before non-controlling interests 26 24 35 50 50 23 45 69 60 34 43 41 39 37 46 57 37 29 28 38 50 23 48 39 51 65 135 187 178 179 131 160
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit 26 24 35 50 50 23 45 69 60 34 43 41 39 37 46 57 37 29 28 38 50 23 48 39 51 65 135 187 178 179 131 160
CASH FLOW
Cash flows from operating activities 72 29 96 30 91 129 22 100 112 50 103 67 53 41 87 72 58 40 47 40 126 138 87 76 105 143 226 342 331 254 184 426
Cash flows from investing activities (10) (8) (10) (102) (8) (9) (3) (66) (66) (48) (117) (131) (138) (78) (31) (73) (25) (57) (32) (39) (22) (14) (11) (8) (7) (5) -130 (85) (361) (319) (153) (55)
Cash flows from financing activities (0) (13) (79) 6 (56) (142) (1) (49) (32) (2) (6) 66 98 44 (44) 23 (36) 10 (30) (25) (51) (125) (135) (60) (77) (164) -86 (248) 25 121 (81) (371)
BALANCE SHEET
Intangible assets 24 24 24 75 67 66 66 76 65 83 83 86 83 82 81 84 83 83 82 82 83 81 80 78 76 75 75 76 86 84 82 78
Property, plant and equipment 996 990 1,005 1,100 1,134 1,064 940 975 1,058 1,081 1,120 1,171 1,283 1,308 1,302 1,357 1,368 1,412 1,397 1,412 1,435 1,391 1,398 1,368 1,311 1,272 1,100 975 1,171 1,357 1,412 1,368
Other non-current assets 147 148 145 128 132 120 100 82 81 84 74 45 36 26 36 72 62 50 42 56 84 76 73 51 72 68 128 82 45 72 57 51
Cash and cash equivalents 71 79 87 21 49 25 39 28 44 45 23 23 36 43 64 77 94 67 53 31 109 86 24 31 55 28 21 28 23 77 31 31
Other current assets 462 510 536 559 545 499 530 543 579 502 499 564 593 590 605 633 662 696 761 742 689 605 633 579 580 576 559 543 564 633 742 579
AKTIVER I ALT 1,700 1,751 1,797 1,882 1,927 1,775 1,675 1,704 1,827 1,795 1,799 1,888 2,030 2,048 2,088 2,222 2,269 2,307 2,336 2,323 2,400 2,240 2,208 2,107 2,095 2,019 1,882 1,704 1,888 2,222 2,323 2,107
Equity 592 630 697 730 752 738 691 786 810 843 857 877 820 831 865 941 888 931 946 992 995 996 1,069 1,104 1,000 1,055 730 786 877 941 992 1,104
Interest-bearing debt 736 731 666 709 733 586 551 511 637 574 574 610 807 851 816 822 906 907 894 853 920 768 634 574 621 453 709 511 610 822 853 574
Other creditors 372 391 433 443 442 452 433 407 379 378 368 401 404 367 407 458 475 470 495 478 485 476 505 430 474 511 443 407 401 458 478 430
Total liabilities and equity 1,700 1,751 1,797 1,882 1,927 1,775 1,675 1,704 1,827 1,795 1,799 1,888 2,030 2,048 2,088 2,222 2,269 2,307 2,336 2,323 2,400 2,240 2,208 2,107 2,095 2,019 1,882 1,704 1,888 2,222 2,323 2,107
Average number of employees 425 430 443 481 506 512 520 518 521 543 565 580 621 656 672 677 695 709 725 735 737 743 755 757 740 740 447 514 574 656 713 746
FINANCIAL KEY FIGURES
EBITDA margin 16.4% 15.7% 17.8% 18.6% 23.2% 17.3% 19.7% 26.8% 25.4% 17.0% 19.4% 18.7% 17.5% 16.6% 19.4% 18.8% 15,4% 14,2% 13,5% 14.5% 16.8% 14.3% 17.2% 16.1% 18.9% 22.6% 17,2% 22.0% 20.2% 18.1% 14.4% 16.1%
EBIT margin 9.0% 8.1% 10.5% 10.5% 14.8% 8.5% 12.3% 19.4% 19.1% 10.3% 12.8% 12.4% 11.7% 10.9% 13.9% 13.1% 10,0% 8,1% 7,9% 9.3% 11.2% 7.4% 10.9% 9.6% 12.3% 16.3% 9,6% 14.1% 13.7% 12.4% 8.9% 9.8%
ROIC excl. goodwill 12.9% 12.9% 13.5% 14,4% 15.9% 15.8% 16.8% 20.7% 23.0% 23.4% 22.5% 18.4% 15.3% 15.1% 15.4% 15.8% 15,5% 14,4% 12,5% 11.4% 11.8% 11.9% 12.9% 13.0% 13.5% 17.1% 14,4% 20.7% 18.4% 15.8% 11.4% 13.0%
ROIC incl. goodwill 12.2% 12.1% 12.7% 13.5% 14.9% 14.7% 15.5% 19.2% 21.3% 21.7% 20.9% 17.1% 14.3% 14.2% 14.5% 14.9% 14,7% 13,6% 11,8% 10.8% 11.2% 11.2% 12.2% 12.3% 12.7% 16.1% 13.5% 19.2% 17.1% 14.9% 10.8% 12.3%
Working capital 234 268 261 293 289 225 264 294 288 272 276 295 316 346 334 355 366 402 439 447 428 344 351 332 313 283 293 294 295 355 447 332
Net interest-bearing debt 661 646 575 688 684 560 512 482 515 529 551 586 771 808 752 746 812 839 841 822 811 682 610 542 566 425 688 482 586 746 822 542
Calculation of ROIC:
EBITA (LTM) 156 153 160 176 202 202 212 257 281 291 291 248 217 226 240 256 255 241 214 200 212 211 227 223 224 276 176 257 248 256 200 223
Average investered capital excl. goodwill 1,204 1,189 1,188 1,224 1,272 1,279 1,266 1,238 1,221 1,243 1,296 1,350 1,421 1,499 1,559 1,613 1,639 1,672 1,717 1,756 1,791 1,775 1,755 1,719 1,660 1,617 1,224 1,238 1,350 1,613 1,756 1,719
