Summary
The board of directors in Deltaq a/s has approved the interim financial report regarding the first quarter of 2011. The interim financial report is unaudited and has following key points.
The parent company and concern
• The parent company for Deltaq has in the first quarter of 2011 realized deficit before tax amounting to 1,9m DKK.
• Valuation adjustment of the portfolio companies has not been made during the period and the parent company’s book value amount to 119.6 DKK per share as of March 31st 2011
• Due to the negative results in Attraq, a turnaround has been initiated and the execution is considered a necessity to keep the assets of the company intact
• The revenue of the first quarter of 2011 came to 142.9m DKK, which is a revenue growth of 25.7m DKK compared to first quarter of 2010. This corresponds to an increase of 20.9 %. At a concern level, Deltaq has during the first quarter of 2011 realized an operating profit (EBITDA) of 1.4m DKK and a deficit before tax of 6.6m DKK
Portfolio companies
• ATTRAQ – which has gone through large cost reductions, has during the first quarter of 2011 realized an operating profit (EBITDA) of 3.4m DKK in a ongoing difficult market and has gone through serious cost reductions
• Spinning Jewelry has in the first quarter of 2011 realized an operating profit (EBITDA) of 1.0m DKK, which is as expected. An increase in revenue by 34 % in 2011 has been realized in compare to the first quarter of 2010
• The Combilent Group has in the first quarter of 2011 realized an operating profit (EBITDA) of 3.4m DKK. The result is lower than expected and is a result of order book parts being postponed
• Bollerup Jensen, has in the first quarter of 2011 realized an operating profit (EBITDA) of 3.8m DKK and is in line with the strategy and plans for the company
• Jeka Group, has in the first quarter of 2011 realized an operating profit (EBITDA) of 0.3m DKK which is lower than expected, due to an excess capacity in the market as well as the acquisition of Cimbric Fish among other reasons. Overall Jeka Group is following the plans set for the company
Expectations
• The Expectations for 2011 are maintained for a revenue in the level of 600m DKK and a operating profit (EBITDA) in the level of 20-35m DKK for the total concern