Investor Presentaiton
Key value ratios
57
Profitability drivers
Free Cash Flow drivers
32.7
32.8
36.2
36.8
32.3
34.7
34.6
34.7
31.2
32.0.
32.7
31.5.
28.7
29.0
28.7-
30.8
•28.2"
30.1
26.2
25.4
23.4
23.6
23.4
23.7
4.0
4.2
4.1
4.5
4.7
5.0
5.2
5.0
4.7
3.9
4.1
3.5
3.9
3.9
3.8
3.9
3.8
3.5
17/18
18/19
19/20
20/21
21/22
YTD 22/23
17/18
18/19
Admin-to-Sales (%)
COGS-to-Sales (%)
R&D-to-Sales (%)
Dist-to-Sales (%)
1)
NWC-to-Sales (%)
CAPEX-to-Sales (%)²
Before special items. Special items in 2018/19 include 0.4bn provision for Mesh litigation, and 2020/21 include DKK
0.2bn for Mesh litigations. FY 21/22 before special items of DKK 471m, DKK 300 million related Mesh litigations
provisions and DKK 171 million related to the Atos Medical acquisition. H1 2022/23 before special items of DKK 33
million related to integration costs for the Atos Medical acquisition
19/20
20/21
21/22
YTD 22/23
EBITDA margin (%) 1
2)
Gross CAPEX including investment in intangible assets, ex. acquisitions of associates
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