Average investered capital incl. goodwill 1,277 1,262 1,261 1,303 1,357 1,372 1,366 1,337 1,320 1,342 1,395 1,449 1,520 1,598 1,658 1,712 1,738 1,771 1,816 1,855 1,890 1,874 1,855 1,818 1,759 1,716 1,303 1,337 1,449 1,712 1,855 1,818
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 1,256 1,205 1,192 1,166 1,195 1,201 1,336 1,355 1,225 1,149 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,166 1,355 1,286 1,570 1,676 1,818
Invested capital 6 months ago 1,205 1,192 1,166 1,195 1,201 1,336 1,355 1,225 1,149 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,195 1,225 1,314 1,627 1,757 1,692
Invested capital 3 months ago 1,192 1,166 1,195 1,201 1,336 1,355 1,225 1,149 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,585 1,201 1,149 1,362 1,601 1,784 1,706
Invested capital current period 1,166 1,195 1,201 1,336 1,355 1,225 1,149 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,585 1,517 1,336 1,222 1,438 1,652 1,805 1,658
Average 1,204 1,189 1,188 1,224 1,272 1,279 1,266 1,238 1,221 1,243 1,296 1,350 1,421 1,499 1,559 1,613 1,639 1,672 1,717 1,756 1,791 1,775 1,755 1,719 1,660 1,617 1,224 1,238 1,350 1,613 1,756 1,719
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 1,328 1,277 1,264 1,238 1,267 1,273 1,435 1,455 1,325 1,248 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,238 1,455 1,385 1,669 1,775 1,917
Invested capital 6 months ago 1,277 1,264 1,238 1,267 1,273 1,435 1,455 1,325 1,248 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,267 1,325 1,413 1,726 1,857 1,791
Invested capital 3 months ago 1,264 1,238 1,267 1,273 1,435 1,455 1,325 1,248 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,684 1,273 1,248 1,461 1,700 1,883 1,805
Invested capital current period 1,238 1,267 1,273 1,435 1,455 1,325 1,248 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,684 1,616 1,435 1,321 1,537 1,751 1,905 1,757
Average 1,277 1,262 1,261 1,303 1,357 1,372 1,366 1,337 1,320 1,342 1,395 1,449 1,520 1,598 1,658 1,712 1,738 1,771 1,816 1,855 1,890 1,874 1,855 1,818 1,759 1,716 1,303 1,337 1,449 1,712 1,855 1,818
*) Includes also goodwill in Schouw & Co. in the amount of 48,1 million dkk.
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0%
15.5% 14.7% 16.3% 17.9% 22.0% 15.8% 19.3% 26.8% 27.1% 18.7% 21.9% 21.0% 20.5% 19.4% 22.8% 21.1% 18.6% 16.7% 16.4% 17.8% 19.5% 16.4% 19.6% 18.7% 22.1% 27.6% 16.2% 21.2% 22.2% 21.0% 17.4% 18.6%
FIN
Fibertex Nonwovens Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2014 2015 2016 2017 2018 2019
INCOME STATEMENT
Revenue 272 267 247 262 306 328 295 294 338 362 314 288 382 374 336 331 406 420 375 373 451 443 437 373 445 392 1,048 1,222 1,301 1,422 1,574 1,705
Gross profit 56 55 56 55 70 79 61 62 77 88 68 63 90 86 70 71 86 91 78 60 82 86 86 54 99 99 222 273 296 318 314 309
EBITDA 33 31 36 28 45 44 35 29 44 48 37 34 51 49 38 40 45 52 40 23 39 38 47 16 54 60 128 153 163 179 161 141
Depreciation/impairment 16 16 16 19 18 19 19 21 21 19 20 22 21 23 23 24 24 25 25 21 26 24 25 33 25 26 66 77 82 91 95 107
Operating profit (EBIT) 17 16 20 9 27 25 15 9 23 29 17 12 30 27 15 16 21 27 15 2 13 14 23 (17) 29 34 62 76 81 88 65 33
Profit from associates (0) (1) (0) (0) (1) 0 0 (0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2) (1) 0 0 0 0
Gains on equity divestments 0 0
Financial items, net (3) (2) (1) (4) (4) (3) (5) (1) (3) (2) (6) (9) (8) (11) (12) (7) (9) (15) (13) (4) (7) (9) (6) (6) (12) (9) (10) (12) (20) (39) (40) (28)
Profit before tax 14 13 19 5 23 22 11 8 19 27 11 3 21 15 3 9 12 12 2 (2) 7 6 16 (23) 17 25 50 64 61 49 25 6
Tax on profit (4) (3) (6) (1) (7) (8) (5) 2 (6) (8) (5) (1) (8) (6) (5) 12 (5) (1) (4) (0) (1) (2) (3) 6 (5) (6) (14) (17) (20) (7) (10) 0
Profit before non-controlling interests 10 9 12 4 16 14 6 10 13 20 7 2 14 10 (1) 21 8 12 (2) (2) 6 4 13 (18) 12 19 36 47 41 42 16 5
Non-controlling interests 0 0 0 0 0 2 2 (0) 1 1 1 1 1 1 2 1 1 3 2 1 1 1 1 3 3 0 0 3 4 4 6 5
