GROUP ENTERPRISES As at 1 March 2008 Dalhoff Larsen Horneman A/S Skagensgade 66 DK-2630 Taastrup DLH Environmental Department Skagensgade 66 DK-2630 Taastrup
HARDWOOD DIVISION DLH Nordisk A/S Skagensgade 66, 2630 Taastrup, Denmark tt Timber International AG Elisabethenanlage 11, P.O. Box 631, 4010 Basle, Switzerland Indufor n.v. Noorderlaan 125, 2030 Antwerp, Belgium Nordisk Timber Ltda. Rodovia Augusto Montenegro, km 11 – Icoaracy, CEP 66.820.000 Belém, Pará, Brazil Alameda Frei Romon no 1010 Bairro : Centro CEP 68.800-000, Breves, Pará, Brazil Av. Sete de Setembro, 5011, Edificio Tokyo, 14th Floor, Batel, CEP 80240-000 Curitiba, Paraná, Brazil Rua Governador Manoel Ribas 1400, Bairro Industrial CEP 83221-560 Paranagua, Paraná, Brazil SAT Société d’Approvisionnement et de Transit B.P. 4409, Douala – Bonanjo, the Cameroons DLH Nordisk A/S Unit A, 16/S, World Trust Tower, 50 Stanley Street, Central, Hong Kong, China DLH Nordisk A/S Suite 1202, Building K, 343 Huaihai West Road, 200030 Shanghai, China CIB Congolaise Industrielle des Bois BP 41, Ouesso, the Republic of the Congo CIB Congolaise Industrielle des Bois BP 145, Brazzaville, the Republic of the Congo DLH Czech, s.r.o. Na Hurce 1091/8, 161 01 Prag 6, the Czech Republic DLH Nordisk A/S Industriområdet 15, 8732 Hovedgård, Denmark Väärispuu Spooni A/S Sära tee 4/6, Peetri Küla, Rae Vald, 75312 Harjumaa, Estonia Viilukeskus OY Speditionsgatan 5, FIN-202200 Turku, Finland CIB Congolaise Industrielle des Bois 127, Avenue d’Italie, 75013 Paris, France DLH France Rue de lîle Botty, Zone Industrielle de Cheviré – B.P. 70105, 44101 Nantes Cedex 4, France DLH France 1, Zone d’Activités de l’Ancien Pont, La Peyrade, 34110 Frontignan, France CIB Commerce et Industrie du Bois B.P. 51, Port-Gentil, the Gabon GIB Gabonaise Industrielle des Bois B.P. 51, Port-Gentil, the Gabon Indufor GmbH Asbestosstrasse 1, 26954 Nordenham, Germany DLH Germany GmbH Asbestosstrasse 1, 26954 Nordenham, Germany
Bohmans Furnier GmbH Postfach 1105, 97829 Frammersbach, Germany DLH Guyana, Inc. Lot 13, Bel Air Springs, Georgetown, Guyana DLH Hungary Kft. Paphegy 3, 2624 Szokolya, Hungary DLH Nordisk Indonesia Graha Aktiva – Suite 603, JI. HR. Rasuna Said Blok X-1 Kav. 03 Jakarta 12950, Indonesia DLH Côte d’Ivoire S.A. Rue Saint Jean-Cocody, 01 B.P. 2648 Abidjan 01, the Ivory Coast 01 B.P. 391, San Pedro, the Ivory Coast Bohmans Finieri Sia Biekerniekuiela 121, LV-1021 Riga, Latvia Bohmans Ltd Meistru g. 8A, LT-02189 Vilnius, Lithuania DLH Timber Industries Sdn Bhd MMB Timber Complex, Warehouse No 4 5, Mile 3. 1/2, 91000 Jalan Tanjung Batu Laut, P.O.Box 61832, 91021 Tawau, Sabah, Malaysia Carl Ronnow (M) Sdn. Bhd 310, Level 3, Block A, Kelana Business Centre, 97 Jalan SS7/2, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia Carl Ronnow (M) Sdn Bhd DLH Timber Industries Sdn Bhd Kampung Melawa, 14.5 Km, Jalan Sepangar Bay, Menggatal, Locked Bag 20, 88990 Kota Kinabalu, Sabah, Malaysia DLH Nederland Denemarkenweg 1, 4389 PE Ritthem, the Netherlands DLH Nederland Eemweg 8, 3742 LB Baarn, the Netherlands Erling Hustvedt AS Årvollveien 72, Postboks 70, Årvoll, 0515 Oslo, Norway Rolf Vaagsæter AS Plutoveien 4, Postboks 1042, 6403 Molde, Norway AS Tre og Finer Lønningsshaugen 6, Postboks 54, Blomsterdalen, 5268 Bergen, Norway DLH Nordisk Sp. z.o.o. ul. Kolobrzeska 3, 78-203 Karlino, Poland DLH Poland Sp. z o.o. ul. Chlapowskiego 45, 63-400 Ostrów Wielkopolski, Poland ul. Sosnkowskiego 1D, 02-495 Warszawa, Poland ul. Modlinska 231, 03-120 Warszawa, Poland ul. Kopijników 77, 03-274 Warszawa, Poland ul. A. Struga 42, 70-784 Szczecin, Poland ul. Rozdzienskiego 95, 40-203 Katowice, Poland ul. Grudziadzka 122A, 87-100 Torun, Poland ul. Marcelinska 96, 87-324 Poznan, Poland ul. Starogardzka 3, 83-010 Straszyn, Poland ul. Fordonska 135, 85-739 Bydgoszcz, Poland ul. Wyscigowa 58, 53-012 Wroclaw, Poland ul. Rokicinska 142, 92 412 Lodz, Poland
