Remuneration Information • Nov 9, 2021
Remuneration Information
Open in ViewerOpens in native device viewer
Ambu's primary objective is to advance healthcare through the development of innovative medical devices. This has been true since the company was founded in 1937, and today, Ambu is the leader in single-use endoscopy – one of the fastest-growing businesses in MedTech.
The objective of Ambu's Remuneration Committee is to set a policy that attracts and retains talented leaders at the Board and Executive levels; and to ensure that their compensation is aligned to the business goals of the company.
This report is intended to give you a detailed and transparent overview of the composition and aspects of the remuneration at the top level of the Ambu organisation.
In the financial year 2020/21, Ambu's revenue grew by 16%, following 26% growth the year before. Only a handful of medtech companies grew their revenue by double digits during COVID-19 followed by double-digit growth in the year after.
Our ambitions were higher, however, with a financial target for organic revenue growth of 17-20% at the beginning of the financial year. The CEO and CFO therefore did not receive long-term incentive pay (LTI) for 2020/21.
The short-term incentive pay (STI) was paid out at 11% of the maximum, reflecting the level of achievement of the KPIs that were set at the beginning of the year. This payout reflects that 2020/21 was a difficult year, with exogenous as well as internal challenges, but where in particular the recently launched aScope™ 4 Cysto performed well and exceeded initial expectations.
For 2020/21, the remuneration of the Board of Directors was increased in order to align the level with other C25 companies and to be able to attract new Board members to Ambu.
In connection with the Annual General Meeting on 9 December 2020, two Board members stepped down and one new member joined the Board. For the entire financial year 2020/21, the Board comprised eight members.
In the financial year 2021/22, Ambu will continue to develop and launch innovative new devices that improve patient safety, simplify hospital workflows and reduce healthcare costs. The ambitions for the year are high, and the remuneration will reflect the results that Ambu achieves and the ability to advance the strategic plans.
Jørgen Jensen Chairman of the Remuneration Committee
The Remuneration Committee met three times during 2020/21, and all members attended the meetings.
A summary of the contents of the Remuneration Report is outlined in the table below. Figures in brackets refer to the financial year 2019/20.
| Focus points | Reporting |
|---|---|
| Total remuneration broken down by components and distribution between variable and fixed remuneration |
• For 2020/21, remuneration totalling DKK 4.7m (DKK 4.2m) was paid to the Board of Directors. • The total remuneration earned by the Executive Management for 2020/21 amounted to DKK 15.1m (DKK 36.8m). The decrease in earned remuneration is due to how the targets for the variable remuneration were only met to a minor extent. • The Board of Directors receives fixed remuneration only, while the remuneration of the Executive Management is divided into fixed and variable remuneration based on a 91/9 (37/63) ratio. • A more detailed specification of the remuneration paid to each member of the management, including the individual remuneration components, is provided in Annex A (Executive Management) and Annex B (Board of Directors). |
| Alignment of the Executive Management's remuneration with Ambu's remuneration policy and long-term results |
• The targets that form the basis for the remuneration of the Executive Management are closely related to the goals which are normative for Ambu's strategy and which are communicated externally. • The remuneration of the management is in accordance with Ambu's remuneration policy, and the earning of cash bonuses, as well as the vesting of share-based instruments, are based on the achievement of the agreed targets. • Alignment of the remuneration of the Executive Management with Ambu's short-term financial targets and long-term value creation is ensured through the allocation of short-term and long-term incentives for the individual financial years, based on the achievement of the targets |
