In 2013, consolidated revenue totalled DKK 9,209 million, matching a growth rate of 10% in local currencies supported by all the Group’s business activities. Organic growth was more than 3%.
In our core business, wholesale of hearing aids, the organic growth rate exceeded 5%, when adjusting for the impact from the Danish and Dutch markets. Unadjusted, we realised 3% organic growth in a market estimated to have seen flat growth in terms of value.
In 2013, our operating profit (EBIT) rose by 8% to DKK 1,784 million, corresponding to a profit margin of 19.4%. Net profit and earnings per share (EPS) went up by as much as 14% each for the full year 2013 and by 23% for the second half-year 2013.
In 2013, the Group once again generated a strong cash flow from operating activities, totalling DKK 1,320 million and equivalent to a cash conversion ratio of 74%.
In spring 2014, Oticon will join Apple’s Made for iPhone programme and launch its first Made for iPhone (MFi) connectivity solution for hearing instruments. Oticon’s MFi solution will be available for all existing and future users of Oticon’s ConnectLine instruments across the price spectrum, including an installed base of around two million current users of wireless Oticon hearing instruments.
In 2014, we expect to continue to generate growth in all our business activities. Following a 14% growth rate in the Group’s net profit and earnings per share (EPS) in 2013, we expect to see growth in EPS of 5-10% in 2014. Based on a continued strong cash flow, we expect to be able to buy back Company shares worth more than DKK 500 million in 2014.