Bohmans St Petersburg Syzranskaya Street 23A, 196105, St. Petersburg, Russia Bohmans Moscow 74 km MKAD, Building 3, 141400 Khimki, Russia Bohmans Chelyabinsk Traktovaya Street, 26-B, 454087, Chelyabinsk, Russia Bohmans Kazan 1-st Volskaya 32, 420053 Kazan, Russia Bohmans Novosibirsk Prospect Dzerzhinskogo, 87, 630051 Novosibirsk, Russia Bohmans Vologda Gagarina Street, 89, 160000 Vologda, Russia Bohmans Nizhiny Novgorod Yablonevaya Street, 18, bld. 5, 603039, Nizhniy Novgorod, Russia DLH Slovakia s.r.o. Mlynské Nivy 56, 821 05 Bratislava, Slovakia Nográdyho Street 561/14 96001 Zvolen, Slovakia DLH Nordisk A/S 14th Floor, No. 1 Thibault Square, Cape Town 8001, South Africa AB Bohmans Fanerfabrik Norra Strandgatan 13, S-572 32 Oskarshamn, Sweden AB Fanerkompagniet Norra Hamnvägen 3-5, S-115 42 Stockholm, Sweden DLH Nordisk Derevo Ltd. Ukrainska st., 5, Potash station, Man’kivka area, Cherkassy Oblast, the Ukraine Representative Office in Ukraine, Grabovskogo 11/316, 79000 Lviv, the Ukraine DP II Bohmans-Ku Promyshlenaja 3, 01013 Kiev, the Ukraine Merani Trading LLC/DLH Nordisk A/S Sheikh Zayed Road, City Tower 1, Office No. 310, P.O. Box 28049, Dubai, United Arab Emirates DLH UK Limited The Crown, London Road, Westerham, Kent TN16 1DL, the United Kingdom DLH UK Limited trading as Alan Thomas Craig Unit 4, Centry Building, Brunswick Business Park, Liverpool, Merseyside L3 4BJ, the United Kingdom DLH Nordisk, Inc. 2307 W. Cone Blvd., Suite 200, Greensboro, NC 27408, USA P.O. Box, 1201, Prospect, KY 40059, USA 11424 Route 36, Brookville, PA 15825-0459, USA 36 Frost Street, Brattleboro, VT 05301, USA Inter Continental Hardwoods Inc. P.O. Box 119, 6841 Malpass Corner Road, Currie, NC 28435, USA DLH Nordisk A/S 9th Floor, Melody Tower #422-424 Ung Van Khiem Street, Ward 25, Binh Thanh District, Ho Chi Minh City, Vietnam
TIMBER BOARD DIVISION DLH A/S Skagensgade 66, 2630 Taastrup, Denmark Salgscenter Hørning Nydamsvej 2, 8362 Hørning, Denmark Salgscenter Kolding Nordkajen 21, 6000 Kolding, Denmark Produktion: Nordkajen 5, 6000 Kolding, Denmark Salgscenter Køge Østre Kajgade 2-4, 4600 Køge, Denmark DLH A/S Zamkovaja Str., 11, office 302, 230023 Grodno, Belarus DLH A/S Suite 1202 Building K, 343 Huaihai West Road, 200030 Shanghai, China Karl Ljungberg AB Farexveien 7, Lindeberg, 2016 Frogner, Norway DLH Poland sp z.o.o. Ul. Chlapowskiego 45, 63-400 Ostrów Wielkopolski, Poland DLH Poland sp z.o.o. Ul. Sosnkowskiego 1 D, 00-425 Warszawa, Poland DLH Poland sp z.o.o. Ul. Kopijników, 03-274 Warszawa, Poland DLH Poland Sp z.o.o. Ciolka 16 /.229, 01-402 Warszawa, Poland DLH A/S Arkhangelsk Lomonosova ave. 135. 5-th Floor, 163000 Archangel, Russia DLH Russia 000 Lomonosova ave. 135, 5-th Floor, 163000 Archangel, Russia DLH A/S Bolshevistskayja str. 64, Perm 614000, Russia DLH A/S Pyatnitskaya str., 39/1, Office No. 26, 156000 Kostroma, Russia DLH A/S Naimushina Str., 44, Office 36, 665709 Bratsk, Russia DLH A/S Karatuzskiy Line, 39, 660661 Krasnoyarsk, Russia Karl Ljungberg AB Regementsgatan 2, 645 33 Strängnäs, Sweden Nordic Wood Board AB Norra Industrig., Box 2014, 281 02 Hässleholm, Sweden Karl Ljungberg AB Box 2014, Industrigatan, 281 02 Hässleholm, Sweden Karl Ljungberg AB Magasinsgatan 15, 574 38 Vetlanda, Sweden Palma Byggrossisten AB Timmervägen, 85124 Sundsvall, Sweden Olle Zettergren AB Gesällvägen 6, 14563 Norsborg, Sweden DLH A/S c/o DLH Nordisk, Inc. 2307 W. Cone Blvd., Suite 200, Greensboro, NC 27408, USA
