|
|
|
|
|
|
|
|
|
| DKKm |
|
2004/05 |
|
2003/04 |
2002/03 |
2001/02 |
2000/01 |
|
|
|
|
|
|
|
|
|
|
| Income statement |
|
|
|
|
|
|
|
|
| Revenue |
|
4,381 |
|
4,474 |
4,336 |
4,660 |
4,648 |
|
| Operating
profit before goodwill amortization etc. (EBITA) |
|
412 |
|
385 |
336 |
373 |
346 |
|
| Operating profit (EBIT) |
|
307 |
|
320 |
269 |
303 |
272 |
|
| One-time items |
|
4,206 |
|
- |
- |
- |
(74) |
|
| Net financial items |
|
(118) |
|
(118) |
(130) |
(130) |
(158) |
|
| Profit
from ordinary activities before tax |
|
4,395 |
|
202 |
139 |
173 |
40 |
|
| Extraordinary
income after tax |
|
14 |
|
- |
- |
- |
- |
|
| Extraordinary
costs after tax |
|
- |
|
- |
(40) |
- |
- |
|
| Net profit/(loss)
for the year |
|
4,288 |
|
76 |
9 |
49 |
(38) |
|
|
|
|
|
|
|
|
|
|
| Average number of
employees |
|
3,688 |
|
3,644 |
3,561 |
3,423 |
3,622 |
|
|
|
|
|
|
|
|
|
|
| Balance sheet |
|
|
|
|
|
|
|
|
| Total assets |
|
6,912 |
|
5,251 |
5,236 |
5,388 |
5,897 |
|
| Invested capital |
|
572 |
|
4,138 |
4,170 |
4,329 |
4,792 |
|
| Equity |
|
6,170 |
|
1,902 |
1,911 |
1,977 |
2,115 |
|
|
|
|
|
|
|
|
|
|
| Cash flow and
investments |
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
275 |
|
310 |
297 |
306 |
311 |
|
| of which
amortization of goodwill |
|
59 |
|
65 |
67 |
70 |
74 |
|
| Cash flow
from operating activities |
|
407 |
|
335 |
272 |
555 |
247 |
|
| Cash flow
from investing activities |
|
6 |
|
(349) |
(282) |
(226) |
(354) |
|
| Free cash flow |
|
6 |
|
(14) |
(10) |
329 |
(107) |
|
|
|
|
|
|
|
|
|
|
| Information on shares |
|
|
|
|
|
|
|
|
| Dividend |
|
4 |
|
20 |
20 |
20 |
20 |
|
| Share capital |
|
101 |
|
101 |
101 |
101 |
101 |
|
| Shares in
thousands of DKK 10 each |
|
10,128 |
|
10,128 |
10,128 |
10,128 |
10,128 |
|
| Share price - DKK |
|
951 |
|
408 |
295 |
233 |
258 |
|
| Net asset value
per share - DKK |
|
611 |
|
188 |
189 |
195 |
209 |
|
|
|
|
|
|
|
|
|
|
| Key figures |
|
|
|
|
|
|
|
|
| EBITA margin - % |
|
9.4 |
|
8.6 |
7.8 |
8.0 |
7.4 |
|
| EBIT margin - % |
|
7.0 |
|
7.2 |
6.2 |
6.5 |
5.9 |
|
| ROAIC - % |
|
13.0 |
|
7.7 |
6.3 |
6.6 |
5.7 |
|
| Pay-out ratio - % |
|
94 |
|
27 |
213 |
42 |
(53) |
|
|
|
|
|
|
|
|
|
|
| Earnings per
share (EPS) - DKK |
|
423.4 |
|
7.5 |
4.8 |
4.8 |
(3.8) |
|
| Cash flow per
share (CFPS) - DKK |
|
40.2 |
|
30.0 |
23.8 |
51.5 |
21.5 |
|
|
|
|
|
|
|
|
|
|
| Price earnings ratio
(PE) |
|
2 |
|
54 |
60 |
49 |
(68) |
|
| Share price/Net
asset value |
|
1.6 |
|
2.2 |
1.6 |
1.2 |
1.2 |
|
|
|
|
|
|
|
|
|
|
| Revenue growth |
|
|
|
|
|
|
|
|
| Organic growth |
|
6 |
|
8 |
2 |
4 |
2 |
|
| Exchange differences |
|
(1) |
|
(5) |
(9) |
(4) |
4 |
|
| Acquisitions |
|
- |
|
- |
- |
- |
2 |
|
| Divestments |
|
(7) |
|
- |
- |
- |
- |
|
| Total growth - % |
|
(2) |
|
3 |
(7) |
- |
8 |
|
|
|
|
|
|
|