Audited by PwC

Key figures

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DKK million   2008 2007 2006 2005 2004  
Income statement
Revenue 8,146  7,438  6,802  6,281  5,988 
Research and development costs 1,096  995  880  793  780 
EBITDA 2,060  1,971  1,809  1,668  1,584 
Operating profit 1,504  1,481  1,340  1,206  1,089 
Financial items, net (85) (96) (122) (56) (33)
Profit before tax 1,419  1,385  1,218  1,150  1,056 
Net profit 1,062  1,042  911  861  775 
Balance sheet
Non-current assets 5,641  5,218  4,379  3,970  3,908 
Current assets 4,284  3,653  3,586  3,339  3,168 
Total assets 9,925  8,871  7,965  7,309  7,076 
Common stock 650  650  650  696  726 
Shareholders' equity 4,476  3,667  3,393  3,794  3,947 
Non-current liabilities 2,563  2,810  2,634  2,073  1,865 
Current liabilities 2,886  2,394  1,938  1,442  1,264 
Net interest-bearing debt 1,380  1,769  1,455  877  638 
Investments and cash flows
Cash flow from operating activities 1,697  1,714  1,534  1,326  1,287 
Cash flow from investing activities, net (942) (1,467) (953) (335) (207)
Of which investments in property, plant and equipment, net (885) (721) (463) (324) (279)
Free cash flow 755  247  581  991  1,080 
Cash flow from financing activities 287  (631) (851) (1,136) (1,029)
Net cash flow 1,042  (384) (270) (145) 51 
Key figures
Revenue outside Denmark as a percentage of total revenue % 98.5 98.2 98.2 96.9 95.8
Research and development costs as a percentage of revenue % 13.5 13.4 12.9 12.6 13.0
EBITDA margin % 25.3 26.5 26.6 26.6 26.5
Operating profit margin % 18.5 19.9 19.7 19.2 18.2
Net profit margin % 13.0 14.0 13.4 13.7 12.9
Effective tax rate % 25.2 24.8 25.2 25.1 26.6
Equity ratio % 45.1 41.3 42.6 51.9 55.8
Return on equity % 26.1 29.5 25.4 22.2 19.3
ROIC including goodwill % 19.5 21.7 20.2 19.3 17.4
ROIC excluding goodwill % 21.2 23.4 21.1 19.8 18.1
WACC % 7.4 8.1 7.5 5.9 5.8
 
Environmental and social data
Growth in water consumption % (2.2) 11.7  7.7  0.1  12.6 
Growth in energy consumption % 0.2  13.3  5.8  1.4  11.4 
Total waste recycled % 45.0  43.4  42.1  30.6  14.8 
Significant spills No.
Rate of employee turnover % 11.3  9.0  8.0  6.6  5.5 
Rate of absence % 2.2  2.2  2.3  2.5  2.8 
Fatalities No.
Frequency of accidents with absence per million working hours 4.9  4.8  3.7  4.6  7.1