| Use of KPIs | • The Executive Management's long-term incentive pay (LTI) is conditional on the achievement of one financial KPI that reflects how Ambu's strategy is being executed. • The Executive Management's short-term incentive pay (STI) is tied to several KPIs based on Ambu's financial and strategic outlook for the year. |
| Five-year summary of remuneration, results and average salary at Ambu |
• The Remuneration Report includes a five-year summary illustrating the annual change in (i) the Executive Management's remuneration, (ii) Ambu's results and (iii) the average salary for Ambu A/S' employees. More detailed tables for the individual members of the Executive Management can be found in Annex A (Executive Management) and Annex B (Board of Directors). |
| Long-term incentive programmes |
• LTI for the Executive Management is allocated as Performance Share Units (PSUs) • A PSU will entitle the holder to one Class B share based on the share price at vesting, provided that the predetermined KPI is achieved. • The PSU programmes have an annual value cap, whereby the value at vesting cannot exceed four times the annual fixed base salary measured at the time of granting. • For practical reasons, it is agreed that PSUs issued to the CEO must always be settled in cash at the time of vesting. • In 2020/21, Ambu made no allocation of PSUs to the CEO and the CFO except for the annual employee share scheme that is offered to all employees. The value of this programme is 2% of the annual base salary. • The shareholdings of the individual members of the management appear from Annex A and Annex B, while Annex C provides an overview of existing share programmes (purchase options, PSUs and employee shares) at Ambu. |
| Claw back information |
• The STI and LTI agreements contain provisions on clawback of the variable remuneration of the Executive Management, but there has been no basis for applying the clawback provisions. |
| Deviations from the remuneration policy |
• There have been no deviations from Ambu's remuneration policy implemented on 17 December 2019. |
According to Ambu's remuneration policy, the remuneration of the Executive Management consists of the following components:
The Board of Directors only receives fixed remuneration.
In addition to the fixed base salary, the Executive Management's remuneration includes a variable remuneration component in the form of STIs and LTIs. According to the terms applying to the CEO, the variable component may constitute up to 150% of the fixed salary, based on on-target achievement of the agreed KPIs, and 250% based on maximum achievement. At maximum achievement, LTIs will constitute 150% of the fixed salary and STIs 100% of the fixed salary.
LTIs are allocated in the form of Performance Share Units (PSUs). The programme has a maximum value of one year's allocation of PSUs at the time of vesting and the value cap at vesting has been set at four times annual base salary measured at the time of granting (allocation).
For 2020/21, the total variable compensation allocated to the CEO and CFO is as follows:
The development in the remuneration paid to the Board of Directors and to the Executive Management since 2016/17 is summarised in the table on page 4. The table also shows the development in Ambu's market value based on all Class A and Class B shares less the company's portfolio of treasury shares, assuming that the value of the Class A shares corresponds to the listed value of the Class B shares.
As the table shows, the remuneration of the Board of Directors has increased by 46% (index 146) since 2016/17, while the total remuneration of the Executive Management has decreased by 13% (index 87).
In the same period, the Group's EBIT before special items decreased by 23% (index 77), while the market value of the share capital increased by 109% (index 209).
The decrease in the remuneration paid to the Executive Management from 2019/20 to 2020/21 is related to the decrease in the payout for STIs and no allocation of LTIs, except for participation in the general employee share programme.
