|
Company Name
|
Company Type
|
Location
|
Country
|
Industry
|
Sales
(USD mil)
|
Employees
|
|
Dalhoff
Larsen & Horneman A/S
|
Parent
|
Taastrup
|
Denmark
|
Wood Product
Manufacturing
|
417.6
|
510
|
|
DLH Denmark
A/S
|
Subsidiary
|
Kolding
|
Denmark
|
Wood Product
Manufacturing
|
|
350
|
|
DLH Nordisk
Sp zoo
|
Subsidiary
|
Karlino
|
Poland
|
Miscellaneous
Professional Services
|
|
72
|
|
DLH Sverige
AB
|
Subsidiary
|
Hassleholm
|
Sweden
|
Construction and
Hardware Materials Wholesale
|
85.5
|
63
|
|
DLH Nordisk
Inc
|
Subsidiary
|
Greensboro, NC
|
United States
|
Miscellaneous
Wholesale
|
|
50
|
|
DLH Cote
d’Ivoire SA
|
Subsidiary
|
Abidjan
|
Cote d'Ivoire
|
Crop and Animal
Production
|
|
17
|
|
Indufor
N.V.
|
Subsidiary
|
Antwerp
|
Belgium
|
Miscellaneous
Professional Services
|
|
15
|
|
DLH France
S.A.S.
|
Subsidiary
|
Nantes,
Bougenais Cedex
|
France
|
Crop and Animal
Production
|
|
14
|
|
DLH
Nederland B.V
|
Subsidiary
|
Baarn
|
Netherlands
|
Construction and
Hardware Materials Wholesale
|
|
8
|
|
DLH Norge
AS
|
Subsidiary
|
Oslo
|
Norway
|
Construction and
Hardware Materials Wholesale
|
20.8
|
7
|
|
Dlh France
|
Subsidiary
|
Frontignan
|
France
|
Construction and
Hardware Materials Wholesale
|
70.3
|
4
|
|
Bumans Ooo
|
Subsidiary
|
Khimki
|
Russian
Federation
|
Construction and
Hardware Materials Wholesale
|
26.7
|
|
|
DLH Finland
OY
|
Subsidiary
|
Vantaa
|
Finland
|
Wood Product
Manufacturing
|
|
|
|
DLH Poland
Sp. z o.o
|
Subsidiary
|
Warsaw
|
Poland
|
Construction and
Hardware Materials Wholesale
|
|
|
|
DLH
Slovakia s.r.o
|
Subsidiary
|
Svaty Jur
|
Slovakia
|
Construction and
Hardware Materials Wholesale
|
|
|
|
DLH
Procurement Cameroun S.A.R.L
|
Subsidiary
|
Douala
|
Cameroon
|
Construction and
Hardware Materials Wholesale
|
|
|
|
Nordisk
Timber Ltda.
|
Subsidiary
|
Belem
|
Brazil
|
Crop and Animal
Production
|
|
|
|
East Asiatic
Timber (Holland) B.V.
|
Subsidiary
|
Amsterdam
|
Netherlands
|
Miscellaneous
Professional Services
|
|
|
|
|
|
|
|
|
|
|
Chairman of the Supervisory Board
|
Chairman
|
|
|
Biography:
|
|
Mr. Kurt Anker Nielsen has been Chairman of the Supervisory Board
of Dalhoff Larsen & Horneman A/S since March 8, 2011. He is Member of
the Audit Committee of the Company. He is former Group Chief Financial
Officer and Deputy Chief Executive Officer of Novo Nordisk A/S and
Executive Officer of Novo A/S. In addition, he serves as Chairman of the
Board of Directors of Collstrups Mindelegat and Reliance A/S, Deputy
Chairman of the Board of Directors of Novozymes A/S and Member of the
Board of Directors of Novo Nordisk Fonden, LifeCycle Pharma A/S,
ZymoGenetics Inc. and Vestas Wind Systems A/S.
|
|
|
|
Age: 67
|
|
|
|
Education:
|
|
Copenhagen Business
School, MS (Commerce)
Copenhagen Business School, BA (Economics)
|
|
|
|
|
|
Vice Chairman of the Supervisory Board
|
Vice-Chairman
|
|
|
|
Biography:
|
|
Mr. Kristian Kolding has served as Vice Chairman of the
Supervisory Board of Directors at Dalhoff Larsen & Horneman A/S since
2008. He is Member of the Audit Committee of the Company. He is also
Chairman of the Supervisory Boards of Asko Aktieselskab, Alfred Priess
A/S, Priess Invest A/S, Nordlux A/S, Nordlux Invest A/S, Gottfred
Petersen A/S, Gottfred Pedersen Holding A/S and Incentive Fonden. In
addition, he acts as Member of the Supervisory Boards of DLH Fonden,
Daniamant A/S, Daniamant Holding A/S, Daniamant (UK) Ltd., Alex Gundersen
Tobacco Aktieselskab, Assens Tobak Aktieselskab and Silkisif
Aktieselskab.
|
|
|
|
Age: 66
|
|
|
|
|
Johannes Borglykke Sørensen
|
|
|
|
Employee Representative
|
Director/Board Member
|
|
|
|
|
Board Member
|
Director/Board Member
|
|
|
|
|
Supervisory Board of Directors
|
Director/Board Member
|
|
|
|
|
Director
|
Director/Board Member
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer, President
|
Chief Executive Officer
|
|
|
Biography:
|
|
Mr. Kent Arentoft has been President and Chief Executive Officer (CEO)
of Dalhoff Larsen & Horneman A/S since September 1, 2009. He joined
the Company from the position of CEO of DISA Holding A/S. In addition, he
also serves as Member of the Supervisory Board of Directors at Solar A/S,
Eksport Kredit Fonden (EKF), Eksport Kredit Finansiering A/S, Sonion A/S
and Xilco A/S.
|
|
|
|
Age: 51
|
|
|
|
|
|
Member of the Supervisory Board, Employee Representative
|
Administration Executive
|
|
|
|
Biography:
|
|
Mr. Jesper Birkefeldt has been Member of the Supervisory Board and
Employee Representative at Dalhoff Larsen & Horneman A/S since 2006.
He is Member of the Audit Committee of the Company. He is Procurement
Coordinator, Global Sourcing at the Company. Mr. Jesper Birkefeldt has
been employed with the company since 1988 and has been involved with
sales, IT and purchasing. He has knowledge of timber based sheet
materials.
|
|
|
|
Age: 48
|
|
|
|
|
|
Member of the Supervisory Board, Employee Representative
|
Administration Executive
|
|
|
|
Biography:
|
|
Ms. Lene Burup has served as Member of the Supervisory Board,
Employee Representative at Dalhoff Larsen & Horneman A/S since January
14, 2013. She has been employed in the Company since 1983 during which
time she has been involved in sales and procurement with particular focus
on the Nordic countries. Has particular insight into timber based sheet
materials.
|
|
|
|
Age: 51
|
|
|
|
|
|
Member of the Supervisory Board
|
Administration Executive
|
|
|
|
Biography:
|
|
Mr. Lars Green has been Member of the Supervisory Board of Dalhoff
Larsen & Horneman A/S since March 8, 2011. He is Member of the Audit Committee
of the Company. He is Senior Vice President of Novo Nordisk A/S and is
responsible for corporate finance.
|
|
|
|
Age: 46
|
|
|
|
|
|
Member of the Supervisory Board
|
Administration Executive
|
|
|
|
|
Member of the Supervisory Board, Employee Representative
|
Administration Executive
|
|
|
|
|
Executive Vice President Sales Region Nordic
|
Administration Executive
|
|
|
|
|
Member of the Supervisory Board
|
Administration Executive
|
|
|
|
Biography:
|
|
Ms. Agnete Raaschou-Nielsen has been Member of the Supervisory
Board of Directors at Dalhoff Larsen & Horneman A/S since 2010. She is
Member of the Audit Committee of the Company. She also serves as Chairman
of the Supervisory Board of Directors of Hartmann A/S and JOP, Vice
Chairman of Investeringsforeningen Danske Invest and Member of the
Supervisory Board of Danske Invest Management A/S and Novozymed A/S.
|
|
|
|
Age: 56
|
|
|
|
Education:
|
|
Koebenhavns Universitet, PHD
|
|
|
|
|
|
Member of the Supervisory Board
|
Administration Executive
|
|
|
|
Biography:
|
|
Mr. John Staer has been Member of the Supervisory Board of
Directors at Dalhoff Larsen & Horneman A/S since 2011. He also acts
as Member of the Board of Directors of Ambu A/S and Satair A/S. He is
Chief Executive Officer of Satair A/S. John Staer has experience within
general management, including managing international wholesale
businesses, logistics, supply chain management, acquisitions and
disposals. He has financial background.
