Dantherm
Announcement of financial statements 2013

DGAP-News: Dantherm /

28.02.2014 / 13:10

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Skive, Denmark, 2014-02-28 13:10 CET (GLOBE NEWSWIRE) -- 
Dantherm realised revenue of DKK 482m for 2013, which is on a par with revenue
in 2012. An operating profit (EBIT) of DKK 5.2m was posted, up DKK 11.4m
relative to 2012. Revenue and EBIT were in line with the most recently
announced outlook. 

Torben Duer, President & CEO:

'The results for 2013 have improved in relation to last year due to the
efficiency measures and cost reductions introduced. The strategic focus on
market presence and product development continued, with costs and investments
totalling DKK 15m within the two business segments HVAC and Telecom. This fuels
our expectations of growth and thus improved revenue and earnings in the coming
years. 

The strategic analysis aimed at strengthening business development and capital
base is under way and we will report on the results once the analysis is ready,
probably in H1 2014.'.' 

Developments in Q4 2013

  -- Revenue was DKK 126m against DKK 119m in Q4 2012, representing the highest
     quarterly revenue in 2013.

  -- An operating profit (EBIT) of DKK 3.2m was posted against a loss of DKK
     9.1m in Q4 2012.

  -- A loss before tax (EBT) of DKK 0.8m, corrected for the share of the
     profit/loss after tax in associates, was posted, cf. below, against a loss
     of DKK 12.7m in Q4 2012.

  -- Cash flows from operating activities were DKK -0.7m against DKK 6.2m in Q4
     2012.

Developments in 2013

  -- Dantherm realised revenue of DKK 482m, which is on a par with revenue in
     2012. Revenue within HVAC fell by 11%, while revenue within Telecom
     increased by 25%.

  -- An operating profit (EBIT) of DKK 5.2m was posted against a loss of DKK
     6.2m in 2012.

  -- Revenue and EBIT were in line with the most recently announced outlook.

  -- In 2013, the share of the profit/loss after tax in associates has had a
     negative impact on the profit before tax of DKK 18.5m as a result of
     impairment of investments in and loans to Dantherm Power.

  -- Dantherm's EBT adjusted for write-downs in respect of Dantherm Power was
     improved by DKK 7.5m relative to 2012.

  -- Cash flows from operating activities totalled DKK -0.3m against DKK 19.8m
     in 2012, when cash flows were positively affected by the reduction in
     working capital as a result of lower activity levels.

  -- The net interest-bearing debt amounted to DKK 203.2m at the end of 2013
     against DKK 188.3m at the end of 2012.


Capital structure

  -- As mentioned in company announcement no. 13 of 16 October 2013, Dantherm
     has received an unsolicited indication of interest from a potential buyer.
     Consequently, the Board of Directors decided to launch an analysis in order
     to evaluate the enquiry in the best possible way. The analysis is still
     ongoing and will be used by the Board of Directors to consider Dantherm's
     general strategic options for a strengthening of business development and
     capital base. The results of the analysis will be reported once they are
     ready, probably in H1 2014.

  -- In April 2012, Dantherm signed an agreement with the primary credit
     institutions on committed facilities to expire on 1 May 2014. In February
     2014, Dantherm renegotiated its agreement with the primary credit
     institutions which have granted an extension of the agreement until 31
     March 2015.


Outlook for 2014

In 2014, Dantherm expects revenue in the region of DKK 500-525m and an
operating profit (EBIT) of DKK 10-15m. 

Impact relating to the analysis initiated in October 2013 is not recognised in
the expectations for operating profit (EBIT). 

Annual general meeting

The annual general meeting will be held on Wednesday, 26 March 2014 at 3 pm at
Dantherm A/S, Marienlystvej 65, Skive, Denmark. 

The complete annual report is enclosed with this company announcement and is
also available at Dantherm A/S's website, www.dantherm.com. 

Any enquiries concerning this announcement can be directed to President & CEO
Torben Duer on tel. +45 99 14 90 14.
News Source: NASDAQ OMX


End of Corporate News

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28.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English       
Company:     Dantherm      
 
 
             Denmark       
ISIN:        DK0010223692  
 
 
End of News    DGAP News-Service  
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