Highlights latest financial report
Performance in 2017
- Revenue increased by 2.7% in local currencies (organic growth) and increased very slightly in DKK to DKK 1,622 million.
- EBITDA of DKK 242.3 million before special items, which slightly exceeded our previous outlook of DKK 230-240 million.
- Our margins have increased due to the success of our sales and operational strategies. Most markets have seen improved profitability and in particular Eastern Europe.
- Investments of DKK 110 million were made during 2017 slightly less than our guidance.
- EBIT margin before special items of 10.1% against a long-term target of minimum 8 to 10%.
- ROIC was 16.1% against a long-term target of minimum 12%.
- Net interest-bearing debt on 31 December 2017 of DKK 459 million. The debt-to-EBITDA ratio is 2.2.
- Cash flow from operating activities of DKK 83.3 million (2016: 143.1 million) and cash flow from investing activities of DKK (144.2) million (2016: (75.0) million).
- Free cash flow DKK (60.9) million (2016: DKK 68.1 million).
- Equity on 31 December 2017 of DKK 377 million, up DKK 100 million on 31 December 2016, mainly due to profit for the year and exchange rates.
- In March 2017 a new committed credit facility of DKK 650 million was agreed with Danske Bank A/S. The credit facility was amended in June 2017 in connection with the acquisition of Grupa Silikaty.
- In December 2017 a term loan agreement of DKK 850 million was agreed with Danske Bank A/S in connection with the acquisition of HDKS.