Rapid market change, new products and channels required ... · 5/13/2016 · COMPANY ANNOUNCEMENT NO. 02/2016– 13 May 2016 Rapid market change, new products and channels ... Outlook

____________________________________________________________________________________________________________

Mobylife Holding A/S, Sydmarken 32F, DK-2860 Søborg, CVR NO. 35254552 PAGE 1 OF 21

Interim Report

for 1 January - 31 March 2016 COMPANY ANNOUNCEMENT NO. 02/2016– 13 May 2016

Rapid market change, new products and channels required, reduced outlook Mobylife has in Q1 experienced a market development with reduced profitability within the core repair business. Improved device quality, more complex models with increased repair times, and price pressure through increased competition drive a decline in the performance compared to the outlook and the same period last year. Year to date, 1 January – 31 March, the number of repairs amounted to 225k, compared to 272k in the same period last year. This reduction is caused by the development in the customer portfolio during 2015 and a general market decline. Revenue YTD amounted to DKK 157.7 million, which was an increase of DKK 28.2 million compared to the same period last year. The core repair business had a decline in revenue of DKK 16.7 million, compensated by increased spare parts trading. EBITDA YTD amounted to DKK 11.6 million, an increase of DKK 2.3 million over same period last year. This improvement is driven by increased spare parts trading and a reversal of prior years’ payable accrual. The core repair business is below expectations. The free cash flow YTD amounted to DKK (11.6) million, a reduction of DKK 7.0 million from the same period last year. The cash flow from operating activities worsened by DKK 11.3 million, primarily due to a reduction of customer working capital balances.

Based upon the market development in Q1, the previously communicated EBITDA outlook is updated reflecting reduced profitability and increased uncertainty.

“The market is changing faster than previously expected, which represents both a challenge and an

opportunity for market participants. The core repair market is decreasing and becoming more competitive.

Service delivery models are under pressure to improve customer experience. New products and services are

required to develop new profitable revenue streams. Mobylife is implementing a new strategy to strengthen

customer focus, improve productivity, accelerate new value added services, build direct channels to

consumers and businesses, and leverage technology to improve processes and products,” says Jakob H.

Kraglund, CEO.

HIGHLIGHTS

YTD 2016 vs. same period 2015

Net revenue amounted to DKK 157.7 million, an increase of 21,8%.

EBITDA amounted to DKK 11.6 million, an increase of DKK 2.3 million.

EBIT amounted to DKK 7.0 million, an increase of DKK 0.4 million.

Profit before tax amounted to DKK 7.6 million, an improvement of DKK 13.0 million.

Free cash flow amounted to DKK (11.7) million, a decline of DKK 7.1 million.

NIBD at market value amounted to DKK 150.6 million, a reduction of DKK 64.5 million.

NIBD at nominal value ex. vendor loan was DKK 208.0 million, a reduction of DKK 38.0 million.

OUTLOOK - May May

Outlook 2016 March

Outlook 2016

Actual 2015

Net revenue (mDKK) 610-630 610-630 615

EBITDA (mDKK) 30-45 45-55 34

EBIT (mDKK) 20-35 35-45 21

inter

_____________________________________________________________________________

Mobylife Holding A/S, CVR NO. 35254552 COMPANY ANNOUNCEMENT NO. 2/2016 - PAGE 2 OF 21

INTERIM REPORT FOR 1 JANUARY - 31 MARCH 2016

For further information on this announcement: Jakob H. Kraglund, CEO, tel. +45 2392 3724 Martin Nyberg, CFO, tel. +45 2929 8200

Mobylife will host a conference call on 17 May 2016 09.00 CET. Dial in +45 81 11 12 13, pin: 35254552

inter

_____________________________________________________________________________



CONTENTS

Page

Highlights 1

Financial Highlights and Key Ratios 4

Management’s Review 5

Financial Review 6

Bond compliance 8

Business changes 9

Outlook 9

Statement by the Supervisory and Executive Boards on the Interim Report 10

Financial Statements

Income Statement 11

Statement of Comprehensive Income 12

Assets & Liabilities and Equity 13

Cash Flow Statement 15

Statement of Changes in Equity 16

Notes 17

Financial Highlights and Key Ratios for the Period 1 January – 31 March 2014 – 2016 20

Practical Information

Financial Calendar 21

Disclaimer 21

Mobylife Holding A/S repair mobile devices across Denmark, Sweden, Norway and Finland. The Group is authorised by all major

OEM brands and has repair agreements with a large number of Telco-operators, retailers and insurance companies. The Group has

local service sites in each country and has a combined annual turnover of DKK 615 million and a repair volume of 1 million devices,

based on 2015 consolidated figures.

