Dalhoff Larsen & Horneman A/S
Divestment process continues while operating EBIT improves

DGAP-News: Dalhoff Larsen & Horneman A/S /

28.04.2014 / 12:13

---------------------------------------------------------------------

'We have achieved improved earnings in our operating regions and further
reduced our net working capital and interest-bearing debt. I am pleased to see
this improvement in our traditionally weak first quarter' says CEO Kent
Arentoft. He adds: 'We are continuing to run several structured sales processes
in accordance with our new strategy plan and the improved results will assist
us in this.' 

* EBIT improved to minus DKK 8 million in first quarter this year from minus
DKK 13 million in first quarter last year. 

* The business regions have delivered a turnover of DKK 399 million for the
first three months of the year against DKK 425 million for the same period last
year. The fall corresponds to 6% of which 2 percentage points are exchange rate
related. 

* For the first three months of the year, Global Sales posted a turnover 2%
higher than last year whereas the European stock based businesses saw a fall of
10%. 

* The Group's gross margin for the first three months of the year reached the
same level as first quarter of 2013 even though Global Sales' back-to-back
business, where the gross margin is lower, accounts for a larger proportion of
the turnover. 

* Overhead costs were reduced by DKK 7 million.

* Net interest bearing debt was reduced to DKK 198 million.

* The Group is running structured sales processes in respect of the Nordic
Region, Eastern Europe Region, Global Sales Asia/Africa and France, while it
has been decided to wind down business units in India, Middle East and Czech
Republic. 

The Board of Directors has today approved the interim report for the period 1
January to 31 March 2014. 


         For further information about this announcement, please contact
President, CEO Kent Arentoft on tel: +45 4350 0100.
News Source: NASDAQ OMX


End of Corporate News

---------------------------------------------------------------------

28.04.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------


Language:    English                        
Company:     Dalhoff Larsen & Horneman A/S  
 
 
             Denmark                        
ISIN:        DK0060038933                   
 
 
End of News    DGAP News-Service  
---------------------------------------------------------------------  
264996 28.04.2014