Quarterly

Quarterly key figures 2015

EUR’000

Q1

H1

Q1-Q3

FY

Revenue

13,304

30,147

41,335

47,321

Gross profit

7,521

13,119

16,080

18,894

EBITDA*

9,971

17,175

22,291

29,341

Earnings before impairment, interest and tax

6,495

9,580

10,248

12,121

Net financials

-2,637

-5,214

-8,169

-10,205

Profit/loss for the period from continuing operations

4,292

Profit/loss for the period from discontinuing operations

-2,948

Profit/loss for the period

2,702

2,521

-428

1,344

Comprehensive income for the period

762

4,403

413

2,590

Non-current assets

368,296

361,217

357,861

350,334

Current assets

70,493

65,881

65,158

53,134

Assets classified as held for sale and discontinued operations

 1,121

1,153

1,123

10,941

Total assets

439,910

428,251

424,142

414,409

Share capital

71,623

71,623

71,623

71,623

Equity

190,203

193,844

189,654

191,831

Non-current liabilities

190,535

186,293

183,278

152,527

Current liabilities

59,172

48,114

51,210

66,995

Liabilities classified as held for sale and discontinued operations

3,056

Net working capital (NWC)

20,570

19,355

18,494

12,784

Cash flow from operating activities

2,408

5,668

10,045

12,135

Cash flow from investing activities

-358

1,195

1,698

1,172

Of which investment in property, plant and equipment

-358

-608

-998

-1,070

Cash flow from financing activities

-1,557

-6,165

-10,567

-15,265

Total cash flow from continuing operations

1,312

Total cash flow from discontinuing operations

-3,270

Total cash flows

493

698

1,176

-1,958

Gross margin

49.1%

43.5%

38.9%

39.9%

EBITDA margin*

65.2%

57.0%

53.9%

62.0%

EBIT margin before impairment

42.4%

31.8%

24.8%

25.6%

Equity ratio

43.2%

45.3%

44.7%

46.3%

Return on invested capital (ROIC)

1.8%

2.7%

2.9%

5.0%

Return on equity

1.4%

1.3%

-0.2%

0.7%

Gearing ratio

0.9

0.8

0.8

0.8

Average number of shares, 1,000 shares

101,367

101,367

101,367

101,367

Number of shares at the end of the period, 1,000 shares

101,367

101,367

101,367

101,367

Earnings per share (EPS basic), EUR from continuing operations

0.03

0.02

0.00

0.04

Earnings per share (EPS basic), EUR after discontinued operations

0.01

Net asset value per share, EUR

1.88

1.91

1.87

1.89

Price/net asset value

0.58

0.60

0.50

0.46

Actual price earnings (P/E basic)

40.93

46.37

neg.

66.23

Dividend per share

0.00

0.00

0.00

Payout ratio (%)

0%

0%

0%

Market price, end of period, EUR

1.09

1.15

0.93

0.88

Average number of employees

69

67

66

65

* Adjusted for income from Associates and Special Items

EUR’000

Q1

H1

 Q1-Q32014 
Revenue

14,409

28,929

42,26455,547 
Gross profit

5,676

10,465

14,755 18,211 
EBITDA before impairment*

8,397

16,348

 23,188 30,897 
Earnings before impairment, interest and tax

3,239

5,308

 6,414 8,010 
Net financials

-2,986

-5,838

-9,050 -11,977 
Profit/loss for the period

32

-715

 -18,451 -24,391 
Comprehensive income for the period

-1,894

-5,463

-24,679-31,216 
* Adjusted for non-recurring costs
     
      
Non-current assets

408,715

403,678

382,513372,293 
Current assets

70,293

67,146

 69,350 66,845 
Assets classified as held for sale

 797

846

 924 900 
Total assets

479,805

471,670

 452,787 440,038 
Share capital

71,623

71,623

 71,62371,623 
Equity

218,811

215,242

195,978 189,441 
Non-current liabilities

200,662

197,384

 191,836173,002 
Current liabilities

60,332

59,044

 64,973 77,595 
Net working capital (NWC)

