The comparison figures are affected by the fact that Sauer-Danfoss is not included in the 2007 figures, whereas Sauer-Danfoss is fully consolidated from and including the third quarter of 2008.
- Net sales were 19.9 billion DKK, which equals growth of 19%. Growth was 5%, when adjusted for acquisitions, divestments and foreign currency translations, compared to 14% in the same period the year before.
- The profit before other income and expenses was 1,024 million DKK, whereas the operating profit (EBIT) was 1,035 million DKK. The underlying business developed reasonably during the first six months of the year, but a large proportion of the business was hit by the growing reluctance and recession on the global markets at the end of the third quarter. The result is affected by accounting adjustments following the acquisition of the controlling interest in Sauer-Danfoss.
- The profit after tax was 571 million DKK, compared to 869 million DKK in the year before. The 2007 result included extraordinary income from the sale of Damcos A/S, amounting to 186 million DKK.
- The number of employees grew to 32,806 from 21,826 in the third quarter of 2007.
Expectations for 2008:
The development of the Group’s main markets during the third quarter and the major uncertainty concerning the development of the fourth quarter have caused Danfoss to downplay its expectations for the year as a whole, since they have furthermore been substantially affected by accounting adjustments following the acquisition of the controlling interest in Sauer-Danfoss.
- Net sales (including Sauer-Danfoss) are expected to be between 27 and 28 billion DKK.
- EBIT is expected to be between 0.6 billion DKK and 1 billion DKK, after the performance of all the accounting impacts of the acquisition of the shares in Sauer-Danfoss. Therefore, due to accounting reasons, Sauer-Danfoss will have a negative impact on the total 2008 EBIT.
Please address any enquiries regarding this announcement to:
Niels B. Christiansen, President and CEO: +45 74 88 75 50
Ole M. Daugbjerg, Chief Reputation Officer: +45 74 88 20 08