To read more, visit www.mobylife.com/corporate

inter

_____________________________________________________________________________



FINANCIAL HIGHLIGHTS AND KEY RATIOS

(Q1 2016 unaudited)

1/1 - 31/3

2016

1/1 - 31/3

2015

1/1 - 31/12

2015

Number of repairs (‘000) 225 271 1.048

Income Statement (mDKK)

Net revenue 157.7 129.5 615.1

EBITDA before special items 11.6 9.3 33.9

EBITDA after special items 9.1 7.8 27.6

Earnings before interest and tax (EBIT) 7.0 6.6 20.9

EBIT margin (%) 4.4 5.1 3.4

Other financials, net 0.6 (12.0) 10.1

Profit before tax 7.6 (5.4) 31.0

Profit for the period 7.2 (5.6) 14.4

Balance Sheet (mDKK)

Non-current assets 373.1 384.0 370.6

Total assets 474.7 499.3 503.6

Equity 173.4 108.4 165.9

Net interest-bearing debt 150,6 215.1 143.9

Net working capital (6.9) (4.7) (1.9)

Cash Flows (mDKK)

From operating activities (7.0) 4.3 1.5

From investing activities (4.6) (8.9) (21.5)

Free cash flow (11.7) (4.6) (20.0)

Financial ratios (%)

Free cash flow as a percentage of net revenue (7.4) (3.6) (3.2)

Cash conversion (19.0) 1.0 (23.2)

Equity ratio 36.5 21.7 32.9

Ratios have been calculated according to the “Recommendations and Financial Ratios 2015” issued by the Danish Society of Financial

Analysts (2015).

inter

_____________________________________________________________________________



MANAGEMENT’S REVIEW

STRATEGIC MAIN PRIORITIES FOR 2016

Mobylife will in 2016 continue its focus on maintaining a strong Nordic market presence. The strategic main priorities are: Strengthening relationships with customers

Securing customer service levels

Expanding working relationships with customers

New business development

New services complementing repair business

Closer to the customer presence

Operational efficiency:

Maintaining efficiency and achieving economies of scale

Optimisation of capital resources:

Continued focus on optimising working capital

BUSINESS DEVELOPMENT

Mobylife has in February appointed Jakob. H. Kraglund as new CEO. Mr. Kraglund has a long experience within management consulting, and as CEO of PE owned companies. The former CEO Martin Pedersen has left the company. The repair market is not developing according to expectations. This is caused by development in device quality and repair complexity, in addition to increased competition. Both volume and productivity are impacted negatively by this. Mobylife is working on quality and productivity improvements in collaboration with the OEM’s, as well as ensuring market relevant pricing. During Q1 Mobylife has terminated a customer contract with a carrier in Denmark due to low profitability. This will impact the Danish volume significantly during Q3 2016. This change will leave the Danish market as the smallest across the four Nordic countries measured on volumes. During Q1 Mobylife has gained one new key customer in Sweden, adding new volumes to the production site in Malmø. This new customer strengthens Sweden as the largest market in Mobylife measured on volumes. Revenue has increased compared to last year. This is caused by a reduction in repair revenue and a growth in spare part trading revenue. The decline in repair revenue is impacted by lower volumes in general, and a customer churn in Denmark in Q3 2015. The repair volume has declined by 17%. Earnings before interest and tax (EBIT) amounted to DKK 7.0 million, which was DKK 0.4 million above the 2015 figure. The limited development in EBIT compared to revenue is due to differences in repair and spare parts margins. In total Mobylife has experienced a worsening market and financial situation in Q1 compared to expectations.

inter

_____________________________________________________________________________



FINANCIAL REVIEW

INCOME STATEMENT

Developments in activities for the period 1 January – 31 March 2016

1/1 - 31/3

2016

1/1 - 31/3

2015

Sales (Repair orders ‘000) 225 271

Growth (%) -17.0 71.5

Net revenue (mDKK) 157.7 129.5

Growth (%) 21.8 184.5

Gross Profit 46.9 49.3

Personnel costs (mDKK) 35.3 40.0

EBITDA (mDKK) before special items 11.6 9.3

EBITDA (mDKK) after special items 9.1 7.8

EBIT (mDKK) 7.0 6.6

EBIT margin (%) 4.4 5.1

The volume in the period 1 January – 31 March 2016 was 225k device repair orders, a decrease of 17%

