Management review INTRODUCTION PERFORMANCE AND OUTLOOK CORPORATE GOVERNANCE Letter from the CEO 2024 at a glance Strategy and ambitions towards 2033 How we create value – our business model SUSTA Our c Financial and ESG highlights 2024 DKKm Profit/loss Net revenue Gross profit/loss Earnings before interest. taxes. depriciation and amortization (EBITDA) Earnings before interest and taxes (EBIT) Profit/loss before tax Annual profit - from discontinued operations Balance sheet: Balance sheet total Equity Cash flows Cash flows from: - operating activities - investing activities - of this. tangible and intangible fixed assets - financing activities Annual change in cash 2024 765.6 423.6 124.3 55.9 39.6 29.4 - 779.3 251.6 108.0 -134.8 -134.6 34.8 8.0 Ratios Growth Gross margin EBITDA - margin Profit ratio (EBIT) Return on capital employed Solvency ratio Return on equity 7.0% 55.3% 16.2% 7.3% 7.2% 32.3% 11.9% 2023 715.3 399.0 121.7 63.7 51.1 39.0 - 718.8 244.7 58.8 -162.1 -161.7 105.9 2.6 6.3% 55.8% 17.0% 8.9% 8.9% 34.0% 16.5% 2022 672.9 360.9 118.3 55.1 47.2 37.6 - 606.9 228.6 218.0 -77.2 -77.0 -131.7 9.1 22.1% 53.6% 17.6% 8.2% 9.1% 37.7% 17.4% 2021 551.1 298.8 89.3 39.5 29.0 63.2 37.2 777.8 202.7 43.2 -63.9 -63.7 7.9 -12.8 3.6% 54.2% 16.2% 7.2% 5.1% 26.1% 32.3% 2020 531.9 291.9 80.0 17.9 3.0 5.0 - 633.7 188.9 54.2 -81.4 -81.5 33.1 5.9 -6.1% 54.9% 15.0% 3.4% 2.8% 29.8% 2.7% The ratios have been prepared in accordance with the guidelines issued by Den Danske Finansanalytikerforening (Danish Society of Financial Analysts).
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