Skive, Denmark, 2013-03-01 09:09 CET (GLOBE NEWSWIRE) --
In 2012, Dantherm realised revenue of DKK 482m and an operating loss of DKK 6m. Revenue and earnings were slightly better than the latest outlook announced for revenue of approx. DKK 470m and an operating loss of approx. DKK 10m. Growth in 2011 did not continue in 2012 in consequence of lower sales to Telecom network suppliers. On the other hand, sales to Telecom network operators and within the HVAC segment saw growth of 18 %. Dantherm continues the strategic growth measures and expects revenue of DKK 525-550m and an operating profit of DKK 15-20m in 2013, on par with the levels seen in 2011.
President & CEO Torben Duer says:
"At the beginning of 2012, we expected both the Telecom and HVAC businesses to prosper in spite of a slow first quarter for Telecom. However, contrary to the expectations, the low activity within the Telecom network suppliers continued throughout the year. On the contrary, the HVAC business saw growth in revenue and earnings above the expectations for the year. In 2013, we expect positive developments especially within the Telecom business which in addition to the continued measures carried out within market and product development is expected to contribute to growth in revenue and earnings in 2013."
Development in 2012
- Revenue was DKK 482m against DKK 550m in 2011, corresponding to a fall of 12 %. Revenue within HVAC increased by 18 %, whereas revenue within Telecom declined by 45 %.
- An operating loss (EBIT) of DKK 6.2m was posted in 2012 against an operating profit of DKK 22.5m in 2011.
- Revenue and EBIT are slightly better than in the latest outlook announced.
- Dantherm posted a loss before tax (EBT) of DKK 17.9m against a profit before tax of DKK 9.8m in 2011.
- Equity interest amounted to 27 % at the end of 2012 against 28 % at the end of 2011.
- Net interest-bearing debt amounted to DKK 188m at the end of 2012, relatively on par with the end of 2011. The net interest-bearing debt includes finance lease commitments and bank debt relating to buildings of DKK 102m.
- Cash flows from operating activities were positive by DKK 19.8m, which in spite of the weak earnings is on par with 2011.
Outlook for 2013
The market development within HVAC is still expected to be moderate in 2013 and affected by the European economy. Within several of the product groups, certain growth is expected due to increased focus on indoor climate and energy-savings. Within Telecom, the preconditions for growth within wireless communication are expected to continue and Dantherm also expects increasing investments in telecommunications networks relative to 2012.
Dantherm continues the strategic measures relating to market presence, product development and cost-effectiveness and expects revenue of DKK 525-550m and an operating profit (EBIT) of DKK 15-20m in 2013, on par with the levels seen in 2011.
Expansion of the Executive Board
As of this day, CFO Bjarke Brøns is a member of the Executive Board. Bjarke Brøns is 37 years old, master of Science in Economics and Business Administration (MSc(Econ.) and a state-authorised public accountant. Bjarke Brøns joined Dantherm in 2006 and has been group CFO since April 2011.
In future, the Executive Board consists of Torben Duer, President & CEO, and Bjarke Brøns, CFO.
Annual general meeting
The annual general meeting will be held on Wednesday 10 April 2013 at 3 pm in the company’s offices at Marienlystvej 65, Skive, Denmark. The Board of Directors proposes that no dividend be paid for 2012.
The complete annual report is enclosed with this company announcement and is available at Dantherm’s website www.dantherm.com.
Any enquiries concerning this announcement can be directed at CEO Torben Duer on tel.: +45 99 14 90 14.
In questions of interpretation, the Danish text shall prevail.