compared to the 2015 figure. Net revenue was 21.8% higher in the period 1 January - 31 March 2016 than in the same period in 2015, amounting to DKK 157.7 million compared to DKK 129.5 million in 2015. Gross profit for the period 1 January – 31 March 2016 was DKK 46.9 million, a decrease of DKK 2.4 million compared to the same period last year. Gross Profit margin (%) decreased by 8.4 percentage points, and amounted to 29.7% for the period 1 January – 31 March 2016. This decline in Gross Profit margin is driven by changed mix between repair and spare parts trading, in addition to decreased relative profitability in warranty repairs following more complex and expensive products. Personnel costs for the period 1 January – 31 March 2016 amounted to DKK 35.3 million, which was 12% below the 2015 figure. During 2015 there has been a reduction in number of employees, aligning the workforce to the repair volume. The reduction in personnel cost is not at the same level as the decline in volume, due to increased repair time and productivity pressure. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the period 1 January – 31 March 2016 was DKK 11.6 million, an improvement of DKK 2.3 million compared to the 2015 figure covering the same period. Earnings before interest and tax (EBIT) amounted to DKK 7.0 million for the period 1 January – 31 March 2016, which was DKK 0.4 million above the 2015 figure. Both revenue, EBITDA and EBIT are impacted positively by an adjustment of payables at DKK 8 million taken to income following aging of liabilities. The result of Q1 without this adjustment is below the result for the same period last year.

inter

_____________________________________________________________________________



BALANCE SHEET

The balance sheet of Mobylife is dominated by bond debt and goodwill, in addition the payables and receivables and software assets. According to IA39 under IFRS, the bond debt has been obtained to fair market value, based upon market pricing following hierarchy level 3. The bond debt at fair market value amounts to DKK 170.7 million as at 31 March 2016, representing total outstanding amount of SEK 282 million at nominal value. Mobylife’s balance sheet amounted to DKK 474.7 million as at 31 March 2015, which was a decrease of DKK 28.9 million from 31 December 2015. The main driver of this decrease is a reduction of the working capital balance with customers, in addition to regulation of bond debt following market price and exchange rate adjustment. The YTD equity ratio amounted to 36.5% compared to 32.9% as at 31 December 2015. YTD Equity amounted to DKK 173.4 million. Net interest-bearing debt, using fair market value, increased by DKK 6.7 million in the period 1 January – 31 March 2016, due to lower cash balance and bond debt reduction following market price and exchange rate adjustments. CASH FLOW STATEMENT

Cash flow from operating activities for the period 1 January – 31 March 2016 amounted to DKK (7.0) million, a worsening of DKK 11.3 million compared to the same period last year. This is impacted by development in customer working capital balances. The Cash flow from investing activities for the period 1 January – 31 March 2015 amounted to DKK (4.6) million, compared to last year when the level was DKK (8.9) million. Last year in Q1 there was increased activity around investments in software development, branding and finance ERP setup. Free cash flow for the period 1 January – 31 March 2016 amounted to DKK (11.7) million compared to DKK (4.6) million in the same period last year. The result in Q1 2016 was impacted by the development in operational cash flow. The Cash flow from financing activities for the period 1 January – 31 March 2016 amounted to DKK (0.1) million, compared to last year when the level was DKK 0.0 million.

The results from Q1 combined with the updated outlook exposes the need for improved cash generation. Mobylife will remedy this by non-recourse sale of receivables, starting June 2016.

inter

_____________________________________________________________________________



BOND COMPLIANCE In May 2014, Telecare (now Mobylife) issued a SEK 350 million bond used for financing the acquisitions of Deltaservice and Optima as well as refinancing existing bank debt. In accordance with the bond agreement, the Terms and Conditions of the bond are available for download on the Mobylife website under the corporate section. As at 31 March 2016, Mobylife are in compliance with the undertakings listed in section 12 of the Terms and Conditions. There is one financial covenant attached to the bond. As at 31 March 2016, the Net Debt to EBITDA shall not exceed 7.00.

We hereby confirm that:

1. no Event of Default has occurred or is continuing and;

2. the Net Debt to EBITDA Ratio as per 31 March 2016 was 5.74

The Net Debt was: DKK 208.002 million

The EBITDA was: DKK 36.253 million

inter

_____________________________________________________________________________



BUSINESS CHANGES

As of 2 February 2016 Jakob H. Kraglund has joined Mobylife as new CEO.

