Financial key figures

Group financial highlights for the latest 5 year period

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DKKm	2019	2020	2021	2022	2023
INCOME STATEMENT
Revenue	20,646	16,441	17,581	21,849	24,106
Gross profit	4,849	3,865	4,180	5,076	6,087
EBITDA before special non-recurring items	2,008	1,134	1,401	1,300	1,761
EBITA	1,663	771	1,030	943	1,438
EBIT	1,286	428	668	619	1,200
Financial items, net	(118)	(47)	(81)	(67)	(146)
EBT	1,171	381	587	552	1,054
Profit/loss for the year, continuing activities	798	226	374	351	672
Profit/loss for the year, discontinued activities	(22)	(21)	(17)	1	(181)
Profit/loss for the year	776	205	357	352	491

ORDERS
Order intake (gross), continuing activities	19,554	18,524	19,233	24,644	21,376
Order backlog, continuing activities	14,192	14,874	16,592	23,541	17,593

EARNING RATIOS
Gross margin	23.5 %	23.5%	23.8%	23.2%	25.3%
EBITDA margin before special non-recurring items	9.7 %	6.9%	8.0%	5.9%	7.3%
EBITA margin	8.1 %	4.7%	5.9%	4.3%	6.0%
EBIT margin	6.2 %	2.6%	3.8%	2.8%	5.0%
EBT margin	5.7 %	2.3%	3.3%	2.5%	4.4%

CASH FLOW
CFFO	948	1,421	1,449	968	623
Acquisitions of tangible assets	(177)	(171)	(116)	(88)	(176)
CFFI	(661)	(376)	(273)	(2,310)	(257)
Free cash flow	287	1,045	1,176	(1,342)	366
Free cash flow adjusted for acquisitions and disposals of enterprises and activities	574	1,082	1,185	777	201

BALANCE SHEET
Net working capital	2,739	1,752	1,058	1,893	1,382
Net interest-bearing debt (NIBD)	(2,492)	(1,808)	889	(726)	(639)
Total assets	23,532	20,456	23,053	29,845	27,011
Equity	8,793	8,130	10,368	10,787	10,828
Dividend to shareholders, proposed	0	103	173	173	231

FINANCIAL RATIOS
CFFO / Revenue	4.6 %	8.6%	8.2%	4.4%	2.5%
Book-to-bill	94.7 %	112.7%	109.4%	112.8%	88.7%
Order backlog / Revenue	68.7 %	90.5%	94.4%	107.7%	73.0%
Return on equity	9.1 %	2.4%	3.9%	3.3%	4.5%
Equity ratio	37.4 %	39.7%	45.0%	36.1%	40.1%
ROCE, average	10.9 %	5.1%	7.2%	5.9%	8.2%
Net working capital ratio, end	13.3 %	10.7%	6.0%	7.8%	5.7%
NIBD/EBITDA	1.2	1.6	(0.6)	0.6	0.4%
Capital employed, average	15,251	15,195	14,384	15,888	17,552
Number of employees	11,765	10,639	10,117	10,977	9,377

SHARE RATIOS
CFPS (cash flow per share), (diluted)	18.9	28.3	27.8	17.0	10.9
EPS (earnings per share), (diluted)	15.5	4.2	6.9	6.5	8.7
Dividend yield	0.0	0.9	1.2	1.2	1.4
Dividend per share, proposed	0	2	3	3	4
Share price	265.4	232.8	244.3	251.7	287.2
Number of shares (1,000), end	51,250	51,250	57,650	57,650	57,650
Market capitalisation	13,602	11,931	14,084	14,511	16,557

SUSTAINABILITY KEY FIGURES
Spend with suppliers with science-based targets**			4.9%	7.7%	12.6%
Safety, Total recordable incident rate (TRIR)**	1.6	1.0	1.9	1.5	2.7
Quality, Delivery in full on time (DIFOT)	88.0%	88.3%	85.1%	81.9%	81.9%
Scope 1 & 2 greenhouse gas emissions (tCO₂e) market-based		41,155	34,737	39,079*	38,022
Scope 3: Economic intensity \| Use of sold products	9,248**		10,348***	5,461**	5,430
(GHGs in tonnes CO₂e/DKKm order intake)**
Water withdrawal (m³)	221,613	197,346	201,997	178,064	167,610
Suppliers assessed for sustainability	689	390	641	676
Women managers	11.2%	13.1%	14.3%	14.3%	16.3%

Use of alternative performance measures

Throughout the report we present financial measures which are not defined according to IFRS. We have included additional information in note 7.4 Alternative performance measures and 7.8 Definition of terms.

The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Refer to note 7.8 for definitions of terms.

*Mining Technologies is included for the last four months of 2022. 2022 Scope 1 and 2 (market based) was updated to reflect Mining Technologies.

**Sustainability key figures are from our Sustainability Report. Starting in 2018, TRIR is including contractors. Spend with suppliers with science-based targets was tracked for the first time in 2021. Scope 3 economic intensity was a new target introduced in 2021 using 2019 data as baseline. No data was tracked for economic intensity in 2020. 2019 baseline has been recalculated to include Mining Technologies which is reflected in 2022 reported number.

***Reported lifetime greenhouse gas emissions for 2021 have been recalculated by 631 tonnes CO₂e due to two orders moved from 2021 to 2022 to align with the effective Order Intake date.