|
|
|
|
Age: 62
|
|
|
|
|
|
Finance Executive
|
Finance Executive
|
|
|
|
|
Executive Vice President, Finance & IT
|
Finance Executive
|
|
|
|
Biography:
|
|
Mr. Peter Thostrup has been Executive Vice President, Finance
& IT at Dalhoff Larsen & Horneman A/S since May 1, 2010. He has
served as Chief Executive Officer of Nordic Bioscience A/S since 2008. In
addition, he acted as Member of the Management Board at Bang &
Olufsen A/S, with responsibility for Economics and Finance, from 1997 to
2008. He has joined the Company in 1996.
|
|
|
|
Age: 53
|
|
|
|
|
|
Executive Vice President for Global Trading and Global Sourcing
|
Investment Executive
|
|
|
|
|
|
|
Executive VP-Sales-USA
|
Sales Executive
|
|
|
|
|
|
|
Executive Vice President, Sales Region Nordic
|
Sales Executive
|
|
|
|
Biography:
|
|
Mr. Michael Skovbo Buhlmann has been appointed Executive Vice President,
Sales Region Nordic at Dalhoff Larsen & Horneman A/S, effective as of
2012. He holds a Master of Science degree in Economics and Business
Administration. He worked as Management Consultant covering corporate
strategy, finance and cost management in Central America and Scandinavia
in companies like IDC Guatemala and PwC Denmark (former Price Waterhouse
Coopers). From 2001 to 2008, he was responsible for the development of
sales, customers, marketing and logistics in Unicon A/S. He comes from a
position as Group Vice President in Junckers Industrier A/S where he was
in charge of the global sales, customer service and logistics through own
subsidiaries and agents.
|
|
|
|
Age: 43
|
|
|
|
|
|
Executive Vice President, Sales Region Western Europe
|
Sales Executive
|
|
|
|
Biography:
|
|
Mr. Soren Strand Larsen serves as Executive Vice President, Sales
Region Western Europe at Dalhoff Larsen & Horneman A/S. He Joined the
Group Management of the Company in 2011.
|
|
|
|
Age: 47
|
|
|
|
|
|
IT Manager
|
Information Executive
|
|
|
|
|
|
|
Executive Vice President, Product Management
|
Product Management Executive
|
|
|
|
Biography:
|
|
Ms. Mette Rubak Kaarsbo has been appointed Executive Vice
President, Product Management at Dalhoff Larsen & Horneman A/S,
effective as of March 1, 2013. She holds a degree in International Business
from Aarhus Handelshoejskole (Aarhus School of Business). In the past
eight years she has worked within Program Management in among other
companies Norican Group, Disa Industries A/S and recently as Manager for
Program Management at Wheelabrator Group. Furthermore, she has been
working on Danida and Maersk projects.
|
|
|
|
Age: 41
|
|
|
|
Education:
|
|
Aarhus Handelshojskole (International Business)
|
|
|
|
|
|
Executive Vice PresidentSales Region Central Eastern Europe
|
Other
|
|
|
|
|
|
|
Dalhoff Larsen
& Horneman A/S Divests Inventory in Antwerp; Updates on FY 2013 Financial
Guidance
Sep 26, 2013
Dalhoff Larsen & Horneman A/S (DLH) announced that the Company has
decided to sell its inventory in Antwerp, which serves the Belgian, Dutch and
German markets and, during 2014, will cease stock based sales in these
markets. The move is part of the effort to optimize the Group's total
earnings and the desire to reduce working capital, which as per September 25,
2013 accounts for approximately DKK 100 million for the markets in question.
The decision has no impact on the DHL's outlook for the fiscal year 2013 as a
whole, which is a turnover of around DKK 2.2 billion and an EBIT of between
minus DKK 30 and 40 million. However, the operations in Belgium, the Netherlands
and Germany for Q3 reporting will be classified as discontinued. According to
I/B/E/S Estimates analysts on average are expecting the Company to report
revenue of DKK 2,194.00 million and EBIT of negative DKK 35.00 million for
the fiscal year 2013.
|
|
Dalhoff Larsen
& Horneman A/S Reported to Danish Police in Connection with Claimed
Violation of the Company's Obligation to Announce Inside Information as
Quickly as Possible
Aug 21, 2013
Dalhoff Larsen & Horneman A/S (DLH) announced that DLH has been reported
to the Danish police for claimed violation of the obligation to announce
inside information as quickly as possible according to the rules in the
Danish Securities Trading Act º 27. The information of the violation relates
to a Company announcement published in the morning of December 28, 2012 in
which the Company announced that DLH had divested land and property in Belem,
Brazil. The Danish Financial Supervisory Authority has requested that a
police investigation is made whether DLH has violated º 27, section 1, in
the Danish Securities Trading Act. DLH disagrees to have published the
announcement too late due to the fact that the divestment could not be
considered final on December 21, 2012, but only immediately before
publication of the announcement.
|
|
Dalhoff Larsen
& Horneman A/S Lowers FY 2013 Financial Guidance
Jul 15, 2013
Dalhoff Larsen & Horneman A/S announced that the weak sales in the
European business are expected to proceed in second half of the fiscal year 2013
whereas the global back-to-back business will continue to develop positively.
The Company therefore estimates that the total sales for the fiscal year 2013
will reach the level of DKK 2.2 billion and EBIT the level of negative DKK
30-40 million. Previously, the Company estimated its fiscal year 2013 total
sales to reach DKK 2.4 billion and EBIT to end up at DKK 8 million. According
to I/B/E/S Estimates analysts on average are expecting the Company to report
revenue of DKK 2,299.00 million and EBIT of negative DKK 14.00 million for
the fiscal year 2013.
|
|
Dalhoff Larsen
& Horneman A/S Reaffirms FY 2013 Financial Guidance
May 15, 2013
Dalhoff Larsen & Horneman A/S announced that the Company maintains its
fiscal year 2013 financial guidance of a turnover and an EBIT margin on a par
with the results achieved for the fiscal year 2012. The Company added though
that the latest indicators for the development in the European economy for
2013 make it difficult to predict if the expected boost in the activity level
for the remainder of year will materialize. For the fiscal year 2012 the
Company reported turnover of DKK 2,419 million. According to I/B/E/S
Estimates analysts on average are expecting the Company to report revenue of
DKK 2,413.00 million.
|
|
Dalhoff Larsen
& Horneman A/S Maintains FY 2013 Financial Guidance
Apr 08, 2013
Dalhoff Larsen & Horneman A/S announced that at the Annual General
Meeting of the Company, to be held on April 8, 2013, the Chairman of the
Board of the Company will confirm that the Company maintains its outlook for
fiscal year 2013 for turnover and results on a par with last fiscal year
2012, subject to a positive change in the general activity level in the
coming months. The Company reported fiscal year 2012 turnover of DKK 2,419 million
and fiscal year 2012 EBIT of negative DKK 8 million. According to I/B/E/S
estimates, analysts on average are expecting the Company to report fiscal
year 2013 turnover of DKK 2,413 million.
|
|
Dalhoff Larsen
& Horneman A/S Comments on FY 2013 Financial Guidance; Proposes No
Dividend for FY 2012 Mar 12, 2013
Dalhoff Larsen & Horneman A/S announced that it expects fiscal year 2013
turnover and EBIT margin to be on par with fiscal year 2012. The Company
reported fiscal year 2012 turnover of DKK 2,419 million and fiscal year 2012
EBIT margin of negative 0.3%. The Company also announced that the Supervisory
Board recommends to the Annual General Meeting that no dividend should be
paid for fiscal year 2012.
|
|
Dalhoff Larsen
& Horneman A/S Divests Land and Properties in Brazil to Carrefour SA's
Atacadao
Dec 28, 2012
Dalhoff Larsen & Horneman A/S (DLH) announced that it announced on
September 27, 2010 that it had entered into an agreement to sell land and
properties in Belem, Brazil, to a local contracting company. Due to local,
juridical circumstances, however, a clean deed of conveyance could not be
presented within the period of agreement. Since that time, DLH has been
working with the local authorities to obtain a clean deed. Now, the work has
proven successful and, therefore, as of December 21, 2012 DLH has divested
the land and properties to Atacadao, a subsidiary of the French Carrefour SA,
at net proceeds of DKK 60 million. The amount will be used to reduce the DLH
Group's net interest-bearing debt, which as on November 30, 2012 was DKK 315
million. The transaction will not affect the previous outlook for the full
fiscal year 2012 for an EBIT margin in the level of zero.
|
|
Dalhoff Larsen
& Horneman A/S Maintains FY 2012 Financial Guidance; Issues FY 2013
Financial Guidance in Line with Analysts' Estimates
Nov 19, 2012
Dalhoff Larsen & Horneman A/S announced that it has maintained its fiscal
year 2012 financial guidance. The Company still expects to report fiscal year
2012 turnover of approximately DKK 2.5 billion and fiscal year 2012 EBIT
margin of approximately 0%. The Company also announced its fiscal year 2013
financial guidance. If the market does not improve in fiscal year 2013, the
Company expects to report fiscal year 2013 turnover and EBIT margin on par
with fiscal year 2012. According to I/B/E/S estimates, analysts on average
are expecting the Company to report fiscal year 2012 turnover of DKK 2.446
billion and fiscal year 2013 turnover of DKK 2.544 billion.