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ANNUAL REPORT 2007
DALHOFF LARSEN HORNEMAN A/S
69
2007 Annual Report DALHOFF LARSEN HORNEMAN A/S CONTENTS Click arrows Statements 2 to navigate q Management statement Statements 3 Independent auditorsÕ report Q Q 2 Management statement 3 Independent ManagementÕs review auditorsÕ report 4 Summarised operating review for the DLH Group 2007
STATEMENTS MANAGEMENT STATEMENT: The supervisory and management have today considered and adopted the annual report for 2007 of Dalhoff Larsen Horneman A/S. The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and addit
STATEMENTS INDEPENDENT AUDITORÕS REPORT To the shareholders of Dalhoff Larsen Horneman A/S We have audited the group and parent company annual report of Dalhoff Larsen Horneman A/S for the financial year ended 31 December 2007 which comprises the management statement, managementÕs review, the inc
SUMMARISED OPERATING REVIEW FOR THE DLH GROUP 2007 Major events in 2007 Acquisition of the Erling Hustvedt Group with a central position in the Norwegian hardwood and sheet materials market Acquisition of Olle Zettergren AB with a central position in the Swedish sheet materials market, targeting in
STRATEGY AND OBJECTIVES It is the general strategy of DLH to develop its business activities through controlled profitable growth, be it via organic growth or acquisitions, thereby ensuring wider or deeper business engagement in the value chain. At the same time the group will take advantage of the
STRATEGY AND OBJECTIVES Trading Trading is a designation for transactions in which goods are taken directly from the supply area to the customer circumventing the warehouses of DLH, primarily to markets where the group does not have its own distribution. Another objective of the trading activities
THE NEW DLH The international economy lost some of its momentum in 2007. This development has affected DLH, resulting in gradually declining demand in the domestic market as well as in many of our foreign markets during the past year. The flattening of the market seems to have extended into the fir
CORPORATE INFORMATION Dalhoff Larsen Horneman A/S Skagensgade 66 DK-2630 Taastrup Tel.: Fax: Website: E-mail: VAT reg. No.: Domicile: +45 43 50 01 00 +45 43 50 01 99 www.dlh-group.com dlh@dlh-group.com 34 41 19 13 Høje Taastrup Supervisory board: Asbjørn Børsting (chairman) Arne Vierø (deputy cha
FINANCIAL HIGHLIGHTS FOR THE DLH GROUP 2007 (1) DKK million Income statement Revenue Gross profit Costs excluding depreciation and amortisation Operating profit before depreciation and amortisation (EBITDA) Earnings before interest, taxes and amortisation (EBITA) Operating profit (EBIT) Net financi
FINANCIAL RATIOS FOR THE DLH GROUP 2007 (1) DKK million Gross margin Operating margin (EBIT margin) Net operating profit less taxes (NOPLAT) 3) Return on equity (ROE) Equity ratio Equity ratio including subordinated loan Return on invested capital including goodwill (ROIC including goodwill) Averag
ANNUAL REPORT FINANCIAL REPORTING The annual report of the DLH Group for 2007 has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Dalhoff Larsen Horneman A/S has
ANNUAL REPORT of 2007, albeit with considerable regional variations. The slowdown has gradually eliminated the goods shortage experienced in several markets at the beginning of the year. Revenue DLH generated revenue for the continuing operations of DKK 5,720 million, corresponding to 4% growth com
ANNUAL REPORT million compared to DKK (46) million in 2006. The increase is attributable to higher IT costs and upgrading of the corporate centre. Profit on continuing operations before tax The group profit on continuing operations before tax was DKK 159 million compared to DKK 144 million last yea
