Interim report
Q3 2011

Wednesday, November 02, 2011

Growth and profit in Dantherm in Q3 2011

Dantherm achieved 31% growth in revenue in Q3 2011. Operating profit was DKK 10.7m in Q3. An operating profit of DKK 19.5m was realised during the first nine months of 2011, thus exceeding the operating profit of DKK 4.4m for the same period of 2010. The outlook for 2011 remains unchanged.

President & CEO Torben Duer says:

"The positive development at Dantherm continued and was expanded in the third quarter with growth in both business areas, and the group's EBIT margin doubled to more than 7%. Market developments within Telecom in particular have been positive, and we are also pleased to note an effect of the strategic activities launched in 2010."

Developments in Q3 2011

  • Revenue was DKK 145m, up 31% on Q3 2010. Growth was achieved in both business areas, and the revenue for the quarter was the highest since 2008.
  • The group's profit before tax (EBT) was DKK 7.3m against a loss of DKK 5.5m in Q3 2010.
  • The group's net interest-bearing debt totalled DKK 194m at the end of the third quarter against DKK 187m at the end of 2010. The interest-bearing debt includes finance lease commitments and mortgage debt of DKK 117m, while a net amount of DKK 77m has been drawn under the company's operating credit facilities.
  • A positive cash flow from operating activities of DKK 7.1m was generated against DKK 9.7m in Q3 2010.

Developments in the first nine months of 2011

  • Revenue was DKK 415m against DKK 335m posted in the same period of 2010, corresponding to 24% growth. The growth is primarily attributable to the Telecom business area and the Domestic ventilation business area within HVAC.
  • Operating profit (EBIT) totalled DKK 19.5m against DKK 4.4m in the first nine months of 2010.
  • The group's profit before tax (EBT) was DKK 8.7m, representing an improvement of DKK 35.1m relative to the prior-year period.
  • A positive cash flow from operating activities of DKK 9.9m was generated against a negative cash flow of DKK 7.9m in the same period of 2010. 

Outlook for 2011

  • Developments in the first nine months of 2011 were satisfactory. Slightly lower activity levels are expected on Dantherm's markets in Q4 2011. For this reason, the outlook for 2011 is maintained, with revenue in the region of DKK 550m, operating profit (EBIT) of DKK 20-25m as well as a small net profit (EBT).