|
|
|
31-Dec-2012
|
31-Dec-2011
|
31-Dec-2010
|
31-Dec-2009
|
31-Dec-2008
|
|
Period Length
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
|
UpdateType/Date
|
Updated Normal
31-Dec-2012
|
Reclassified
Normal
31-Dec-2012
|
Restated Normal
31-Dec-2011
|
Reclassified
Normal
31-Dec-2010
|
Updated Normal
31-Dec-2008
|
|
Filed Currency
|
DKK
|
DKK
|
DKK
|
DKK
|
DKK
|
|
Exchange Rate
(Period Average)
|
5.793028
|
5.358236
|
5.623146
|
5.354263
|
5.097335
|
|
Auditor
|
KPMG LLP
|
KPMG LLP
|
KPMG Peat
Marwick LLP
|
KPMG Peat
Marwick LLP
|
KPMG LLP
|
|
Auditor Opinion
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
|
|
|
|
|
|
|
|
Net Sales
|
417.6
|
488.9
|
555.7
|
548.3
|
983.5
|
|
Revenue
|
417.6
|
488.9
|
555.7
|
548.3
|
983.5
|
|
Total Revenue
|
417.6
|
488.9
|
555.7
|
548.3
|
983.5
|
|
|
|
|
|
|
|
|
Cost of Revenue
|
365.1
|
414.4
|
468.0
|
464.2
|
852.6
|
|
Cost of Revenue, Total
|
365.1
|
414.4
|
468.0
|
464.2
|
852.6
|
|
Gross Profit
|
52.5
|
74.4
|
87.7
|
84.1
|
130.9
|
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense
|
24.7
|
28.8
|
37.3
|
52.4
|
-
|
|
Labor & Related Expense
|
27.8
|
32.7
|
37.9
|
49.1
|
98.3
|
|
Total Selling/General/Administrative Expenses
|
52.5
|
61.5
|
75.2
|
101.6
|
98.3
|
|
Depreciation
|
2.2
|
3.2
|
4.7
|
5.9
|
17.9
|
|
Amortization of Intangibles
|
-
|
-
|
-
|
-
|
2.7
|
|
Depreciation/Amortization
|
2.2
|
3.2
|
4.7
|
5.9
|
20.6
|
|
Impairment-Assets Held for Sale
|
0.1
|
0.2
|
0.0
|
4.6
|
13.0
|
|
Loss (Gain) on Sale of Assets - Operating
|
-0.4
|
-1.8
|
-0.1
|
-0.2
|
-
|
|
Other Unusual Expense (Income)
|
-
|
-
|
-
|
-
|
0.0
|
|
Unusual Expense (Income)
|
-0.3
|
-1.7
|
-0.1
|
4.4
|
13.0
|
|
Other Operating Expense
|
0.3
|
1.1
|
0.6
|
1.4
|
0.3
|
|
Other, Net
|
-0.6
|
-0.1
|
-1.5
|
-3.1
|
60.5
|
|
Other Operating Expenses, Total
|
-0.3
|
1.0
|
-0.9
|
-1.7
|
60.7
|
|
Total Operating Expense
|
419.0
|
478.4
|
546.9
|
574.4
|
1,045.2
|
|
|
|
|
|
|
|
|
Operating Income
|
-1.4
|
10.5
|
8.8
|
-26.1
|
-61.8
|
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating
|
-6.7
|
-9.2
|
-12.2
|
-12.4
|
-21.5
|
|
Interest Expense, Net Non-Operating
|
-6.7
|
-9.2
|
-12.2
|
-12.4
|
-21.5
|
|
Interest Income -
Non-Operating
|
0.1
|
0.3
|
0.9
|
0.7
|
5.3
|
|
Investment Income - Non-Operating
|
-1.2
|
0.5
|
-0.2
|
0.0
|
-0.2
|
|
Interest/Investment Income - Non-Operating
|
-1.1
|
0.8
|
0.7
|
0.8
|
5.1
|
|
Interest Income (Expense) - Net Non-Operating
|
-
|
-
|
-
|
-3.4
|
-
|
|
Interest Income (Expense) - Net Non-Operating Total
|
-7.8
|
-8.4
|
-11.5
|
-15.0
|
-16.4
|
|
Other Non-Operating Income (Expense)
|
-
|
-
|
-
|
-
|
-4.6
|
|
Other, Net
|
-
|
-
|
-
|
-
|
-4.6
|
|
Income Before Tax
|
-9.2
|
2.1
|
-2.7
|
-41.1
|
-82.8
|
|
|
|
|
|
|
|
|
Total Income Tax
|
1.6
|
1.4
|
1.0
|
7.4
|
-13.5
|
|
Income After Tax
|
-10.8
|
0.7
|
-3.7
|
-48.5
|
-69.3
|
|
|
|
|
|
|
|
|
Net Income Before Extraord Items
|
-10.8
|
0.7
|
-3.7
|
-48.5
|
-69.3
|
|
Discontinued Operations
|
-22.5
|
-0.4
|
4.3
|
-91.9
|
113.8
|
|
Total Extraord Items
|
-22.5
|
-0.4
|
4.3
|
-91.9
|
113.8
|
|
Net Income
|
-33.3
|
0.3
|
0.6
|
-140.4
|
44.5
|
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items
|
-10.8
|
0.7
|
-3.7
|
-48.5
|
-69.3
|
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items
|
-33.3
|
0.3
|
0.6
|
-140.4
|
44.5
|
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares
|
53.4
|
47.3
|
35.3
|
32.1
|
33.1
|
|
Basic EPS Excl Extraord Items
|
-0.20
|
0.01
|
-0.10
|
-1.51
|
-2.10
|
|
Basic/Primary EPS Incl Extraord Items
|
-0.62
|
0.01
|
0.02
|
-4.37
|
1.34
|
|
Dilution Adjustment
|
-
|
-
|
0.0
|
0.0
|
0.0
|
|
Diluted Net Income
|
-33.3
|
0.3
|
0.6
|
-140.4
|
44.5
|
|
Diluted Weighted Average Shares
|
53.4
|
47.3
|
35.3
|
32.1
|
33.1
|
|
Diluted EPS Excl Extraord Items
|
-0.20
|
0.01
|
-0.10
|
-1.51
|
-2.10
|
|
Diluted EPS Incl Extraord Items
|
-0.62
|
0.01
|
0.02
|
-4.37
|
1.34
|
|
Dividends per Share - Common Stock Primary Issue
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Dividends per Share - Common Stock Issue 2
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Gross Dividends - Common Stock
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Interest Expense, Supplemental
|
6.7
|
9.2
|
12.2
|
12.4
|
21.5
|
|
Depreciation, Supplemental
|
2.2
|
3.2
|
11.9
|
16.9
|
17.9
|
|
Total Special Items
|
-0.3
|
-1.7
|
-0.1
|
4.4
|
13.0
|
|
Normalized Income Before Tax
|
-9.6
|
0.4
|
-2.8
|
-36.7
|
-69.8
|
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes
|
-0.1
|
-0.6
|
0.0
|
1.6
|
4.5
|
|
Inc Tax Ex Impact of Sp Items
|
1.5
|
0.8
|
1.0
|
8.9
|
-8.9
|
|
Normalized Income After Tax
|
-11.1
|
-0.4
|
-3.7
|
-45.6
|
-60.9
|
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com.
