Revenue and operating profit increased in Q1 2015 as a result of the addition of the South American activities and progress in Americas. The European business developed as expected, with the efforts to improve efficiency continuing. We maintain our guidance for 2015 with revenue of DKK 2.0-2.1 billion and a profit margin of 10-11.5%.

CEO Ulrik Kolding Hartvig says: "Our business developed steadily in Q1 with our new South American activities contributing to a considerable increase in revenue and operating profit. The integration of the South American activities is progressing according to plan, and we recorded good results on the American markets. In Europe, the business developed as expected, and we have strengthened our efforts to improve efficiency in line with our strategy."

"On the basis of the expected positive development in Q1 and progress on the American markets, we maintain our guidance for 2015. In the European business, we will sharpen our focus on further improving efficiency in the period ahead."

Q1 2015
  • Total revenue grew to DKK 581 million (2014: DKK 413 million) with operating profit* at DKK 62 million (2014: DKK 45 million), corresponding to a profit margin* of 10.6% (2014: 10.8%). Fluctuations in exchange rates impacted favourably on revenue by DKK 14 million and on operating profit by DKK 8 million.
  • The European business maintained revenue of DKK 342 million (2014: DKK 341 million) while operating profit fell to DKK 33 million (2014: DKK 38 million), corresponding to a profit margin of 9.6% (2014: 11.1%) as a result of increased provisions for bad debts in relation to a specific customer in Eastern Europe.
  • In Americas, revenue grew to DKK 239 million (2014: DKK 72 million) and operating profit to DKK 36 million (2014: DKK 13 million), corresponding to a profit margin of 14.9% (2014: 17.6%). The development is attributable to the addition of the South American activities and the utilisation of the expanded production capacity in North America.
  • As a result of the increase in operating profit, cash flows from operating activities grew to a net inflow of DKK 28 million (2014: net inflow of DKK 9 million).
Outlook for 2015
  • We maintain our full-year guidance of revenue of DKK 2.0-2.1 billion and a profit margin of 10-11.5%.

For further information, please contact:

Ulrik Kolding Hartvig
CEO
Phone: (+45) 45 97 00 79

* Operating profit refers to operating profit before special items and profit margin to profit margin before special items.

Interim report Q1 2015

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