| Basis of comparison for Ambu A/S1 | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 |
|---|---|---|---|---|---|
| Total remuneration of the Board of Directors (DKK '000) | 4,734 | 4,215 | 4,033 | 4,300 | 3,250 |
| Development (remuneration of the Board of Directors) – Index 2016/17 = 100 | 146 | 130 | 124 | 132 | 100 |
| Total remuneration of the Executive Management (DKK '000) | 15,052 | 36,765 | 23,440 | 19,516 | 17,285 |
| Variable portion of remuneration of the Executive Management | 9% | 63% | 41% | 45% | 48% |
| Annual increase in remuneration of the Executive Management | -59% | 57% | 20% | 13% | 8% |
| Development (remuneration of the Executive Management) – Index 2016/17 = 100 |
87 | 213 | 136 | 113 | 100 |
| Average remuneration per employee, exclusive of the Executive Management (DKK '000) |
844 | 837 | 809 | 773 | 789 |
| Ratio – CEO vs. average remuneration | 12 | 34 | 24 | 16 | 15 |
| EBIT before special items | -54 | 73 | 549 | 428 | 384 |
| Net profit for the year (DKKm) | 22 | 85 | 400 | 313 | 384 |
1All remuneration figures are exclusive of severance pay
| Financial numbers for Ambu Group | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 |
|---|---|---|---|---|---|
| Revenue (DKKm) | 4,013 | 3,567 | 2,820 | 2,606 | 2,355 |
| Organic growth | 16% | 26% | 4% | 15% | 14% |
| EBIT margin before special items | 8.5% | 12.0% | 17.0% | 21.6% | 19.1% |
| EBIT before special items (DKKm) | 340 | 428 | 480 | 563 | 450 |
| Development (EBIT before special items) – Index 2016/17 = 100 | 76 | 95 | 107 | 125 | 100 |
| Market value of Class A and Class B shares (DKKbn) | 48 | 45 | 28 | 38 | 23 |
| Development (market value) – Index 2016/17 = 100 | 209 | 196 | 122 | 165 | 100 |
At the Annual General Meeting on 9 December 2020, there were the following changes to the Board of Directors:
All remuneration to members leaving or joining Ambu's Board of Directors is calculated on the basis of the date when the service ends or begins.
As from 30 September 2021, the members of the Board of Directors are:
Members of the Board of Directors do not receive variable remuneration and are not part of any sharebased incentive schemes. Their fixed annual remuneration is approved by the Annual General Meeting.
At the Annual General Meeting on 9 December 2020, it was proposed to increase the fee for the Chairman from DKK 900,000 to 1.050,000, and for the Vice Chairman from DKK 600,000 to 700,000, and to increase the Board of Directors' base member fee from DKK 300,000 to 350,000, an increase of 17%. The 17% increase has also been applied to the members of the Board Committees. The change in Board fees was based on market analysis amongst the C25 companies in Denmark.
| DKK '000 | Board | Audit Committee |
Remuneration Committee |
|---|---|---|---|
| Chairman | 1,050 | 175 | 175 |
| Vice Chairman | 700 | - | - |
| Member | 350 | 117 | 117 |
Members of the Nomination Committee do not receive additional remuneration.
In addition, members of the Board of Directors are reimbursed for reasonable travel expenses, as well as
any social security costs imposed by foreign authorities in relation to the Board members' compensation from Ambu A/S.
Annex B provides an overview of the remuneration paid to the individual members of the Board of Directors since 2016/17, and an overview of changes in their shareholdings during the 2020/21 financial year.
There are no special retention or redundancy schemes for the members of the Board of Directors.
The members of the Executive Management are:
Juan Jose Gonzalez has been with Ambu since May 2019, and for the purpose of completeness the remuneration paid to his predecessor is disclosed in the relevant annexes.
The remuneration of the Executive Management is determined by the Board of Directors based on market levels, Ambu's financial position and the competences, efforts and results of the individual members of the Executive Management.
The remuneration consists of a fixed salary as well as STI and LTI elements. In addition, members of the Executive Management receive pension contributions and the usual non-cash benefits. The total remuneration paid to the Executive Management for the period from 2016/17 to 2020/21 is shown in Annex A and is divided into the following categories:
Fixed base salary STI LTI Pension & other benefits
The Remuneration Committee ensures that the fixed salary of the Executive Management is competitive and reasonable, in view of Ambu's financial position and development, based on e.g. benchmarking against European peer companies of similar size and complexity.
The CEO and CFO both received an increase in annual base salary of 1.5% effective as from 1 January 2021.
The pension contribution for the Executive Management has been agreed at up to 12%.
Employee benefits mainly concern the costs of company cars. Other employee benefits include health insurance, telephone and internet access.
