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Financials

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  For the year ended 31 December
CONSOLIDATED INCOME STATEMENT   2017 2016 2015 2014 2013
  (audited)
             
             
Net sales   6,464 6,764 6,732 6,126 5,925
Gross profit   3,095 3,225 3,239 2,947 2,915
EBITDA   1,232 1,279 1,247 1,177 1,175
EBIT   913 957 941 908 775
             
Net profit for the period   712 682 668 640 573
             
  As at 31 December
BALANCE SHEET DATA   2017 2016 2015 2014 2013
  (audited)
             
ASSETS            
Non-current assets   9,013 9,770 9,718 9,376 8,672
Current assets   3,978 4,494 4,826 4,786 4,524
             
Total assets   12,990 14,264 14,544 14,162 13,196
             
EQUITY AND LIABILITIES            
Equity   8,448 9,273 8,998 9,087 8,333
Non-current liabilities   3,472 3,733 4,393 3,321 3,588
Current liabilities   1,071 1,258 1,153 1,754 1,275
Total liabilities   4,542 4,991 5,546 5,075 4,863
             
Total equity and liabilities   12,990 14,264 14,544 14,162 13,196
             
  For the year ended 31 December
CONSOLIDATED CASH FLOW STATEMENT DATA   2017 2016 2015 2014 2013
  (audited)
             
             
Cash Flow From operations (CFFO)   1,049 1,358 1,285 1,056 745
Investing Activities   -94 -219 -229 -471 -318
Financing Activities   -897 -1,178 -1,029 -468 -647
Net cash flow for the period   58 -39 28 117 -220
             
             
KEY PERFORMANCE INDICATORS   2017 2016 2015 2014 2013
             
             
Organic net sales growth (%)(1)   -2.2% 0.4% 0.3% 2.9% 0.7%
Net sales growth (%)   -4.2% 0.2% 9.9% 3.4% -0.9%
Gross margin (%)   47.9% 47.8% 48.1% 48.1% 49.2%
EBITDA margin (%)   19.1% 19.0% 18.5% 19.2% 19.8%
EBIT margin (%)   14.1% 14.2% 14.0% 14.8% 13.1%
Net profit margin (%)   11.00% 10.1% 9.9% 10.4% 9.7%
             
Adj. EBITDA   1,283 1,440 1,385 1,247 1,198
Adj. EBITDA margin (%)   19.9% 21.4% 20.5% 20.3% 20.2%
             
Net debt   2.247 2,469 3,011 2,698 2,808
Net debt/Adj. EBITDA   1.8x 1.7x 2.2x 2.2x 2.3x
Dividend(2)   925 550 1400 427 382
  Dividend payout ratio   130% 81% 210% 67% 67%
             

(1) Organic net sales growth is adjusted for currency fluctuations and acquisitions

(2) In September 2015 an extraordinary dividend of DKK 900m was paid