Skive, 2011-03-14 09:02 CET (GLOBE NEWSWIRE) -- The Board of Directors of Dantherm A/S today approved the annual report 2010 of Dantherm A/S.
Consolidated financial statements 2010
Continuing operations
- Revenue and results are on a par with the outlook announced.
- Consolidated revenue was DKK 464.6m, up 7.8% relative to 2009 which saw posting of revenue of DKK 431.2m.
- An operating profit (EBIT) of DKK 6.8m was returned, representing a substantial improvement on the loss of DKK 92.3m posted in 2009.
- Loss before associates was DKK 13.8m. In 2009, the company returned a loss before associates of DKK 113.0m.
Discontinuing operation
- Discontinuing operations posted a loss of DKK 1.9m for 2010 against a loss of DKK 181.5m in 2009.
- The Dantherm Filtration business area was sold to Nederman Holding AB in March 2010. The selling price on a debt-free basis was DKK 280m. The purpose of the divestment was to strengthen Dantherm’s capital base. The French company, which was not included in the transaction with Nederman Holding AB, has subsequently been discontinued.
- 2010 saw the divestment of partly owned companies and activities which – on account of the more focused strategy for the group – are not core activities. These include Danamics ApS, T&O Stelectric A/S and Dantherm Air Handling Pte. Ltd.
Capital structure
- At the end of 2010, consolidated equity amounted to DKK 130.1m, and the balance sheet total was DKK 457.4m. The equity ratio is 28.4%, up from 16.8% at the end of 2009.
- At the end of 2010, net interest-bearing debt amounted to DKK 186.9m, down DKK 272.2 relative to the end of 2009, when interest-bearing debt stood at DKK 459.1m. Interest-bearing debt includes finance lease commitments and mortgage debt of DKK 113.8m.
Strategy for Dantherm
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In 2010, Dantherm adopted a new strategy based on international growth for the activities in the Dantherm Air Handling group, which now is divided into the business areas HVAC (Heating, Ventilation, Air Conditioning) and Telecom:
- The Telecom business area is divided into two segments – Network suppliers and Network operators. Within Telecom, Dantherm has for a number of years been one of the leading suppliers to the global network suppliers, whereas sales to network operators have been limited. The strategy focuses on strengthening Dantherm within both segments through increased global sales efforts, product development and production at the factories in Denmark and China.
- The HVAC business area is divided into four segments – Defence, Dehumidifiers, DanX Ventilation and Domestic ventilation. Within each segment, Dantherm has built strong market positions in several European countries. The strategy focuses on increasing market share in selected markets through intensified sales efforts and a further development of the product portfolio.
- Dantherm’s strategic objective is to achieve growth for all six business segments, and the strategy focuses on doubling consolidated revenue within a period of five years with the greatest growth being expected within Telecom and Domestic ventilation.
Outlook 2011
- In 2011, the Dantherm group expects revenue in the range of DKK 500-550m and an operating profit (EBIT) of DKK 20-25m and thus a small profit before tax (EBT).
Annual general meeting
- The annual general meeting will be held on Monday 13 April 2011 at 3 pm in the offices of Dantherm A/S, Marienlystvej 65, Skive, Denmark.
Practical information
- The complete annual report is enclosed with this company announcement and is also available at Dantherm’s website, www.dantherm.com. As in previous years, the company management has chosen to prepare a brief summary of the group’s annual report, 2010 in brief (Danish version), which provides an overview of the development and results for the year of the Dantherm group.
- All the company’s registered shareholders receive a written invitation to the general meeting and a printed copy of 2010 in brief (Danish version).
Financial highlights for Dantherm Q4 and FY 2010 and 2009
| DKKm | Q4 | FY | ||
| 2010 | 2009 | 2010 | 2009 | |
| Income statement: | ||||
| Revenue | 129.7 | 114.2 | 464.6 | 431.2 |
| Earnings before depreciation, amortisation etc. (EBITDA) | 9.3 | -9.5 | 31.7 | -12.0 |
| Operating profit/loss (EBIT) | 2.5 | -66.3 | 6.9 | -92.3 |
| Profit/loss before associates1) | -3.2 | -74.0 | -13.8 | -113.0 |
| Profit/loss before tax (EBT) | -18.1 | -74.0 | -44.5 | -113.0 |
| Net profit/loss from discontinuing operations | -2.6 | -104.7 | -1.9 | -181.5 |
| Dantherm A/S’s share of the net profit/loss for the period | -14.8 | -181.2 | -43.9 | -293.1 |
Any enquiries concerning this announcement can be directed to President & CEO Torben Duer on tel. +45 99 14 90 14.
