million DKK

2007
2008
2009
Net revenue
1,389.3 1,343.7 1,219.8
Cost of goods sold
(933.4) (944.9) (825.5)
Gross profit
455.9
398.8
394.3
Sales and distribution costs
(307.5) (327.7) (297.5)
Administrative costs
(62.1)
(65.1)
(53.6)
Other operating income
11.1
15.7
0.2
Other operating expenses
EBIT
97.5
21.7
43.4
Income from investments in associated companies
Financial income
3.2
2.9
5.5
Financial expenses
(6.5)
(12.6)
(6.5)
Profit before tax
94.2
12.0
42.5
Company tax
(19.4)
(0.8)
(12.0)
Profit after tax
75.4
11.3
30.0

2010
1,296.5
(850.2)
446.3
(316.0)
(66.0)
(0.4)
63.9
6.7
(2.5)
68.1
(16.3)
51.8

2011
1,396.1
(937.4)
458.7
(359.3)
(75.7)
5.6
(0.2)
29.1
22.4
(25.8)
25.7
(4.5)
21.2

million DKK
Goodwill
Development costs
Intangible assets

2007
54.8
0.3
55.1

2008
52.4
0.1
52.6

102.6
181.8
0.1
42.4
327.0

95.5
259.9
0.9
4.0
360.3

Fixed assets

382.1

412.8

Inventory

242.0

269.5

Trade receivables
Corporate tax
Receivables from group enterprises
Other receivables
Prepayments
Receivables

207.2
47.7
254.9

160.6
9.6
41.8
212.1

Securities

10.7

9.4

Cash and cash equivalents

71.3

114.2

Total current assets

578.9

605.1

Total assets

961.0

1,018.0

million DKK
Share capital
Retained earnings
Proposed dividend
Equity

2007
3.5
463.5
15.0
482.0

2008
3.5
469.0
5.0
477.5

40.1
4.8

41.9
4.2

Land and buildings

Plant and machinery
Other fixtures and fittings, tools and equipment
Property, plant and equipment in progress and prepayments
Property, plant and equipment
Other fixed assets
Investments in associated companies
Fixed asset investments

Deferred tax
Other deferred provisions

Provisions

44.9

46.1

Bank debt
Long-term debt

66.4
66.4

42.9
42.9

Short-term payments of long-term debt

Credit institutions
Trade payables
Corporate tax
Other debt
Short-term debt

23.6
8.0
139.6
5.3
191.2
367.7

23.6
122.8
111.5
193.6
451.5

Total debt

434.1

494.3

Total liabilities

961.0

1,018.0

2009
48.4
48.4

2010
44.4
44.4

2011
40.5
40.5

89.4
225.3
0.7
8.5
323.9

85.2
222.9
0.4
1.6
310.1

84.4
195.5
0.2
5.1
285.3

2.7
2.7

2.7
2.7

2.7
2.7

375.1

357.3

328.4

207.9

237.8

227.2

145.0
5.4
16.1
166.5

181.4
2.5
11.5
0.3
195.7

223.2
13.8
3.8
240.8

8.0

6.0

4.2

97.4

111.8

164.9

479.8

551.3

637.1

855.0

908.6

965.5

2009
3.5
499.3
502.8

2010
3.5
550.3

2011
3.5
556.2

553.8

559.7

42.5
1.8

43.5
1.7

29.4
1.7

44.4

45.2

31.1

28.6
28.6

14.2
14.2

14.3
31.0
82.1
151.8
279.2

14.3
24.1
93.5
163.4
295.3

14.3
13.4
98.4
7.8
240.8
374.7

307.8

309.5

374.7

855.0

908.5

965.5

million DKK
EBIT
Net financials
Depreciation and amortization
Total

2007
97.5
(4.7)
48.3
141.0

2008
21.8
(9.7)
54.7
66.8

2009
43.0
(0.9)
60.7
102.8

2010
63.9
4.2
54.2
122.3

2011
29.1
(3.4)
55.1
80.8

Change in inventory
(24.9) (27.5)
Change in trade receivables
(14.9) 46.6
Change in other receivables
4.6
5.9
Change in prepayments
Change in trade payables
19.9 (28.1)
Change in other debt
0.2
2.4
Change in value of financial instruments Change in provisions
1.9
(0.5)
Change in taxes paid
(21.4) (13.4)
Cash flow from operating activities 106.5
52.1

61.6
15.6
25.7
(29.4)
(41.8)
(2.4)
(7.3)
124.8

(29.9)
(36.4)
4.6
(0.3)
11.4
11.4
(2.5)
(0.1)
(10.7)
70.0

10.6
(41.8)
(2.2)
(3.6)
4.9
77.7
(20.6)
(0.1)
(3.2)
102.5

Cash flow from investing activities

(84.8) (85.4)

(23.0)

(36.4)

(26.2)

Cash flow from financing activities

(47.3) (38.6)

(28.6)

(14.3)

(14.3)

Net cash flow for the year

(25.7) (71.9)

73.2

19.2

62.1