Dalhoff Larsen & Horneman A/S reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net turnover of DKK 486.0 million against DKK 622.1 million a year ago. Operating loss before depreciation and amortization (LBITDA) was DKK 12.0 million against operating profit before depreciation and amortization (EBITDA) of DKK 5.9 million a year ago. Operating loss (LBIT) was DKK 14.8 million against DKK operating profit of (EBIT) of DKK 2.6 million a year ago. Loss from continuing operations before tax (LBT) was DKK 22.7 million against DKK 5.8 million a year ago. Loss for the period from continuing operations was DKK 22.0 million against DKK 8.8 million a year ago. Loss for the period was DKK 21.0 million against DKK 9.9 million a year ago. Basic and diluted earnings per share were DKK 0.39 against DKK 0.19 a year ago. Basic and diluted earnings per share from continuing operations were DKK 0.41 against DKK 0.16 a year ago. Cash out flow from operating activities was DKK 50.9 million against DKK 78.0 million a year ago. Acquisition of intangible assets was DKK 0.1 million against DKK 1.2 million a year ago. Acquisition of tangible assets was DKK 0.5 million against DKK 1.1 million a year ago. The company has maintained its net interest bearing debt at a low level in that the debt at the end of first quarter totals DKK 290 million against DKK 597 million at the same time last year. Return on equity at negative was 14.2% against 5.2% a year ago. Booked value per diluted 5/10 share at end of the period was DKK 10.90 against DKK 14.53 a year ago. Cash out flow per diluted 5/10 share was DKK 0.95 against DKK 1.46 a year ago. The lower revenue is due to a generally lower level of activity combined with an unusually long winter in Europe in 2013.

The company maintains its outlook for 2013 for turnover and results on a par with last year, subject to a positive change in the general activity level in the coming months.