FIVE-YEAR SUMMARY
| DKK million | 2018 | 20171 | 20161 | 2015 | 2014 |
| Consolidated income statement | |||||
| Revenue | 22,806 | 22,781 | 20,281 | 16,737 | 11,942 |
| Gross profit | 16,942 | 16,966 | 15,223 | 12,193 | 8,423 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 7,421 | 8,505 | 7,922 | 6,214 | 4,294 |
| Operating profit (EBIT) | 6,431 | 7,784 | 7,404 | 5,814 | 4,072 |
| Net financials | 151 | -117 | 246 | -469 | -200 |
| Net profit for the year | 5,045 | 5,768 | 6,025 | 3,674 | 3,098 |
| Consolidated balance sheet | |||||
| Total assets | 19,244 | 17,428 | 15,321 | 13,311 | 10,556 |
| Invested capital2 | 12,071 | 11,369 | 9,242 | 8,047 | 5,911 |
| Operating working capital | 2,555 | 2,988 | 2,782 | 2,388 | 1,990 |
| Net interest-bearing debt (NIBD)2 | 5,652 | 4,855 | 2,448 | 1,909 | -1,121 |
| Equity | 6,419 | 6,514 | 6,794 | 6,139 | 7,032 |
| Consolidated cash flow statement | |||||
| Cash flow related to mergers and acquisitions | -1,071 | -1,843 | -210 | -260 | -155 |
| Free cash flow | 5,558 | 5,294 | 5,358 | 2,449 | 3,868 |
| Cash conversion, % | 86.4% | 68.0% | 72.4% | 42.1% | 95.0% |
| Ratios | |||||
| Revenue growth, % | 0% | 12% | 21% | 40% | 33% |
| Revenue growth, local currency, % | 3% | 15% | 24% | 29% | 33% |
| Total like-for-like sales-out, % | -4% | 0% | 8% | 15% | 20% |
| Retail like-for-like sales-out, % | 0% | 10% | 16% | 29% | 35% |
| Effective tax rate, % | 23.4% | 24.8% | 21.2% | 31.3% | 20.0% |
| Equity ratio, % | 33.4% | 37.4% | 44.3% | 46.1% | 66.6% |
| NIBD to EBITDA2, x | 0.8x | 0.6x | 0.3x | 0.3x | -0.3x |
| Return on invested capital (ROIC)2, % | 53.3% | 68.5% | 80.1% | 72.3% | 68.9% |
| Days sales outstanding | 50 | 47 | 37 | 32 | 32 |
| Margins | |||||
| Gross margin, % | 74.3% | 74.5% | 75.1% | 72.9% | 70.5% |
| EBITDA margin, % | 32.5% | 37.3% | 39.1% | 37.1% | 36.0% |
| EBIT margin, % | 28.2% | 34.2% | 36.5% | 34.7% | 34.1% |
| Share information | |||||
| Dividend per share3, DKK | 9 | 9 | 9 | 13 | 9 |
| Quarterly dividend per share4, DKK | 9 | 27 | - | - | - |
| Total payout ratio (incl. share buyback), % | 103.7% | 99.1% | 91.5% | 135.8% | 104.1% |
| Earnings per share, basic, DKK | 47.2 | 52.0 | 52.8 | 30.9 | 25.0 |
| Earnings per share, diluted, DKK | 47.0 | 51.8 | 52.5 | 30.7 | 24.7 |
| Share price at year-end, DKK | 265.3 | 675.5 | 924.0 | 872.0 | 504.5 |
| Other key figures | |||||
| Capital expenditure (CAPEX) | 1,129 | 1,388 | 1,199 | 1,109 | 455 |
| Capital expenditure, tangible assets (CAPEX) | 753 | 946 | 828 | 706 | 297 |
| Store network, total number of concept stores | 2,705 | 2,446 | 2,138 | 1,802 | 1,410 |
| Average number of full-time employees | 24,030 | 20,904 | 17,770 | 13,971 | 9,957 |
1 Figures have been restated to reflect the adoption of IFRS 15.
2 For 2014, 2015, 2016 and 2017, Invested capital and NIBD have been restated due to immaterial reclassifications. Consequently, NIBD to EBITDA and ROIC have been recalculated.
3 Proposed dividend per share for 2018.
4 Quarterly dividend per share for 2018, paid in 2018.