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October 26, 2018 at 1:30 AM EDT

Company Announcement no. 720 

Selected financial and operating data for the period 1 January - 30 September 2018

(DKKm)Q3 2018Q3 2017YTD 2018YTD 2017
Net revenue20,237 18,735 58,108 55,882 
Gross profit4,472 4,114 13,042 12,551 
Operating profit (EBIT) before special items1,507 1,313 4,112 3,682 
Operating margin7.4%7.0%7.1%6.6%
Conversion ratio33.7%31.9%31.5%29.3%
Profit for the period1,104 826 3,060 2,237 
Adjusted earnings for the period1,126 940 3,126 2,578 
Adjusted free cash flow  2,631 3,047 
Diluted adjusted earnings per share of DKK 1 for the period6.1 5.0 16.8 13.6 

Jens Bjørn Andersen, Group CEO: ”We delivered strong results in the first nine months of 2018, including healthy top-line growth across all business areas and continued improvement of our margins. The implementation of trade tariffs continues to create uncertainty in our industry, but so far, we see a negligible impact on our activities. Based on our performance so far and expectations for the rest of the year, we are adjusting our earnings outlook.”

The consolidated full-year outlook for 2018 previously announced is adjusted as follows:

  • Operating profit before special items is expected to be in the range of DKK 5,400-5,600 million (previously DKK 5,300-5,600 million).
  • Adjusted free cash flow is expected to approximate DKK 4,200 million (unchanged).
  • The effective tax rate is expected to approximate 23% (unchanged).

A separate company announcement about the launch of a new share buyback programme of DKK 1,200 million will be issued today.


Investor Relations
Flemming Ole Nielsen, tel. +45 43 20 33 92,
Frederikke Linde, tel. +45 43 20 31 95,

Tina Hindsbo, tel. +45 43 20 36 63,

This announcement has been forwarded to Nasdaq Copenhagen and to the press. It is also available at

Yours sincerely,