ANNUAL REPORT EU. The programme is expected to be launched following the publication of the groupÕs Q1 report on 21 May 2008 and concluded before the end of 2008. The shares will be cancelled following the buy-back. The share buy-back does not prevent the company from issuing shares at a later stag
ANNUAL REPORT and from 1 February 2008, respectively. The divisionÕs operating profit is expected to decline from the extraordinarily high 2007-level of DKK 120 million to approximately DKK 95 million or an EBIT-margin of 5.4%. The lower expectations are due to the fact that there were some one-off
ANNUAL REPORT By far the majority of DLHÕs financial risk management takes place through the intra-group bank, primarily by means of forward exchange contracts and interest rate swaps. The intra-group bank operates according to fixed policies, which imply, for instance, that only positions to hedge
ANNUAL REPORT currencies will on an annual basis reduce the groupÕs pretax profit by approximately DKK 15 million at the current level of activity and with the existing capital structure. BALANCE SHEET RISKS Inventories Funds tied up in inventories represent DLHÕs largest asset item in the amount o
ANNUAL REPORT tees or communication groups, and at group level in the group communications groups. DLH adheres to the basic social values adopted by its founders, values such as credibility, integrity and empathy. In practice DLH makes great allowances for employees who in some way or other suddenl
ANNUAL REPORT Treasury share policy By authority granted by the general meeting, a maximum of 10% of the share capital may be acquired. At 31 December 2007 DLHÕs portfolio of treasury shares amounted to nominally DKK 1,867,000 shares, corresponding to 1% of the share capital. Listing of the DLH-sha
ANNUAL REPORT Corporate governance The supervisory board and group management of the DLH Group follow developments in corporate governance and are committed to improving the DLH GroupÕs relationship with its shareholders and other stakeholders. Management has actively addressed the recommendations
ANNUAL REPORT VI. Remuneration of the supervisory board and executive board 2. Remuneration policy It is recommended that the supervisory board adopt a remuneration policy and that the company disclose the contents of such a policy in its annual report and on the companyÕs website. It is recommende
VII. Risk management 2. Plan for risk management It is recommended that the executive board prepare a plan for the companyÕs risk management on the basis of the risks identified and submit this plan to the supervisory board for approval, and that the executive board regularly report to the superviso
SUPERVISORY BOARD AND MANAGEMENT Asbjørn Børsting Joined the supervisory board in 2002 Born: 1955 Positions of trust: CEO of DLG a.m.b.a. Chairman of the supervisory board of the Danish Research Institute of Food Economics. Chairman and member of the supervisory board of subsidiaries and associated
INCOME STATEMENT q Click note number to go to note Group Parent company 2006 5,482.0 (4,462.1) (123.4) 896.5 58.7 (286.5) (357.4) 311.3 (87.1) 224.2 2007 48.4 (45.0) (48.0) (44.6) (7.3) (51.9) 2006 47.6 (38.8) (46.2) (37.4) (6.3) (43.7) Note 3 4 7 (DKK million) Revenue Cost of sales Staff costs
BALANCE SHEET AT 31 DECEMBER q Click note number to go to note Assets Group 2007 2006 Parent company 2007 2006 Note (DKK million) Non-current assets: 14 Intangible assets: Goodwill IT projects Other intangible assets 167.4 20.4 76.0 263.8 133.3 8.9 9.5 151.7 20.4 20.4 8.9 8.9 14 Property
