Half Year

Half Year 2018

EUR´000

H1 2018

H1 2017

   
Revenue27,191 28,413
Gross profit13,37514,231
EBITDA *20,25920,324
Earnings before interest and tax (EBIT) before impairment12,96312,642
Net financials-4,862-5,964
Profit/loss for the period 5,4384,919
Comprehensive income for the period 6,5807,960
   
Non-current assets327,389348,860
Current assets87,12569,926
Assets classified as held for sale1,02512,915
Total assets 415,539431,701
Share capital71,62371,623
Equity     211,658204,165
Non-current liabilities170,134194,054
Current liabilities33,49431,661
Liabilities classified as held for sale2531,821
Net working capital (NWC)16,17617,017
   
Cash flow from operating activities13,46410,366
Cash flow from/used in investing activities6,9332,300
Of which investment in property, plant and equipment-206
Cash flow from financing activities-11,480-796
Total cash flow    8,91711,870
   
Gross margin before impairment49.2%50.1%
EBITDA margin *74.5%71.5%
EBIT margin47.7%44.5%
Equity ratio50.9%47.3%
Return on invested capital (ROIC)3.6%3.6%
Return on equity2.7%2.4%
Gearing ratio0.50.7
   
Average number of shares, 1000 shares101,367101,367
Number of shares at the end of the period, 1000 shares101,367101,367
Earnings per share (EPS basic), EUR0.050.05
Net asset value per share, EUR2.092.01
Price/net asset value0.570.48
Actual price earnings (P/E Basic)22.2119.99
Dividend per share0.030.02
Payout ratio (%) 40% 40%
Market price, end of the period, EUR1.190.97
   
Average number of employees3133
Number of employees 3133

 

* Operation profit/loss before impairment excluding Depreciation, income from investments in Joint Ventures and Special Items
The key ratios are calculated in accordance with “Recommendations & Financial Ratios 2015”, issued by the Danish Society of Financial Analyst.

EUR´000

H1 2017

H1 2016

   
Revenue28,413 25,270
Gross profit14,23112,214
EBITDA *20,32419,164
Gain from a bargain purchase
Earnings before interest and tax (EBIT) before impairment12,64212,220
Net financials-5,964-5,518
Profit/loss for the period from continuing operations4,9195,592
Profit/loss for the period from discontinued operations-1,107
Profit/loss for the period 4,9194,485
Comprehensive income for the period 7,9603,279
   
Non-current assets348,860335,366
Current assets69,92657,355
Assets classified as held for sale and discontinued operations12,9156,261
Total assets 431,701398,982
Share capital71,62371,623
Equity     204,165195,269
Non-current liabilities194,054102,427
Current liabilities31,66198,774
Liabilities classified as held for sale and discontinued operations1,8212,512
Net working capital (NWC)17,01717,491
   
Cash flow from operating activities10,3666,657
Cash flow from/used in investing activities2,3001,825
Of which investment in property, plant and equipment-1,230
Cash flow from financing activities-796-9,341
Total cash flow from continuing operations11,870-136
Total cash flow from discontinued operations-723
Total cash flow    11,870-859
   
Gross margin before impairment50.1%48.3%
EBITDA margin *71.5%75.8%
EBIT margin44.5%48.4%
Equity ratio47.3%48.9%
Return on invested capital (ROIC)3.6%3.8%
Return on equity2.4%2.3%
Gearing ratio0.70.7
   
Average number of shares, 1000 shares101,367101,367
Number of shares at the end of the period, 1000 shares101,367101,367
Earnings per share (EPS basic), EUR from continuing operations0.050.06
Earnings per share (EPS basic), EUR after discontinued operations0.050.04
Net asset value per share, EUR2.011.93
Price/net asset value0.480.53
Actual price earnings (P/E Basic)19.9923.09
Dividend per share0.022
Payout ratio (%) 40%
Market price, end of the period, EUR0.971.02
   
Average number of employees3354
Number of employees 3351

 

* Adjusted for income from Associates / Excluding Special Items
The key ratios are calculated in accordance with “Recommendations & Financial Ratios 2015”, issued by the Danish Society of Financial Analyst.

EUR´000

H1 2016

H1 2015*

   
Revenue 25,27026,753
Gross profit12,21412,713
EBITDA **19,16417,811
Earnings before interest and tax (EBIT) before impairment12,22010,279
Net financials-5,518-5,212
Profit/loss for the period from continuing operations5,5923,002
Profit/loss for the period from discontinued operations-1,107-481
Profit/loss for the period 4,4852,521
Comprehensive income for the period 3,2794,403
   
Non-current assets335,366361,217
Current assets57,35565,881
Assets classified as held for sale and discontinued operations6,2611,153
Total assets 398,982428,251
Share capital71,62371,623
Equity     195,269193,844
Non-current liabilities102,427186,293
Current liabilities98,77448,114
Liabilities classified as held for sale and discontinued operations2,512
Net working capital (NWC)17,49119,355
   
Cash flow from operating activities6,6575,667
Cash flow from/used in investing activities-1,1751,196
Of which investment in property, plant and equipment-1,230-323
Cash flow from financing activities-6,341-6,165
Total cash flow from continuing operations-1363,172
Total cash flow from discontinued operations-723-2,474
Total cash flow    -859698
   
Gross margin before impairment48.3%47.5%
EBITDA margin **75.8%66.6%
EBIT margin48.4%38.4%
Equity ratio48.9%45.3%
Return on invested capital (ROIC)3.8%2.9%
Return on equity2.3%1.3%
Gearing ratio0.70.8
   
Average number of shares, 1000 shares101,367101,367
Number of shares at the end of the period, 1000 shares101,367101,367
Earnings per share (EPS basic), EUR from continuing operations0.060.03
Earnings per share (EPS basic), EUR after discontinued operations0.040.02
Net asset value per share, EUR1.931.91
Price/net asset value0.530.60
Actual price earnings (P/E Basic)23.0946.24
Dividend per share
Payout ratio (%) –
Market price, end of the period, EUR1.021.15
   
Average number of employees5467
Number of employees *** 5164

 

*  Restated due to IFRS 5 – Discontinued operations (Income statement and Cash flow)
** Adjusted for income from Associates / Excluding Special Items
*** Of which Environment (Discontinued): 17 employees

The key ratios are calculated in accordance with “Recommendations & Financial Ratios 2015”, issued by the Danish Society of Financial Analyst.