The notice of termination to be given by Ambu to members of the Executive Management may not exceed 18 months, and the notice of termination to be given by the members of the Executive Management to Ambu cannot normally exceed nine months. Moreover, any severance pay to members of the Executive Management, for example in the event of a change of control, is subject to a maximum value corresponding to two years' remuneration. In the event of the death of an Executive Management member, the company will pay up to 18 months' remuneration to the surviving relatives of any such Executive Management member.
The Board of Directors has the discretionary power to grant a discretionary cash bonus of an additional 25% of the fixed base salary to the Executive Management. The discretionary power was not applied in 2020/21.
The Executive Management's variable pay is covered by clawback clauses if the pay was granted on the basis of misstated or falsified data. There has been no clawback during the period from 2016/17 up until now.
The variable pay and annual KPIs for the Executive Management are proposed by the Remuneration Committee and approved by the Board of Directors. The ratio between the variable and fixed pay elements is benchmarked in the same way as the fixed salary.
The Executive Management's variable pay constituted 9% of the total remuneration paid in 2020/21, while the share was 63% in 2019/20.
The KPIs for the Executive Management's STI for 2020/21 are aligned with Ambu's strategic focus for the year and have been defined as follows:
| KPIs | Weight |
|---|---|
| Organic revenue growth | 33% |
| EBIT margin | 33% |
| Revenue duodenoscope | 22% |
| Revenue cystoscope | 11% |
| Total | 100% |
With the results achieved for 2020/21, the STI KPIs have been achieved at 11% of maximum, and the CEO and CFO will consequently receive a total payment of DKK 1.2m.
| Executive Management | Achievement of maximum |
DKKm |
|---|---|---|
| Juan Jose Gonzalez, CEO | 11% | 0.8 |
| Michael Højgaard, CFO | 11% | 0.4 |
| Total | 11% | 1.2 |
The KPI for the Executive Management's LTI programme for 2020/21 is aligned with Ambu's strategic growth focus:
| KPI | Weight |
|---|---|
| Organic revenue growth | 100% |
Based on the financial performance for 2020/21, the threshold of the KPI for organic revenue growth has not been reached, so that no allocation of LTI will take place for 2020/21.
For the financial year 2020/21, Ambu had three active share option and PSU schemes, the key terms of which are stated in Annex D. In addition, there is the general employee share programme.
Annex C contains a detailed specification of the Executive Management's current LTI programmes, whereby:
• The Executive Management has a total of issued instruments of 1,164,776 purchase options, PSUs and employee shares, and the Executive Management has exercised options for a total value of DKK 54m.
Since 2019/20, all issue of new LTIs has been changed from purchase options to PSUs. It appears from Annex C that at the end of the financial year 2020/21 the Executive Management had 290,574 outstanding share options and PSUs. Based on a market price of DKK 189.85 per share, the total value of the outstanding purchase options and PSUs is DKK 34m.
The Board of Directors has today considered and adopted the Remuneration Report of Ambu A/S for the financial year 2020/21.
The Remuneration Report has been prepared in accordance with Section 139b of the Danish Companies Act and the Recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance. The Remuneration Report describes the remuneration received by the Board of Directors and the Executive Management of Ambu A/S ('Ambu') since 2016/17, as well as the relationship between the remuneration and Ambu's remuneration policy as at 17 December 2019, including how the remuneration contributes towards promoting and achieving Ambu's strategic goals, long-term financial results and creation of shareholder value.
The Remuneration Report will be presented to the Annual General Meeting on 14 December 2021.
Copenhagen, 9 November 2021
Jørgen Jensen Chairman
Christian Sagild Vice Chairman
Britt Meelby Jensen
Mikael Worning Henrik Ehlers Wulff
Thomas Lykke Henriksen Elected by the employees Jakob Koch Elected by the employees Jakob Bønnelykke Kristensen Elected by the employees
We have examined that the Remuneration Report for Ambu A/S for the financial year 2020/21 includes the disclosures required by Section 139 b(3) of the Danish Companies Act and that the information pertaining to remuneration, company performance and individual shareholdings included in the Remuneration Report's Annex A-C are accurate.
