DKKm
Sales
0
0
0
0
0
171
194
195
175
253
349
N/A
Sales growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
13,8
0,6
-10,3
44
38,1
-100
EBITDA
0
0
0
0
0
15
36
53
-14
33
69
N/A
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
8,9
18,3
27,1
-7,9
13,2
19,7
N/A
EBIT adj.
0
0
0
0
0
-10
10
31
-41
0
32
0
EBIT adj. margin (%)
N/A
N/A
N/A
N/A
N/A
-5,9
5,3
15,7
-23,2
0
9,3
N/A
Pretax profit
0
0
0
0
0
-14
5
37
-36
0
33
0
EPS
N/A
N/A
N/A
N/A
N/A
-0,16
0,12
0,48
-0,42
0
0,29
N/A
EPS growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
-171,8
311,2
-187,4
-100
N/A
-100
EPS adj.
N/A
N/A
N/A
N/A
N/A
-0,16
0,12
0,48
-0,42
0
0,29
N/A
DPS
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
N/A
EV/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
43,1
17,9
12,3
-50,2
21,6
10,4
N/A
EV/EBIT adj. (x)
N/A
N/A
N/A
N/A
N/A
-65,2
62
21,3
-17,1
8476,3
22
N/A
P/E (x)
N/A
N/A
N/A
N/A
N/A
-49,6
69,1
16,8
-19,2
N/A
28,5
N/A
P/E adj. (x)
N/A
N/A
N/A
N/A
N/A
-49,6
69,1
16,8
-19,2
N/A
28,5
N/A
EV/sales (x)
N/A
N/A
N/A
N/A
N/A
3,86
3,27
3,34
3,99
2,86
2,05
N/A
FCF yield (%)
0
0
0
0
0
1,9
5
-2,4
-6,5
-3,5
1,1
0
Le. adj. FCF yld. (%)
0
0
0
0
0
1,9
5
-2,4
-6,5
-3,5
1,1
0
Dividend yield (%)
0
0
0
0
0
0
0
0
0
0
0
0
Net IB debt/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
-1,2
-1,1
-0,4
-1,6
-0,1
-0,2
N/A
Le. adj. ND/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
2,1
1,7
0,6
1
0,2
0,2
N/A
DKKm
Sales
0
0
0
0
0
171
194
195
175
253
349
N/A
COGS
0
0
0
0
0
-43
-55
-55
-70
-68
-107
N/A
Gross profit
0
0
0
0
0
127
139
140
105
184
242
0
Other operating items
0
0
0
0
0
-112
-103
-87
-119
-151
-173
0
EBITDA
0
0
0
0
0
15
36
53
-14
33
69
N/A
Depreciation and amortisation
0
0
0
0
0
-25
-25
-22
-27
-33
-36
0
of which leasing depreciation
0
0
0
0
0
0
-6
-5
-3
-2
-1
N/A
EBITA
0
0
0
0
0
-10
10
31
-41
0
32
N/A
EO Items
0
0
0
0
0
0
0
0
0
0
0
N/A
Impairment and PPA amortisation
0
0
0
0
0
0
0
0
0
0
0
0
EBIT
0
0
0
0
0
-10
10
31
-41
0
32
N/A
Net financial items
0
0
0
0
0
-4
-5
6
4
0
0
N/A
Pretax profit
0
0
0
0
0
-14
5
37
-36
0
33
0
Tax
0
0
0
0
0
1
5
3
1
0
-7
N/A
Net profit
0
0
0
0
0
-14
10
40
-35
0
26
0
Minority interest
0
0
0
0
0
0
0
0
0
0
0
N/A
Net profit discontinued
0
0
0
0
0
0
0
0
0
0
0
N/A
Net profit to shareholders
0
0
0
0
0
-14
10
40
-35
0
26
0
EPS
N/A
N/A
N/A
N/A
N/A
-0,16
0,12
0,48
-0,42
0
0,29
N/A
EPS adj.
