Financial Highlights
| DKK '.000 (except for financial ratios) | 2003 | 2002 | 2001 | 2000 | 1999 |
| Profit and loss account: | |||||
| Net sales | 76.193 | 171.016 | 212.708 | 48.232 | 626 |
| Production costs | -138.017 | -197.169 | -210.400 | -54.603 | - |
| Gross profit/(loss) | -61.824 | -26.153 | 2.308 | -6.371 | 626 |
| Selling expenses | -10.090 | -11.840 | -7.893 | -4,285 | -2.912 |
| Development expenses, net | -26.901 | -16.628 | -25.322 | -35.085 | -39.924 |
| Administrative espenses | -16.272 | -21.771 | -17.537 | -11.721 | -8.237 |
| Operating result (EBIT) | -115.087 | -76.392 | -48.444 | -57.462 | -50.447 |
| Net financial income/(expenses) | -1.073 | -7.309 | -462 | 9,176 | -445 |
| Income/(loss) before tax | -116.160 | -69.083 | -48.906 | -48.286 | -50.892 |
| Income tax for the year | - | - | 5.500 | 4.500 | - |
| Net income/(loss) for the year | -116.160 | -69.083 | -43.406 | -43.786 | -50.892 |
| Cash flow statement: | |||||
| Net cash used for operating activities | -38.063 | 6.656 | --42.480 | -71.620 | -35.779 |
| Net cash used for investing activities | -33.944 | -47.083 | -177.903 | -57.791 | -7.404 |
| Net cash provided by financing activities | -9.665 | 4.598 | 349.660 | 95.728 | 59.320 |
| Balance sheet: | |||||
| Total assets | 317.240 | 461.610 | 522.583 | 203.496 | 103.285 |
| Cash and cash equivalents | 24.018 | 105.689 | 141.518 | 12.241 | 45.924 |
| Long-term liabilities | 39.683 | 50.041 | 45.749 | 37.030 | 19.102 |
| Current liabilities | 33.194 | 46.504 | 55.730 | 98.474 | 19.439 |
| Share capital | 9.255 | 9.255 | 9.255 | 6.925 | 6.334 |
| Shareholders' equity | 244.363 | 365.065 | 421.104 | 67.995 | 64.744 |
| Capital Investments: | |||||
| Intangible fixed assets | 19.668 | 23.962 | 21.843 | 3.602 | 2.085 |
| Tangible fixed assets | 14.156 | 22.941 | 156.323 | 54.174 | 5.309 |
| Financial fixed assets | 120 | 180 | -263 | 15 | 10 |
| Total investments | 99.944 | 47.083 | 177.903 | 57.791 | 7.404 |
| Depreciation and amortisation | -63.846 | -48.423 | -33.163 | -12.914 | -10.758 |
| Financial ratios: | |||||
| EBITDA margin (%) | -67,3 | -16,4 | -7,2 | -92,4 | - |
| EBIT margin (%) | -151,0 | -44,7 | -22,8 | -119,1 | - |
| Equity ratio (%) | 77,0 | 79,1 | 80,6 | 33,4 | 62,7 |
| Return on invested capital (ROIC) (%) | -40,5 | -24,1 | -20,2 | -56,9 | -102,5 |
| Return on equity (ROE) (%) | -38,5 | -17,6 | -17,7 | 65,9 | -84,1 |
| Net result per share (EPS) (DKK) | -12,55 | -7,46 | -4,69 | -6,58 | -8,51 |
| Equity per share (DKK) | 26,40 | 39,44 | 45,50 | 9,82 | 10,22 |
| Market price per share, year end (DKK) | 11,30 | 22,70 | 76,47 | - | - |
| Average number of employees | 195 | 271 | 292 | 116 | 70 |
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The financial ratios were computed in accordance with guidelines issued by the Danish Society of Financial Analysts. Please see Definitions here.
