”2012 was characterised by difficult market conditions in Europe where macro-economic developments clearly made their mark on DLH’s warehouse-based business, while our overseas Global Sales business increased by 27%. In response to the considerable uncertainty, we continued our efforts to focus and simplify DLH and create a cost effective business. We succeeded in this and also reduced our debts by around DKK 300 million. We fulfilled our most recent forecast for an EBIT margin of around zero despite the fact that turnover was slightly below expectations,” says CEO Kent Arentoft.
- DLH’s overall turnover totalled DKK 2,419 million in 2012 against DKK 2,610 million in 2011.
- EBITDA was DKK 4 million in 2012 against DKK 73 million the previous year.
- EBIT was minus DKK 8 million in 2012 against DKK 56 million the previous year and the EBIT margin amounted to -0.3% against 2.1% in 2011.
- DLH reduced its net interest bearing debt by DKK 298 million from DKK 546 million to DKK 248 million in part through targetted divestment and a systematic approach to reducing net working capital.
- The divestment of assets made a positive contribution to liquidity but resulted in a number of major writedowns and losses, which have been recognised under discontinuing operations with an amount of DKK 130 million after which the accounted loss amounts to DKK 193 million.
”Following the adjustments of the past few years, we now have a simple business model based on warehouse sales as a wholesaler to industry and the retail sector in Europe as well as back-to-back trade in the rest of the world. We have streamlined our head office and centralised the group’s sales support in Hong Kong. Based on the new structure we will intensify our customer focus by strengthening DLH’s sales and product offering,” says Kent Arentoft.
DLH expects construction activities in Europe in 2013 to remain under pressure whereas a certain rise in the global market is expected, especially in Asia.
For 2013, DLH’s turnover and EBIT margin are expected to be on a par with 2012.
For further information about this announcement, please contact President & CEO Kent Arentoft on tel. + 45 43 50 01 01.