N/A
N/A
N/A
N/A
N/A
-0,16
0,12
0,48
-0,42
0
0,29
N/A
Total extraordinary items after tax
0
0
0
0
0
0
0
0
0
0
0
0
Leasing payments
0
0
0
0
0
0
-6
-5
-3
-2
-1
N/A
Tax rate (%)
N/A
N/A
N/A
N/A
N/A
4,6
-86,4
-8,7
3,4
22
22
N/A
Gross margin (%)
N/A
N/A
N/A
N/A
N/A
74,5
71,5
71,8
60
73
69,3
N/A
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
8,9
18,3
27,1
-7,9
13,2
19,7
N/A
EBITA margin (%)
N/A
N/A
N/A
N/A
N/A
-5,9
5,3
15,7
-23,2
0
9,3
N/A
EBIT margin (%)
N/A
N/A
N/A
N/A
N/A
-5,9
5,3
15,7
-23,2
0
9,3
N/A
Pre-tax margin (%)
N/A
N/A
N/A
N/A
N/A
-8,4
2,7
18,9
-20,8
0,1
9,4
N/A
Net margin (%)
N/A
N/A
N/A
N/A
N/A
-8
5
20,6
-20
0,1
7,3
N/A
Sales growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
13,8
0,6
-10,3
44
38,1
-100
EBITDA growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
132,8
48,9
-126,3
-339,8
105,6
-100
EBITA growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
-201,5
199,1
-232,9
-100,2
37996,5
-100
EBIT growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
-201,5
N/A
-232,9
-100,2
N/A
-100
Net profit growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
-171,8
311,3
-187,4
-100,7
10142
-100
EPS growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
-171,8
311,2
-187,4
-100
N/A
-100
Profitability
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
ROE (%)
N/A
N/A
N/A
N/A
N/A
-34,7
11,6
36
-29,9
0,2
15,3
0
ROE adj. (%)
N/A
N/A
N/A
N/A
N/A
-34,7
11,6
36
-29,9
0,2
15,3
0
ROCE (%)
N/A
N/A
N/A
N/A
N/A
-15,5
10,2
28,7
-23,5
1,4
16,8
0
ROCE adj. (%)
N/A
N/A
N/A
N/A
N/A
-15,5
10,2
28,7
-23,5
1,4
16,8
0
ROIC (%)
N/A
N/A
N/A
N/A
N/A
-31,8
34,7
41,8
-33,6
0
15,9
N/A
ROIC adj. (%)
N/A
N/A
N/A
N/A
N/A
-31,8
34,7
41,8
-33,6
0
15,9
N/A
Adj. earnings numbers
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EBITDA adj.
0
0
0
0
0
15
36
53
-14
33
69
0
EBITDA adj. margin (%)
N/A
N/A
N/A
N/A
N/A
8,9
18,3
27,1
-7,9
13,2
19,7
N/A
EBITDA lease adj.
0
0
0
0
0
15
30
48
-17
31
67
N/A
EBITDA lease adj. margin (%)
N/A
N/A
N/A
N/A
N/A
8,9
15,3
24,7
-9,8
12,4
19,3
N/A
EBITA adj.
0
0
0
0
0
-10
10
31
-41
0
32
0
EBITA adj. margin (%)
N/A
N/A
N/A
N/A
N/A
-5,9
5,3
15,7
-23,2
0
9,3
N/A
EBIT adj.
0
0
0
0
0
-10
10
31
-41
0
32
0
EBIT adj. margin (%)
N/A
N/A
N/A
N/A
N/A
-5,9
5,3
15,7
-23,2
0
9,3
N/A
Pretax profit Adj.
0
0
0
0
0
-14
5
37
-36
0
33
0
Net profit Adj.
0
0
0
0
0
-14
10
40
-35
0
26
0
Net profit to shareholders adj.
0
0
0
0
0
-14
10
40
-35
0
26
0
Net adj. margin (%)
N/A
N/A
N/A
N/A
N/A
-8
5
20,6
-20
0,1
7,3
N/A
DKKm
EBITDA
0
0
0
0
0
15
36
53
-14
33
69
N/A
Goodwill
0
0
0
0
0
0
0
0
0
0
0
N/A
Net financial items
0
0
0
0
0
-4
-5
6
4
0
0
N/A
Other intangible assets
0
0
0
0
0
41
35
45
60
68
78
0
Paid tax
0
0
0
0
0
3
2
-1
0
-6
-9
N/A
Tangible fixed assets
0
0
0
0
0
14
11
14
13
13
13
N/A
Non-cash items
0
0
0
0
0
26
5
-2
4
0
0
N/A
Right-of-use asset
0
0
0
0
0
0
0
0
0
0
0
N/A
Cash flow before change in WC
0
0
0
0
0
40
38
56
-5
28
60
0
Total other fixed assets
0
0
0
0
0
1
6
11
12
18
20
0
Change in working capital
0
0
0
0
0
-13
10
-41
2
-13
-7
0