The degree of assurance we express in this report is reasonable.
The Board of Directors is responsible for the preparation of the Remuneration Report in accordance with Section 139 b(3) of the Danish Companies Act and the Remuneration Policy dated 17 December 2019 as adopted by the Annual General Meeting.
The Board of Directors is also responsible for such internal control that the Board of Directors determines is necessary to enable the preparation of the Remuneration Report that is free from material misstatement, whether due to fraud or error.
We are independent of Ambu A/S in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements, which rely on general principles regarding integrity, objectivity, professional competence and due care, confidentiality and professional conduct.
EY Godkendt Revisionspartnerselskab is subject to the International Standard on Quality Control (ISQC) 1 and thus uses a comprehensive quality control system, documented policies and procedures regarding compliance with ethical requirements, professional standards, applicable requirements in Danish law and other regulations.
Our responsibility is to express a conclusion on Remuneration Report based on our examinations. We conducted our examinations in accordance with ISAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information, and additional requirements under Danish audit legislation to obtain reasonable assurance for purposes of our conclusion.
As part of our examinations, we performed the below procedures:
We have examined Management's process for recording, collecting and presenting no. of shares held by the individual members of the Board of Directors and Executive Board and on a sample basis verified such information to supporting documentation.
In our opinion, the examinations performed provide a sufficient basis for our opinion.
In our opinion, the Remuneration Report, in all material respects, includes the disclosures required by section 139 b(3) of the Danish Companies Act and the information pertaining to remuneration, company performance and individual shareholdings included in the Remuneration Report's Annex A-C are accurate.
Copenhagen, 9 November 2021
EY Godkendt Revisionspartnerselskab CVR no. 30 70 02 28
Søren Skov Larsen Henrik Pedersen State Authorised State Authorised Public Accountant Public Accountant mne26797 mne35456
| Total remuneration (DKK '000) | ||||||
|---|---|---|---|---|---|---|
| Remuneration component | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | |
| Fixed salary | 7,342 | 7,260 | 2,723 | - | - | |
| Pension contributions | 734 | 726 | 272 | - | - | |
| Employee benefits | 228 | 226 | 79 | - | - | |
| Juan Jose Gonzalez, CEO | Short-term incentives1 | 819 | 8,549 | 2,769 | - | - |
| Long-term incentives 2 |
147 | 11,014 | 3,695 | - | - | |
| Total remuneration earned 3 | 10,105 | 28,610 | 10,987 | - | - | |
| Adjustment of LTIs to IFRS4 | 8,340 | -4,641 | -3,227 | - | - | |
| Fixed remuneration | 90% | 32% | 41% | - | - | |
| Variable remuneration | 10% | 68% | 59% | - | - | |
| Total | 100% | 100% | 100% | - | - | |
| Fixed salary | 3,848 | 3,805 | 3,280 | 3,124 | 2,624 | |
| Pension contributions | 462 | 457 | 394 | 312 | 210 | |
| Employee benefits | 178 | 149 | 167 | 167 | 131 | |
| Michael Højgaard, CFO | Short-term incentives | 381 | 1,509 | 0 | 1,348 | 1,537 |
| Long-term incentives2 | 77 | 2,236 | 446 | 2,064 | 704 | |
| Total remuneration earned 3 | 4,946 | 8,156 | 4,287 | 7,015 | 5,206 | |
| Adjustment of LTIs to IFRS4 | 696 | -229 | -809 | 664 | -45 | |
| Fixed remuneration | 91% | 54% | 90% | 51% | 57% | |