|
-11.1
|
-0.4
|
-3.7
|
-45.6
|
-60.9
|
|
|
|
|
|
|
|
|
Basic Normalized EPS
|
-0.21
|
-0.01
|
-0.11
|
-1.42
|
-1.84
|
|
Diluted Normalized EPS
|
-0.21
|
-0.01
|
-0.11
|
-1.42
|
-1.84
|
|
Amort of Intangibles, Supplemental
|
-
|
-
|
2.5
|
3.2
|
2.7
|
|
Rental Expenses
|
-
|
-
|
-
|
-
|
25.1
|
|
Normalized EBIT
|
-1.8
|
8.8
|
8.7
|
-21.7
|
-48.8
|
|
Normalized EBITDA
|
0.4
|
12.0
|
23.0
|
-1.6
|
-28.2
|
|
Current Tax - Total
|
0.8
|
4.0
|
-
|
-0.4
|
5.2
|
|
Current Tax - Total
|
0.8
|
4.0
|
-
|
-0.4
|
5.2
|
|
Deferred Tax - Other
|
0.8
|
-2.2
|
-
|
8.3
|
-18.6
|
|
Deferred Tax - Total
|
0.8
|
-2.2
|
-
|
8.3
|
-18.6
|
|
Other Tax
|
0.0
|
-0.4
|
-
|
-0.5
|
0.0
|
|
Income Tax - Total
|
1.6
|
1.4
|
-
|
7.4
|
-13.5
|
|
Interest Cost - Domestic
|
0.1
|
-
|
0.2
|
0.5
|
0.5
|
|
Service Cost - Domestic
|
-
|
-
|
0.1
|
1.4
|
0.5
|
|
Prior Service Cost - Domestic
|
-
|
-
|
-
|
-
|
0.0
|
|
Expected Return on Assets - Domestic
|
-
|
-
|
0.0
|
-0.5
|
-0.5
|
|
Other Pension, Net - Domestic
|
-
|
-
|
0.4
|
-0.2
|
-0.2
|
|
Domestic Pension Plan Expense
|
0.1
|
-
|
0.6
|
1.3
|
0.4
|
|
Defined Contribution Expense - Domestic
|
1.8
|
-
|
2.2
|
2.5
|
4.6
|
|
Total Pension Expense
|
1.9
|
-
|
2.8
|
3.8
|
5.0
|
|
Total Plan Interest Cost
|
0.1
|
-
|
0.2
|
0.5
|
0.5
|
|
Total Plan Service Cost
|
-
|
-
|
0.1
|
1.4
|
0.5
|
|
Total Plan Expected Return
|
-
|
-
|
0.0
|
-0.5
|
-0.5
|
|
Total Plan Other Expense
|
-
|
-
|
0.4
|
-0.2
|
-0.2
|
|
|
31-Dec-2012
|
31-Dec-2011
|
31-Dec-2010
|
31-Dec-2009
|
31-Dec-2008
|
|
UpdateType/Date
|
Updated Normal
31-Dec-2012
|
Reclassified
Normal
31-Dec-2012
|
Restated Normal
31-Dec-2011
|
Updated Normal
31-Dec-2009
|
Reclassified
Normal
31-Dec-2009
|
|
Filed Currency
|
DKK
|
DKK
|
DKK
|
DKK
|
DKK
|
|
Exchange Rate
|
5.6443
|
5.72535
|
5.55485
|
5.18625
|
5.35465
|
|
Auditor
|
KPMG LLP
|
KPMG LLP
|
KPMG Peat
Marwick LLP
|
KPMG Peat
Marwick LLP
|
KPMG LLP
|
|
Auditor Opinion
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
|
|
|
|
|
|
|
|
Cash
|
17.5
|
7.9
|
-
|
-
|
-
|
|
Cash & Equivalents
|
-
|
-
|
6.9
|
8.5
|
10.6
|
|
Cash and Short Term Investments
|
17.5
|
7.9
|
6.9
|
8.5
|
10.6
|
|
Accounts Receivable -
Trade, Gross
|
-
|
-
|
67.0
|
83.2
|
104.3
|
|
Provision for Doubtful
Accounts
|
-
|
-
|
-2.8
|
-7.5
|
-2.9
|
|
Trade Accounts Receivable - Net
|
41.0
|
61.1
|
64.3
|
75.7
|
101.4
|
|
Other Receivables
|
6.3
|
7.3
|
10.5
|
18.2
|
34.1
|
|
Total Receivables, Net
|
47.4
|
68.4
|
74.7
|
93.9
|
135.5
|
|
Inventories - Finished Goods
|
83.6
|
124.0
|
126.3
|
189.8
|
264.1
|
|
Inventories - Work In Progress
|
0.0
|
1.5
|
-
|
-
|
-
|
|
Inventories - Raw Materials
|
0.1
|
1.3
|
-
|
-
|
-
|
|
Inventories - Other
|
1.9
|
2.4
|
6.7
|
8.4
|
9.8
|
|
Total Inventory
|
85.6
|
129.2
|
133.0
|
198.2
|
273.9
|
|
Prepaid Expenses
|
3.1
|
2.5
|
3.8
|
3.8
|
3.9
|
|
Discontinued Operations - Current Asset
|
4.6
|
20.8
|
69.6
|
11.9
|
0.0
|
|
Other Current Assets, Total
|
4.6
|
20.8
|
69.6
|
11.9
|
0.0
|
|
Total Current Assets
|
158.1
|
228.8
|
288.0
|
316.3
|
423.9
|
|
|
|
|
|
|
|
|
Buildings
|
-
|
-
|
26.9
|
58.5
|
63.8
|
|
Land/Improvements
|
17.1
|
20.6
|
-
|
-
|
-
|
|
Machinery/Equipment
|
0.6
|
2.0
|
11.6
|
59.7
|
78.1
|
|
Other
Property/Plant/Equipment
|
6.7
|
7.9
|
-
|
-
|
-
|
|
Property/Plant/Equipment - Gross
|
24.4
|
30.5
|
38.5
|
118.2
|
141.8
|
|
Accumulated Depreciation
|
-11.8
|
-12.6
|
-13.1
|
-79.0
|
-63.9
|
|
Property/Plant/Equipment - Net
|
12.6
|
18.5
|
25.5
|
43.9
|
82.4
|
|
Goodwill - Gross
|
30.5
|
29.1
|
-
|
-
|
-
|
|
Accumulated Goodwill Amortization
|
-4.2
|
-3.9
|
-
|
-
|
-
|
|
Goodwill, Net
|
26.4
|
25.2
|
25.7
|
25.5
|
28.4
|
|
Intangibles - Gross
|
7.2
|
22.9
|
-
|
-
|
-
|
|
Accumulated Intangible Amortization
|
-6.2
|
-10.0
|
-
|
-
|
-
|
|
Intangibles, Net
|
1.1
|
13.1
|
14.9
|
16.7
|
17.6
|
|
LT Investment - Affiliate Companies
|
-
|
-
|
0.0
|
-
|
-
|
|
LT Investments - Other
|
0.7
|
0.6
|
0.7
|
0.8
|
0.7
|
|
Long Term Investments
|
0.7
|
0.6
|
0.7
|
0.8
|
0.7
|
|
Note Receivable - Long Term
|
-
|
-
|
-
|
0.1
|
0.1
|
|
Deferred Charges
|
7.2
|
8.7
|
7.6
|
3.2
|
15.1
|
|
Other Long Term Assets
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Other Long Term Assets, Total
|
7.3
|
8.7
|
7.6
|
3.3
|
15.1
|
|
Total Assets
|
206.0
|
295.0
|
362.4
|
406.5
|
568.2
|
|
|
|
|
|
|
|
|
Accounts Payable
|
24.0
|
38.8
|
39.7
|
62.5
|
64.5
|
|
Accrued Expenses
|
0.0
|
0.1
|
0.4
|
1.0
|
0.2
|
|
Notes Payable/Short Term Debt
|
54.9
|
0.0
|
148.1
|
195.4
|
227.2
|
|
Current Portion - Long Term Debt/Capital Leases
|
3.3
|
3.2
|
19.2
|
0.6
|
6.3
|
|
Income Taxes Payable
|
0.4
|
2.2
|
1.9
|
0.8
|
2.5
|
|
Other Current Liabilities
|
1.4
|
1.7
|
5.9
|
10.6
|
1.0
|
|
Other Current liabilities, Total
|
1.8
|
3.9
|
7.8
|
11.5
|
3.5
|
|
Total Current Liabilities
|
84.0
|
46.1
|
215.2
|
271.0
|
301.7
|
|
|
|
|
|
|
|
|
Long Term Debt
|
3.4
|
100.0
|
10.1
|
22.3
|
22.9
|
|
Capital Lease Obligations
|
-
|
-
|
0.2
|
0.2
|
0.1
|
|
Total Long Term Debt
|
3.4
|
100.0
|
10.2
|
22.4
|
23.0
|
|
Total Debt
|
61.6
|
103.3
|
177.5
|
218.5
|
256.5
|
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability
|
1.7
|
3.6
|
5.6
|
2.9
|
6.8
|
|
Deferred Income Tax
|
1.7
|
3.6
|
5.6
|
2.9
|
6.8
|
|
Reserves
|
2.6
|
3.0
|
2.5
|
3.5
|
0.1
|
|
Pension Benefits - Underfunded
|
1.6
|
2.3
|
2.1
|
4.0
|
5.0
|
|
Other Long Term Liabilities
|
6.7
|
4.4
|
31.9
|
0.0
|
-
|
|
Other Liabilities, Total
|
10.9
|
9.8
|
36.4
|
7.5
|
5.2
|
|
Total Liabilities
|
99.9
|
159.4
|
267.5
|
303.8
|
336.7
|
|
|
|
|
|
|
|
|
Common Stock
|
47.4
|
46.8
|
32.2
|
34.4
|
34.7
|
|
Common Stock
|
47.4
|
46.8
|
32.2
|
34.4
|
34.7
|
|
Retained Earnings (Accumulated Deficit)
|
63.2
|
95.9
|
70.3
|
77.7
|
213.1
|
|
Translation Adjustment
|
-4.5
|
-7.2
|
-7.5
|
-9.4
|
-16.2
|
|
Other Equity, Total
|
-4.5
|
-7.2
|
-7.5
|
-9.4
|
-16.2
|
|
Total Equity
|
106.1
|
135.5
|
95.0
|
102.7
|
231.6
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity
|
206.0
|
295.0
|
362.4
|
406.5
|
568.2
|
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue
|
53.4
|
53.4
|
28.7
|
28.7
|
29.0
|
|
Shares Outstanding - Common Stock Issue 2
|
0.0
|
0.0
|
1.9
|
1.9
|
1.9
|
|
Total Common Shares Outstanding
|
53.4
|
53.4
|
30.6
|
30.6
|
30.8
|
|
Treasury Shares - Common Stock Primary Issue
|
0.2
|
0.2
|
0.3
|
0.3
|
1.4
|
|
Employees
|
578
|
691
|
2,123
|
3,064
|
3,688
|
|
Number of Common Shareholders
|
3,378
|
-
|
3,250
|
3,600
|
3,000
|
|
Accumulated Goodwill Amortization Suppl.
|
4.2
|
3.9
|
-
|
-
|
-
|
|
Accumulated Intangible Amort, Suppl.
