First Quarter 2018 Investor Presentation
Investor Presentation
First three months of 2018
Slide 104
Cash return to shareholders in 2018
Annual cash return to shareholders
DKK
billion
Share repurchase
Free cash flow
Interim dividend
Dividend
Free cash flow guidance
45
40
35
15
30
17
25
14
17
20
15
7.6
15
7.4
10
16
5
12
13
11
12
0
2014
2015
2016
2017
2018E*
*Interim dividend for 2018 to be determined. For illustration only.
Note: For 2018 expected free cash flow is DKK 27-32 billion. Share repurchase programmes run for 12
months starting February until end January of the following year.
changing
diabetes®
Cash return priorities
. Share repurchase programme of up to DKK 14 billion to be
executed during the coming 12 months
• Total programme may be reduced in size if significant
product in-licensing or bolt-on acquisition opportunities
arise during 2018
For 2017, the total dividend increased to DKK 7.85 per
share of DKK 0.20 (including interim dividend of DKK 3.00
paid in August 2017)
Dividend distributed twice a year as interim dividend in
August and final dividend following Annual General Meeting
in March of the following year
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