Skive, Denmark, 2014-04-30 09:10 CEST (GLOBE NEWSWIRE) --
Dantherm’s continuing operations realised revenue of DKK 69m in Q1 2014 against DKK 78m in Q1 2013. Due to the lower revenue, an operating loss (EBIT) of DKK 4.6m was posted against a loss of DKK 1m in Q1 2013. The outlook for the year of revenue of DKK 300-325m and an operating profit (EBIT) of DKK 5–10m is maintained.
Torben Duer, President & CEO:
“Q1 was weaker than expected, primarily due to lower revenue within dehumidification and mobile heating and cooling. Within ventilation, revenue was up due to higher sales within domestic ventilation. The order intake is higher compared with last year, and we expect increasing activities for the rest of the year. As a result of the agreement on the divestment of the Telecom business, we strengthen focus on further development of the continuing HVAC business.”
Divestment of Telecom business segment
- As mentioned in company announcement no. 3 of 24 March 2014, Dantherm has concluded a binding share transfer agreement on the divestment of the Telecom business segment. Closing is still expected to take place before the end of May.
- In the interim report, the activities of the Telecom business segment have been classified as discontinued operations, and the comparative figures in the income statement have been restated in accordance with IFRS 5.
- The continuing operations now comprise the parent Dantherm A/S and the companies in Denmark (except for the divested Telecom activities), Norway, the UK and Poland.
Development in Q1 2014
- Revenue from continuing operations totalled DKK 69m relative to DKK 78m in Q1 2013.
- An operating loss (EBIT) of DKK 4.6m was posted for the continuing operations against an operating loss of DKK 1.0m in Q1 2013.
- A loss of DKK 13.8m was posted for the discontinued operations, comprising the result of the Telecom activities in Q1 2014, expected transaction costs and impairment in connection with the divestment.
- The cash flows from operating activities were negative at DKK -2m in Q1 2014 against negative cash flows of DKK -6m in the prior-year period.
Strategic development
The Dantherm management is looking at a number of possibilities for further developing the remaining HVAC business segment and will strengthen focus on these, including organic development, market consolidation and partnerships.
Outlook for 2014
Dantherm is maintaining the outlook for the year of revenue of DKK 300-325m from the continuing operations and an operating profit (EBIT) of DKK 5–10m, which is on a par with 2013.
Any enquiries concerning this announcement can be directed to President & CEO Torben Duer on tel. +45 99 14 90 14.
In case of doubt the Danish version is applicable