|
6.2
|
10.0
|
13.0
|
24.0
|
17.6
|
|
Total Long Term Debt, Supplemental
|
-
|
-
|
148.1
|
218.0
|
256.4
|
|
Long Term Debt Maturing within 1 Year
|
-
|
-
|
148.1
|
195.7
|
233.5
|
|
Long Term Debt Maturing in Year 2
|
-
|
-
|
0.0
|
-
|
-
|
|
Long Term Debt Maturing in Year 3
|
-
|
-
|
0.0
|
-
|
-
|
|
Long Term Debt Maturing in Year 4
|
-
|
-
|
0.0
|
-
|
-
|
|
Long Term Debt Maturing in Year 5
|
-
|
-
|
0.0
|
-
|
-
|
|
Long Term Debt Maturing in 2-3 Years
|
-
|
-
|
0.0
|
-
|
-
|
|
Long Term Debt Maturing in 4-5 Years
|
-
|
-
|
0.0
|
-
|
-
|
|
Long Term Debt Matur. in Year 6 & Beyond
|
-
|
-
|
0.0
|
22.3
|
22.9
|
|
Total Capital Leases, Supplemental
|
-
|
-
|
0.3
|
0.5
|
0.1
|
|
Capital Lease Payments Due in Year 1
|
-
|
-
|
0.1
|
0.3
|
0.0
|
|
Capital Lease Payments Due in Year 2
|
-
|
-
|
0.0
|
0.0
|
0.0
|
|
Capital Lease Payments Due in Year 3
|
-
|
-
|
0.0
|
0.0
|
0.0
|
|
Capital Lease Payments Due in Year 4
|
-
|
-
|
0.0
|
0.0
|
0.0
|
|
Capital Lease Payments Due in Year 5
|
-
|
-
|
0.0
|
0.0
|
0.0
|
|
Capital Lease Payments Due in 2-3 Years
|
-
|
-
|
0.1
|
0.1
|
0.0
|
|
Capital Lease Payments Due in 4-5 Years
|
-
|
-
|
0.1
|
0.1
|
0.0
|
|
Cap. Lease Pymts. Due in Year 6 & Beyond
|
-
|
-
|
0.0
|
-
|
-
|
|
Total Operating Leases, Supplemental
|
9.9
|
-
|
41.7
|
39.1
|
32.5
|
|
Operating Lease Payments Due in Year 1
|
4.5
|
-
|
9.0
|
7.2
|
7.0
|
|
Operating Lease Payments Due in Year 2
|
1.3
|
-
|
4.5
|
2.7
|
3.4
|
|
Operating Lease Payments Due in Year 3
|
1.3
|
-
|
4.5
|
2.7
|
3.4
|
|
Operating Lease Payments Due in Year 4
|
1.3
|
-
|
4.5
|
2.7
|
3.4
|
|
Operating Lease Payments Due in Year 5
|
1.3
|
-
|
4.5
|
2.7
|
3.4
|
|
Operating Lease Pymts. Due in 2-3 Years
|
2.7
|
-
|
9.0
|
5.4
|
6.8
|
|
Operating Lease Pymts. Due in 4-5 Years
|
2.7
|
-
|
9.0
|
5.4
|
6.8
|
|
Oper. Lse. Pymts. Due in Year 6 & Beyond
|
0.0
|
-
|
14.6
|
21.1
|
11.9
|
|
Pension Obligation - Domestic
|
2.6
|
-
|
3.0
|
13.9
|
15.0
|
|
Plan Assets - Domestic
|
0.9
|
-
|
1.0
|
9.9
|
9.9
|
|
Funded Status - Domestic
|
-1.6
|
-
|
-2.1
|
-4.0
|
-5.0
|
|
Total Funded Status
|
-1.6
|
-
|
-2.1
|
-4.0
|
-5.0
|
|
Discount Rate - Post-Retirement
|
4.50%
|
-
|
4.50%
|
5.00%
|
4.50%
|
|
Compensation Rate - Domestic
|
4.00%
|
-
|
4.00%
|
4.30%
|
4.50%
|
|
Total Plan Obligations
|
2.6
|
-
|
3.0
|
13.9
|
15.0
|
|
Total Plan Assets
|
0.9
|
-
|
1.0
|
9.9
|
9.9
|
|
|
31-Dec-2012
|
31-Dec-2011
|
31-Dec-2010
|
31-Dec-2009
|
31-Dec-2008
|
|
Period Length
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
|
UpdateType/Date
|
Updated Normal
31-Dec-2012
|
Restated Normal
31-Dec-2012
|
Reclassified
Normal
31-Dec-2011
|
Reclassified
Normal
31-Dec-2010
|
Reclassified
Normal
31-Dec-2009
|
|
Filed Currency
|
DKK
|
DKK
|
DKK
|
DKK
|
DKK
|
|
Exchange Rate
(Period Average)
|
5.793028
|
5.358236
|
5.623146
|
5.354263
|
5.097335
|
|
Auditor
|
KPMG LLP
|
KPMG LLP
|
KPMG Peat
Marwick LLP
|
KPMG Peat
Marwick LLP
|
KPMG LLP
|
|
Auditor Opinion
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
|
|
|
|
|
|
|
|
Net Income/Starting Line
|
-9.2
|
2.1
|
-2.7
|
-41.1
|
-82.8
|
|
Depreciation
|
2.2
|
3.2
|
4.7
|
10.6
|
33.6
|
|
Depreciation/Depletion
|
2.2
|
3.2
|
4.7
|
10.6
|
33.6
|
|
Discontinued Operations
|
29.3
|
32.0
|
14.1
|
-3.3
|
181.1
|
|
Unusual Items
|
0.3
|
-11.9
|
-7.1
|
-9.6
|
29.2
|
|
Other Non-Cash Items
|
6.0
|
9.1
|
1.9
|
19.4
|
20.6
|
|
Non-Cash Items
|
35.5
|
29.3
|
8.9
|
6.4
|
230.9
|
|
Accounts Receivable
|
14.7
|
-7.6
|
-1.3
|
13.5
|
25.8
|
|
Inventories
|
29.8
|
9.0
|
7.1
|
40.7
|
23.3
|
|
Accounts Payable
|
-12.1
|
2.3
|
3.7
|
-5.6
|
-
|
|
Other Liabilities
|
-1.3
|
-3.9
|
-1.2
|
7.7
|
-7.9
|
|
Other Assets & Liabilities, Net
|
-0.7
|
3.7
|
-0.2
|
1.6
|
-13.1
|
|
Other Operating Cash Flow
|
-10.8
|
-17.2
|
-9.1
|
-14.8
|
-38.5
|
|
Changes in Working Capital
|
19.6
|
-13.6
|
-0.9
|
43.0
|
-10.4
|
|
Cash from Operating Activities
|
48.0
|
20.9
|
10.0
|
18.9
|
171.3
|
|
|
|
|
|
|
|
|
Purchase of Fixed Assets
|
-0.5
|
-2.8
|
-1.6
|
-5.4
|
-21.8
|
|
Purchase/Acquisition of Intangibles
|
-0.2
|
-0.9
|
-0.9
|
-0.7
|
-4.5
|
|
Capital Expenditures
|
-0.7
|
-3.7
|
-2.5
|
-6.1
|
-26.3
|
|
Acquisition of Business
|
-
|
-
|
0.0
|
0.0
|
-17.7
|
|
Sale of Fixed Assets
|
2.4
|
0.3
|
0.7
|
1.1
|
2.1
|
|
Purchase of Investments
|
-
|
-
|
-
|
-0.1
|
0.1
|
|
Other Investing Cash Flow
|
0.0
|
-0.4
|
-8.7
|
7.5
|
-6.8
|
|
Other Investing Cash Flow Items, Total
|
2.4
|
-0.1
|
-8.1
|
8.4
|
-22.3
|
|
Cash from Investing Activities
|
1.7
|
-3.8
|
-10.5
|
2.3
|
-48.6
|
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common
|
-
|
-
|
-
|
-
|
-7.3
|
|
Total Cash Dividends Paid
|
-
|
-
|
-
|
-
|
-7.3
|
|
Sale/Issuance of
Common
|
0.0
|
46.8
|
0.0
|
-
|
-
|
|
Common Stock, Net
|
0.0
|
46.8
|
0.0
|
-
|
-
|
|
Repurchase/Retirement of Common/Preferred
|
-
|
-
|
-
|
-0.6
|
-6.6
|
|
Treasury Stock
