The Board of Directors of Dantherm A/S today considered and approved the annual report 2008 of Dantherm A/S

The year can briefly be summarised in the following way:

• The group's revenue totalled DKK 2,016m, down 6.4% or DKK 138m relative to
last year. 

• Operating profit (EBIT) totalled DKK 16.3m against DKK 66.9m last year. 

• Operating profit from the business segment Air Handling amounted to DKK 9.6m
against an operating profit of DKK 51.9m in 2007. This negative development in
the operating profit was due to a fall in revenue of almost 20%. 

• The business segment Power returned an operating loss of DKK -25.2m in 2008.
Relative to 2007, the operating loss deteriorated by DKK 10m, which is,
however, in line with the original plans and outlook for this development area. 

• Within the business segment Filtration, the group realised a satisfactory
operating profit of DKK 52.3m in 2008 against an operating profit of DKK 47.0m
in 2007. The positive development is primarily attributable to the activities
in Denmark, Germany, China and Sweden, while the companies in France and
Thailand have not been developing satisfactorily. 

• In 2008, the Dantherm group saw an unsatisfactory loss before tax of DKK
-19.5m. In relation to 2007, where a profit before tax of DKK 30.9m was
realised, this represents a fall of DKK 50m. The Ioss includes an increased
level of investment in fuel cell activities in the region of DKK 10m. However,
the loss is primarily impacted by lower revenue within the business segment Air
Handling. 

• Overall, a net loss of DKK -17.6m was realised in 2008 against a net profit
in 2007 of DKK 33.7m. 

• Revenue and loss before tax met the outlook from November 2008 in which the
management forecast revenue of about DKK 2,000m, and a loss before tax of
between zero and DKK -20m. 

• At the end of 2008, the group's equity amounted to DKK 469.0m excluding
minority interests. With a balance sheet total of DKK 1,395.4m, this
corresponds to an equity interest of 33.6%. 

• At the end of the year, invested capital in the Dantherm group totalled DKK
913.1m. Compared with last year, the funds tied up fell by DKK 90.5m, which is
mainly attributable to a decrease in receivables. 

• Cash flows from operating activities were positive at DKK 140.4m against DKK
43.0m the previous year. 

Outlook for 2009

• The Dantherm group expects 2009 to be a difficult year with lower revenue
than in 2008. Consequently, the cost reductions initiated will be continued and
expanded, and focus will be on cash flows, which are expected to be positive.
Furthermore, efforts have been put into finding one or more industrial or
financial partners for the fuel cell activities with a view to strengthening
the development of Dantherm Power.