Mr. Kraglund has a track record that includes a long career with Accenture, a leading global consulting, technology and outsourcing provider, where he served as Country Managing Director Denmark. During his time with Accenture, Jakob had responsibility for the Telecom practice and led a number projects with the major Telecom operators. Until recently, he served as CEO of Cambio Healthcare Systems, a leading Nordic provider of software and IT services for the Healthcare sector. Previously he also served as CEO of Traen, a leading Danish provider of IT Services for document management, self-service and work flow processing.

OUTLOOK - MAY Overall, the volume in Q1 has not been in line with expectations, as particular the impact from the Easter period has been different than previous years. In addition to reduced volumes, the productivity has also been reduced following more complex repairs increasing handling time. Initiatives to improve productivity are being identified and implemented. The above mentioned development is expected to continue; hence the EBITDA outlook has been adjusted and widened accordingly. The outlook for 2016 is based upon the following business and market assumptions:

Repair volumes at a slightly reduced level compared to previous outlook

Maintain current market shares across the group

No loss of significant customers

Improved efficiency and reduced costs following integration projects

Maintained demand and supply of spare parts for trading

No change in legislation and/or regulation of the mobile device repair business

OUTLOOK - May May

Outlook 2016 March

Outlook 2016

Actual 2015

Net revenue (mDKK) 610-630 610-630 615

EBITDA (mDKK) 30-45 45-55 34

EBIT (mDKK) 20-35 35-45 21

inter

_____________________________________________________________________________



STATEMENT BY THE SUPERVISORY AND EXECUTIVE BOARDS ON THE INTERIM REPORT

The Executive and Supervisory Boards have been presented the Interim Report of Mobylife Holding A/S. The Interim Report has today been considered and adopted. The Interim Report, which has not been audited or reviewed by the Company’s independent auditors, was prepared in accordance with IFRS. In our opinion, the Interim Financial Statements give a true and fair view of the financial position of the Group as at 31 March 2016 as well as of the results of the Group operations and cash flows for the period 1 January – 31 March 2016. In our Opinion, the Management Review gives a true and fair account of the development in the activities and financial circumstances of the Group, of the results of operations for the period and of the overall financial position of the Group, and a description of the key risks and uncertainties facing the Group. Søborg, 13 May 2016 Executive Board Jakob H. Kraglund CEO Supervisory Board

Mads Middelboe Vilhelm Hahn-Petersen Chairman Deputy Chairman Jacob Thygesen Peter Ryttergaard

inter

_____________________________________________________________________________



INCOME STATEMENT (MDKK)

1/1 - 31/3

2016 1/1 - 31/3

2015 1/1 - 31/12

2015

Net revenue 157.7 129.5 615.1

Production costs (103.5) (70.6) (391.9)

Other external costs (7.3) (9.6) (32.7)

Gross profit 46.9 49.3 190.5

Personnel costs (35.3) (40.0) (156.6)

Depreciation and Amortisation of tangible and intangible fixed assets

(2.1) (1.2) (6.7)

Operating profit / (loss) before special items 9.5 8.1 (27.3)

Special items, note 4 (2.5) (1.5) (6.4)

Operating Profit / (loss) after special items 7.0 6.6 20.9

Financial income /expenses, net 0.6 (12.0) 10.1

Profit before income tax 7.6 (5.4) 31.0

Income tax (0.4) (0.2) (16.6)

Profit 7.2 (5.6) 14.4

inter

_____________________________________________________________________________



STATEMENT OF COMPREHENSIVE INCOME (MDKK)

1/1 - 31/3

2016 1/1 - 31/3

2015 1/1 - 31/12

2015

Net profit for the period 7.2 (5.6) 14.4

Other comprehensive income

Value and exchange adjustments of foreign group enterprises

0.3 1.0 (11.4)

Other comprehensive income after tax 0.3 1.0 (11.4)

Total comprehensive income 7.5 (4.6) 3.0

inter

_____________________________________________________________________________



ASSETS (MDKK)

31/3 2016 31/3 2015 31/12 2015

ASSETS

Goodwill 326.0 337.9 326.0

Development projects 6.0 17.8 4.8

Software 28.1 3.6 26.0

Land and buildings 3.5 3.6 3.5

Plant and machinery 3.5 6.0 4.0

Leasehold improvements 2.0 2.4 2.1

Other receivables 0.9 2.1 0.9

Deferred tax assets 3.2 10.6 3.3

Non-current assets 373.1 384.0 370.6

Inventories 8.1 12.4 9.7

Receivables 72.6 66.2 90.6

Tax receivables 0.8 0.7 0.8

Cash in bank and in hand 20.1 36.0 31.9

Current assets 101.6 115.3 133.0

Total assets 474.7 499.3 503.6

inter

_____________________________________________________________________________



LIABILITIES AND EQUITY (MDKK)