| Variable remuneration | 9% | 46% | 10% | 49% | 43% | |
| Total | 100% | 100% | 100% | 100% | 100% | |
| Fixed salary | - | - | 4,744 | 6,276 | 5,276 | |
| Pension contributions | - | - | 569 | 628 | 528 | |
| Employee benefits | - | - | 185 | 287 | 277 | |
| Resigned Executive Management Member | Short-term incentives | - | - | 0 | 2,620 | 4,533 |
| Long-term incentives2 | - | - | 2,668 | 2,690 | 1,464 | |
| Total remuneration before severance pay | - | - | 8,166 | 12,501 | 12,078 | |
| Severance pay | - | - | 25,400 | - | - | |
| Total remuneration earned | - | - | 33,566 | 12,501 | 12,078 | |
| Adjustment of LTIs to IFRS4 | - | - | -5,438 | 6,075 | -95 | |
| Total expense in the income statement | - | - | 28,128 | 18,576 | 11,983 | |
| Fixed remuneration | - | - | 67% | 58% | 50% | |
| Variable remuneration | - | - | 33% | 42% | 50% | |
| Total | - | - | 100% | 100% | 100% | |
| Executive Management remuneration earned | 15,052 | 36,765 | 48,840 | 19,516 | 17,285 | |
| Executive Management remuneration in total excl. severance pay |
15,052 | 36,765 | 23,440 | 19,516 | 17,285 | |
| Total | Annual increase in remuneration excl. severance pay |
-59% | 57% | 20% | 13% | 8% |
| Fixed remuneration | 91% | 37% | 59% | 55% | 52% | |
| Variable remuneration | 9% | 63% | 41% | 45% | 48% | |
| Total | 100% | 100% | 100% | 100% | 100% | |
| Ratio | Average remuneration in Ambu A/S (excluding the Executive Management) |
844 | 837 | 809 | 773 | 789 |
| Average remuneration/CEO pay ratio5 | 12 | 34 | 24 | 16 | 15 |
12018/19 and 2019/20 include housing allowance.
2The Long-term incentives includes the two-year employee share programme and the three-year LTI programmes. The value of the LTI programmes is based on the fair value per unit at time of grant times the total number of awards achieved.
3To show the value of compensation earned by the Executive Management compared to how this is accounted for, we have changed the presentation of compensation compared to previous years. The line "Total remuneration earned" now includes the value of LTIs at fair value per unit at the time of granting, multiplied by the total number of awards achieved. Comparative numbers back to 2016/17 have been updated to reflect this change including CEO pay (CEO pay ratio). 4 The line "Adjustment of LTIs to IFRS" includes effects of accounting accruals as well as the effect from mark-to-market of the PSUs in cases where the LTIs will eventually be settled in cash.
5 The ratio for 2018/19 is calculated by applying full-year compensation for CEO Juan Jose Gonzalez against the average compensation paid excluding the Executive Management of Ambu A/S.
| Specification of employee benefits (DKK '000) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Employee benefits | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | ||||
| Juan Jose Gonzalez, CEO | |||||||||
| Company car | 220 | 218 | 76 | - | - | ||||
| Telephone and internet | 3 | 3 | 2 | - | - | ||||
| Insurance | 5 | 5 | 2 | - | - | ||||
| Total | 228 | 226 | 79 | - | - | ||||
| Michael Højgaard, CFO | |||||||||
| Company car | 174 | 145 | 163 | 163 | 128 | ||||
| Telephone and internet | 3 | 3 | 3 | 3 | 3 | ||||
| Insurance | 1 | 1 | 1 | 1 | 1 | ||||
| Total | 178 | 149 | 167 | 167 | 131 | ||||
| Resigned Executive Management Member | |||||||||
| Company car | - | - | 166 | 265 | 264 | ||||
| Bridge tolls and ferries | - | - | 16 | 19 | 9 | ||||
| Telephone | - | - | 2 | 3 | 3 | ||||
| Insurance | - | - | 1 | 1 | 1 | ||||
| Total | - | - | 185 | 287 | 277 |