BALANCE SHEET AT 31 DECEMBER q Click note number to go to note Liabilities and equity Group 2007 2006 Parent company 2007 2006 Note (DKK million) Equity: Share capital Hedging reserve Foreign currency translation adjustment reserve Retained earnings Dividend proposed Total equity Non-current lia
STATEMENT OF RECOGNISED INCOME AND EXPENSES q Note Click note number to go to note (DKK million) Group Foreign currency translation adjustments on conversion of foreign operations Foreign exchange gains on hedging instruments concluded to hedge investments in foreign operations Value adjustment o
CASH FLOW STATEMENT q Click note number to go to note Group Parent company 2006 143.6 2007 63.0 2006 13.9 Note (DKK million) Profit before tax Adjustment for non-cash operating items etc.: Depreciation and amortisation Other non-cash operating items, net Provisions Share of result after tax in j
OVERVIEW OF NOTES q NOTE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Click note number to go to note PAGE Accounting policies............... 30 Accounting estimates and assessments ....................... 39 Segment information ....................... Cost of s
NOTES 1 Accounting policies: Dalhoff Larsen Horneman A/S is a limited liability company domiciled in Denmark. This annual report for the period 1 January to 31 December 2007 consists of the consolidated annual report of Dalhoff Larsen Horneman A/S and its subsidiaries (the DLH Group) and the annu
NOTES from a contractual right, and the fair value can be reliably measured. Deferred tax on the revaluations is recognised. The acquisition date is the date on which the parent company obtains actual control of the acquired entity. Any positive difference (goodwill) between the cost of the enterpr
NOTES When accounting for joint ventures with a functional currency other than DKK in the consolidated financial statements the share of the profit for the year is translated at average exchange rates and the share of equity including goodwill is translated to the rate prevailing at the balance she
NOTES Financial items Financial income and expenses comprise interest income and expenses, gains and losses on securities and impairment of securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities, including leasing commitments, as we
NOTES nised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the DLH Group. The replaced components are removed from the balance sheet and recognised in the income statement. All other costs incurred for ordinary repairs and maintenanc
NOTES The cost of goods for resale, raw materials and auxiliary materials comprises the purchase price plus delivery costs. The cost of manufactured goods comprises the cost of raw materials, auxiliary materials, direct wages as well as production overheads. Production overheads comprise indirect m
NOTES For equity-settled schemes, share options are measured at the fair value at the allotment date and recognised in the income statement under staff costs over the period where rights are earned (the vesting period). The counter item is recognised directly in equity. On initial recognition of th
NOTES Leasing payments relating to operating leases are recognised in the income statement on a straight line basis over the leasing period. Deferred income Deferred income is recognised as a liability, comprising payments received relating to income in subsequent years and measured at cost. Assets
NOTES Segment information Information is provided on business segments (divisions) which represent the DLH GroupÕs primary segmenting format, with geographical markets as the secondary format. Segment information follows the DLH GroupÕs risks as well as management and internal financial monitoring.