|
-
|
-
|
-
|
-
|
-0.3
|
|
Issuance (Retirement) of Stock, Net
|
0.0
|
46.8
|
0.0
|
-0.6
|
-7.0
|
|
Long Term Debt Issued
|
-38.3
|
-47.1
|
0.9
|
111.0
|
0.0
|
|
Long Term Debt
Reduction
|
-3.3
|
-19.9
|
-0.1
|
-
|
-
|
|
Long Term Debt, Net
|
-41.6
|
-67.0
|
0.9
|
-23.2
|
-108.5
|
|
Issuance (Retirement) of Debt, Net
|
-41.6
|
-67.0
|
0.9
|
-23.2
|
-108.5
|
|
Cash from Financing Activities
|
-41.6
|
-20.2
|
0.9
|
-23.8
|
-122.8
|
|
|
|
|
|
|
|
|
Foreign Exchange Effects
|
0.1
|
-0.1
|
0.4
|
0.2
|
0.2
|
|
Net Change in Cash
|
8.3
|
-3.2
|
0.7
|
-2.4
|
0.1
|
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance
|
8.9
|
12.7
|
11.4
|
10.6
|
11.0
|
|
Net Cash - Ending Balance
|
17.2
|
9.6
|
12.1
|
8.2
|
11.1
|
|
Cash Taxes Paid
|
-
|
-
|
0.2
|
2.7
|
12.7
|
|
|
31-Dec-2012
|
31-Dec-2011
|
31-Dec-2010
|
31-Dec-2009
|
31-Dec-2008
|
|
Period Length
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
|
UpdateType/Date
|
Updated Normal
31-Dec-2012
|
Reclassified
Normal
31-Dec-2012
|
Restated Normal
31-Dec-2011
|
Reclassified
Normal
31-Dec-2010
|
Updated Normal
31-Dec-2008
|
|
Filed Currency
|
DKK
|
DKK
|
DKK
|
DKK
|
DKK
|
|
Exchange Rate
(Period Average)
|
5.793028
|
5.358236
|
5.623146
|
5.354263
|
5.097335
|
|
Auditor
|
KPMG LLP
|
KPMG
|
KPMG Peat
Marwick LLP
|
KPMG LLP
|
KPMG LLP
|
|
Auditor Opinion
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
|
|
|
|
|
|
|
|
Net turnover
|
417.6
|
488.9
|
555.7
|
548.3
|
983.5
|
|
Total Revenue
|
417.6
|
488.9
|
555.7
|
548.3
|
983.5
|
|
|
|
|
|
|
|
|
Cost of sales
|
365.1
|
414.4
|
468.0
|
464.2
|
852.6
|
|
Staff Costs Rel. to Production
|
-
|
-
|
-
|
-
|
24.1
|
|
Staff costs
|
27.8
|
32.7
|
37.9
|
49.1
|
74.2
|
|
Amortisation of Intangibles
|
-
|
-
|
-
|
-
|
2.7
|
|
Depreciation/Amortisation
|
2.2
|
3.2
|
4.7
|
5.9
|
17.9
|
|
Impairment of Receivables
|
0.1
|
0.2
|
-
|
-
|
-
|
|
Impairment
|
-
|
-
|
0.0
|
4.6
|
13.0
|
|
G on Sale of Tangible & Intangible FA
|
-0.4
|
-1.9
|
-
|
-
|
-
|
|
L on Sale of Tangible & Intangible FA
|
0.0
|
0.0
|
-
|
-
|
-
|
|
Financial income
|
-
|
-
|
-0.1
|
-0.4
|
-
|
|
Other Operating Income
|
-0.6
|
-0.1
|
-
|
-
|
-
|
|
Other operating income
|
-
|
-
|
-1.5
|
-3.1
|
-7.4
|
|
Loss on Sale of PPE
|
-
|
-
|
0.1
|
0.2
|
-
|
|
Other Operating Expense
|
0.3
|
1.1
|
-
|
-
|
-
|
|
Other operating expenses
|
-
|
-
|
0.6
|
1.4
|
0.3
|
|
Distribution Expense
|
5.7
|
6.5
|
-
|
-
|
-
|
|
Admin. Expense
|
13.5
|
15.8
|
-
|
-
|
-
|
|
Selling Expense - Balancing value
|
5.5
|
6.6
|
-
|
-
|
-
|
|
Other external expenses
|
-
|
-
|
37.3
|
52.4
|
-
|
|
Other Expenses
|
-
|
-
|
-
|
-
|
67.8
|
|
Disc. Ops. Effect on Depreciation
|
-
|
-
|
-
|
-
|
0.0
|
|
Total Operating Expense
|
419.0
|
478.4
|
546.9
|
574.4
|
1,045.2
|
|
|
|
|
|
|
|
|
Share Associates
|
-
|
-
|
0.0
|
0.0
|
-0.2
|
|
Interest Income
|
0.1
|
0.3
|
0.9
|
0.7
|
5.3
|
|
Interest Expenses
|
-6.7
|
-9.2
|
-12.2
|
-12.4
|
-21.5
|
|
Other Financials
|
-
|
-
|
-
|
-
|
-4.6
|
|
Financial Expense
|
-
|
-
|
-
|
-3.4
|
-
|
|
Foreign Currency Gains
|
-
|
0.5
|
0.0
|
-
|
-
|
|
Foreign Currency Losses
|
-1.2
|
-
|
-0.2
|
-
|
-
|
|
Net Income Before Taxes
|
-9.2
|
2.1
|
-2.7
|
-41.1
|
-82.8
|
|
|
|
|
|
|
|
|
Provision for Income Taxes
|
1.6
|
1.4
|
1.0
|
7.4
|
-13.5
|
|
Net Income After Taxes
|
-10.8
|
0.7
|
-3.7
|
-48.5
|
-69.3
|
|
|
|
|
|
|
|
|
Net Income Before Extra. Items
|
-10.8
|
0.7
|
-3.7
|
-48.5
|
-69.3
|
|
Profit/ (loss) for the year fom disconti
|
-22.5
|
-0.4
|
4.3
|
-91.9
|
113.8
|
|
Net Income
|
-33.3
|
0.3
|
0.6
|
-140.4
|
44.5
|
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd
|
-10.8
|
0.7
|
-3.7
|
-48.5
|
-69.3
|
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd
|
-33.3
|
0.3
|
0.6
|
-140.4
|
44.5
|
|
|
|
|
|
|
|
|
Basic Weighted Average Shares
|
53.4
|
47.3
|
35.3
|
32.1
|
33.1
|
|
Basic EPS Excluding ExtraOrdinary Items
|
-0.20
|
0.01
|
-0.10
|
-1.51
|
-2.10
|
|
Basic EPS Including ExtraOrdinary Items
|
-0.62
|
0.01
|
0.02
|
-4.37
|
1.34
|
|
Dilution Adjustment
|
-
|
-
|
0.0
|
0.0
|
0.0
|
|
Diluted Net Income
|
-33.3
|
0.3
|
0.6
|
-140.4
|
44.5
|
|
Diluted Weighted Average Shares
|
53.4
|
47.3
|
35.3
|
32.1
|
33.1
|
|
Diluted EPS Excluding ExtraOrd Items
|
-0.20
|
0.01
|
-0.10
|
-1.51
|
-2.10
|
|
Diluted EPS Including ExtraOrd Items
|
-0.62
|
0.01
|
0.02
|
-4.37
|
1.34
|
|
DPS-Ordinary Shares
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
DPS-Ordinary Shares
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Gross Dividends - Common Stock
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Normalized Income Before Taxes
|
-9.6
|
0.4
|
-2.8
|
-36.7
|
-69.8
|
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items
|
1.5
|
0.8
|
1.0
|
8.9
|
-8.9
|
|
Normalized Income After Taxes
|
-11.1
|
-0.4
|
-3.7
|
-45.6
|
-60.9
|
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com.