| Shareholdings (number of Class B shares with a nominal value of DKK 0.50 each) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Member of the Executive Management |
2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | ||||
| Juan Jose Gonzalez, CEO | 339,465 | 162,240 | 161,000 | - | - | ||||
| Michael Højgaard, CFO | 16,826 | 18,544 | 38,050 | 22,110 | 21,620 | ||||
| Subtotal | 356,291 | 180,784 | 199,050 | 22,110 | 21,620 | ||||
| Resigned Executive Management member |
- | - | - | 161,530 | 160,365 |
Total 356,291 180,784 199,050 183,640 181,985
| Value of realised share options and PSUs at time of exercise (DKKm) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Member of the Executive Management |
2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | Total | |||
| Juan Jose Gonzalez, CEO | - | - | - | - | - | - | |||
| Michael Højgaard, CFO | 24.6 | 19.8 | 41.2 | 46.4 | 22.5 | 154.5 | |||
| Realised subtotal | 24.6 | 19.8 | 41.2 | 46.4 | 22.5 | 154.5 | |||
| Resigned Ex. Mgmt member | - | - | 82.5 | 134.3 | - | 216.8 | |||
| Realised in total | 24.6 | 19.8 | 123.7 | 180.7 | 22.5 | 371.3 |
| The Ambu Group's key financials (DKKm) – realised figures | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Key figures and ratios | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | ||||
| Revenue | 4,013 | 3,567 | 2,820 | 2,606 | 2,355 | ||||
| Organic growth | 16% | 26% | 4% | 15% | 14% | ||||
| EBIT margin before special items | 8.5% | 12.0% | 17.0% | 21.6% | 19.1% | ||||
| EBIT before special items | 340 | 428 | 480 | 563 | 450 | ||||
| Annual growth in EBIT before special items |
-21% | -12% | -15% | 25% | 26% | ||||
| Free cash flow before acquisitions | -245 | -133 | 274 | 321 | 321 | ||||
| In % of revenue | -6.1% | -3.7% | 9.7% | 12.3% | 13.6% |
| Ambu A/S' key financials (DKKm) – realised figures | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Key figures and ratios | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | ||||
| EBIT before special items | -54 | 73 | 549 | 428 | 384 | ||||
| Net profit for the year | 22 | 85 | 400 | 313 | 384 |
| 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | |||
|---|---|---|---|---|---|---|---|
| Member of the Board of Directors | Board fee |
Committee fee |
Total | Total | Total | Total | Total |
| Jørgen Jensen (C) Remuneration Committee, Chair |
850 | 142 | 992 | - | - | - | - |
| Christian Sagild (VC) Audit Committee, Chair |
633 | 175 | 808 | 450 | 450 | 450 | 350 |
| Britt Meelby Jensen (MB) Remuneration Committee, Member |
350 | 117 | 467 | 315 | - | - | - |
| Mikael Worning (MB) Audit Committee, Member |
417 | 117 | 534 | 700 | 700 | 700 | 525 |
| Henrik Ehlers Wulff, Member Audit & Remuneration Committee, Member |
350 | 211 | 561 | 400 | 400 | 400 | 300 |
| Thomas Lykke Henriksen (EEBM) | 350 | - | 350 | 300 | 300 | 300 | - |
| Jakob Koch (EEBM) | 350 | - | 350 | 300 | 300 | 300 | - |
| Jakob Bønnelykke Kristensen (EEBM) | 350 | - | 350 | 300 | 300 | 300 | 225 |
| Lars Rasmussen (C)* | 200 | 33 | 233 | 827 | - | - | - |
| Oliver Johansen (MB)* | 67 | 22 | 89 | 400 | 400 | 400 | 300 |
| Jens Bager (C)* | - | - | - | 223 | 1,050 | 1,050 | 800 |
| Allan Søgaard Larsen (MB)* | - | - | - | - | 133 | 400 | 300 |
| Anita Krarup Rasmussen (EEBM)* | - | - | - | - | - | - | 225 |
| Pernille Bartholdy (EEBM)* | - | - | - | - | - | - | 225 |
| Total | 3,917 | 817 | 4,734 | 4,215 | 4,033 | 4,300 | 3,250 |
C: Chairman of the Board of Directors; VC: Vice Chairman of the Board of Directors; MB: Member of the Board of Directors elected by the general meeting; EEMB: Employee-elected member of the Board of Directors. *Former members of the Board of Directors.