Profit 10 9 12 4 16 16 8 10 14 20 8 3 15 11 0 21 8 14 0 (1) 6 5 15 (15) 15 19 36 50 45 47 22 11
CASH FLOW
Cash flows from operating activities 18 33 19 13 28 23 51 (5) 10 45 24 34 0 35 35 38 18 11 (7) 37 (31) 32 60 50 46 48 82 97 114 108 60 112
Cash flows from investing activities (4) (8) (7) (115) (55) (65) (37) (156) (22) (26) (15) (46) (23) (43) (28) (86) (103) (26) (17) (33) (160) (16) (27) (54) (34) (16) (134) (313) (108) (180) (179) (256)
Cash flows from financing activities (3) (13) (2) 99 55 60 (1) 101 42 (33) (26) 4 20 (4) (5) 51 81 10 22 (6) 187 (16) (26) (3) 12 (38) 81 216 (13) 63 108 142
BALANCE SHEET
Intangible assets 66 65 65 142 156 158 161 168 164 166 162 164 161 156 152 150 153 156 156 160 159 157 157 152 148 143 142 168 164 150 160 152
Property, plant and equipment 439 427 418 497 579 617 626 723 717 726 743 754 753 771 771 820 838 824 807 824 951 945 953 976 957 943 497 723 754 820 824 976
Other non-current assets 12 11 11 11 0 0 0 4 0 0 0 4 4 4 4 4 4 4 4 2 7 8 10 36 8 7 11 4 4 4 2 36
Cash and cash equivalents 41 53 62 59 86 104 118 59 89 75 59 49 46 35 35 37 34 29 28 25 46 32 54 23 82 99 59 59 49 37 25 23
Other current assets 431 421 441 470 532 524 494 550 573 598 571 561 616 641 629 627 724 764 750 757 845 825 801 766 753 743 470 550 561 627 757 766
AKTIVER I ALT 989 977 996 1,179 1,353 1,404 1,399 1,503 1,544 1,566 1,534 1,532 1,581 1,607 1,591 1,639 1,753 1,777 1,746 1,768 2,007 1,967 1,975 1,953 1,948 1,936 1,179 1,503 1,532 1,639 1,768 1,953
Equity 324 331 340 386 430 463 454 460 465 488 497 504 516 528 522 548 548 544 527 541 651 653 671 650 621 629 386 460 504 548 541 650
Interest-bearing debt 479 466 464 584 657 697 699 793 832 806 784 782 795 794 790 843 925 934 957 960 1,070 1,044 1,031 1,042 1,048 1,035 584 793 782 843 960 1,042
Other creditors 186 181 193 209 267 243 246 251 246 272 252 246 270 285 279 248 281 299 262 267 286 270 272 261 279 272 209 251 246 248 267 261
Total liabilities and equity 989 977 996 1,179 1,353 1,404 1,399 1,503 1,544 1,566 1,534 1,532 1,581 1,607 1,591 1,639 1,753 1,777 1,746 1,768 2,007 1,967 1,975 1,953 1,948 1,936 1,179 1,503 1,532 1,639 1,768 1,953
Average number of employees 517 535 548 580 622 739 745 771 785 801 821 830 841 860 876 883 947 1,011 1,019 1,008 1,024 1,032 1,028 1,024 993 1,005 547 719 810 867 1,000 1,019
FINANCIAL KEY FIGURES
EBITDA margin 12.2% 11.7% 14.6% 10.6% 14.7% 13.4% 11.8% 10.0% 13.0% 13.3% 11.8% 11.6% 13.4% 13.2% 11.3% 12.2% 11,0% 12,5% 10,7% 6.2% 8.7% 8.5% 10.8% 4.3% 12.2% 15.3% 12.2% 12.5% 12.5% 12.6% 10.2% 8.2%
EBIT margin 6.4% 5.9% 8.2% 3.4% 8.9% 7.6% 5.2% 3.0% 6.6% 8.0% 5.5% 4.1% 7.8% 7.1% 4.6% 4.8% 5,1% 6,5% 4,1% 0.5% 2.9% 3.2% 5.2% -4.6% 6.6% 8.7% 5.9% 6.2% 6.2% 6.2% 4.2% 1.9%
ROIC excl. goodwill 6.2% 7.1% 8.5% 8.4% 9.1% 9.4% 8.3% 7.8% 7.0% 7.1% 7.4% 7.7% 8.3% 8.2% 7.7% 7.8% 6,9% 6,8% 6,7% 5.6% 4.9% 3.9% 4.3% 3.1% 4.2% 5.6% 8.4% 7.8% 7.7% 7.8% 5.6% 3.1%
ROIC incl. goodwill 5.6% 6.4% 7.7% 7.5% 8.1% 8.4% 7.4% 7.0% 6.3% 6.4% 6.7% 7.0% 7.6% 7.4% 7.0% 7.1% 6,3% 6,3% 6,1% 5.2% 4.5% 3.6% 3.9% 2.9% 3.9% 5.2% 7.5% 7.0% 7.0% 7.1% 5.2% 2.9%
Working capital 294 283 294 319 332 349 317 361 379 384 375 383 411 419 415 422 487 504 528 524 572 565 546 510 498 491 319 361 383 422 524 510
Net interest-bearing debt 438 409 398 522 571 593 581 730 743 731 726 734 749 760 755 806 891 904 929 926 1,025 1,012 977 980 966 936 522 730 734 806 926 980
Calculation of ROIC:
EBITA (LTM) 47 53 63 65 75 85 80 82 77 81 87 92 101 100 95 98 90 91 92 78 71 58 66 49 66 86 65 82 92 98 78 49
Average investered capital excl. goodwill 765 752 742 772 827 903 974 1,046 1,095 1,134 1,178 1,185 1,200 1,218 1,233 1,262 1,302 1,336 1,374 1,402 1,453 1,501 1,545 1,585 1,565 1,543 772 1,046 1,185 1,262 1,402 1,585
Average investered capital incl. goodwill 843 829 820 859 926 1,013 1,095 1,168 1,217 1,255 1,299 1,306 1,322 1,340 1,355 1,382 1,421 1,455 1,493 1,522 1,575 1,623 1,666 1,701 1,681 1,658 859 1,168 1,306 1,382 1,522 1,701
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 783 769 755 753 730 731 874 975 1,034 1,013 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 753 975 1,173 1,234 1,393 1,599
