Mar 13, 2013. /Lesprom Network/. In 2012 DLH achieved a turnover of DKK 2,419 million ($424 million) compared to DKK 2,620 million ($459 million) in 2011. The global economic decline continued in 2012 with deterioration in the group’s European main markets where turnover as a whole reached DKK 1,611 million ($282 million) thus falling by 19% on the year, as the company said in a press release received by Lesprom Network. EBITDA was DKK 4 million ($700,562) in 2012 against DKK 73 million ($12.8 million) the previous year. EBIT was minus DKK 8 million ($1.4 million) in 2012 against DKK 56 million ($9.8 million) the previous year and the EBIT margin amounted to -0.3% against 2.1% in 2011. The group thus achieved a gross margin of 12.6% against 15.2% last year. Gross profits totalled DKK 304 million ($53.2 million) in 2012 against DKK 399 million ($70 million) last year. DLH reduced its net interest bearing debt by DKK 298 million ($52.2 million) from DKK 546 million ($95.6 million) to DKK 248 million ($43.4 million) in part through targetted divestment and a systematic approach to reducing net working capital. The divestment of assets made a positive contribution to liquidity but resulted in a number of major writedowns and losses, which have been recognised under discontinuing operations with an amount of DKK 130 million ($22.8 million) after which the accounted loss amounts to DKK 193 million ($33.8 million). “2012 was characterised by difficult market conditions in Europe where macro-economic developments clearly made their mark on DLH’s warehouse-based business, while our overseas Global Sales business increased by 27%. In response to the considerable uncertainty, we continued our efforts to focus and simplify DLH and create a cost effective business. We succeeded in this and also reduced our debts by around DKK 300 million ($52.5 million). We fulfilled our most recent forecast for an EBIT margin of around zero despite the fact that turnover was slightly below expectations,” says CEO Kent Arentoft, President and CEO. “Following the adjustments of the past few years, we now have a simple business model based on warehouse sales as a wholesaler to industry and the retail sector in Europe as well as back-to-back trade in the rest of the world. We have streamlined our head office and centralised the group’s sales support in Hong Kong. Based on the new structure we will intensify our customer focus by strengthening DLH’s sales and product offering,” added Kent Arentoft. The Supervisory Board recommends to the Annual General Meeting that no dividend should be paid for 2012. DLH expects construction activities in Europe in 2013 to remain under pressure whereas a certain rise in the global market is expected, especially in Asia. For 2013, DLH’s turnover and EBIT margin are expected to be on a par with 2012. DLH is a Danish owned group quoted on the Copenhagen Stock Exchange and since 1908 trading in timber and wood products all over the world.