”We have achieved a positive EBIT despite the deterioration in the economic conditions in Europe. The sales conditions remain very difficult. We have succeeded in growing our overseas markets and in the spring and summer we significantly reduced our balance sheet and reduced our debts considerably. We will continue our efforts to trim the balance sheet and adapt our cost structure so that DLH can become profitable even under the prevailing market conditions,” says CEO Kent Arentoft.
• Turnover for the first half year amounted to DKK 1,291 million against DKK 1,398 million for the same period last year.
• Growth of 26% in the overseas markets whereas the European markets continue their decline with falls of 16%.
• The lower turnover impacted on profitability for the half year:
o EBITDA was DKK 16 million against DKK 46 million last year.
o EBIT was DKK 6 million against DKK 33 million last year.
• Since 31 March 2012 the net interest bearing debt has been reduced by DKK 82 million from DKK 609 million to DKK 527 million.
• The debt reduction has continued after the end of the half year most lately with the announcement on 1 August 2012 of the sale of the group’s American warehouse-based hardwood business for DKK 60 million. In addition to this, DLH has entered into an agreement to have DKK 30 million released, which was deposited in connection with the sale of DLH’s African forest concessions. In total, this has contributed to a debt reduction of DKK 90 million after the balance sheet date.
• DLH maintains its previously announced expectations for an EBIT margin of around zero percent for the full year 2012. However, the turnover forecast has been adjusted from DKK 2.6-2.7 billion to the level of approx. DKK 2.5 billion.
For further information about this announcement, please contact President/CEO Kent Arentoft on tel: +45 4350 0101.