Invested capital 6 months ago 769 755 753 730 731 874 975 1,034 1,013 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 730 1,034 1,187 1,257 1,396 1,587
Invested capital 3 months ago 755 753 730 731 874 975 1,034 1,013 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 1,521 731 1,013 1,190 1,251 1,400 1,574
Invested capital current period 753 730 731 874 975 1,034 1,013 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 1,521 1,496 874 1,162 1,190 1,306 1,419 1,580
Average 765 752 742 772 827 903 974 1,046 1,095 1,134 1,178 1,185 1,200 1,218 1,233 1,262 1,302 1,336 1,374 1,402 1,453 1,501 1,545 1,585 1,565 1,543 772 1,046 1,185 1,262 1,402 1,585
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 861 846 833 831 807 809 990 1,099 1,156 1,135 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 831 1,099 1,293 1,357 1,510 1,720
Invested capital 6 months ago 846 833 831 807 809 990 1,099 1,156 1,135 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 807 1,156 1,308 1,378 1,515 1,707
Invested capital 3 months ago 833 831 807 809 990 1,099 1,156 1,135 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 1,642 809 1,135 1,311 1,370 1,524 1,697
Invested capital current period 831 807 809 990 1,099 1,156 1,135 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 1,642 1,616 990 1,284 1,313 1,425 1,539 1,678
Average 843 829 820 859 926 1,013 1,095 1,168 1,217 1,255 1,299 1,306 1,322 1,340 1,355 1,382 1,421 1,455 1,493 1,522 1,575 1,623 1,666 1,701 1,681 1,658 859 1,168 1,306 1,382 1,522 1,701
*) Includes also goodwill in Schouw & Co. in the amount of 32,0 million dkk.
-0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0%
20.7% 20.6% 22.6% 21.0% 23.0% 24.1% 20.7% 21.3% 22.9% 24.3% 21.6% 21.9% 23.5% 23.1% 20.9% 21.6% 21.0% 21.7% 20.7% 16.0% 18.2% 19.4% 19.7% 14.5% 22.2% 25.3% 21.2% 22.3% 22.8% 22.3% 20.0% 18.1%
GPV
Before Schouw & Co´s acquisation of GPV
GPV Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2015 2016 2017 2018 2019
INCOME STATEMENT
Revenue 205 219 227 203 209 218 225 225 261 287 305 295 283 297 322 316 718 714 741 682 679 676 855 877 1,148 1,218 2,856
Gross profit 40 42 48 43 43 39 51 51 56 63 65 68 60 60 73 69 108 99 117 120 87 100 173 183 251 262 444
EBITDA 20 16 23 20 22 13 25 24 23 27 31 25 25 24 37 29 46 42 56 53 46 62 79 84 107 115 196
Depreciation/impairment 7 6 6 6 6 6 6 6 6 7 7 5 8 9 10 10 30 31 28 29 30 29 25 24 25 37 118
Operating profit (EBIT) 14 10 17 13 16 7 20 18 17 20 24 20 17 15 27 18 16 11 27 24 16 32 53 61 81 78 78
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0 0 0
Financial items, net -17 3 2 -8 -2 -3 0 -3 -1 4 2 1 1 -2 -0 -2 -5 -7 -9 8 -12 -3 -20 -7 5 -4 -13
Profit before tax -3 13 19 5 14 4 20 15 16 24 26 21 18 13 27 16 11 4 18 32 5 29 33 54 87 74 65
Tax on profit -1 0 0 0 0 1 -0 5 -3 -5 -5 22 -3 -3 2 -4 -2 -1 -4 -9 -4 -4 -1 7 8 -9 -16
Profit before non-controlling interests -4 13 19 5 14 6 20 20 13 18 21 43 15 10 29 12 9 3 14 23 1 25 32 60 95 65 50
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -0 0 0 0 0 0 0
Profit -4 13 19 5 14 6 20 20 13 18 21 43 15 10 29 12 9 3 14 24 1 25 32 60 95 65 50
CASH FLOW
Cash flows from operating activities 59 -49 9 33 29 18 20 40 6 11 -22 12 17 -25 9 39 1 46 102 85 70 -17 51 107 7 40 235
Cash flows from investing activities -32 -3 -6 -1 -4 -2 -10 -25 -52 -11 -16 -24 -34 -55 -9 -643 -33 -26 -29 1 -13 -1 -43 -42 -104 -741 -88
Cash flows from financing activities 6 16 -2 -26 -9 -17 -2 0 23 15 16 17 23 68 2 739 -22 -21 -5 -94 -30 -67 -7 -28 72 832 -143
BALANCE SHEET
Intangible assets 0 0 0 16 19 19 18 18 18 18 429 424 420 426 422 428 421 0 18 429 422
Property, plant and equipment 187 176 199 223 219 225 240 268 314 321 425 444 450 480 478 455 451 199 240 425 478
Other non-current assets 14 17 25 26 24 23 45 44 44 45 54 187 189 183 183 180 174 25 45 54 183
Cash and cash equivalents 29 39 52 31 41 18 27 32 20 23 158 107 106 174 168 235 192 52 27 158 168
