In the first three months of the year, the Dantherm group revenue amounted to
DKK 384.1m against DKK 494.2m in the same period last year. The drop in revenue
of 22% is attributable to a drop of 35% in the business segment Air Handling
and a drop in the business segment Filtration of 13%. Revenue in the business
segment Power rose but it still constitutes a modest part of the Dantherm
group's total revenue.
The group's loss before tax (EBT) was DKK 31.4m in Q1 2009 against a loss of
DKK 6.3m in the same period last year. As a result of the decline in the level
of activity, the Dantherm group has had to implement a series of cost-cutting
and restructuring measures. As stated in the annual report for 2008, Dantherm
primarily focuses on securing earnings, reducing costs and improving the cash
flow by minimising investments, among other things.
Dantherm has signed a declaration of intent with a major Danish industrial
group concerning the consolidation of the two companies' fuel cell activities
into one joint company. Dantherm and its industrial partner have worked closely
together to draw up a business plan for the possible joint activities. On the
basis of this business plan, one or two financial partners will be sought to
strengthen the capital base for these activities. This process is ongoing.
The Dantherm group expects 2009 to be a difficult year with lower revenue than
in 2008. Consequently, the cost cuts initiated will be continued and expanded,
and focus will be on cash flows.
