Investor Presentaiton
Adj. FCF in H1 was DKK 1,137 million. Operating cash flow impacted by
increased working capital; NWC-to-sales still expected at 24% for FY
99
99
FCF development¹
98
90
93
93
88
80
77
4,547
4,058
4,086
3,858
4,016
25
23
23
21
18
1,137
17/18
18/19
19/20
20/21
21/22
YTD 22/23
FCF (DKKm) (1)
Cash Conversion (2)
FCF-to-Sales (%) 1
H1 2022/23 highlights
Free cash flow for H1 2022/23 was an inflow of DKK 795 million compared to
an outflow of DKK 9,715 million in the same period last year
Excluding acquisitions last year, the FCF decreased by DKK 123 million (13%)
from DKK 918 million in H1 2021/22, driven by a decline in cash flow from
operating activities. Adjusted for Mesh payments and the US Veteran Affairs
matter³ payment, the H1 2022/23 FCF was an inflow of DKK 1,137 million
Operating cash flow for H1 2022/23 was DKK 1,176 million, compared
to DKK 1,381 million last year, due to higher income tax paid and an
increase in working capital
Reported EBIT before special items was DKK 110 million (3%)
higher than H1 2021/22
NWC-to-sales of 26% compared to 25% at year-end 2021/22,
mostly impacted by an increase in inventories. NWC-to-sales for
the year still expected around 24% of revenue
CAPEX-to-sales ratio of 5%, compared to 4% last year
•
H1 CAPEX was driven by investments in automation at volumes sites as
part of GOP5, IT investments, and Atos Medical capex and integration
capex
1) FCF adjustments: H1 2022/23 Mesh payments and payment related to the formal resolution of the US Veteran Affairs matter; FY 2021/22 adjusted for acquisitions, mostly Atos Medical and Mesh payments; FY 2020/21 adjusted for acquisitions and Mesh
payments; FY 2018/19 adjusted for Mesh payments; FY 2017/18 adjusted for Mesh payments and acquisitions. 2) Cash Conversion calculated as FCF ex. Mesh payments, interest payments, tax payments, M&A and marketable securities relative to EBIT
before special items. Cash Conversion is trailing twelve months. 3) Formal resolution of the US Veteran Affairs matter of incorrect management of contractual obligations related to past agreements, uncovered and disclosed to authorities in FY 2016/17
13
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