Financial Highlights

	2010¹	2009¹	2008¹	2007¹	2006¹
Financial and operating data of income statement (€ million)
Revenue	1,401.5	1,431.4	1,500.3	1,367.2	1,074.5
Earnings before interest, tax and amortisation (EBITA)	49.0	36.2	65.0	75.9	61.7
Operating profit before special items	41.6	29.4	58.3	69.8	61.4
Earnings before interest and tax (EBIT)	41.6	22.4	58.3	69.8	64.2
Financials, net	(6.2)	(5.0)	(12.9)	(5.6)	(2.2)
Earnings before tax (EBT)	35.4	17.4	45.4	64.2	62.0
Net profit for the	24.6	10.1	31.0	46.1	43.8
Earnings per share in € per share outstanding (EPS)	3.13	1.48	4.55	6.62	6.20


Financial and operating data of balance sheet (€ million)
Total assets	684.1	620.5	604.1	542.8	464.7
Net investments in intangible assets	15.7	12.4	4.7	34.1	23.2
Net investments in property, plant and equipment	6.4	7.8	11.2	13.8	13.8
Share capital outstanding	105.4	105.5	90.1	93.3	93.4
Total equity	284.9	257.3	203.6	227.6	196.4
Interest-bearing liabilities	158.1	150.7	232.3	151.7	133.8
Interest-bearing liabilities, net	98.5	102.8	229.0	147.0	126.0


Financial and operating data for cash flow (€ million)
Cash flow from operating activities	46.6	118.2	44.3	54.6	24.5
Cash flow from investing activities	(32.1)	(20.4)	(74.7)	(59.3)	(37.5)
Cash flow from financing activities	(13.8)	23.0	11.8	25.5	(30.2)


Financial ratios (% unless otherwise stated)
Revenue growth	(2.1)	(4.6)	9.7	27.2	18.0
Organic growth ²	(4.8)	(12.1)	5.0	15.3	17.4
EBITDA margin	4.3	3.4	4.9	6.1	6.5
EBITA margin	3.5	2.5	4.3	5.6	5.7
EBIT margin	3.0	1.6	3.9	5.1	6.0
Operating margin	1.8	0.7	2.1	3.4	4.1
Net working capital (NWC)/revenue (LTM) ³	15.9	15.0	18.7	18.6	22.3
Gearing (net interest-bearing liabilities/EBITDA), no. of times	1.6	2.1	3.1	1.8	1.8
Return on equity (ROE)	9.1	4.4	14.4	21.7	22.4
Return on equity (ROE) excl. amortisation	11.8	7.3	17.5	24.6	22.5
Return on invested capital (ROIC) ⁴	7.0	4.4	8.7	12.8	13.6
Return on invested capital (ROIC) excl. amortisation ⁴	8.8	6.5	10.3	14.3	13.7
Adjusted market capitalisation/operating profit or loss (EV/EBITA)	11.1	11.5	6.2	8.7	13.0
Equity ratio	41.6	41.5	33.7	41.9	42.3
Intrinsic value in € per share outstanding	36.3	32.8	30.3	32.7	28.2
Share price in €	56.6	46.0	25.6	74.3	95.5
Share price/intrinsic value	1.56	1.40	0.85	2.27	3.39
Dividend in € per share	1.34	0.57	2.01	2.55	2.28
Dividend in % of net profit for the year (payout ratio)	42.9	44.4	43.6	38.5	36.3
Price Earnings (P/E)	18.1	31.1	5.6	11.2	15.4
Share price in DKK	422	343	191	554	712
Dividend in DKK per share	10.00	4.25	15.00	19.00	17.00


Employees
Average number of employees (FTE)	2,955	3,175	3,010	2,658	2,281

1 Changes have been made in the figures of comparison due to errors resulting from non-compliance with the group’s internal accounting policies in Solar Deutschland GmbH, see the group report on page 34.
2 No adjustments have been made regarding Otra Danmark operations acquired.
3 Calculated as inventories and trade receivables substracting trade payables at the end of the period in proportion to revenue for the last 12 months. No adjustments have been made for acquired activities.
4 Calculated on the basis of operating profit before special items.

Financial Highlights

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