In 2009, consolidated revenues totalled DKK 5,701 million, matching a growth
rate of 6% of which acquisitions account for approximately half. The effect of
exchange rate fluctuations was neutral. Operating profits (EBIT) amounted to
DKK 1,149 million and generated net revenues of DKK 795 million, corresponding
to growth rates of 10% and 16%, respectively. The profit margin in 2009 was
20.2% against 19.4% in 2008. In the second half-year 2009, in particular, the
Group saw considerable growth compared with the difficult second half-year
2008. In the second half of 2009, the Group thus realised growth in revenues,
operating profits (EBIT) and net profits of 10%, 26% and 37%, respectively. The
Group's ability to generate cash flows remains strong. Cash flows from
operating activities thus amounted to DKK 950 million in 2009, which is an
increase of 15% on 2008. In 2010, we expect fair growth in both consolidated
revenues and operating profits (EBIT), and we expect this growth to be driven,
among other factors, by the prospect of an increase in the Group's wholesale of
hearing aids that is expected to exceed market growth by 3-5 percentage points
in terms of value.
