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Danfoss A/S: Half-year report 2008

08 September 2008
"On the whole, despite the impact of the general setback on the markets, we managed to sustain our net sales and profit, with which we are very pleased. However, market conditions have caused us to adjust our expectations for the total 2008 result. Generally, we still expect to be able to improve the profit compared to last year, in spite of the market trends."

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

Highlights from the first half-year of 2008 (excluding Sauer-Danfoss):

  • Net sales reached 11.4 billion DKK, which equals growth of 5%. Growth was 6%, when adjusted for acquisitions, divestments and foreign currency translations, compared to 15% in the same period the year before.
  • The profit before other income and expenses reached 693 million DKK, whereas the operating profit (EBIT) was 697 million DKK, which is largely level with the year before.
  • The result for the period was 427 million DKK, compared to 601 million DKK in the year before. The 2007 result included exceptional income from the sale of Damcos A/S, amounting to 186 million DKK.
  • The number of employees grew 23,091 from 21,784 in the second quarter of 2007.
  • The expectations for net sales have been adjusted to be between 23 and 24 billion DKK from previous expectations of between 23.5 and 24.5 billion DKK.
  • The expectations for the operating profit (EBIT) have been adjusted to be between 1.6 and 1.9 billion DKK from previous expectations of between 1.9 to 2.2 billion DKK, whereas the EBIT margin is expected to be between 7.0% and 8.0%. Previously, it was between 8.0% and 9.0%.

Expectations for 2008 (including Sauer-Danfoss):

  • Net sales are expected to be between 28 and 29 billion DKK.
  • The adjusted EBIT margin, which is based on EBIT adjusted for expenses and depreciations caused by re-evaluation of assets and liabilities in connection with company acquisitions, is expected to be between 7.0% and 8.0%.

For further information about the expectations and the impact of the acquisition of Sauer-Danfoss shares, refer to pages 3 and 7.

Please address any enquiries regarding this announcement to:Chief Reputation Officer Ole M. Daugbjerg (+45 7488 2008).
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