Key figures

Key figures and financial ratios of the Danware Group

FINANCIAL HIGHLIGHTS

DKK ‘000	2002	2003	2004	2005	2006	2006 EUR 1.000
Income statement
Net revenue	101.1	94.1	96.0	91.3	97.9	13.13
Gross margin	87.3	81.3	87.5	79.7	85.4	11.45
Operating profit before depriciation and amortisation (EBITDA)	35.0	29.9	35.7	21.6	7.1	0.95
Operating profit before amortisation of goodwill (EBITA)	30.8	25.6	32.0	18.3	1.1	0.15
Operating profit (EBIT)	30.8	25.2	32.0	18.3	1.1	0.15
Net financials	9.2	6.6	3.5	2.9	1.0	0.14
Profit from ordinary activities before tax	40.0	30.8	35.5	21.2	2.1	0.28
Net profit for the year	27.3	20.7	24.4	14.6	0.7	0.09
Balance sheet
Assets	294.6	306.0	227.3	223.8	226.7	30.41
Assets less cash	61.1	76.5	63.3	70.0	113.6	15.23
Share capital	19.2	19.3	19.3	19.3	19.3	2.58
Equity	285.0	278.6	211.6	208.0	209.0	28.03
Cash flow statement
Cash flows from operating activities	27.5	24.7	30.3	17.5	(6.1)	(0.81)
Cash flows from investing activities	(11.3)	(2.4)	(1.7)	(8.8)	(34.4)	(4.61)
... of which investments in property, plant and equipment	(5.8)	(0.4)	(1.3)	(2.7)	(3.4)	(0.46)
Cash flows from financing activities	-	(26.2)	(94.1)	(18.9)	(0.1)	(0.02)

RATIOS

	2002	2003	2004	2005	2006	2006 EUR 1.000
Financial ratios
Export ratio (%)	90	90	90	91	76	76
Operating margin (EBITA margin) (%)	30	27	33	20	7	7
Operating margin (EBIT margin) (%)	30	26	33	20	1	1
Equity ratio (%)	97	91	93	93	92	92
Return on equity (%)	10	7	10	7	0	0
Ratios relating to shares
Earnings per share, EPS (DKK)	7,1	5,4	6,4	3,9	0,2	0,0
Diluted earnings per share (EPS-D)	7,1	5,4	6,4	3,8	0,2	0,0
Net asset value per share (DKK)	74,2	72,4	54,9	54,0	54,3	7,3
Cash flow per share, CFPS (DKK)	7,1	6,4	7,9	4,5	(1,6)	(0,2)
No. of shares, year-end (1,000 of DKK 5 each)	3.840	3.850	3.850	3.850	3.850	3.850
Average no. of shares (1,000 of DKK 5 each)	3.840	3.844	3.850	3.850	3.850	3.850
Market price, year-end	120,0	100,5	103,1	120,0	117,5	15.76
Dividend per share (DKK)	5	25	5	-	2,5	0,34
Price earnings, P/E (DKK)	16,9	18,6	16,1	30,8	675,4	90,6
Ratios relating to staff
Average no. of employees	43	50	52	55	72	72

Ratios is computed in accordance with “Guidelines and Financial Ratios”, issued by the Danish Society of Financial Analyst in 2005. References is made to the definitions and terms applied in the section on “Accounting policies”. At 31 December 2006, figures were translated from DKK to EUR using an exchange rate of 745,60.