Key Figures

Statement of Comprehensive Income      
DKK million 2012/13 2011/12 2010/11
       
Revenue 3,200.0 3,097.2 2,991.6
Cost of goods sold (1,728.8) (1,683.4) (1,644.3)
Gross profit 1,471.2 1,413.8 1,347.3
Other operating income 0.0 1.4 0.2
Other external costs (302.6) (276.7) (259.7)
Property costs (180.6) (172.8) (161.6)
Additional external costs (122.0) (103.9) (98.1)
Staff costs (579.7) (558.4) (557.1)
Amortisation, depreciation and impairment losses (132.5) (126.6) (132.0)
Other operating costs (0.1) 0.0 (0.6)
Operating profit 456.3 453.5 398.1
Financial income 8.1 0.8 10.3
Financial expenses (88.7) (133.4) (193.7)
Profit before tax 375.7 320.9 214.7
Tax on the profit for the year (112.7) (101.5) (72.4)
Profit for the year 263.0 219.4 142.3
       
Profit for the year per share (DKK) 6.45 5.38 3.49
Weighted average number of shares 40,769,778 40,770,108 40,779,804
       
Statement of Financial Position      
(As at 31 March)      
DKK million' 2012/13 2011/12 2010/11
       
Total non-current assets  4,493.5 4,552.5 4,616.7
of which goodwill 3,580.3 3,558.3 3,556.2
Total current assets 1,276.8 1,043.9 1,040.0
of which cash at bank and in hand 536.6 392.3 326.3
Total assets 5,770.3 5,596.4 5,656.7
       
Shareholders’ equity 2,359.4 2,096.4 1,877.0
Total non-current liabilities 2,415.2 2,653.8 2,809.6
Total current liabilities 995.7 846.2 970.1
Total equity and liabilities 5,770.3 5,596.4 5,656.7
       
Cash Flow Statement      
DKK million' 2012/13 2011/12 2010/11
       
Net cash flow from operating activities 391.5 486.2 249.5
Net cash flow from investing activities (70.5) (61.0) (37.5)
Net cash flow from financing activities (176.7) (359.2) (454.0)
Net increase in cash and cash equivalents 144.3 66.0 (242.0)
Cash and cash equivalents at the start of the financial year 392.3 326.3 568.2
Net cash flow for the period 144.3 66.0 (242.0)
Foreign exchange adjustments of cash and cash equivalents 0.1
Cash and cash equivalents at the end of the financial year 536.6 392.3 326.3

Certain Non-IFRS Financial Measures
Adjusted EBITDA(1) (DKK million) 604.8 580.1 530.1
Adjusted EBITDA margin (%)  18.9 18.7 17.7
Adjusted EBIT(2) (DKK million) 548.1 531.9 479.9
Adjusted EBIT margin (%)  17.1 17.2 16.0
Adjusted Profit After Tax(3) (DKK million) 335.9 279.0 205.3
Adjusted Profit After Tax margin (%) 10.5 9.0 6.9
Cash Conversion Ratio (%)(4)  96.5 111.7 92.5
Pre-tax return on invested capital (incl. goodwill) (%)(5) 12.9 12.1 10.7
Pre-tax return on invested capital (excl. goodwill) (%)(6) 79.5 64.3 51.4

 

(1) Adjusted EBITDA is IFRS operating profit plus amortisation, depreciation and impairment losses plus specific external costs which we believe are not part of our normal operations, which related to professional fees for a special strategic review (of DKK 16 million) in financial year 2012/13 and shall include costs related to listing and admission for trading in financial year 2013/14. There were no specific external costs in financial years 2010/11 and 2011/12.

(2) Adjusted EBIT is IFRS operating profit plus amortisation of intangibles plus impairment losses in respect of goodwill and other intangibles plus specific external costs which we believe are not part of our normal operations, which related to professional fees for a special strategic review (of DKK 16 million) in financial year 2012/13 and shall include costs related to listing and admission for trading in financial year 2013/14. There were no specific external costs in financial years 2010/11 and 2011/12.

(3) Adjusted Profit After Tax is IFRS profit for the year plus the tax-adjusted impact of amortisation of intangibles and impairment losses and specific external costs which we believe are not part of our normal operations, which related to professional fees for a special strategic review (of DKK 16 million) in financial year 2012/13 and shall include costs related to listing and admission for trading in financial year 2013/14. There were no specific external costs in financial years 2010/11 and 2011/12.

(4) Cash Conversion Ratio represents (A) Adjusted EBITDA plus change in net working capital less capital expenditure (excluding the impact of acquisitions of Associated Stores) divided by (B) Adjusted EBITDA.

(5) Pre-tax return on invested capital (including goodwill) represents Adjusted EBIT divided by Average Invested Capital, where Average Invested Capital for any financial year is (A) Invested Capital for such financial year plus Invested Capital for the prior financial year divided by (B) two, and Invested Capital means total property plant and equipment, plus total intangible assets plus net working capital minus deferred tax on trademarks (DKK 164.4 million in financial year 2012/13, DKK 182.9 million in financial year 2011/12 and DKK 201.3 million in financial year 2010/11.

(6) Pre-tax return on invested capital (excluding goodwill) represents Adjusted EBIT divided by Average Invested Capital (excluding goodwill), where Average Invested Capital (excluding goodwill) for any financial year is (A) Invested Capital (excluding goodwill) for such financial year plus Invested Capital (excluding goodwill) for the prior financial year divided by(B) two, and Invested Capital (excluding goodwill) means total property plant and equipment, plus total intangible assets minus goodwill plus net working capital minus deferred tax on trademarks (DKK 164.4 million in financial year 2012/13, DKK 182.9 million in financial year 2011/12 and DKK 201.3 million in financial year 2010/11).