“We have achieved improved earnings in our operating regions and further reduced our net working capital and interest-bearing debt. I am pleased to see this improvement in our traditionally weak first quarter” says CEO Kent Arentoft. He adds: “We are continuing to run several structured sales processes in accordance with our new strategy plan and the improved results will assist us in this.”
• EBIT improved to minus DKK 8 million in first quarter this year from minus DKK 13 million in first quarter last year.
• The business regions have delivered a turnover of DKK 399 million for the first three months of the year against DKK 425 million for the same period last year. The fall corresponds to 6% of which 2 percentage points are exchange rate related.
• For the first three months of the year, Global Sales posted a turnover 2% higher than last year whereas the European stock based businesses saw a fall of 10%.
• The Group’s gross margin for the first three months of the year reached the same level as first quarter of 2013 even though Global Sales’ back-to-back business, where the gross margin is lower, accounts for a larger proportion of the turnover.
• Overhead costs were reduced by DKK 7 million.
• Net interest bearing debt was reduced to DKK 198 million.
• The Group is running structured sales processes in respect of the Nordic Region, Eastern Europe Region, Global Sales Asia/Africa and France, while it has been decided to wind down business units in India, Middle East and Czech Republic.
The Board of Directors has today approved the interim report for the period 1 January to 31 March 2014.
For further information about this announcement, please contact President, CEO Kent Arentoft on tel: +45 4350 0100.
