|
|
|
|
|
|
|
|
|
| EURm* |
|
2004/05 |
|
2003/04 |
2002/03 |
2001/02 |
2000/01 |
|
|
|
|
|
|
|
|
|
|
| Income statement |
|
|
|
|
|
|
|
|
| Revenue |
|
587 |
|
600 |
581 |
625 |
623 |
|
| Operating
profit before goodwill amortization etc. (EBITA) |
|
55 |
|
52 |
45 |
50 |
46 |
|
| Operating profit (EBIT) |
|
41 |
|
43 |
36 |
41 |
36 |
|
| One-time items |
|
564 |
|
- |
- |
- |
(10) |
|
| Net financial items |
|
(16) |
|
(16) |
(17) |
(17) |
(21) |
|
| Profit from ordinary
activities before tax |
|
589 |
|
27 |
19 |
23 |
5 |
|
| Extraordinary income after tax |
|
2 |
|
- |
- |
- |
- |
|
| Extraordinary costs after tax |
|
- |
|
- |
(5) |
- |
- |
|
| Net profit/(loss)for the year |
|
575 |
|
10 |
1 |
7 |
(5) |
|
|
|
|
|
|
|
|
|
|
| Average number of employees |
|
3,688 |
|
3,644 |
3,561 |
3,423 |
3,622 |
|
|
|
|
|
|
|
|
|
|
| Balance sheet |
|
|
|
|
|
|
|
|
| Total assets |
|
927 |
|
704 |
702 |
722 |
791 |
|
| Invested capital |
|
77 |
|
555 |
559 |
580 |
643 |
|
| Equity |
|
827 |
|
255 |
256 |
265 |
284 |
|
|
|
|
|
|
|
|
|
|
| Cash flow and
investments |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
37 |
|
42 |
40 |
41 |
42 |
|
| of which
amortization of goodwill |
|
8 |
|
9 |
9 |
9 |
10 |
|
| Cash flow from operating
activities |
|
55 |
|
45 |
36 |
74 |
33 |
|
| Cash flow from investing
activities |
|
796 |
|
(47) |
(38) |
(30) |
(47) |
|
| Free cash flow |
|
851 |
|
(2) |
(1) |
44 |
(14) |
|
|
|
|
|
|
|
|
|
|
| Information on shares |
|
|
|
|
|
|
|
|
| Dividend |
|
543 |
|
3 |
3 |
3 |
3 |
|
| Share capital |
|
14 |
|
14 |
14 |
14 |
14 |
|
| Shares in thousands of EUR
1.35 each |
|
10,128 |
|
10,128 |
10,128 |
10,128 |
10,128 |
|
| Share price - EUR |
|
128 |
|
55 |
40 |
31 |
35 |
|
| Net asset value per share - EUR |
|
82 |
|
25 |
25 |
26 |
28 |
|
|
|
|
|
|
|
|
|
|
| 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) - EUR |
|
56.8 |
|
1.0 |
0.6 |
0.6 |
(0.5) |
|
| Cash flow per share (CFPS) - EUR |
|
5.4 |
|
4.0 |
3.2 |
6.9 |
2.9 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
| *)
Translated from DKK to EUR at exchange rate: EUR 100 = DKK 745.82 (August 31,
2005) |
|
|
|
|
|
|
|
|