NOTES 2 Accounting estimates and assessments: DLHÕs consolidated annual report for 2007 has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for the annual reports of listed companies. In its prep
NOTES 3 Segment information: Activities primary segment Hardwood Division Timber Board Division 2007 1,644.8 (3.5) 2006 1,408.4 (1.8) Not allocated incl. parent company 2007 2006 Group elimination 2007 2006 Continuing operations 2007 5,724.1 (4.3) 2006 5,484.0 (2.0) Building Materials Division (d
NOTES Group (DKK million) 4 Cost of sales: Inventories at 1 January Inventories at 1 January, discontinued operations Inventories at 1 January, continuing operations Purchased supplies Freight, customs, production wages, waste, etc. Inventories at 31 December Cost of sales Total write-downs of inve
NOTES Group (DKK million) 7 Staff costs: Remuneration of the supervisory board of the parent company Salaries and wages Benefit element of employee share issue Defined contribution plans, cf. note 20 Defined benefit plans, cf. note 20 Other social security costs, net of refunds Share-based payment
NOTES 7 Staff costs (continued): The fair value of issued, but not exercised, share options amounted to DKK 8.8 million for the management and DKK 1.6 million for the other members of the executive board at 31 December 2007. The options have been issued at an exercise price, which has been calcula
NOTES Group (DKK million) 8 Depreciation and amortisation: IT projects Other intangible assets Intangible assets Land and buildings Plant and machinery Fixtures and fittings, other plant and equipment Property, plant and equipment Of these, depreciation and amortisation relating to discontinued ope
NOTES Group (DKK million) 11 Financial expenses: Interest paid to group enterprises Foreign currency exchange losses Interest paid to mortgage credit institutions etc. Total Tax on profit for the year: Tax for the year may be broken down as follows: Tax on profit for continuing operations Tax on eq
NOTES Group (DKK million) 13 Earnings per share: Profit for the year Profit for the year, discontinued operations Profit for the year, continuing operations Average number of shares issued Average number of treasury shares Average number of shares in issue Average dilution effect of outstanding opt
NOTES 14 Intangible assets and property, plant and equipment: Other intangible assets Fixtures and Property, fittings, plant and other equipment Plant and plant and under machinery equipment construction Total property, plant and equipment Goodwill IT projects Land and buildings Cost at 1 Janu
NOTES 14 Intangible assets and property, plant and equipment (continued): For the years 2011-2012 the expected cash flows have been determined by means of a mathematical projection of the budget for 2010 based on the assumption that growth rates will remain stable. The average gross profit applied
NOTES 14 Intangible assets and property, plant and equipment (continued): Fixtures and Parent company: Land and IT projects fittings, other plant buildings and equipment Cost at 1 January 2007 Reclassifications Additions during the year Disposals during the year Cost at 31 December 2007 Deprec
NOTES Group (DKK million) 17 Tax in the balance sheet: Tax receivable (income taxes due) At 1 January Taken over in connection with acquired companies Financial instruments, transferred via equity Foreign currency translation adjustment Current tax for the year Curent tax relating to discontinued o
NOTES Group (DKK million) 18 Receivables: Trade receivables Transferred to assets held for sale 2007 2006 Parent company 2007 2006 865.4 (196.1) 669.3 886.0 886.0 Write-downs included in the above receivables have developed as follows: Write-down at 1 January Write-down at 1 January, discon
NOTES 19 Equity Share capital in the group and the parent company: Shares issued Number of shares (nominal value DKK 10 each) 2007 Class A shares at 1 January and at 31 December 1,875,000 Class B shares at 1 January Capital increase at 13 February 2006 Capital increase at 27 July 2006 Class B shar
NOTES 19 Equity (continued) Parent company (DKK million) Share capital Hedging reserve Retained earnings Dividend proposed Total Equity at 1 January 2006 Changes in equity in 2006: Income and expenses recognised for the year Capital increase at 13 February 2006 Premium Capital increase at 27 July
NOTES 20 Pensions and similar liabilities: In respect of defined contribution plans DLH as the employer is obliged to make a certain contribution (for instance a fixed amount or a fixed percentage of the salary). In respect of a defined contribution plan the group does not have the risk of future
NOTES (DKK million) 20 Pensions and similar liabilities (continued): Pension cost recognised in the income statement: Pension costs relating to the current financial year Calculated interest relating to liability Expected return on pension assets Pension costs relating to previous financial years G
NOTES 21 Provisions: During 2006 the group vacated the parent companyÕs property in Gadstrup. In the parent company DKK 1.9 million had been set aside in 2006 for clearing the premises and other commitments incidental to vacating the premises. During 2007 costs incurred for this amounted to DKK 0.