31/3 2016 31/3 2015 31/12 2015

LIABILITIES AND EQUITY

Share capital 18.7 10.6 18.7

Share premium account 0.0 67.4 0.0

Other reserves (4.6) 0.6 (11.8)

Retained earnings 159.3 29.8 159.0

Equity 173.4 108.4 165.9

Bonds 170.7 250.4 175.7

Vendor loan 15.8 14.4 15.4

Finance lease debt 0.0 0.7 0.1

Deferred tax liabilities 5.2 1.5 7.1

Non-current liabilities 191.7 267.0 198.3

Credit institutions 0.0 0.0 0.1

Bonds 2.1 2.7 1.8

Trade payables 60.4 53.5 63.6

Current income tax liabilities 1.9 4.6 5.4

Finance lease debt 0.5 0.7 0.4

Other payables 44.7 62.4 68.2

Current liabilities 109.6 123.9 139.4

Total liabilities 301.3 390.9 337.7

Total liabilities and equity 474.7 499.3 503.6

inter

_____________________________________________________________________________



CASH FLOW STATEMENT (MDKK)

1/1 - 31/3

2016 1/1 - 31/3

2015 1/1 - 31/12

2015

Note

Profit / (loss) for the period 7.2 (5.6) 14.4

Adjustments for non-cash operating items 2 2.3 14.6 14.8

Change in working capital 3 (7.0) 8.1 3.3

Cash flow from operating activities before financial

items and expenses 2.5 17.1 32.5

Interest paid (4.0) (5.7) (21.4)

Interest received 0.0 0.0 0.0

Income tax paid (5.5) (7.1) (9.6)

Cash flow from operating activities 7.0 4.3 1.5

Acquisition of subsidiary, net of cash acquired 0.0 0.0 0.0

Purchases of property, plant and equipment (0.2) (0.4) (1.1)

Purchases of intangible assets (4.4) (8.5) (20,4)

Cash flow from investing activities (4.6) (8.9) (21.5)

Proceeds from borrowings (0.1) 0.0 0.1

Proceeds from leasing debt 0.0 0.0 (0.9)

Repayment of borrowings 0.0 0.0 (38.0)

Capital increases 0.0 0.0 50.0

Cash flow from financing activities (0.1) 0.0 11.2

Net(decrease ) /increase in cash and cash equivalents (11.7) (4.6) (8.8)

Cash and cash equivalents at beginning of year 31.9 40.6 40.6

Cash and cash equivalents at 31 March 20.1 36.0 31.9

inter

_____________________________________________________________________________



STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 1 JANUARY – 31 MARCH 2015

(TDKK)

Share Share Other Retained Total

Capital Premium Reserves earnings Equity

Balance as at 1 January 2016 18.748 - (11.838) 158.979 165.889

Profit for the period - - - 7.218 7.218

Other comprehensive income for the

period - - 315 - 315

Balance as at 31 March 2016 18.748 - (11.523) 166.197 173.422

Balance as at 1 January 2015 10.551 67.351 (408) 35.418 112.912

Profit for the period - - - (5.573) (5.573)


period - - 1.029 - 1.029

Balance as at 31 March 2015 10.551 67.351 621 29,845 108,368

Balance as at 1 January 2015 10.551 - (408) 102,769 112.912

Profit for the Year - - - 14.407 14.407


year - - (11.430) - (11.430)

Capital increase 8.,197 41.803 - - 50.000

18.748 41.803 (11.838) 117.176 165.889

Internal transfer - (41.803) - 41.803 -

Balance as at 31 December 2015 18.748 - (11.838) 158.979 165.889

inter

_____________________________________________________________________________



NOTES ON THE INTERIM REPORT

Note 1 – Significant Accounting Policies; Accounting Estimates and Judgements

ACCOUNTING POLICIES

The present interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as

adopted by the EU, and Danish regulations governing presentation of interim reports by listed companies.