Other current assets 356 380 362 458 479 541 546 587 597 638 1,230 1,354 1,332 1,292 1,157 1,160 1,313 362 546 1,230 1,157
AKTIVER I ALT 585 613 638 754 781 825 875 950 994 1,045 2,296 2,515 2,497 2,554 2,406 2,458 2,550 638 875 2,296 2,406
Equity 113 135 165 187 185 199 243 262 274 316 743 780 795 850 857 841 876 165 243 743 857
Interest-bearing debt 295 297 291 327 333 348 377 402 470 476 970 1,086 1,068 1,071 1,009 1,002 978 291 377 970 1,009
Other creditors 178 181 182 239 264 278 255 286 250 253 582 650 634 633 540 615 697 182 255 582 540
Total liabilities and equity 585 613 638 754 781 825 875 950 994 1,045 2,296 2,515 2,497 2,554 2,406 2,458 2,550 638 875 2,296 2,406
Average number of employees 1.053 1,079 1,088 1,138 1,256 1,314 1,409 1,440 1,412 1,505 1,495 3,879 3,840 3,883 3,729 3,620 3,626 1,074 1,302 1,453 3,829
FINANCIAL KEY FIGURES
EBITDA margin 9.9% 7.3% 10.0% 9.7% 10.7% 5,8% 11.3% 9.6% 8.9% 9.5% 10.2% 8.5% 8,8% 8,2% 11,4% 9.0% 6.4% 5.9% 7.5% 7.8% 6.8% 9.1% 9.2% 9.6% 9.3% 9.4% 6.9%
EBIT margin 6.7% 4.4% 7.3% 6.5% 7.7% 3,1% 8.7% 6.9% 6.5% 7.0% 7.9% 6.9% 6,0% 5,1% 8,5% 5.8% 2.2% 1.5% 3.7% 3.5% 2.4% 4.8% 6.2% 6.9% 7.1% 6.4% 2.7%
ROIC excl. goodwill 14,2% 15.0% 15.9% 15.7% 18.1% 17.8% 16.9% 15.8% 13,5% 12,9% 11.8% 8.9% 7.2% 6.3% 6.0% 6.1% 7.4% 15.9% 17.1% 11.8% 6.0%
ROIC incl. goodwill 14,2% 15.0% 15.9% 15.5% 17.9% 17.5% 16.5% 15,6% 13,3% 12,7% 11.6% 8.4% 6.7% 5.8% 5.5% 5.5% 6.6% 15.9% 16.5% 11.6% 5.5%
Working capital 178 199 181 221 223 270 295 306 348 382 809 856 843 805 766 720 792 181 295 809 766
Net interest-bearing debt 267 258 240 296 292 331 351 369 450 453 812 979 962 898 819 767 786 240 351 812 819
Calculation of ROIC:
EBITA (LTM) 53 56 61 61 75 79 82 82 77 81 79 84 86 90 100 98 117 61 82 79 100
Average investered capital excl. goodwill 372 375 382 391 413 445 485 520 575 627 667 943 1,194 1,431 1,654 1,614 1,592 382 481 667 1,654
Average investered capital incl. goodwill 372 375 382 395 419 454 497 530 584 636 677 992 1,283 1,562 1,825 1,788 1,767 382 497 677 1,825
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 365 351 407 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS
1,687 1,673 1,660 407 444 583 1,687
Invested capital 6 months ago 351 407 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS
1,687 1,673 1,660 1,596 365 442 670 1,673
Invested capital 3 months ago 407 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS
1,687 1,673 1,660 1,596 1,528 375 494 710 1,660
Invested capital current period 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS
1,687 1,673 1,660 1,596 1,528 1,583 381 543 704
Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS
1,596
Average 372 375 382 391 413 445 485 520 575 627 667 943 1,194 1,431 1,654 1,614 1,592 382 481 667 1,654
Average investered capital incl. goodwill is calculated as such:
Invested capital 9 months ago 365 351 407 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS
1,856 1,843 1,833 407 460 592 1,856
Invested capital 6 months ago 351 407 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS
1,856 1,843 1,833 1,769 365 461 680 1,843
Invested capital 3 months ago 407 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS
1,856 1,843 1,833 1,769 1,706 375 513 720 1,833
Invested capital current period 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS
1,856 1,843 1,833 1,769 1,706 1,760 381 553 714
Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS

Thomas Dyhr Dalby: Excl. CCS
1,769
Average 372 375 382 395 419 454 497 530 584 636 677 992 1,283 1,562 1,825 1,788 1,767 382 497 677 1,825
-0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0%
-0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0%
19.3% 19.2% 21.3% 21.3% 20.6% 17.9% 22.6% 22.5% 21.5% 21.8% 21.2% 22.9% 21.3% 20.1% 22.7% 21.7% 15.0% 13.9% 15.8% 17.6% 12.8% 14.8% 20.3% 20.9% 21.9% 21.5% 15.5%
HydraSpecma
HydraSpecma Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2014 2015 2016 2017 2018 2019
INCOME STATEMENT
Revenue 134 147 147 138 148 151 148 156 453 466 388 440 476 457 409 464 499 550 454 502 556 565 494 509 533 458 566 603 1,747 1,806 2,005 2,123
