Growth in revenue and profit in first half

Dantherm A/S Jegstrupvej 4 DK-7800 Skive www.dantherm.dk Skive, 25 August 2011 Growth in revenue and profit in first half In the first half of 2011, Dantherm achieved a growth in revenue of 20%, and having improved results by DKK 19m, a small profit after tax is realised. The Board of Directors of Dantherm A/S has today approved the company s unaudited interim report for the period 1 January to 30 June 2011, during which period, developments have been as follow: Revenue of DKK 270m was posted for H1 against DKK 225m in H1 2010, corresponding to growth of 20%. The growth is primarily attributable to the Telecom and Domestic ventilation business areas which both realised a growth in revenue of about 60%. In Q2 2011, total revenue was up 19% relative to the prior-year period, and revenue for the quarter was the highest on record since 2008. The group returned an operating profit (EBIT) for the first half of 2011 of DKK 8.8m against a profit of DKK 0.6m for the first six months of 2010. An operating profit of DKK 6.5m was returned for Q2 2011 against DKK 2.9m for the same period in 2010. The improvement is primarily attributable to the increase in revenue. As part of the growth strategy adopted, the sales and development force has been expanded, and staff costs are therefore approx. DKK 5m higher than for the first half of 2010. The ownership share in Dantherm Power (38%) has not impacted results for H1 2011 as Dantherm s stake in the company was written down to 0 at the end of 2010. A consolidated net profit of DKK 1.4m was returned for H1 2011, representing an improvement of DKK 19.3m compared to the same period last year. The group posted a net profit of DKK 2.7m for Q2 2011 against a net profit of DKK 0.8m for the prior-year period. As at 30 June 2011, the group s net interest-bearing debt totalled DKK 194m against DKK 187m at the end of 2010. The interest-bearing debt includes finance lease commitments and mortgage debt of DKK 120m, while a net amount of DKK 74m has been drawn under the company s operating credit facilities. Outlook for 2011 The outlook for 2011 for the Dantherm group is of revenue of approx. DKK 550m (earlier DKK 500-550m), an operating profit (EBIT) of DKK 20-25m (unchanged), and thereby a small net profit (EBT). Any enquiries concerning this announcement can be directed to President & CEO Torben Duer on tel. +45 99 14 90 14. 2011-08-25 Interim report 1 January - 30 June 2011 Page 1 of 11

Financial highlights DKKm Q2 H1 FY 2011 2010 2011 2010 2010 Income statement: Revenue 144.3 121.6 270.0 224.6 464.6 Earnings before depreciation etc. (EBITDA) 11.8 9.2 19.6 12.7 31.7 Operating profit (EBIT) 6.5 2.9 8.8 0.6 6.9 Net financials -3.8-5.0-7.4-10.4-20.7 Share of profit/loss after tax in associates 0.0-8.1 0.0-11.1-30.7 Profit/loss before tax 2.7-10.2 1.4-20.9-44.5 Profit/loss from discontinuing activities after tax 0.0 11.4 0.0 3.8-2.0 The group s share of the profit/loss for the period 2.7 0.8 1.4-17.9-43.9 Balance sheet end of period: Balance sheet total 497.4 610.4 497.4 610.4 457.4 Equity 128.0 150.1 128.0 150.1 128.8 Net interest-bearing debt 194.2 199.1 194.2 199.1 186.9 Invested capital 322.3 349.2 322.3 349.2 315.6 Cash flows: Cash flow from operating activities -5.9-12.7 2.8-17.6 3.2 Cash flow from investing activities -5.0-2.0-10.2-6.4 100.5 Cash flow from financing activities -3.1-46.4-6.8-50.7-68.6 Cash flow from discontinuing activities 0.0 117.2 0.0 114.5 60.3 Cash flow for the period -14.0 56.1-14.2 39.8 95.4 RATIOS Financial ratios: Growth rate (growth in revenue) 18.7% 29.5% 20.2% 2.9% 7.8% Profit margin (EBIT %) 4.5% 2.4% 3.3% 0.3% 1.5% Equity exclusive of minorities 26.0% 25.9% 26.0% 25.9% 28.4% Average number of employees 595 514 576 505 537 Share-related ratios: Earnings per share (EPS), DKK 0.4 0.0 0.2-2.5-6.2 Diluted earnings per share (EPS-D), DKK 0.4 0.1 0.2-2.5-6.2 Cash flow per share, DKK -0.8 7.9 0.4 5.6 0.5 Equity value, end of period, DKK 18.0 22.2 18.0 22.2 18.1 Share price, end of period, DKK 16.8 18.0 16.8 18.0 18.0 Price/equity value 0.9 0.8 0.9 0.8 1.0 Number of shares of DKK 10 each, end of period ( 000) 7,191 7,191 7,191 7,191 7,191 Note: Financial figures and comparative figures have been restated and are presented in accordance with IFRS 5. 2011-08-25 Interim report 1 January - 30 June 2011 Page 2 of 11