|
-11.1
|
-0.4
|
-3.7
|
-45.6
|
-60.9
|
|
|
|
|
|
|
|
|
Basic Normalized EPS
|
-0.21
|
-0.01
|
-0.11
|
-1.42
|
-1.84
|
|
Diluted Normalized EPS
|
-0.21
|
-0.01
|
-0.11
|
-1.42
|
-1.84
|
|
Rental Expense
|
-
|
-
|
-
|
-
|
25.1
|
|
Interest Expenses
|
6.7
|
9.2
|
-
|
-
|
-
|
|
Interest Expense
|
-
|
-
|
12.2
|
12.4
|
21.5
|
|
Amort of Intangibles
|
-
|
-
|
2.5
|
3.2
|
2.7
|
|
Depreciation
|
2.2
|
3.2
|
11.9
|
16.9
|
17.9
|
|
Current Tax - Total
|
0.8
|
4.0
|
-
|
-0.4
|
5.2
|
|
Current Tax - Total
|
0.8
|
4.0
|
-
|
-0.4
|
5.2
|
|
Deferred Tax Adjustment
|
0.8
|
-2.2
|
-
|
8.3
|
-18.6
|
|
Deferred Tax - Total
|
0.8
|
-2.2
|
-
|
8.3
|
-18.6
|
|
Adjustment of Tax Rate
|
-
|
-
|
-
|
-
|
0.0
|
|
Adjustment for Previous Years
|
0.0
|
-0.4
|
-
|
-0.5
|
0.0
|
|
Income Tax - Total
|
1.6
|
1.4
|
-
|
7.4
|
-13.5
|
|
Pension Cost - Current Year
|
-
|
-
|
0.1
|
1.4
|
0.5
|
|
Interest Cost
|
0.1
|
-
|
0.2
|
0.5
|
0.5
|
|
Expected Return on Assets
|
-
|
-
|
0.0
|
-0.5
|
-0.5
|
|
Pension Cost-Previous Years
|
-
|
-
|
-
|
-
|
0.0
|
|
Other Cost
|
-
|
-
|
0.4
|
-0.2
|
-0.2
|
|
Domestic Pension Plan Expense
|
0.1
|
-
|
0.6
|
1.3
|
0.4
|
|
Defined Contribution Plan
|
1.8
|
-
|
2.2
|
2.5
|
4.6
|
|
Total Pension Expense
|
1.9
|
-
|
2.8
|
3.8
|
5.0
|
|
|
31-Dec-2012
|
31-Dec-2011
|
31-Dec-2010
|
31-Dec-2009
|
31-Dec-2008
|
|
UpdateType/Date
|
Updated Normal
31-Dec-2012
|
Reclassified
Normal
31-Dec-2012
|
Restated Normal
31-Dec-2011
|
Updated Normal
31-Dec-2009
|
Reclassified
Normal
31-Dec-2009
|
|
Filed Currency
|
DKK
|
DKK
|
DKK
|
DKK
|
DKK
|
|
Exchange Rate
|
5.6443
|
5.72535
|
5.55485
|
5.18625
|
5.35465
|
|
Auditor
|
KPMG LLP
|
KPMG
|
KPMG Peat
Marwick LLP
|
KPMG LLP
|
KPMG LLP
|
|
Auditor Opinion
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
|
|
|
|
|
|
|
|
Inventories - Finished Goods
|
83.6
|
124.0
|
-
|
-
|
-
|
|
Manufactured goods and goods for resale
|
-
|
-
|
126.3
|
189.8
|
264.1
|
|
Inventories - HFS
|
-0.7
|
-2.4
|
-
|
-
|
-
|
|
Prepayment for goods
|
2.6
|
4.8
|
6.7
|
8.4
|
9.8
|
|
Trade Debtors, Gross
|
-
|
-
|
67.0
|
83.2
|
104.3
|
|
Provisions for Accounts
|
-
|
-
|
-2.8
|
-7.5
|
-2.9
|
|
Transferred to Assets held for Sale
|
-
|
-
|
-5.0
|
11.9
|
0.0
|
|
Trade receivables
|
41.0
|
61.1
|
-
|
-
|
-
|
|
Income tax receivables
|
1.5
|
2.3
|
2.4
|
5.0
|
4.6
|
|
Other Receivable
|
4.8
|
4.9
|
8.0
|
13.2
|
29.5
|
|
Prepaid expenses
|
3.1
|
2.5
|
3.8
|
3.8
|
3.9
|
|
Cash Equivalent
|
-
|
-
|
6.9
|
8.5
|
10.6
|
|
Assets Held for Sale
|
4.6
|
20.8
|
74.5
|
-
|
-
|
|
Cash
|
17.5
|
7.9
|
-
|
-
|
-
|
|
Inventories - Work in Progress
|
0.0
|
1.5
|
-
|
-
|
-
|
|
Inventories - Raw Materials, Net
|
0.1
|
1.3
|
-
|
-
|
-
|
|
Total Current Assets
|
158.1
|
228.8
|
288.0
|
316.3
|
423.9
|
|
|
|
|
|
|
|
|
Goodwill
|
-
|
-
|
25.7
|
25.5
|
28.4
|
|
Goodwill, Gross
|
30.5
|
29.1
|
-
|
-
|
-
|
|
Acc Amort Goodwill
|
-4.2
|
-3.9
|
-
|
-
|
-
|
|
IT projects in progress
|
0.0
|
0.1
|
0.1
|
0.2
|
3.2
|
|
Customer relations, Gross
|
7.2
|
22.9
|
-
|
-
|
-
|
|
Other Intangibles, Net
|
-
|
-
|
14.8
|
16.5
|
14.4
|
|
Acc Amort Customer relations
|
-6.2
|
-10.0
|
-
|
-
|
-
|
|
Property, plant and equipment under cons
|
0.0
|
0.7
|
-
|
-
|
-
|
|
Land & Buildings
|
-
|
-
|
26.9
|
58.5
|
63.8
|
|
Plant/Machinery/Equipment, Gross
|
0.6
|
2.0
|
-
|
-
|
-
|
|
Plant & Machin.
|
-
|
-
|
2.3
|
28.7
|
36.0
|
|
Vehicles/Equip.
|
-
|
-
|
9.3
|
31.0
|
42.0
|
|
Construction In Progress
|
-
|
-
|
0.1
|
4.7
|
4.4
|
|
Acc Depr Land & Buildings
|
-6.0
|
-5.9
|
-
|
-
|
-
|
|
Acc Depr Plant/Machinery/Equipment
|
-0.6
|
-1.0
|
-
|
-
|
-
|
|
Acc Depr Other Tangible Fixed Assets
|
-5.2
|
-5.8
|
-
|
-
|
-
|
|
Depreciation
|
-
|
-
|
-13.1
|
-79.0
|
-63.9
|
|
Share Associates
|
-
|
-
|
0.0
|
-
|
-
|
|
Rcvbl. Assoc.
|
-
|
-
|
-
|
0.1
|
0.1
|
|
Deferred Tax
|
7.2
|
8.7
|
7.6
|
3.2
|
15.1
|
|
Other investments and securities
|
0.7
|
0.6
|
0.7
|
0.8
|
0.7
|
|
Other non-current assets
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Other Tangible Fixed Assets, Gross
|
6.7
|
7.9
|
-
|
-
|
-
|
|
Land/Buildings, Gross
|
17.1
|
20.6
|
-
|
-
|
-
|
|
Total Assets
|
206.0
|
295.0
|
362.4
|
406.5
|
568.2
|
|
|
|
|
|
|
|
|
ST Debt & Notes Payable
|
54.9
|
0.0
|
-
|
-
|
-
|
|
Overdraft
|
-
|
-
|
148.1
|
195.4
|
227.2
|
|
Trade payables and other payables
|
24.0
|
38.8
|
39.7
|
62.5
|
64.5
|
|
Current portion of non-current liabiliti
|
3.3
|
3.2
|
19.2
|
0.3
|
0.0
|
|
ST of LT Debt
|
-
|
-
|
-
|
0.3
|
6.3
|
|
Corporate income taxes
|
0.4
|
2.2
|
1.9
|
0.8
|
2.5
|
|
Other Liabs.
|
1.4
|
1.7
|
5.9
|
10.6
|
1.0
|
|
Accrued/Deferred
|
0.0
|
0.1
|
0.4
|
1.0
|
0.2
|
|
Total Current Liabilities
|
84.0
|
46.1
|
215.2
|
271.0
|
301.7
|
|
|
|
|
|
|
|
|
Subordinated loan
|
3.3
|
6.5
|
10.1
|
21.5
|
14.6
|
|
LT Debt Excluding Capitalized Leases
|
0.1
|
93.5
|
-
|
-
|
-
|
|
Bank Loan
|
-
|
-
|
0.0
|
0.8
|
8.3
|
|
Lease Oblg.