Fixed assets
0
0
0
0
0
56
52
71
86
99
110
0
Operating cash flow
0
0
0
0
0
26
48
15
-4
15
53
N/A
Inventories
0
0
0
0
0
10
19
24
24
40
44
N/A
Capex tangible fixed assets
0
0
0
0
0
-1
-1
-7
-5
-6
-6
N/A
Receivables
0
0
0
0
0
33
19
42
39
60
70
N/A
Capex intangible fixed assets
0
0
0
0
0
-15
-15
-29
-35
-35
-40
N/A
Other current assets
0
0
0
0
0
0
0
0
0
0
0
N/A
Acquisitions and Disposals
0
0
0
0
0
2
2
5
0
0
0
0
Cash and liquid assets
0
0
0
0
0
64
63
39
23
48
41
N/A
Free cash flow
0
0
0
0
0
13
34
-16
-44
-26
8
0
Total assets
0
0
0
0
0
163
153
177
172
247
265
0
Dividend paid
0
0
0
0
0
0
0
0
0
0
0
N/A
Shareholders equity
0
0
0
0
0
78
90
133
101
154
179
0
Share issues and buybacks
0
0
0
0
0
59
0
0
-2
52
0
0
Minority
0
0
0
0
0
0
N/A
N/A
N/A
N/A
N/A
N/A
Leasing liability amortisation
0
0
0
0
0
0
0
0
0
0
0
N/A
Total equity
0
0
0
0
0
78
90
133
101
154
179
0
Other non-cash items
0
0
0
0
0
-63
-8
0
0
0
0
-7
Long-term debt
0
0
0
0
0
0
0
0
10
10
10
N/A
Pension debt
0
0
0
0
0
0
0
0
0
0
0
N/A
Convertible debt
0
0
0
0
0
0
0
0
0
0
0
N/A
Leasing liability
0
0
0
0
0
14
10
7
5
3
3
0
Total other long-term liabilities
0
0
0
0
0
9
6
5
5
5
5
0
Short-term debt
0
0
0
0
0
33
13
9
31
31
16
N/A
Accounts payable
0
0
0
0
0
3
11
11
10
16
19
N/A
Other current liabilities
0
0
0
0
0
26
24
11
10
28
32
0
Total liabilities and equity
0
0
0
0
0
163
153
177
172
247
265
0
Net IB debt
0
0
0
0
0
-18
-40
-23
23
-4
-12
0
Net IB debt excl. pension debt
0
0
0
0
0
-18
-40
-23
23
-4
-12
0
Net IB debt excl. leasing
0
0
0
0
0
-31
-50
-30
18
-7
-15
0
Capital employed
0
0
0
0
0
125
112
150
147
198
209
0
Capital invested
0
0
0
0
0
61
49
110
124
150
168
0
Working capital
0
0
0
0
0
13
3
45
43
56
62
0
Market cap. diluted (m)
0
0
0
0
0
676
676
676
676
727
727
0
Net IB debt adj.
0
0
0
0
0
-18
-40
-23
23
-4
-12
N/A
Market value of minority
0
0
0
0
0
0
0
0
0
0
0
N/A
Reversal of shares and participations
0
0
0
0
0
0
0
0
0
0
0
0
Reversal of conv. debt assumed equity
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EV
0
0
0
0
0
658
635
653
699
723
715
0
Total assets turnover (%)
N/A
N/A
N/A
N/A
N/A
209,7
123,1
118,6
100,6
120,5
136,3
0
Working capital/sales (%)
N/A
N/A
N/A
N/A
N/A
3,9
4,4
12,3
24,9
19,5
16,9
N/A
Financial risk and debt service
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Net debt/equity (%)
N/A
N/A
N/A
N/A
N/A
-22,7
-45
-17,3
22,4
-2,5
-6,5
N/A
Net debt / market cap (%)
N/A
N/A
N/A
N/A
N/A
-2,6
-6
-3,4
3,4
-0,5
-1,6
N/A
Equity ratio (%)
N/A
N/A
N/A
N/A
N/A
48,2
58,7
75,5
59
62,2
67,8
N/A
Net IB debt adj. / equity (%)
N/A
N/A
N/A
N/A
N/A
-22,7
-45
-17,3
22,4
-2,5
-6,5
N/A
Current ratio
N/A
N/A
N/A
N/A
N/A
1,73
2,14
3,41
1,68
1,96
2,29
N/A
EBITDA/net interest
N/A
N/A
N/A
N/A
N/A
3,7
7,1
8,4
3,2
142,7
296,4
N/A
Net IB debt/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
-1,2
-1,1
-0,4
-1,6
-0,1
-0,2
N/A
Net IB debt/EBITDA lease adj. (x)
N/A
N/A
N/A
N/A
N/A
-2,1
-1,7
-0,6
-1
-0,2
-0,2
N/A
Interest coverage
N/A
N/A
N/A
N/A
N/A
2,1
1,8
59,2
23,8
1,2
23
N/A
DKKm
Shares outstanding adj.
