Full Year 2023 Investor Presentation
145
Investor presentation
Full year 2023
Net profit has been converted to cash and returned to
shareholders
Cash conversion and allocation (2023)
DKK
billion
(100%)
90
84
80
70
60
50
5232
40
Strategic capital allocation priorities
Business development investments to enhance R&D pipeline
CAPEX investments to meet demand including R&D pipeline
BD
(74%)
62
Deliver competitive capital allocation to shareholders
Continued share buybacks and dividends
32
80
68
30
20
30
10
0
Net profit
Free cash flow
Cash return
Dividend
Share buyback
Financial flexibility within current credit ratings
Moody's: A1 since 2012, S&P Global: AA- since 2013
Net debt to EBITDA ratio around zero
Mainly debt finance major business development projects
2021 bond issuance at an all-inclusive interest rate of -0%
2022 bond issuance at an all-inclusive interest rate of ~1%
R&D: Research and Develoment; CAPEX: Capital expenditure; EBITDA: Earnings before interest, taxes, depreciation and amortisation; BD: Business development (investments in intangible assets)
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