In Q1 2011, Dantherm achieved 22% growth in revenue compared to Q1 2010 and realised an operating profit in line with expectations.
Today, the Board of Directors of Dantherm A/S has adopted the company’s unaudited interim report for the period 1 January to 31 March 2011. Developments have been as follows:
Revenue growth and operating profit
- Revenue in Q1 2011 was DKK 125.7m, which is 22% higher than for the same period in 2010. The growth is mainly attributable to the business areas Telecom and Domestic ventilation, which both realised a growth in revenue of more than 50%.
- The group posted an operating profit (EBIT) of DKK 2.3m in Q1 against a loss of DKK 2.3m for the same period in 2010. The higher revenue is the main reason for the improved operating results. The sales and development force has been expanded as part of the growth strategy adopted, and capacity costs in Q1 2011 were increased by almost 9% relative to the same period in 2010.
- The ownership share of Dantherm Power (38%) did not affect results in Q1 2011, as Dantherm’s ownership share was written down to 0 at the end of 2010. In Q1 2010, the ownership share in Dantherm Power impacted results negatively by DKK 3.0m.
- The group returned a loss after tax in Q1 2011 of DKK 1.3m, up DKK 17.4m relative to a loss of DKK 18.7m in the same period in 2010.
- Consolidated net interest-bearing debt has fallen from DKK 186.9m at the end of 2010 to DKK 183.4m as at 31 March 2011. Interest-bearing debt includes finance lease commitments and mortgage debt of DKK 123.2m, and net bank overdraft withdrawals amounted to DKK 60.2m.
- Positive cash flows from operating activities of DKK 8.7m were realised in Q1 2011 against negative cash flows of DKK 4.9m for the same period in 2010.
Outlook 2011
- As announced earlier, in 2011 the Dantherm group expects revenue in the range of DKK 500-550m and an operating profit (EBIT) of DKK 20-25m and thus a small profit before tax (PBT).
Any enquiries concerning this announcement can be directed to President and CEO Torben Duer on tel. +45 99 14 90 14.
