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Danfoss A/S: First quarterly report 2007

14 May 2007
"It was a good quarter for Danfoss and, generally, we are satisfied with the development. However, indications are beginning to show that some markets are declining, so we do not think that growth will continue at the same high level during the second half-year. But, we are happy to note that growth continued on the Chinese and Russian markets and we expect these markets to account for a major part of Danfoss’ growth within the coming years.”

Jørgen M. Clausen, President and CEO, Danfoss A/S

Highlights from the first quarter of 2007:

  • Net sales increased by 23% to 5.3bn DKK from 4.4bn DKK in the same period last year. Growth was 19%, when converted at last year’s level of exchange rates and adjusted for acquisitions and divestments, compared to 13% in the same period the year before.
  • Operating profit (EBIT) increased to 417 million DKK from 249 million DKK in the first quarter of 2006.
  • Profit before tax was 513 million DKK against 262 million DKK in the same period last year. The 2007 profit includes extraordinary income of 187 million DKK from the sale of Damcos A/S.
  • The number of employees increased to 21,299 from 18,639 at the same time in 2006.

Expectations for 2007: 

  • Danfoss retains its expectations for both net sales and profit for 2007, as was announced in connection with the publication of the 2006 accounts.
  • Consequently, the net sales are expected to be between 21 and 22 billion DKK. Compared to 2006, this will equal growth of between 8% and 13%.
  • The operating profit (EBIT) is expected to be between 1.6 and 1.8 billion DKK, of which acquired companies are expected to contribute with 50 million DKK. The full impact of the companies acquired in 2006 is not expected to show until the 2008 profits. The EBIT margin is expected to be around 8%.
  • Any impact of future acquisitions and divestments has not been included in the expectations.

Please address any enquiries regarding this announcement to:

Vice CEO (COO) Niels B. Christiansen, Executive Vice President (CFO) Frederik Lotz or Chief of Staff Ole M. Daugbjerg (+45 7488 2008).

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