|
-
|
-
|
0.2
|
0.2
|
0.1
|
|
Total Long Term Debt
|
3.4
|
100.0
|
10.2
|
22.4
|
23.0
|
|
|
|
|
|
|
|
|
Pensions and similar provisions
|
1.6
|
2.3
|
2.1
|
4.0
|
5.0
|
|
Deferred Tax
|
1.7
|
3.6
|
5.6
|
2.9
|
6.8
|
|
Provisions
|
2.6
|
3.0
|
2.5
|
3.5
|
0.1
|
|
Other Long Term Liabilities
|
-
|
0.0
|
-
|
-
|
-
|
|
Liabilities relating to assets held for
|
6.7
|
4.4
|
31.9
|
0.0
|
-
|
|
Total Liabilities
|
99.9
|
159.4
|
267.5
|
303.8
|
336.7
|
|
|
|
|
|
|
|
|
Share Capital
|
47.4
|
46.8
|
32.2
|
34.4
|
34.7
|
|
Hedging reserve
|
-0.1
|
-0.8
|
-0.6
|
-0.8
|
-2.0
|
|
Translation Adjustment
|
-4.5
|
-7.2
|
-7.5
|
-9.4
|
-16.2
|
|
Retained Profit
|
63.4
|
96.7
|
70.9
|
78.5
|
215.1
|
|
Proposed Div
|
-
|
-
|
0.0
|
-
|
-
|
|
Total Equity
|
106.1
|
135.5
|
95.0
|
102.7
|
231.6
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
206.0
|
295.0
|
362.4
|
406.5
|
568.2
|
|
|
|
|
|
|
|
|
S/O-Ordinary Shares
|
53.4
|
53.4
|
28.7
|
28.7
|
29.0
|
|
S/O-Ordinary Shares
|
0.0
|
0.0
|
1.9
|
1.9
|
1.9
|
|
Total Common Shares Outstanding
|
53.4
|
53.4
|
30.6
|
30.6
|
30.8
|
|
T/S-Ordinary Shares
|
0.2
|
0.2
|
0.3
|
0.3
|
1.4
|
|
Accumulated Intangible Amortization
|
6.2
|
10.0
|
13.0
|
24.0
|
17.6
|
|
Accumulated Goodwill Amortization
|
4.2
|
3.9
|
-
|
-
|
-
|
|
Average Number of Employees
|
578
|
-
|
-
|
-
|
-
|
|
Full-Time Employees
|
-
|
691
|
2,123
|
3,064
|
3,688
|
|
Nr Of Shareholders
|
3,378
|
-
|
3,250
|
3,600
|
3,000
|
|
LT Debt Maturing Within One Year
|
-
|
-
|
148.1
|
195.7
|
233.5
|
|
Long Term Debt Maturing in Year 5
|
-
|
-
|
0.0
|
-
|
-
|
|
LT Debt Maturing After One Year
|
-
|
-
|
0.0
|
22.3
|
22.9
|
|
Total Long Term Debt, Supplemental
|
-
|
-
|
148.1
|
218.0
|
256.4
|
|
Capital Leases Within 1 Year
|
-
|
-
|
0.1
|
0.3
|
0.0
|
|
Capital Leases Within 1-5 Years
|
-
|
-
|
0.2
|
0.2
|
0.1
|
|
Capital Leases After 5 Years
|
-
|
-
|
0.0
|
-
|
-
|
|
Total Capital Leases, Supplemental
|
-
|
-
|
0.3
|
0.5
|
0.1
|
|
Operating Leases due within 1 Year
|
4.5
|
-
|
9.0
|
7.2
|
7.0
|
|
Operating Leases due within 1-5 Years
|
5.3
|
-
|
18.1
|
10.7
|
13.6
|
|
Operating Leases due after 5 Years
|
0.0
|
-
|
14.6
|
21.1
|
11.9
|
|
Total Operating Leases, Supplemental
|
9.9
|
-
|
41.7
|
39.1
|
32.5
|
|
Pension Liablilities
|
2.6
|
-
|
3.0
|
13.9
|
15.0
|
|
Pension Assets
|
0.9
|
-
|
1.0
|
9.9
|
9.9
|
|
Funded Status
|
-1.6
|
-
|
-2.1
|
-4.0
|
-5.0
|
|
Total Funded Status
|
-1.6
|
-
|
-2.1
|
-4.0
|
-5.0
|
|
Discount Rate - Sweden
|
3.00%
|
-
|
4.00%
|
4.00%
|
4.50%
|
|
Expected Rate of Return - Sweden
|
0.00%
|
-
|
0.00%
|
-
|
-
|
|
Salaries Increase - Sweden
|
2.00%
|
-
|
2.00%
|
3.10%
|
3.30%
|
|
Discount Rate - Belgium
|
4.50%
|
-
|
4.50%
|
5.00%
|
4.50%
|
|
Expected Rate of Return - Belgium
|
4.00%
|
-
|
4.00%
|
4.30%
|
4.50%
|
|
Salaries Increase - Belgium
|
2.00%
|
-
|
3.00%
|
3.00%
|
3.00%
|
|
Discount Rate - Switzerland
|
-
|
-
|
-
|
3.30%
|
3.30%
|
|
Expected Rate of Return - Switzerland
|
-
|
-
|
-
|
4.50%
|
4.50%
|
|
Salaries Increase - Switzerland
|
-
|
-
|
-
|
1.00%
|
1.00%
|
|
Discount Rate - Norway
|
3.30%
|
-
|
4.00%
|
4.40%
|
4.50%
|
|
Expected Rate of Return - Norway
|
0.00%
|
-
|
5.40%
|
5.60%
|
6.50%
|
|
Salaries Increase - Norway
|
4.00%
|
-
|
4.00%
|
4.30%
|
4.50%
|
|
|
31-Dec-2012
|
31-Dec-2011
|
31-Dec-2010
|
31-Dec-2009
|
31-Dec-2008
|
|
Period Length
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
12 Months
|
|
UpdateType/Date
|
Updated Normal
31-Dec-2012
|
Restated Normal
31-Dec-2012
|
Reclassified
Normal
31-Dec-2011
|
Reclassified
Normal
31-Dec-2010
|
Reclassified
Normal
31-Dec-2009
|
|
Filed Currency
|
DKK
|
DKK
|
DKK
|
DKK
|
DKK
|
|
Exchange Rate
(Period Average)
|
5.793028
|
5.358236
|
5.623146
|
5.354263
|
5.097335
|
|
Auditor
|
KPMG LLP
|
KPMG
|
KPMG Peat
Marwick LLP
|
KPMG LLP
|
KPMG LLP
|
|
Auditor Opinion
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
Unqualified
|
|
|
|
|
|
|
|
|
Profit Before Tax
|
-9.2
|
2.1
|
-2.7
|
-41.1
|
-82.8
|
|
Depreciation
|
2.2
|
3.2
|
4.7
|
10.6
|
33.6
|
|
Inventory write-downs, (incl. prepayment
|
0.3
|
-11.9
|
-7.1
|
-9.6
|
-
|
|
Provisions on Trade Rcvbls
|
0.1
|
-0.7
|
-3.2
|
3.8
|
-0.6
|
|
Other Non-cash Items
|
-1.9
|
1.4
|
-
|
-
|
-
|
|
in working capital
|
-
|
-
|
-6.4
|
0.6
|
0.2
|
|
Provisions
|
-1.3
|
-3.9
|
-1.2
|
7.7
|
-0.4
|
|
Share of Profit in Joint Ventures
|
-
|
-
|
-
|
0.0
|
0.2
|
|
Financial Income
|
-0.1
|
-0.8
|
-0.9
|
-0.6
|
-5.3
|
|
Financial Expenses
|
7.9
|
9.2
|
12.4
|
15.6
|
26.2
|
|
Impairment
|
-
|
-
|
-
|
-
|
29.2
|
|
Inventory
|
29.8
|
9.0
|
7.1
|
40.7
|
23.3
|
|
Trade Debtors
|
14.7
|
-7.6
|
-1.3
|
13.5
|
25.8
|
|
Trade Payables
|
-12.1
|
2.3
|
3.7
|
-5.6
|
-
|
|
Other Assets & Liabilities
|
-0.7
|
3.7
|
-0.2
|
1.6
|
-13.1
|
|
Other Liabs.
|
-
|
-
|
-
|
-
|
-7.6
|
|
Financial income, received
|
0.1
|
0.8
|
0.9
|
0.6
|
5.3
|
|
Financial expenses, paid
|
-9.0
|
-12.8
|
-9.8
|
-12.7
|
-31.1
|
|
Income Taxes Paid
|
-
|
-
|
-0.2
|
-2.7
|
-12.7
|
|
Corporate income taxes paid/refunded
|
-1.9
|
-5.2
|
-
|
-
|
-
|
|
Discontinued Operations - Total - no b/d
|
29.3
|
32.0
|
-
|
-
|
-
|
|
Cash flow fom discontinued operations
|
-
|
-
|
14.1
|
-3.3
|
181.1
|
|
Cash from Operating Activities
|
48.0
|
20.9
|
10.0
|
18.9
|
171.3
|
|
|
|
|
|
|
|
|
Purch. Business
|
-
|
-
|
0.0
|
0.0
|
-17.7
|
|
Acquisition of intangible assets
|
-0.2
|
-0.9
|
-0.9
|
-0.7
|
-4.5
|
|
Acquisition of tangible assets
|
-0.5
|
-2.8
|
-1.6
|
-5.4
|
-21.8
|
|
Sale of intangible and tangible assets
|
2.4
|
0.3
|
0.7
|
1.1
|
2.1
|
|
Paid Earn-Out Liability
|
-
|
-
|
-
|
-
|
-7.1
|
|
in foreign currencies
|
0.0
|
-0.4
|
-8.7
|
7.5
|
0.3
|
|
Purch. Fin. Assets
|
-
|
-
|
-
|
-0.1
|
0.1
|
|
Cash from Investing Activities
|
1.7
|
-3.8
|
-10.5
|
2.3
|
-48.6
|
|
|
|
|
|
|
|
|
Repayment of leasing obligations
|
-0.1
|
-0.1
|
-0.1
|
-
|
-
|
|
New Mortgage
|
-
|
-
|
-
|
0.4
|
0.0
|
|
Capital Increase
|
0.0
|
46.5
|
0.0
|
-
|
-
|
|
Raising of Subordinated Loan
|
-
|
-
|
8.9
|
0.0
|
-
|
|
Share Buy-Back
|
-
|
-
|
-
|
-0.6
|
-6.6
|
|
Sale of Treasury Shares
|
0.0
|
0.4
|
0.0
|
-
|
-
|
|
Acquisition of Own Shares
|
-
|
-
|
-
|
-
|
-0.3
|
|
Raising of Bank Debt
|
-
|
-
|
0.0
|
110.6
|
0.0
|
|
Repayment of Subordinated Loan
|
-3.2
|
-19.8
|
-
|
-
|
-
|
|
Repayment of debt to credit institutions
|
-38.3
|
-47.1
|
-7.9
|
-
|
-
|
|
Bank Loan
|
-
|
-
|
-
|
-134.2
|
-108.5
|
|
Dividend
|
-
|
-
|
-
|
-
|
-7.3
|
|
Cash from Financing Activities
|
-41.6
|
-20.2
|
0.9
|
-23.8
|
-122.8
|
|
|
|
|
|
|
|
|
Foreign Exchange Effects
|
0.1
|
-0.1
|
0.4
|
0.2
|
0.2
|
|
Net Change in Cash
|
8.3
|
-3.2
|
0.7
|
-2.4
|
0.1
|
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance
|
8.9
|
12.7
|
11.4
|
10.6
|
11.0
|
|
Net Cash - Ending Balance
|
17.2
|
9.6
|
12.1
|
8.2
|
11.1
|
|
Cash Taxes Paid
|
-
|
-
|
0.2
|
2.7
|
12.7
|