| 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 |
|
| |
|
|
|
| |
|
|
|
