Quarterly figures 1 |
Q1 |
Q2 |
Q3 |
Q4 |
| € million |
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
2010 |
2009 |
| Financial and operating data of income statement |
|
|
|
|
|
|
|
|
| Revenue |
359.8 |
329.3 |
358.5 |
338.2 |
353.3 |
336.3 |
397.7 |
379.9 |
| Earnings before interest, tax and amortisation (EBITA) |
6.1 |
6.0 |
1.0 |
9.4 |
12.9 |
16.5 |
17.1 |
11.5 |
| Earnings before special items |
3.1 |
4.3 |
(2.2) |
7.6 |
9.8 |
14.7 |
15.0 |
9.7 |
| Special items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
(7.0) |
| Earnings before interest and tax (EBIT) |
3.1 |
4.3 |
(2.2) |
7.6 |
9.8 |
14.7 |
15.0 |
2.7 |
| Financials, net |
(1.7) |
(2.1) |
(1.8) |
(1.4) |
(2.1) |
(1.3) |
(1.4) |
(1.4) |
| Earnings before tax (EBT) |
1.4 |
2.2 |
(4.0) |
6.2 |
7.7 |
13.4 |
13.6 |
1.3 |
| Net profit for the period |
0.3 |
1.0 |
(3.8) |
3.9 |
5.3 |
10.4 |
9.3 |
0.2 |
| Earnings per share in € per share outstanding (EPS) |
0.04 |
0.13 |
(0.48) |
0.50 |
0.67 |
1.33 |
1.18 |
0.03 |
| Earnings per share in € per share outstanding excl. amortisation |
0.42 |
0.34 |
(0.08) |
0.73 |
1.07 |
1.55 |
1.45 |
0.28 |
|
|
|
|
|
|
|
|
|
| Financial and operating data of balance sheet |
|
|
|
|
|
|
|
|
| Total assets |
696.6 |
639.2 |
683.5 |
646.4 |
742.7 |
668.7 |
684.1 |
620.5 |
| Net investments in intangible assets |
0.9 |
4.9 |
0.6 |
5.1 |
1.4 |
4.1 |
1.6 |
5.2 |
| Net investments in property, plant and equipment |
1.4 |
3.8 |
0.7 |
2.2 |
0.7 |
0.0 |
0.4 |
1.7 |
| Share capital outstanding |
105.3 |
105.5 |
105.3 |
105.4 |
105.6 |
105.4 |
105.4 |
105.5 |
| Equity |
287.6 |
260.0 |
271.8 |
257.9 |
270.4 |
269.3 |
284.9 |
257.3 |
| Interest-bearing liabilities |
171.2 |
150.9 |
170.3 |
153.9 |
170.5 |
151.0 |
158.1 |
150.7 |
| Interest-bearing liabilities, net |
106.6 |
100.5 |
97.4 |
105.4 |
143.5 |
104.3 |
98.5 |
102.8 |
|
|
|
|
|
|
|
|
|
| Financial and operating data for cash flow |
|
|
|
|
|
|
|
|
| Cash flow from operating activities |
(5.6) |
10.7 |
20.2 |
7.7 |
7.9 |
16.4 |
11.8 |
24.3 |
| Cash flow from investing activities |
(2.3) |
(6.0) |
(1.3) |
(7.3) |
(64.1) |
(13.5) |
(5.3) |
(6.9) |
| Cash flow from financing activities |
(2.4) |
(3.3) |
(13.4) |
(7.7) |
(2.5) |
(3.1) |
0.3 |
44.8 |
|
|
|
|
|
|
|
|
|
| Financial ratios (% unless otherwise stated) |
|
|
|
|
|
|
|
|
| Revenue growth |
9.3 |
(11.8) |
6.0 |
(1.9) |
5.1 |
0.8 |
4.7 |
(7.9) |
| Organic growth 2 |
5.6 |
(14.3) |
3.7 |
(5.2) |
3.2 |
(1.8) |
2.2 |
(10.1) |
| EBITDA margin |
2.5 |
2.7 |
1.1 |
3.6 |
4.4 |
5.7 |
5.1 |
3.8 |
| EBITA margin |
1.7 |
1.8 |
0.3 |
2.8 |
3.7 |
4.9 |
4.3 |
3.0 |
| EBIT margin |
0.9 |
1.3 |
(0.6) |
2.2 |
2.8 |
4.4 |
3.8 |
0.7 |
| Operating margin |
0.1 |
0.3 |
(1.1) |
1.2 |
1.5 |
3.1 |
2.3 |
0.1 |
| Net working capital (NWC)/revenue (LTM) 3 |
16.1 |
15.3 |
15.0 |
15.3 |
16.7 |
15.9 |
15.9 |
15.0 |
| Gearing (net interest-bearning liabilities/EBITDA (LTM)), no. of times4 |
1.8 |
2.2 |
1.9 |
2.2 |
2.9 |
1.9 |
1.6 |
2.1 |
| Return on equity (ROE) |
0.4 |
1.5 |
(5.4) |
6.0 |
7.8 |
15.8 |
13.4 |
0.3 |
| Return on equity (ROE) excl. amortisation |
4.6 |
4.2 |
(0.9) |
8.8 |
12.4 |
18.5 |
16.5 |
3.4 |
| Return on invested capital (ROIC) 5 |
0.6 |
2.0 |
(2.1) |
4.9 |
6.0 |
11.4 |
9.9 |
1.5 |
| Return on invested capital (ROIC) excl. amortisation 5 |
4.3 |
4.3 |
0.6 |
6.8 |
9.0 |
13.2 |
12.0 |
7.6 |
Adjusted market capitalisation/
operating profit or loss (EV/EBITA) |
23.6 |
21.1 |
121.8 |
13.0 |
7.0 |
7.3 |
7.9 |
9.4 |
| Equity ratio |
41.3 |
40.7 |
39.8 |
39.9 |
36.4 |
40.3 |
41.6 |
41.5 |
| Intrinsic value in € per share outstanding |
36.6 |
33.1 |
34.6 |
32.8 |
34.4 |
34.3 |
36.3 |
32.8 |
| Share price in € |
59.7 |
51.9 |
49.8 |
49.1 |
28.1 |
48.0 |
56.6 |
46.0 |
| Share price/intrinsic value |
1.63 |
1.57 |
1.44 |
1.50 |
0.82 |
1.40 |
1.56 |
1.40 |
| Share price in DKK |
445 |
387 |
371 |
366 |
209 |
357 |
422 |
343 |
|
|
|
|
|
|
|
|
|
| Employees |
|
|
|
|
|
|
|
|
| Average number of employees (FTE) |
3,027 |
2,973 |
3,052 |
2,917 |
3,088 |
2,930 |
3,000 |
3,055 |
|
|
Haderslevvej 25