COPENHAGEN, Denmark, Feb. 20, 2002 (PRIMEZONE) -- The Supervisory Board of Danske Traelast A/S today considered and adopted the annual report for the financial year ended December 31, 2001 and recommends that the report be adopted by the forthcoming annual general meeting.
We enclose our financial report for the year, which contains the following highlights:
-- Turnover increased 11% to DKK 14.6 billion
-- Profit on ordinary activities before tax and goodwill amortisation
was DKK 462 million, which is in line with our forecast. Adjusted
for non-recurring income in 2000, this represents a 9% decline.
-- Earnings per share amounted to DKK 12 (DKK 15 in 2000).
-- The cash flow from operating activities amounted to DKK 548
million.
-- The Group has implemented measures to reduce costs in order to
adjust to the current market situation. Restructuring costs of a
non-recurring nature in this connection reduced profit for 2001 by
DKK 22 million.
-- Dividend of DKK 3.60 per share proposed, unchanged from last year.
-- The Group changed its accounting policies in 2001 to the effect
that goodwill is now capitalised under intangible fixed assets,
and amortisation is charged through the profit and loss account,
while deferred tax assets are carried on the balance sheet.
Goodwill capitalised as at 31 December 2001 amounted to DKK 843
million. DKK 52 million was amortised in 2001. Deferred tax assets
amounted to DKK 11 million as at 31 December 2001.
-- Turnover for 2002 is expected to be approximately DKK 15 billion,
and profit on ordinary activities before tax and goodwill
amortisation is expected to be in the region of DKK 470-510
million.
Announcement Of Financial Results 2001: http://reports.huginonline.com/849365/99792.pdf
This announcement has been translated from the Danish language, and in the event of any discrepancies between the Danish and English language versions, the Danish language version is the governing text. For further information, please visit our Web site at www.dansketraelast.dk