Gross profit 43 47 47 41 48 50 50 58 115 116 101 112 133 121 107 109 131 135 112 127 141 141 125 124 137 110 177 206 444 471 505 532
EBITDA 19 22 23 15 20 23 24 27 44 44 42 40 51 37 33 27 50 48 33 44 60 64 53 37 57 46 78 93 170 148 175 215
Depreciation/impairment 5 4 5 4 3 4 3 4 14 14 15 16 15 15 15 15 15 15 14 15 19 19 20 21 21 21 18 15 59 60 58 79
Operating profit (EBIT) 14 18 18 10 16 19 20 23 30 29 27 24 36 22 18 12 35 33 20 30 42 45 33 17 36 25 60 78 111 88 117 136
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0) 0 0 0 0 0 0 0 1 0 0 0 0 0 (0) 0 1
Gains on equity divestments 0 0
Financial items, net (1) (1) 2 0 3 (2) (1) 0 (3) (1) (3) (1) (4) (8) (5) (4) (3) (3) (9) (1) 1 (10) (4) (10) (7) (14) 1 (0) (8) (21) (16) (23)
Profit before tax 13 17 20 11 19 17 20 23 27 29 25 23 31 15 13 8 32 31 10 29 43 35 30 7 29 11 61 78 103 67 102 114
Tax on profit (3) (4) (5) (3) (4) (4) (5) (5) (6) (6) (5) (6) (7) (4) (2) (4) (8) (7) (3) (12) (8) (7) (7) (3) (7) (3) (15) (18) (22) (17) (29) (25)
Profit before non-controlling interests 10 13 15 8 14 13 15 18 21 23 20 17 24 11 10 4 25 24 8 17 34 28 22 4 23 8 46 60 81 50 73 89
Non-controlling interests 0 0 0 0 0 0 0 0 (0) (1) (0) 0 0 1 0 (1) (0) (0) (0) (0) 0 0 0 0 0 0 0 0 (1) 1 (1) (1)
Profit 10 13 15 8 14 13 15 18 21 22 20 17 25 12 11 3 24 24 8 16 34 28 22 4 23 9 46 60 79 51 72 88
CASH FLOW
Cash flows from operating activities 22 (12) 9 40 44 (5) 28 (0) 9 31 25 62 6 26 (6) (38) (14) (3) 1 26 28 14 72 62 28 86 60 67 128 (11) 10 177
Cash flows from investing activities (2) (2) (2) 2 (2) (3) (2) (3) (488) (15) (19) (24) (8) (8) (11) (17) (9) (24) (20) (32) (20) (6) (15) (36) (21) (17) (4) (10) (545) (44) (85) (77)
Cash flows from financing activities (47) 17 (8) (34) (53) 4 (27) 5 534 (33) (11) (44) (0) 1 8 33 25 41 15 0 (5) (6) (58) (32) 4 (62) (72) (71) 446 43 81 (101)
BALANCE SHEET
Intangible assets 19 18 17 13 13 12 12 12 339 327 316 316 313 304 299 289 274 265 263 260 253 245 239 255 238 244 13 12 316 289 260 255
Property, plant and equipment 103 101 100 97 96 96 95 94 168 171 179 192 189 186 186 192 189 202 214 234 241 242 244 256 260 270 97 94 192 192 234 256
Other non-current assets 0 0 0 0 0 0 0 0 5 5 5 7 8 8 10 9 10 11 11 6 119 135 129 124 123 122 0 0 7 9 6 124
Cash and cash equivalents 12 15 14 22 12 8 6 8 62 45 77 36 103 96 88 23 59 71 58 29 54 57 62 28 53 63 22 8 36 23 29 28
Other current assets 261 286 296 259 269 282 279 296 768 791 745 806 805 798 819 899 920 986 978 1,012 1,048 1,070 1,024 1,028 1,009 989 259 296 806 899 1,012 1,028
AKTIVER I ALT 395 420 427 391 390 398 392 409 1,341 1,339 1,321 1,356 1,417 1,392 1,402 1,412 1,452 1,535 1,524 1,541 1,715 1,749 1,697 1,691 1,681 1,688 391 409 1,356 1,412 1,541 1,691
Equity 152 164 180 188 163 176 191 212 367 376 386 407 434 437 447 440 447 439 451 470 476 496 512 530 500 530 188 212 407 440 470 530
Interest-bearing debt 143 160 152 118 122 115 87 87 614 603 600 594 604 585 599 616 632 694 703 708 827 843 793 771 786 750 118 87 594 616 708 771
Other creditors 100 96 95 85 104 106 115 110 360 360 335 355 380 370 357 356 372 402 370 363 412 411 392 390 395 408 85 110 355 356 363 390
Total liabilities and equity 395 420 427 391 390 398 392 409 1,341 1,339 1,321 1,356 1,417 1,392 1,402 1,412 1,452 1,535 1,524 1,541 1,715 1,749 1,697 1,691 1,681 1,688 391 409 1,356 1,412 1,541 1,691
Average number of employees 216 220 228 243 243 237 238 247 804 1,012 1,017 1,062 1,092 1,132 1,166 1,198 1,200 1,210 1,233 1,233 1,208 1,220 1,235 1,220 1,192 1,176 230 241 1,020 1,147 1,219 1,221
FINANCIAL KEY FIGURES
EBITDA margin 13.9% 15.1% 15.4% 10.7% 13.2% 15.2% 16.0% 17.3% 9.8% 9.3% 10.8% 9.1% 10.6% 8.1% 8.1% 5.9% 9,9% 8,7% 7,3% 8.9% 10.9% 11.4% 10.8% 7.3% 10.8% 10.0% 13.8% 15.5% 9.7% 8.2% 8.7% 10.1%
EBIT margin 10.5% 12.0% 12.3% 7.5% 10.9% 12.6% 13.7% 14.5% 6.6% 6.3% 7.1% 5.5% 7.4% 4.8% 4.4% 2.7% 7,0% 6,1% 4,3% 5.9% 7.5% 7.9% 6.7% 3.3% 6.8% 5.4% 10.6% 12.9% 6.3% 4.9% 5.9% 6.4%
