Revenue in local currencies, excluding the acquired businesses (organic growth), increased by 18%, exceeding outlook of 15%. Revenue, including the acquired businesses, increased by 56% to DKK 2,523 million.
• EBITDA of DKK 410 million before special items, at upper end of outlook DKK 390 to 410 million. The increase in EBITDA has come from both organic growth and from acquired businesses.
• Capital expenditure of DKK 138 million were made during 2018, on par with outlook of DKK 135 million.
• Further investments related to the acquired companies HDKS and Grupa Silikaty amounted to DKK 839 million.
• EBIT margin before special items of 9% against a long-term target of at least 11%.
• ROIC was 10% against a long-term target of at least 12%. The reduction comes from one-off effects from the acquisition, integration of acquired companies and impairment of fixed assets in Russia.
• Net interest-bearing debt on 31 December 2018 of DKK 525 million. The net interest-bearing debt to EBITDA ratio is 1.5 compared to 2.2 in 2017.
• Cash flow from operating activities of DKK 370 million (2017: DKK 83 million) and cash flow from investing activities of DKK (973) million (2017: DKK (144) million). Free cash flow DKK (603) million
(2017: DKK (61) million). Free cash flow excluding acquisitions and divestments was DKK 236 million.
• Equity on 31 December 2018 of DKK 1,000 million, up DKK 623 million on 31 December 2017, mainly due to net proceeds from a capital increase and profit for the year.
• A rights issue for the existing shareholders was completed in June 2018. The company received a gross proceed of DKK 525 million from the offering. Net proceeds from the offering was DKK 504 million.
• In March 2019, an agreement was entered with Nordea Danmark, branch of Nordea Abp, Finland supporting the company's strategic plan financially, which will replace the existing agreement with Danske Bank A/S.