27,013

22,577

 20,584 15,071 
      
Cash flow from operating activities

-639

6,459

14,699 18,309 
Cash flow from investing activities

-330

-652

 -494 -1,680 
Of which investment in property, plant and equipment

-336

-1,421

 -1,299 -2,441 
Cash flow from financing activities

-2,710

-7,244

 -11,318 -17,626 
Total cash flows

-3,679

-1,437

 2,887 -997 
      
Gross margin

39.4%

36.2%

34.9%32.8% 
EBITDA margin

58.3%

56.5%

 54.9% 55.6% 
EBIT margin before impairment

22.5%

18.3%

 15.2% 14.4% 
Equity ratio

45.6%

45.6%

43.4% 43.1% 
Return on invested capital (ROIC)

0.8%

1.3%

 1.6% -2.3% 
Return on equity

0.0%

-0.3%

 -8.9% -11.9% 
Gearing ratio

0.9

0.8

 0.9 0.9 
* Adjusted for non-recurring costs
     
      
Average number of shares, 1,000 shares

101,405

101,405

 101,403 101,394 
Number of shares at the end of the period, 1,000 shares

101,405

101,405

101,367 101,367 
Earnings per share (EPS basic), EUR

0.00

-0.01

 -0.18 -0.24 
Net asset value per share, EUR

2.16

2.13

 1.94 1.87 
Price/net asset value

0.78

0.77

0.69 0.52 
Actual price earnings (P/E basic)

5,348.06

-232.07

 -7.36 neg. 
Dividend per share

0.00

0.00

 0.00 0.00 
Payout ratio (%)

0%

0%

 0% 0% 
Market price, end of period, EUR

1.69

1.64

 1.34 0.98 
      
Average number of employees

78

78

 78 78 

 

*Excluding Special Items

EUR’000

Q1

H1

 Q1-Q3 2013
Revenue

20,089

41,848

 57,443 73,891
Gross profit

8,190

18,905

 22,925 28,208
EBITDA before impairment

12,908

27,197

 34,658 44,560
Earnings before impairment, interest and tax

6,529

14,471

 15,452 17,661
Net financials

-4,199

-8,671

 -12,060 -15,135
Profit/loss for the period

2,056

4,745

 2,612 1,398
Comprehensive income for the period

2,034

9,082

 6,765 8,599
* Adjusted for non-recurring costs
Non-current assets

500,983

492,171

 483,658 479,913
Current assets

91,811

84,732

 82,064 79,679
Assets classified as held for sale

 752

722

 758 771
Total assets

593,546

577,625

 566,480 560,363
Share capital

71,623

71,623

 71,623 71,623
Equity

214,140

221,188

 218,871 220,705
Non-current liabilities

290,846

281,224

 272,264 273,866
Current liabilities

88,560

75,213

 75,345 65,792
Net working capital (NWC)

21,832

30,514

 26,680 28,384
Cash flow from operating activities

-1,179

-639

 8,565 10,184
Cash flow from investing activities

-16,246

-17,237

 -16,413 -18,758
Of which investment in property, plant and equipment

-18,021

-19,157

 -19,642 -21,660
Cash flow from financing activities

9,556

13,118

 5,722 1,986
Total cash flows

-7,869

-4,758

 -2,126 -6,588
Gross margin

40.7%

45.2%

 39.9% 38.2%
EBITDA margin

64.3%

65.0%

 60.3% 60.3%
EBIT margin before impairment

32.5%

34.6%

 26.9% 23.9%
Equity ratio

36.1%

38.3%

 38.7% 39.4%
Return on invested capital (ROIC)

1.3%

3.0%

 3.2% 3.7%
Return on equity

1.4%

3.2%

 1.1% 0.6%
Gearing ratio

1.3

1.20%

 1.10 1.10
* Adjusted for non-recurring costs
Average number of shares, 1,000 shares

101,405

101,405

 101,405 101,405
Number of shares at the end of the period, 1,000 shares

101,405

101,405

 101,405 101,405
Earnings per share (EPS basic), EUR

0.02

0.05

 0.03 0.01
Net asset value per share, EUR

2.12

2.19

 2.16 2.18
Price/net asset value

0.65

0.63

 0.86 0.72
Actual price earnings (P/E basic)

67.50

30

 72 114
Dividend per share

0.00

0.00

 0.00 0.00
Payout ratio (%)

