“Over the last few months, we have taken major steps to realize our divestment strategy. Now, closing of these deals have taken place and the Group will become debt free in Q4”, says CEO Kent Arentoft.
• Turnover for the first nine months was DKK 1,118 million against DKK 1,380 million for the same period last year. For Q3, turnover totalled DKK 331 million compared to DKK 455 million for the same period last year.
• The Total loss for the first nine months amounts to DKK 72 million against a loss of DKK 57 million for the same period last year. The total loss in Q3 amounts to DKK 17 million against DKK 25 million in same period last year.
• Net interest bearing debt by end of Q3 was DKK 182 million against DKK 270 million at the same time last year.
• During Q3, the Group announced the sale of its Polish and Slovakian companies with net proceeds of DKK 100 million. Closing of this transaction and receipt of proceeds took place on 3 November 2014.
• On 1 October 2014, the Group announced the sale of its Asian Global Sales entities. Closing of this transaction took place on 31 October 2014 and proceeds of DKK 80 million were received on the same day and further approx.. 40 million are expected as customer receivables are collected.
• The closing of the above two transactions will result in a debt free DLH Group.
• At the end of the period, Group equity was DKK 242 million.
• The Group continues to run structured sales processes in respect of the Nordic Region, Russia and France. In addition, the Group is also working on disposal of other assets and reducing obligations in respect of certain leaseholds including the former head office in Hoje Taastrup. By its nature, determining the timing, value and outcome of such processes is difficult.
• The Board of Directors has felt it prudent to reduce the operating cost of the Group’s head office. All employees will leave the head office by 30 April 2015 at the latest. The one-off cost of winding down the head office is expected to be in the region of DKK 15 million including redundancy payments, which will be provided for in Q4. At the current level the quarterly running costs in head office are around DKK 6 million.
The Board of Directors has today approved the interim report for the period 1 January to 30 September 2014.
For further information about this announcement, please contact President and CEO Kent Arentoft on tel.: +45 4350 0101.