ROIC excl. goodwill 21.1% 22.3% 22.4% 22.6% 23.3% 23.8% 25.2% 28.9% 23.6% 20.6% 18.2% 16.1% 16.8% 15.9% 14.7% 13.0% 12,7% 13,4% 13,0% 14.3% 14.1% 14.4% 15.1% 13.5% 13.1% 11.6% 22.6% 28.9% 16.1% 13.0% 14.3% 13.5%
ROIC incl. goodwill 21.1% 22.3% 22.4% 22.6% 23.3% 23.8% 25.2% 28.9% 21.7% 18.1% 15.6% 13.6% 14.2% 13.5% 12.5% 11.1% 10,8% 11,5% 11,3% 12.5% 12.4% 12.7% 13.4% 12.0% 11.7% 10.3% 22.6% 28.9% 13.6% 11.1% 12.5% 12.0%
Working capital 162 195 211 187 161 188 184 202 491 491 497 463 491 495 531 566 605 644 669 678 687 715 689 665 662 632 187 202 463 566 678 665
Net interest-bearing debt 131 145 138 96 93 101 76 77 551 531 524 497 500 489 511 554 573 623 645 652 773 786 732 718 733 687 96 77 497 554 652 718
Calculation of ROIC:
EBITA (LTM) 61 66 67 68 69 69 71 82 101 115 127 133 138 131 122 110 110 121 122 139 144 155 168 155 150 130 68 82 133 110 139 155
Average investered capital excl. goodwill 291 294 300 300 297 292 282 284 426 560 697 824 823 822 827 847 868 901 935 968 1,024 1,080 1,117 1,147 1,142 1,123 300 284 824 847 968 1,147
Average investered capital incl. goodwill 291 294 300 300 297 292 282 284 464 636 811 976 974 973 978 997 1,015 1,047 1,078 1,110 1,166 1,221 1,257 1,287 1,280 1,261 300 284 976 997 1,110 1,287
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 296 298 292 279 309 322 292 264 289 283 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 279 264 831 827 911 1,138
Invested capital 6 months ago 298 292 279 309 322 292 264 289 283 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 309 289 826 821 955 1,176
Invested capital 3 months ago 292 279 309 322 292 264 289 283 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 1,120 322 283 831 853 988 1,138
Invested capital current period 279 309 322 292 264 289 283 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 1,120 1,101 292 300 807 886 1,016 1,134
Average 291 294 300 300 297 292 282 284 426 560 697 824 823 822 827 847 868 901 935 968 1,024 1,080 1,117 1,147 1,142 1,123 300 284 824 847 968 1,147
Average investered capital incl. goodwill is calculated as such:
Invested capital 9 months ago 296 298 292 279 309 322 292 264 289 283 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 279 264 986 980 1,054 1,280
Invested capital 6 months ago 298 292 279 309 322 292 264 289 283 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 309 289 977 971 1,096 1,315
Invested capital 3 months ago 292 279 309 322 292 264 289 283 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 1,254 322 283 980 1,003 1,130 1,276
Invested capital current period 279 309 322 292 264 289 283 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 1,254 1,240 292 300 959 1,034 1,159 1,276
Average 291 294 300 300 297 292 282 284 464 636 811 976 974 973 978 997 1,015 1,047 1,078 1,110 1,166 1,221 1,257 1,287 1,280 1,261 300 284 976 997 1,110 1,287
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0%
32.1% 31.8% 31.6% 29.5% 32.0% 33.4% 33.9% 37.3% 25.4% 24.8% 26.1% 25.5% 27.9% 26.6% 26.3% 23.4% 26.2% 24.6% 24.7% 25.3% 25.4% 25.0% 25.3% 24.4% 25.6% 24.0% 31.3% 34.2% 25.4% 26.1% 25.2% 25.1%
Borg
Before Schouw & Co´s acquisation of Borg
Borg Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 2016 2017 2018 2019
INCOME STATEMENT
Revenue 220 225 246 219 237 248 237 224 242 268 231 217 230 232 258 198 232 173 910 946 958 918
Gross profit 62 65 65 60 68 33 60 66 72 79 60 29 62 51 59 30 51 28 252 226 240 201
EBITDA 32 36 37 34 12 13 36 41 38 41 22 30 33 21 32 24 24 11 138 102 131 110
Depreciation/impairment 3 3 3 3 3 8 9 8 9 9 9 8 12 12 12 12 12 12 12 29 35 48
Operating profit (EBIT) 28 33 34 31 9 5 27 32 29 33 13 21 21 9 21 12 12 -1 126 73 96 62
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0
Financial items, net (6) (5) (1) (2) 2 (1) (3) 4 (1) (4) (1) (1) 0 0 -4 3 -5 0 -14 2 -7 -1
Profit before tax 22 28 34 29 11 4 24 36 28 28 12 20 21 9 17 15 7 -1 112 75 89 62
Tax on profit (6) 25 (6) (13) 3 (2) (4) (8) (5) (5) (3) (8) (4) (1) -3 -10 -1 0 -1 -10 -22 -18
Profit before non-controlling interests 16 53 28 15 14 2 20 29 23 24 9 12 17 7 13 6 6 -1 112 65 67 43