0%

0%

 0%  0%
Market price, end of period, EUR

1.35

1.38

 1.85 1.57
Average number of employees
EUR’000

Q1

H1

Q1-Q3

2012

Revenue

13,664

29,794

43,474

59,863

Gross profit

6,459

14,264

18,327

24,986

EBITDA before impairment

8,104

16,314*

22,705*

31,715

Earnings before impairment, interest and tax

3,139

4,092

7,662

12,800

Net financials

-2,755

-5,943

-8,964

-13,684

Profit/loss for the period

-939

-3,229

5,995

-13,274

Comprehensive income for the period

-2,118

-5,490

-10,931

-23,969

* Adjusted for non-recurring costs
Non-current assets

439,868

437,372

468,073

511,397

Current assets

121,835

110,150

82,997

84,346

Assets classified as held for sale

1,971

Total assets

561,703

547,522

551,070

597,714

Share capital

71,623

71,623

71,623

71,623

Equity

236,091

232,651

227,211

212.106

Non-current liabilities

250,158

245,426

229,126

289,104

Current liabilities

75,454

69,445

94,733

96,502

Net working capital (NWC)

27,428

33,112

290

2,869

Cash flow from operating activities

-261

-7,226

-6,095

-1,654

Cash flow from investing activities

-2,546

-6,940

-6,349

-5,032

Of which investment in property, plant and equipment

-2,631

-7,482

-6,494

-6,515

Cash flow from financing activities

1,324

-325

-2,409

-19,587

Total cash flows

-1,484

-14,491

-14,853

-26,273

Gross margin

47.2%

47.9%

42.2%

41.7%

EBITDA margin

59.3%

54.8%*

52.2%*

53.0%*

EBIT margin before impairment

23.0%

13.7%

17.6%

21.4%

Equity ratio

42.0%

42.5%

41.6%

35.5%

Return on invested capital (ROIC)

-0.8%

1.0%

1.0%

1.4%

Return on equity

-0.4%

-1.4%

-2.6%

-5.9%

Gearing ratio

0.8

0.9

0.9

1.2

* Adjusted for non-recurring costs
Average number of shares, 1,000 shares

101,405

101,405

101,405

101,405

Number of shares at the end of the period, 1,000 shares

101,405

101,405

101,405

101,405

Earnings per share (EPS basic), EUR

-0.01

-0.03

-0.06

-0.06

Net asset value per share, EUR

2.35

2.31

2.26

2.10

Price/net asset value

0.89

0.66

0.77

0.65

Actual price earnings (P/E basic)

neg.

neg.

neg.

neg.

Dividend per share

0.00

0.00

0.00

0.00

Payout ratio (%)

