Audited by PwC
Key figures
| 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. | 0 | 0 | 0 | 1 | 1 | |
| 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. | 0 | 0 | 0 | 0 | 0 | |
| Frequency of accidents with absence per million working hours | 4.9 | 4.8 | 3.7 | 4.6 | 7.1 | ||