0
0
0
0
0
83
83
83
83
89
89
N/A
Diluted shares adj.
0
0
0
0
0
83
83
83
83
89
89
0
EPS
N/A
N/A
N/A
N/A
N/A
-0,16
0,12
0,48
-0,42
0
0,29
N/A
Dividend per share
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
N/A
EPS adj.
N/A
N/A
N/A
N/A
N/A
-0,16
0,12
0,48
-0,42
0
0,29
N/A
BVPS
N/A
N/A
N/A
N/A
N/A
0,94
1,08
1,61
1,22
1,72
2,01
N/A
BVPS adj.
N/A
N/A
N/A
N/A
N/A
0,45
0,66
1,06
0,5
0,96
1,14
N/A
Net IB debt/share
N/A
N/A
N/A
N/A
N/A
-0,21
-0,49
-0,28
0,27
-0,04
-0,13
N/A
Share price
12
12
12
12
12
12
12
12
12
12
12
12
Market cap. (m)
0
0
0
0
0
676
676
676
676
727
727
0
P/E (x)
N/A
N/A
N/A
N/A
N/A
-49,6
69,1
16,8
-19,2
N/A
28,5
N/A
EV/sales (x)
N/A
N/A
N/A
N/A
N/A
3,86
3,27
3,34
3,99
2,86
2,05
N/A
EV/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
43,1
17,9
12,3
-50,2
21,6
10,4
N/A
EV/EBITA (x)
N/A
N/A
N/A
N/A
N/A
-65,2
62
21,3
-17,1
8476,3
22
N/A
EV/EBIT (x)
N/A
N/A
N/A
N/A
N/A
-65,2
62
21,3
-17,1
8476,3
22
N/A
Dividend yield (%)
0
0
0
0
0
0
0
0
0
0
0
0
FCF yield (%)
0
0
0
0
0
1,9
5
-2,4
-6,5
-3,5
1,1
0
Le. adj. FCF yld. (%)
0
0
0
0
0
1,9
5
-2,4
-6,5
-3,5
1,1
0
P/BVPS (x)
N/A
N/A
N/A
N/A
N/A
8,62
7,53
5,06
6,66
4,72
4,05
N/A
P/BVPS adj. (x)
8,14
8,14
8,14
8,14
8,14
18,12
12,29
7,67
16,31
8,47
7,15
8,14
P/E adj. (x)
N/A
N/A
N/A
N/A
N/A
-49,6
69,1
16,8
-19,2
N/A
28,5
N/A
EV/EBITDA adj. (x)
N/A
N/A
N/A
N/A
N/A
43,1
17,9
12,3
-50,2
21,6
10,4
N/A
EV/EBITA adj. (x)
N/A
N/A
N/A
N/A
N/A
-65,2
62
21,3
-17,1
8476,3
22
N/A
EV/EBIT adj. (x)
N/A
N/A
N/A
N/A
N/A
-65,2
62
21,3
-17,1
8476,3
22
N/A
EV/CE (x)
N/A
N/A
N/A
N/A
N/A
5,3
5,7
4,4
4,7
3,6
3,4
N/A
Investment ratios
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Capex/sales (%)
N/A
N/A
N/A
N/A
N/A
9,2
8,4
18,2
22,9
16,2
13,1
N/A
Capex/depreciation
N/A
N/A
N/A
N/A
N/A
0,6
0,8
2
1,7
1,3
1,3
N/A
Capex tangibles / tangible fixed assets
N/A
N/A
N/A
N/A
N/A
3,7
11
49,6
36,3
46,4
47,6
N/A
Capex intangibles / definite intangibles
N/A
N/A
N/A
N/A
N/A
36,8
43,2
62,9
58,8
51,2
50,9
N/A
Depreciation on intang / def. intang
N/A
N/A
N/A
N/A
N/A
62
55
37
33
39
38
N/A
Depreciation on tangibles / tangibles
N/A
N/A
N/A
N/A
N/A
0
2,84
5,67
25,97
33,8
40,04
N/A
Sales
Sales growth (%)
EBIT adj.
EBIT adj. margin (%)
EPS adj.
DPS
Net IB debt
Equity ratio (%)
Shares outstanding adj.
Sales
Sales growth (%)
EBIT adj.
EBIT adj. margin (%)
EPS adj.
DPS
Net IB debt
Equity ratio (%)
Shares outstanding adj.