The Dantherm group's revenue and order intake were lower than expected in Q3
2009. In the interim report for the period 1 January - 30 September 2009, which
will be issued on 27 November 2009, the group expects to report a fall in
revenue of approx. 40% compared with Q3 2008. Revenue in Q3 was on a par with
Q2 where the group posted consolidated revenue of DKK 330m. The group's revenue
and earnings are usually higher in the second half of the financial year than
in the first half, and revenue was thus expected to grow in Q3 and Q4.
Based on the revenue and order intake realised in Q3, the outlook as regards
revenue for FY 2009 as a whole is adjusted downwards from approx. DKK 1,500m to
approx. DKK 1,350m. Relative to 2008 revenue is thus expected to be reduced by
a third.
In consequence of the negative developments in Q3, the expected loss for 2009
is expected to deepen by approx. DKK 35m, from approx. DKK 130m to approx. DKK
165m. To this should be added impairment of intangible assets and further
restructuring costs to the order of DKK 100m, of which only approx. DKK 15m
will impact liquidity. For FY 2009, the group expects to return a loss before
tax of approx. DKK 265m.
As mentioned earlier, Dantherm is looking for one or more industrial or
financial partners for its fuel cell activities with a view to strengthening
the development of Dantherm Power. Dantherm is engaging in dialogue with a
number of potential partners. The outlook for the year as a whole includes an
operating loss of approx. DKK 30m from the group's fuel cell activities in
Dantherm Power A/S. Some of the above-mentioned impairment of intangible assets
also relates to the fuel cell activities.
In the Dantherm group's interim report for the period 1 January - 30 September
2009, which will be issued on 27 November, developments in Q3 and the outlook
for 2009 will be described in greater detail. Moreover, the interim report will
provide a status on the dialogue with the group's credit institutions about
future financing as well as activities relating to reducing the
interest-bearing debt.