NOTES Group (DKK million) 22 Non-current loans: Share falling due after one year: Subordinated loan Mortgage credit institutions Credit institutions Leasing commitments Total Share falling due within one year: Mortgage credit institutions Credit institutions Leasing commitments Total 2007 2006 Par
NOTES 23 Financial risks (continued): Basically, a drop in the US dollar rate will have a detrimental effect on sales from the Euro-based supply regions such as West Africa and Europe, whereas it will boost the sales potential in the US-dollar based regions, such as South America, North America an
NOTES 23 Financial risks (continued): Forward contracts to hedge future transactions Exchange Notional gains/losses principal recognised amount* in equity Million DKK 2007 Time to maturity months Exchange Notional gains/losses principal recognised amount* in equity 2006 Time to maturity months Th
NOTES 23 Financial risks (continued): Group 2006 (DKK million) Subordinated loan Mortgage credit institutions Long-term credit institutions Short-term credit institutions Leasing commitment Interest rate swap, USD (fixed long-term interest rate) Interest rate swap, EUR (fixed long-term interest ra
NOTES 23 Financial risks (continued): Credit risks: Trade receivables: Trade receivables represent the second-largest asset item in the balance sheet, amounting to DKK 669.3 million. Credit is granted according to an active credit policy. Losses on debtors mainly occur in periods of recession. Los
NOTES Group (DKK million) 24 Assets charged: Properties: In addition to debt to mortgage credit institutions in the continuing group and the parent company property have been charged for The carrying amount of the charged properties in the continuing group is DKK 0.0 million (2006: DKK 38.4 million
NOTES 26 Related parties: Related parties with controlling influence: DLH-Fonden, Ved Stranden 18, P.O. Box 2034, 1012 Copenhagen K. No transactions have been conducted with DLH-Fonden in 2007 apart from the payment of dividend. Further reference is made to pages 18-19 under the section on shareho
NOTES 27 Acquisition of businesses: Names of acquired businesses Principal activity Acquisition date Acquired investments OK Træ ApS Olle Zettergren AB Hustvedt Group Distribution of sheet materials Distribution of sheet materials Distribution of hardwood, veneer and sheet materials 21June 2007
NOTES 27 Acquisition of businesses: The Hustvedt Group: On 1 August 2007 the Hardwood Division acquired full ownership of three companies in the Norwegian group Hustvedt. Until now, the operations of the Hustvedt Group have consisted of the distribution of hardwood, veneer and sheet materials to t
NOTES 27 Acquisition of businesses (continued): The Ljungberg Group: On 31 August 2006 the Timber Board Division acquired full ownership of two companies in the Swedish group Ljungberg. Until now, the operations of the Ljungberg Group have consisted of distribution of sheet materials in Scandinav
NOTES 30 Discontinued operations Group (DKK million) Profit for the year for the Building Materials Division before tax: Income statement: Revenue Cost of sales Gross profit Other operating income, net Other external expenses Other staff costs Operating profit before depreciation (EBITDA) Deprecia
NOTES 30 Discontinued operations (continued) Discontinued operations (DKK million) Goodwill Property, plant and equipment Other non-current assets: Inventories Trade debtors Other receivables Cash Total assets held for sale Assets held for sale in the parent company consist of investments in the s
GROUP ENTERPRISES As at 1 March 2008 Dalhoff Larsen Horneman A/S Skagensgade 66 DK-2630 Taastrup DLH Environmental Department Skagensgade 66 DK-2630 Taastrup HARDWOOD DIVISION DLH Nordisk A/S Skagensgade 66, 2630 Taastrup, Denmark tt Timber International AG Elisabethenanlage 11, P.O. Box 631, 4010
LEGAL STRUCTURE As at 1 March 2008 DLH Group Dalhoff Larsen Horneman A/S, Høje Taastrup, Denmark tt Timber International AG, Basle, Switzerland CFA-Abeilles Holding S.A., Basle, Switzerland tt Timber Benelux BV., Baarn, the Netherlands Congolaise Industrielle des Bois SA., Quesso, the Republic of
