No. 2 2021 Annual Report 2020

In 2020, we achieved a strong EBITA, which exceeded our expectations. At the Annual General Meeting, the Board of Directors will propose a 2020 dividend distribution of DKK 28 per share.

CEO Jens Andersen says:
"In 2020, our three-year strategic period came to an end. During this period, we successfully managed to increase EBITA by DKK 145m to DKK 455m and exceeded our target of 4% EBITA margin for our core business.

We conclude the strategic period by proposing dividend payment of DKK 204m in total.  

We are very pleased with the progress and results delivered in 2020, and with the launch of our new strategy - CORE+ - that will set new standards for the period from 2021 to 2023.

Finally, I want to thank our dedicated and skilled employees. Together, we succeeded in delivering strong results despite the challenges brought about by COVID-19.

We have become stronger as a company and as a group.”

Financial highlights (DKK million)		Q4 2020		Q4 2019	2020		2019
Revenue		3,057		3,077	11,465	11,679
EBITDA		191		161	637	538
EBITA	145			115	455	360
Earnings before tax	-7			73	300	120
Cash flow from operating activities	432			305	813	300
Financial ratios (%)
Organic growth adj. for number of working days	-2.1			2.6	-2.0	4.9
EBITDA margin	6.2			5.2	5.6	4.6
EBITA margin	4.7			3.7	4.0	3.1
Net working capital, period-end/revenue (LTM)			9.7	11.0	9.7	11.0
Gearing (NIBD / EBITDA), no. of times	0.2			1.7	0.2	1.7

2020 revenue