Dantherm
Interim report Q1 2014 for Dantherm A/S

DGAP-News: Dantherm /

30.04.2014 / 09:10

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Skive, Denmark, 2014-04-30 09:10 CEST (GLOBE NEWSWIRE) -- 

Dantherm's continuing operations realised revenue of DKK 69m in Q1 2014 against
DKK 78m in Q1 2013. Due to the lower revenue, an operating loss (EBIT) of DKK
4.6m was posted against a loss of DKK 1m in Q1 2013. The outlook for the year
of revenue of DKK 300-325m and an operating profit (EBIT) of DKK 5-10m is
maintained. 

Torben Duer, President & CEO:

'Q1 was weaker than expected, primarily due to lower revenue within
dehumidification and mobile heating and cooling. Within ventilation, revenue
was up due to higher sales within domestic ventilation. The order intake is
higher compared with last year, and we expect increasing activities for the
rest of the year. As a result of the agreement on the divestment of the Telecom
business, we strengthen focus on further development of the continuing HVAC
business.' 

Divestment of Telecom business segment

  -- As mentioned in company announcement no. 3 of 24 March 2014, Dantherm has
     concluded a binding share transfer agreement on the divestment of the
     Telecom business segment. Closing is still expected to take place before
     the end of May.
  -- In the interim report, the activities of the Telecom business segment have
     been classified as discontinued operations, and the comparative figures in
     the income statement have been restated in accordance with IFRS 5.
  -- The continuing operations now comprise the parent Dantherm A/S and the
     companies in Denmark (except for the divested Telecom activities), Norway,
     the UK and Poland.

Development in Q1 2014

  -- Revenue from continuing operations totalled DKK 69m relative to DKK 78m in
     Q1 2013.
  -- An operating loss (EBIT) of DKK 4.6m was posted for the continuing
     operations against an operating loss of DKK 1.0m in Q1 2013.
  -- A loss of DKK 13.8m was posted for the discontinued operations, comprising
     the result of the Telecom activities in Q1 2014, expected transaction costs
     and impairment in connection with the divestment.
  -- The cash flows from operating activities were negative at DKK -2m in Q1
     2014 against negative cash flows of DKK -6m in the prior-year period.

Strategic development

The Dantherm management is looking at a number of possibilities for further
developing the remaining HVAC business segment and will strengthen focus on
these, including organic development, market consolidation and partnerships. 

Outlook for 2014

Dantherm is maintaining the outlook for the year of revenue of DKK 300-325m
from the continuing operations and an operating profit (EBIT) of DKK 5-10m,
which is on a par with 2013. 

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

                                        

                In case of doubt the Danish version is applicable
News Source: NASDAQ OMX


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Language:    English       
Company:     Dantherm      
 
 
             Denmark       
ISIN:        DK0010223692  
 
 
End of News    DGAP News-Service  
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