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27-11-2009
Interim report Q3 2009
Today Dantherm A/S has published Interim report 1 January - 30 September 2009.
Today, the Board of Directors of Dantherm A/S has adopted the company’s unaudited interim report for the period 1 January to 30 September 2009.
Business developments
• Most markets are still affected by the global downturn. In 2009, cost cuts and streamlining initiatives were implemented to adapt the group’s fixed costs to the market situation. Fixed costs are expected to be reduced by approx. 30% at the end of 2009 compared to 2008, corresponding to DKK 190m for the year as a whole.
• As announced earlier, Dantherm is looking for one or more partners to strengthen the development of Dantherm Power. Negotiations are being held with industrial partners to ensure the necessary future financing of Dantherm Power’s investment in fuel cell solutions for power backup and micro power.
• Dantherm will further develop its business strategy for the group in the coming months. This also includes considerations on structural initiatives.
• Throughout 2009, Dantherm has been liaising closely with the group’s credit institutions on the future financing. The objective is to make an agreement with the credit institutions on a credit package for 2010, while at the same time completing the group strategy.
Consolidated financial statements 1 January – 30 September 2009
• As a result of the global downturn, consolidated revenue was down 33% at DKK 1,028.9m in 2009.
• The group posted an operating loss (EBIT) of DKK 98.7m against a profit of DKK 30.8m in the same period in 2008. Restructuring costs of DKK 30m were incurred during the year.
• The group’s loss before tax (EBT) was DKK 120.0m against a profit of DKK 4.2m in the same period last year.
• Cash flows from operating activities for the period were positive at DKK 22.1m as a result of reduced working capital.
• During the year, the group’s net interest-bearing debt only increased by DKK 24.9m to DKK 469.9m as at 30 September 2009, primarily due to investments in the period.
• At the end of September 2009, the group had unutilised cash reserves of DKK 112m.
Outlook for 2009
• As announced earlier, Dantherm is expecting total revenue for 2009 in the region of DKK 1,350m and a loss before tax in the region of DKK 265m. This includes restructuring costs and other non-recurring items which impacted results by approx. DKK 150m.
Download the full report here.