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Annual announcement 2007

  • 13-03-2008

Record pre-tax result in 2007, modest growth and major one-off income item in 2008.

In 2007 DLH generated revenues of DKK 5,720 million, up 4% on 2006 (excluding the Building Materials Division, which has been sold off). Pre-tax profit of continuing operations was DKK 159 million, up DKK 15 million on last year. The improvement is attributable to acquisitions, which in particular have strengthened the Scandinavian operations considerably. The group expects revenues of approximately DKK 5.7 billion in 2008 and a profit after tax of approximately DKK 690 million.

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The supervisory board of Dalhoff Larsen & Horneman A/S today considered the group’s annual report for 2007, which is recommended for adoption at the annual general meeting. Highlights from the annual report are:

Business development

  • The gradual slowdown in the international economy affected the demand for timber and timber products in the latter half of 2007, albeit with considerable regional variations. The slowdown has gradually eliminated the goods shortage experienced in some markets at the beginning of the year.
  • In 2007 DLH acquired the sheet materials distributors Olle Zettergren AB, Stockholm, and OK Træ ApS, Silkeborg, as well as Erling Hustvedt AS, Oslo, which distributes hardwood and sheet materials in Norway. The group also concluded an agreement to buy Palma Byggrossisten AB, Sundswall, a sheet materials distributor in northern Sweden. The acquired businesses complement each other and secure considerable purchasing and distribution synergies, and this has strengthened the group’s position in the Scandinavian market considerably.
  • In December 2007 DLH concluded an agreement on the sale of the Building Materials Division with the French group Saint-Gobain. Following the sale, which was effected at the end of February 2008, DLH will now focus on expanding its global timber wholesale business, one of the world’s largest. The accounting profit after tax amounts to approximately DKK 580 million which will be recognised in 2008.