Highlights 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.