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit 16 53 28 15 14 2 20 29 23 24 9 12 17 7 13 6 6 -1 112 65 67 43
CASH FLOW
Cash flows from operating activities 2 27 53 43 (44) 16 75 (20) (38) 90 89 8 (12) 0 38 59 7 75 124 28 149 85
Cash flows from investing activities (2) (9) (3) (1) 2 (190) (5) 174 (5) (2) (6) (28) (8) (6) -2 -11 -3 -2 -15 -19 -41 -27
Cash flows from financing activities (3) (17) (47) (5) 14 174 (54) (182) 51 (73) (103) 11 25 6 -40 -51 7 -73 -72 -48 -114 -60
BALANCE SHEET
Intangible assets 376 369 354 348 341 336 345 341 334 327 323 316 309 20 354 345 323
Property, plant and equipment 70 71 73 76 74 77 91 88 91 90 97 92 93 62 73 91 97
Other non-current assets 54 59 57 56 63 65 56 94 97 91 88 87 83 46 57 56 88
Cash and cash equivalents 21 37 11 18 42 63 5 33 54 54 3 17 46 49 11 5 3
Other current assets 558 505 490 562 510 466 553 540 549 531 594 493 427 423 490 553 594
AKTIVER I ALT 1,079 1,041 985 1,060 1,029 1,007 1,050 1,096 1,124 1,093 1,105 1,005 959 599 985 1,050 1,105
Equity 413 430 456 477 393 407 598 548 560 561 579 499 508 252 456 598 579
Interest-bearing debt 210 155 155 206 242 180 25 109 134 101 91 75 32 23 155 25 91
Other creditors 456 456 374 377 395 420 427 439 430 431 435 432 419 324 374 427 435
Total liabilities and equity 1,079 1,041 985 1,060 1,029 1,007 1,050 1,096 1,124 1,093 1,105 1,005 959 599 985 1,050 1,105
Average number of employees 1,195 1,197 1,276 1,355 1,402 1,433 1,476 1,524 1,560 1,545 1,584 1,643 1,675 1,644 1,588 1,551 1,529 1,482 1,256 1,458 1,599 1,615
FINANCIAL KEY FIGURES
EBITDA margin 14.4% 15.9% 15.1% 15.4% 5.1% 5.3% 15.0% 18.2% 15,6% 15.4% 9.5% 13.6% 14.3% 8.9% 12.5% 12.3% 10.4% 6.3% 15.2% 10.7% 13.6% 12.0%
EBIT margin 12.8% 14.7% 14.0% 14.1% 3.9% 1.8% 11.3% 14.4% 12,0% 12.1% 5.7% 9.8% 9.2% 3.7% 8.0% 6.1% 5.2% -0.5% 13.9% 7.7% 10.0% 6.8%
ROIC excl. goodwill 23.3% 24,2% 23.9% 22.0% 20.7% 19.7% 15.4% 16.2% 14.9% 13.8% 13.1% 23.3% 20.7% 14.9%
ROIC incl. goodwill 12.7% 13,3% 13.0% 11.9% 11.1% 10.4% 8.3% 8.8% 8.2% 7.5% 6.9% 12.7% 11.1% 8.2%
Working capital 220 174 200 259 198 132 141 183 218 184 156 140 86 179 200 141 156
Net interest-bearing debt 189 118 144 188 200 117 (42) 76 80 47 2 58 -15 -25 144 -42 2
Calculation of ROIC:
EBITA (LTM) 144
Thomas Dyhr Dalby: Annualised
153
Thomas Dyhr Dalby: Annualised
148 133 123 115 92 99 93 84 74 144
Thomas Dyhr Dalby: Annualised

Thomas Dyhr Dalby: Annualised

Thomas Dyhr Dalby: Annualised
123 93
Average investered capital excl. goodwill 617 631 621 607 593 582 594 615 622 605 568 617 593 622
Average investered capital incl. goodwill 1,133 1,147 1,136 1,122 1,109 1,098 1,110 1,131 1,137 1,121 1,083 1,133 1,109 1,137
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 643 590 618 673 602 534 566 627 649 617 673 627
Invested capital 6 months ago 643 590 618 673 602 534 566 627 649 617 593 643 602 649
Invested capital 3 months ago 643 590 618 673 602 534 566 627 649 617 593 562 590 534 617
Invested capital current period 643 590 618 673 602 534 566 627 649 617 593 562 498 618 566 593
Average 617 631 621 607 593 582 594 615 622 605 568 617 593 622
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,188 1,143
Invested capital 6 months ago 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,159 1,118 1,165
Invested capital 3 months ago 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,078 1,106 1,050 1,133
Invested capital current period 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,078 1,014 1,134 1,081 1,109
Average 1,133 1,147 1,136 1,122 1,109 1,098 1,110 1,131 1,137 1,121 1,083 1,133 1,109 1,137
*) Includes also goodwill in Schouw & Co. in the amount of 515,8 million dkk.
0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0%
-0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% -0.0% -0.0% 0.0% -0.0%
28.2% 29.0% 26.2% 27.2% 28.6% 13.3% 25.3% 29.3% 29.7% 29.6% 25.9% 13.3% 27.0% 22.0% 22.9% 15.2% 22.0% 16.2% 23.9% 25.1% 21.9%

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Schouw & Co. A/S published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2020 17:42:07 UTC