Key figures

DKK million 2020 2019 20182 20171,2
20161,2






Key financial highlights

         
 Organic growth, %
 -11% -8%
-2%
11%
N/A
 Sell-out growth, incl. temporarily closed stores, %  -12% -8%
-4%
0%
8%
 Total like-for-like sales out3, %  1% -8%
-4%
0%
8%
 Gross margin excl. restructuring costs, %  76.5% 77.4%
 74.3% 74.5%
75.1%
 EBIT margin excl. restructuring costs, %  20.4% 26.8%
28.2%
34.2%
36.5%
           

Consolidated income statement (reported)






Revenue 19,009
21,868 22,806 22,781 20,281
Earnings before interest, tax, depreciation and amortisation (EBITDA) 4,999
6,148 7,421
8,505
7,922
Operating profit (EBIT) 2,684
3,829 6,431 7,784 7,404
Net financials -190
1 151 -117 -246
Net profit for the period
1,938 2,945 5,045 5,768 6,025
           

Financial ratios

         
 Revenue growth, DKK, %  -13% -4%
0%
12%
21%
 Revenue growth, local currency, %  -11% -6%
3%
15%
24%
 Gross margin (reported), %  75.6% 72.7%
74.3%
74.5%
75.1%
 EBITDA margin (reported), %  26.3% 28.1%
32.5%
37.3%
39.1%
 EBIT margin (reported), %  14.1% 17.5%
28.2%
34.2%
36.5%
 Effective tax rate, %  22.3% 23.1%
23.4%
24.8%
21.2%
 Equity ratio, %  37% 24%
33%
37%
44%
 NIBD to EBITDA excl. restructuring costs, x  0.5 1.1
0.8
0.6
0.3
 Return on invested capital (ROIC)6, %  25% 27%
53%
68%
80%
 Cash conversion incl. lease payments, % 183% 133%
86%
68%
72%
 Operating working capital, % of last 12 months' revenue -2.1%
3.1%
11.2%
13.1%
13.7%
           

Stock ratios

         
 Total payout ratio (incl. share buyback)4, %  65% 147%
104%
99%
91%
 Dividend per share5, DKK  - 9.0
9.0
9.0
9.0
 Quarterly dividend per share6, DKK  - 9.0
9.0
27.0
-
 Earnings per share, basic, DKK  20.0 30.3
47.2
52.0
52.8
 Earnings per share, diluted, DKK  19.9 30.1
47.0 51.8
52.5
           






Consolidated balance sheet






Total assets 19,984
21,571
19,244
17,428
15,321
Invested capital7 10,540
14,268
12,071
11,369
9,242
Operating working capital -391
684
2,555
2,988
2,782
Net interest-bearing debt (NIBD)7 3,151
9,019
5,652
4,855
2,448
Equity 7,389
5,249
6,419
6,514
6,794






Consolidated statement of cash flow






Cash flow from operating activities 5,975 6,775
6,624 6,606
6,531
Capital expenditure – total 491
822
1,129
1,388
1,199
Capital expenditure – property, plant and equipment 369
556
753
946
828
Free cash flow incl. lease payments
4,908
5,075
5,558
5,294
5,358












Other key figures






Store network, total number of concept stores 2,690
2,770
2,705
2,446
2,138
Average number of full-time employees 22,336
23,736
24,030
20,904
17,770

 

 

1) Figures have been restated to reflect the adoption of IFRS 15.
2) Comparative figures have not been restated following the adoption of IFRS 16 Leases.
3) Like-for-like excluding stores which have been temporarily closed in 2020 due to COVID-19 (2019: excluding Hong Kong SAR in Q3 and Q4 due to the extraordinary turmoil in the market).
4) Excluding sale of treasury shares amounting to DKK 1.8 billion in Q2 2020.
5) Proposed dividend per share for the year.
6) Paid quarterly dividend per share for the period.
7) For 2016 and 2017, Invested capital and NIBD have been restated due to immaterial reclassifications. Consequently, NIBD to EBITDA and ROIC have been recalculated.