0%

0%

0%

0%

Market price, end of period, EUR

2.10

1.53

1.73

1.35

Average number of employees

90

94

84.5

82.5

EUR’000 Q1 H1 Q1-Q3 2011
Revenue 5,326

10,526

22,227

 34,786

Gross profit before impairment 1,886

3,316

7,575

 10,865

EBITDA 2,708

4,850

7,570

 13,773

Earnings before interest and tax (EBIT) 187

-71

33,552

1,479

Net financials -141

-1,255

-5,739

 -9,062

Profit/loss for the period 4

– 1,430

29,242

 11,322

Comprehensive income for the period -73

-1,777

23,695

 4,333

Non-current assets 270,410

267,607

466,819

 452,516

Current assets 35,651

43,304

129,073

 109,723

Total assets 306,061

310,911

595,892

562,239

Assets classified as held for sale 0

0

0

0

Share capital 35,499

35,571

71,623

 71,623

Equity 187,792

186,088

256,883

 238,209

Non-current liabilities 91,482

87,745

285,963

 251,783

Current liabilities 26,787

37,078

53,046

 72,247

Net working capital (NWC) 8,619

11,270

25,103

 15,026

Cash flow from operating activities -1,180

-3,264

-13,054

 -667

Cash flow from investing activities -717

-2,250

-41,122

 -30,842

Of which investment in property, plant and equipment -715

-2,255

-57,438

 -39,648

Cash flow from financing activities -882

8,775

93,832

 54,271

Total cash flows -2,779

3,261

39,626

 22,762

Gross margin before impairment 35.4 %

31.5 %

34.1 %

 31.2 %

EBITDA margin 50.8 %

46.1 %

34.1 %

 39.6 %

EBIT margin

151.0 %

 4.3 %

Equity ratio 61.4 %

59.9 %

42.5 %

 42.4 %

Return on invested capital (ROIC) 0.1 %

-0.0 %

12.7 %

 8.0 %

Return on equity 0.00 %

-0.76 %

17.5 %

 7.2 %

Gearing ratio 0.4

0.4

0.8

 0.8

Average number of shares, 1,000 shares 52,782

52,782

36,808

 72,100

Number of shares at the end of the period, 1,000 shares 52,782

52,782

101,405

 101,405

Earnings per share, (EPS Basic), EUR 0.00

0.00

0.79

 0.16

Net asset value per share, EUR 3.55

3.51

2.86

 2.36

Price/net asset value 0.65

0.70

1.06

 1.02

Actual price earnings (P/E Basic) Neg.

Neg.

3.33

 15.42

Dividend per share 0.00

0.00

0.00

 0.00

Payout ratio (%) 0 %

0 %

0 %

 0 %

Market price, end of period, EUR 2.32

2.45

2.65

 2.42

Average number of employees 30

28

96

 98

It is not possible to make a comparison of the different periods, as the “Q1-Q3″ numbers relate to the activities of GWM, however including as per 11 August 2011 the combination of GWM and Greentech.
EUR’000Q1H1Q1-Q32010
Revenue2,8645,186

8,458

14,643

Gross profit before impairment1,1971,8382,181

4,511

Operating profit/loss-1,155-1,653-2,369

-42,860

Net financials-185-814-1,682

-12,011

Profit/loss for the period-1,013-1,948-3,214

-52,119 

Comprehensive income for the period

-929

-1,897

-3,026

 -52,178

     
Non-current assets282,918300,278311,934272,699
Current assets56,19645,83731,21337,045
Total assets339,114

346,115

343,147309,744
Share capital32,34632,34632,95135,571
Equity230,116229,073228,454187,856
Non-current liabilities79,68694,57591,47592,000
Current liabilities29,31222,46723,21829,888
     
Cash flows from operating activities-3,467-7,618-6,952-9,567
Cash flows from investing activities-3,828-14,728-20,875-22,769
Of which investment in property, plant and equipment-3,387-14,312-20,459-21,607
Cash flows from financing activities-6386,5132,3886,271
Total cash flows-7,933-15,833-25,439-26,095
     
Gross margin before impairment41.8%35.4%25.8%30,8%
Profit margin
Equity ratio67.9 %66.2%66.6%60.6%
Return on equity-0.44 %-0.85%-1.40%-24.90%
Earnings per share (EPS Basic), EUR-0.02-0.04-0.07-1.07
NAV per share4.784.764.663.55
Price/net asset value0.540.360.610.61
Market price, end of period2.571.692.842.16
     
Average number of employees33323131
DKK´000Q1H1Q1-Q32009
Revenue18,44535,98454,982 75,461
Gross profit before impairment7,05811,69418,881 25,590
Operating profit/loss-6,601-242,691-242,607 -295,854
Net financials-8,078-9,891-12,471 -15,041
Profit/loss for the period-10,951-250,014-252,371 -301,789
Comprehensive income for the period

-10,778

-249,945

-252,597

 -302,307

     
Non-current assets2,830,8832,006,1422,018,8302,081,081
Current assets119,557641,555610,229469,104
Total assets2,950,440

2,647,697

2,629,0592,550,185
Share capital240,701240,701240,701240,701
Equity2,008,1291,769,8201,768,0981,719,277
Non-current liabilities665,508635,194631,648598,531
Current liabilities276,803242,683229,313232,377
     
Cash flows from operating activities117,252111,311127,07070,945
Net cash flows from/used in investing activities-176,877-111,484-136,207104,793
Of which investment in property, plant and equipment-177,440-230,209-250,234-307,741
Cash flows from financing activities2,976-6,828-17,71540,906
Total cash flows-56,649-7,001-26,852216,644
     
Gross margin before impairment38.3 %32.5 %34.3 %33.9 %
Profit marginNegative
Equity ratio68.1 %66.8 %67.3 %67.4 %
Return on equity-0.54 %-13.2 %-13.4 %-16,2 %
Earnings per share (EPS Basic), DKK-0.23-5.19-5.24-6.27
NAV per share41.7136.7636.7335.71
Price/net asset value0.260.620.710.67
Market price, end of period10.7022.726.223.80
     
Average number of employees29292933