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Key figures 2007-2003

DKK million   2007 2006 2005 2004 2003  
Income statement
Sales 7,438  6,802  6,281  5,988  5,775 
Research and development costs 995  880  793  780  749 
EBITDA 1,971  1,809  1,668  1,584  1,505 
Operating profit 1,481  1,340  1,206  1,089  998 
Financial items, net (96) (122) (56) (33) 32 
Profit before tax 1,385  1,218  1,150  1,056  1,030 
Net profit 1,042  911  861  775  746 
Balance sheet
Fixed assets 5,218  4,379  3,970  3,908  4,206 
Current assets 3,653  3,586  3,339  3,168  3,292 
Total assets 8,871  7,965  7,309  7,076  7,498 
Share capital 650  650  696  726  754 
Shareholders' equity 3,667  3,393  3,794  3,947  4,079 
Non-current liabilities 2,810  2,634  2,073  1,865  1,970 
Current liabilities 2,394  1,938  1,442  1,264  1,449 
Net interest-bearing debt 1,769  1,455  877  638  782 
Investments and cash flows
Cash flow from operating activities 1,714  1,534  1,326  1,287  1,374 
Cash flow from investing activities, net (1,467) (953) (335) (207) (574)
Of which investments in property, plant and equipment, net (729) (463) (324) (279) (389)
Free cash flow 247  581  991  1,080  800 
Cash flow from financing activities (631) (851) (1,136) (1,029) (998)
Net cash flow (384) (270) (145) 51  (198)
Key figures
Sales outside Denmark as a percentage of sales % 98.2  98.2 96.9 95.8 96.2
Research and development costs as a percentage of sales % 13.4  12.9 12.6 13.0 13.0
EBITDA margin % 26.5  26.6 26.6 26.5 26.1
Operating profit margin % 19.9  19.7 19.2 18.2 17.3
Net profit margin % 14.0  13.4 13.7 12.9 12.9
Effective tax rate % 24.8  25.2 25.1 26.6 27.6
Equity ratio % 41.3  42.6 51.9 55.8 54.4
Return on equity % 29.5  25.4 22.2 19.3 18.2
ROIC including goodwill % 21.7  20.2 19.3 17.4 15.5
ROIC excluding goodwill % 23.4  21.1 19.8 18.1 16.0
WACC % 8.1  7.5 5.9 5.8 6.0