| DKK milion |
|
2005 |
2004 |
2003 |
2002 |
2001 |
|
|
|
|
|
|
|
|
|
| Income statement |
|
|
|
|
|
|
|
| Sales |
|
6,281 |
5,988 |
5,775 |
5,632 |
5,252 |
|
| Research and
development costs |
|
793 |
780 |
749 |
713 |
678 |
|
| EBITDA |
|
1,668 |
1,584 |
1,505 |
1,479 |
1,396 |
|
| Operating profit |
|
1,206 |
1,089 |
998 |
964 |
918 |
|
| Financial items, net |
|
(56) |
(33) |
32 |
(51) |
(45) |
|
| Profit before tax |
|
1,150 |
1,056 |
1,030 |
914 |
874 |
|
| Net profit |
|
861 |
775 |
746 |
656 |
605 |
|
|
|
|
|
|
|
|
|
| Balance sheet |
|
|
|
|
|
|
|
| Fixed assets |
|
3,970 |
3,908 |
4,206 |
4,453 |
4,651 |
|
| Current assets |
|
3,339 |
3,168 |
3,292 |
3,745 |
3,635 |
|
| Total assets |
|
7,309 |
7,076 |
7,498 |
8,198 |
8,286 |
|
| Share capital |
|
696 |
726 |
754 |
754 |
754 |
|
| Shareholders' equity |
|
3,794 |
3,947 |
4,079 |
4,139 |
4,043 |
|
| Non-current liabilities |
|
2,073 |
1,865 |
1,970 |
2,899 |
2,960 |
|
| Current liabilities |
|
1,442 |
1,264 |
1,449 |
1,160 |
1,283 |
|
| Net interest-bearing
debt |
|
877 |
638 |
782 |
1,069 |
1,317 |
|
|
|
|
|
|
|
|
|
| Investments and cash
flows |
|
|
|
|
|
|
|
| Cash flow
from operating activities |
|
1,326 |
1,287 |
1,374 |
1,181 |
1,160 |
|
| Cash
flow from investing activities, net |
|
(335) |
(207) |
(574) |
(606) |
(673) |
|
| Of which
investments in property, plant and equipment, net |
|
(324) |
(279) |
(389) |
(334) |
(450) |
|
| Free cash flow |
|
991 |
1,080 |
800 |
575 |
487 |
|
| Cash flow
from financing activities |
|
(1,136) |
(1,029) |
(998) |
(368) |
(653) |
|
| Net cash flow |
|
(145) |
51 |
(198) |
207 |
(166) |
|
|
|
|
|
|
|
|
|
| Key figures |
|
|
|
|
|
|
|
| Sales
outside Denmark as a percentage of sales |
% |
96.9 |
95.8 |
96.2 |
96.7 |
97.7 |
|
| Research and
development costs as a percentage of sales |
% |
12.6 |
13.0 |
13.0 |
12.7 |
12.9 |
|
| EBITDA margin |
% |
26.6 |
26.5 |
26.1 |
26.3 |
26.6 |
|
| Operating profit margin |
% |
19.2 |
18.2 |
17.3 |
17.1 |
17.5 |
|
| Net profit margin |
% |
13.7 |
12.9 |
12.9 |
11.6 |
11.5 |
|
| Effective tax rate |
% |
25.1 |
26.6 |
27.6 |
28.2 |
30.8 |
|
| Equity ratio |
% |
51.9 |
55.8 |
54.4 |
50.5 |
48.8 |
|
| Return on equity |
% |
22.2 |
19.3 |
18.2 |
16.0 |
15.2 |
|
| ROIC including goodwill |
% |
19.3 |
17.4 |
15.5 |
13.6 |
12.5 |
|
| ROIC excluding goodwill |
% |
19.8 |
18.1 |
16.0 |
13.8 |
12.5 |
|
| WACC |
% |
5.9 |
5.8 |
6.0 |
5.7 |
6.4 |
|
|
