Announcement No. 8/2009

(1 October 2008 – 31 March 2009)

Highlights

• Organic revenue growth was 6%. Changes in exchange rates reduced revenue growth by 2 percentage points. Revenue in Danish kroner was up by 4% to DKK 4,315m
• Organic growth rates by business area: Ostomy Care 3%, Urology & Continence Care 8%, Wound & Skin Care 7%. Growth rates are still being impacted by the problems experienced by our German subsidiary
• Gross profit was up by 3% to DKK 2,523m, equal to a gross margin of 58%
• EBIT was up by 16% to DKK 642m. Adjusted for special items, EBIT improved by 27%
• The EBIT margin was 15% against 13% in H1 2007/08. Changes in exchange rates reduced the EBIT margin by 2 percentage points. The underlying EBIT margin was 17%
• The free cash flow amounted to DKK 286m against DKK 124m in the same period of last year
• The share buy-back programme remains postponed

We have revised the guidance for the 2008/09 financial year and now expect a higher EBIT margin and lower revenue growth:

• We expect organic revenue growth of around 6%. Based on current exchange rates, revenue growth measured in DKK is also expected to be around 6%
• We expect an EBIT margin of around 16% in fixed currencies and of around 15% in DKK
• Capital expenditure is expected to be around DKK 700m
• The effective tax rate forecast is unchanged at 28%

Download the full announcement