The consolidated financial statements have been prepared using the same accounting policies as the

consolidated financial statements for 2015. The consolidated financial statements for 2015 contain a complete

description of the accounting policies to which reference is made.

inter

_____________________________________________________________________________



Note 2 – Cash Flow Statement (mDKK)

1/1 - 31/3

2016 1/1 - 31/3

2015 1/1 - 31/12

2015

Adjustments for non-cash operating items

Depreciations 2.1 1.2 6.7

Financial income / Expenses, net (0.6) 12.0 (10.1)

Accrued interests vendor loan 0.3 0.3 0.0

Income tax for the period 0.4 0.2 16.6

Other adjustments 0.1 0.9 1.7

Total 2.3 14.6 14.8

inter

_____________________________________________________________________________



Note 3 – Cash Flow Statement (mDKK)

1/1 - 31/3

2016 1/1 - 31/3

2015 1/1 - 31/12

2015

Change in working capital

Change in inventories 1.6 (0.4) 2.1

Change in receivables 17.4 2.9 (21.1)

Change in payables (26.0) 5.6 22.2

Total (7.0) 8.1 3.3

Note 4 – Income statement (mDKK)

1/1 - 31/3

2016 1/1 - 31/3

2015 1/1 - 31/12

2015

Operating items:

Transaction costs, Delta Group 0 0 0.5

Transaction costs, Optima Group 0 0 0.5

Non-recurring: Bond prospect and waivers 0 0 (2.1)

Non-recurring: IFRS conversion and accounting costs (0.4) 0 (1.7)

Non-recurring: Re-organisation (1.0) (1.5) (2.6)

Non-recurring: Branding 0 0 (0.3)

Non-recurring: Ongoing litigation (1.1) 0 (0.7)

Total (2.5) (1.5) (6.4)

inter

_____________________________________________________________________________



FINANCIAL HIGHLIGHTS AND KEY RATIOS

1 January – 31 march

1/1 – 31/3

2016

1/1 – 31/3

2015

1/1 – 31/3

2014

1/1 – 31/12

2015 -

Number of repairs (‘000) 225 271 158

1.048 -

Income Statement (mDKK)

Net revenue 157.7 129.5 45.5 615.1 -

EBITDA before special items 11.6 9.3 (4.9) 33.9 -

EBITDA after special items 9.1 7.8 (4.9) 27.6

Earnings before interest and tax (EBIT) 7.0 6.6 (5.6) 20.9 -

EBIT margin (%) 4.4 5.1 (12.4) 3.4 -

Other financials, net 0.6 (12.0) 0.0 10.1 -

Profit before tax 7.6 (5.4) (5.6) 31.0 -

Profit for the period 7.2 (5.6) (4.4) 14.4 -

Balance Sheet (mDKK)

Non-current assets 373.1 384.0 104.5 370.6 -

Total assets 474.7 499.3 137.3 503.6 -

Equity 173.4 108.4 18.4 165.9 -

Net interest-bearing debt 150.6 215.1 16.0 143.9 -

Net working capital (6.9) (4.7) (72.4) (1.9) -

Cash Flows (mDKK)

From operating activities (7.0) 4.3 (14.0) 1.5 -

From investing activities (4.6) (8.9) (0.6) (21.5) -

Free cash flow (11.7) (4.6) 7.5 (8.8) -

Financial ratios (%)

Cash conversion (19.0) 1.0 12.0 (23.2) -

Equity ratio 36.4 21.7 13.3 32.9 -

Ratios have been calculated according to the “Recommendations and Financial Ratios 2015” issued by the Danish Society of Financial

Analysts.

inter

_____________________________________________________________________________



PRACTICAL INFORMATION

FINANCIAL CALENDAR 10 March 2016 Annual Report for 2015

13 May 2016 Interim Report for the period 1 January – 31 March 2016 12 August 2016 Interim Report for the period 1 January – 30 June 2016 11 November 2016 Interim Report for the period 1 January - 30 September 2016

DISCLAIMER

This announcement contains “forward-looking statements”. Undue reliance should not be placed on forward-looking statements because they relate to and depend on circumstances that may or may not occur in the future and actual results may differ materially from those in forward-looking statements. Forward-looking statements include, without limitation, statements regarding our business, financial circumstances, strategy, results of operations, financing and other plans, objectives, assumptions, expectations, prospects, beliefs and other future events and prospects. We undertake no liability, and do not intend to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.

Documents

Rapid market change, new products and channels required ... · 5/13/2016 · COMPANY ANNOUNCEMENT NO. 02/2016– 13 May 2016 Rapid market change, new products and channels ... Outlook