| Shareholdings (number of Class B shares with a nominal value of DKK 0.50 each) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Current members of the Board of Directors | Number of shares 1.10.2020 |
Bought during the year |
Sold during the year |
Number of shares 30.9.2021 |
||||||
| Jørgen Jensen | 1,861 | 14,375 | - | 16,236 | ||||||
| Christian Sagild | 255,000 | - | - | 255,000 | ||||||
| Mikael Worning | 66,900 | - | - | 66,900 | ||||||
| Britt Meelby Jensen | 4,000 | - | - | 4,000 | ||||||
| Henrik Ehlers Wulff | 10,645 | - | - | 10,645 | ||||||
| Thomas Lykke Henriksen | 9,843 | 165 | - | 10,008 | ||||||
| Jakob Koch | 2,893 | 213 | - | 3,106 | ||||||
| Jakob Bønnelykke Kristensen | 6,971 | 5,127 | - | 12,098 | ||||||
| Total | 358,113 | 19,880 | - | 377,844 |
| Annex C: Existing long-term incentive programmes | ||
|---|---|---|
| Purchase options | PSUs | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2020, years 1 and 2 |
2020, year 3 |
2020, Big Five |
Sub total |
2019 | 2020 | 2021 | Sub total |
2016 | 2017 | 2018 | 2019 | 2021 | Total | |
| No. of participants | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | - | ||
| Juan Jose Gonzalez | 29 | 99 | 52 | 180 | 1 | 1 | 182 | ||||||||
| Michael Højgaard | 379 | 134 | 81 | 372 | 966 | 14 | 14 | 1 | 1 | 1 | 983 | ||||
| Resigned Executive Management member |
790 | 496 | 270 | 1,246 | 2,802 | 2 | 1 | 2 | 2,807 | ||||||
| No. of instruments issued1, 2 ('000) |
1,169 | 630 | 351 | 1,618 | 3,768 | 29 | 99 | 66 | 194 | 3 | 1 | 2 | 2 | 2 | 3,972 |
| Has program vested? | yes | yes | no | no | no | no | no | yes | yes | yes | no | no | |||
| Juan Jose Gonzalez | |||||||||||||||
| Michael Højgaard | 50 | 4 | 54 | 54 | |||||||||||
| Value of exercised instruments, DKKm |
50 | 4 | 54 | 54 | |||||||||||
| Juan Jose Gonzalez | 29 | 99 | 128 | 1 | 1 | 130 | |||||||||
| Michael Højgaard | 81 | 79 | 160 | 1 | 161 | ||||||||||
| Resigned Executive Management member |
530 | 202 | 270 | 265 | 1,267 | 1,267 | |||||||||
| No. of outstanding instruments ('000) |
530 | 202 | 351 | 344 | 1,427 | 29 | 99 | 128 | 2 | 1 | 1,558 | ||||
| Exercise price, DKK | 43 | 120 | 134 | 134 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Year of expiration | 2023 | 2024 | 2025 | 2024 | 2022 | 2023 | 2024 | 2018 | 2019 | 2020 | 2021 | 2023 | |||
| Juan Jose Gonzalez | 5 | 19 | 24 | 1 | 25 | ||||||||||
| Michael Højgaard | 5 | 4 | 9 | 9 | |||||||||||
| Market value of outstanding instruments at 30 Sept. 2021, DKKm |
5 | 4 | 9 | 5 | 19 | 24 | 1 | 34 |
1Share-based incentive schemes allocated prior to FY 2014/15 are not included in this table.
2Calculated before cancellation, non-vesting of instruments and resignations etc.
Ambu currently has three active long-term incentive programmes:
Have a question? We'll get back to you promptly.