Management s review Growth in revenue and profit in first half Revenue of DKK 270.0m was posted for H1 against DKK 224.6m in H1 2010, corresponding to growth of 20%. The growth is primarily attributable to the Telecom and Domestic ventilation business areas which both realised a growth in revenue of about 60%. In Q2 2011, total revenue was up 19% relative to the prior-year period, and revenue for the quarter was the highest on record since 2008. The group returned an operating profit (EBIT) for the first half of 2011 of DKK 8.8m against a profit of DKK 0.6m for the first six months of 2010. An operating profit of DKK 6.5m was returned for Q2 2011 against DKK 2.9m for the same period in 2010. The improvement is primarily attributable to the increase in revenue. As part of the growth strategy adopted, the sales and development force has been expanded, and staff costs are therefore approx. DKK 5m higher than for the first half of 2010. In both Q2 and H1 2011, net finance costs were approx. 30% lower than in the same period last year, which is primarily attributable to lower finance costs due to reduced debt and foreign currency translation adjustments. The ownership share in Dantherm Power (38%) has not impacted results for H1 2011 as Dantherm s stake in the company was written down to 0 at the end of 2010. In H1 and Q2 2010, results were negatively impacted by Dantherm Power by DKK 11.1m and DKK 8.1m, respectively. In H1 2011, Dantherm contributed funding in the form of a convertible loan of DKK 7.0m to the company, entered in the balance sheet under non-current assets. The results for H1 2011 were not affected by discontinuing activities, which comprise Stelectric Ejendomme A/S only. In H1 2010, a profit of DKK 3.8m was returned from discontinuing activities. A consolidated net profit of DKK 1.4m was returned for H1 2011, representing an improvement of DKK 19.3m compared to the same period last year. The group posted a net profit of DKK 2.7m for Q2 2011 against a net profit of DKK 0.8m for the prior-year period. Telecom Activities within the Telecom business area are handled by companies in Denmark, China, the USA, Norway and Sweden. Telecom activities comprise sales to network suppliers and network operators. In H1 2011, Telecom revenue was up 68% relative to the same period of 2010. Market developments within Telecom are positive and characterised by growth in the number of mobile subscribers, especially in Asia, as well as increased data transmission, leading to an increased demand for air handling in radio base stations. In line with the adopted strategy, Dantherm has improved its market position with several of the global network suppliers, while also increasing sales to network operators in selected geographical markets. With a view to maintaining and expanding this market position, development activities have been intensified, and the organisation has been strengthened, especially in China and the USA. 2011-08-25 Interim report 1 January - 30 June 2011 Page 3 of 11

HVAC Activities within HVAC (Heating, Ventilation, Air Conditioning) are handled by the companies in Denmark, Norway and the UK, with the Danish company handling most of the activities. HVAC comprises the business areas Defence, Dehumidification, DanX Ventilation and Domestic ventilation. HVAC revenue for H1 2011 was 9% lower than for the same period last year. Sales are primarily in Europe and are affected by general market developments. The decline in revenue is primarily attributable to the business area Defence, with sales being dependent on public investments which have been reduced due to cutbacks in most European countries. With a view to developing the company s market position, the focus is on developing energyefficient products, and the sales force has been expanded to cover more geographical areas. Within Domestic ventilation, a number of energy-efficient products have been developed believed to hold sound growth potential. In H1 2011, a 60% growth in revenue was realised relative to the same period of 2010, driven primarily by Germany and Denmark. Net interest-bearing debt and cash flows As at 30 June 2011, the group s net interest-bearing debt totalled DKK 194.2m against DKK 186.9m at the end of 2010. The interest-bearing debt includes finance lease commitments and mortgage debt of DKK 120.1m, while a net amount of DKK 74.1m has been drawn under the company s operating credit facilities. As at the end of June 2011, the group had cash resources of DKK 46m. In the management s opinion, this level of cash resources is sufficient to finance the group s operating activities and strategic development. In H1 2011, a positive cash flow from operating activities of DKK 2.8m was generated, whereas a negative cash flow of DKK -17.6m was generated for the same period of 2010. The positive cash flows are primarily attributable to improved earnings. In H1 2011, the cash flow from investing activities totalled DKK -10.2m against DKK -6.4m for the same period of 2010. As mentioned above, in H1 2011 Dantherm extended a convertible loan of DKK 7.0m to Dantherm Power, which loan is included in the cash flow from investing activities. A sum of DKK 3.0m was granted in Q2 2011. Investments in property, plant and equipment are generally expected to be at a low level in 2011. The cash flow from financing activities amounts to DKK -6.8m for the first six months of 2011 against DKK -50.7m for the same period last year. The negative cash flow stems from lease commitments and the repayment of mortgage debt. Implementation of capital reduction At Dantherm s general meeting on 13 April 2011, a decision was made to reduce the company s share capital with a nominal amount of DKK 287,622,960 from a nominal amount of DKK 359,528,700 to a nominal amount of DKK 71,905,740, of which a nominal amount of DKK 146,141,000 will be used to cover losses, while an amount of DKK 141,481,960 will be transferred to a special reserve, cf. Section 188(1), Item 3 of the Danish Companies Act (Selskabsloven), to safeguard the company. The capital reduction was finalised on 18 May 2011, which marked the expiry of the four-week deadline stipulated by Section 192 of the Companies Act without any objections having been made. 2011-08-25 Interim report 1 January - 30 June 2011 Page 4 of 11

Outlook for 2011 The outlook for 2011 for the Dantherm group is of revenue of approx. DKK 550m (earlier DKK 500-550m), an operating profit (EBIT) of DKK 20-25m (unchanged), and thereby a small net profit (EBT). Events after the end of the interim period No significant events have occurred after the balance sheet date. 2011-08-25 Interim report 1 January - 30 June 2011 Page 5 of 11

Statement of the Board of Directors and Executive Board on the interim report Today, the Board of Directors and the Executive Board have discussed and approved the interim report of Dantherm A/S for the period 1 January - 30 June 2011. The interim report, which has not been audited or reviewed by the company s auditors, is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies. In our opinion, the interim report gives a true and fair view of the group s assets, equity and liabilities and financial position as at 30 June 2011 and of the results of the group s operations and cash flows for the period 1 January - 30 June 2011. We also find that the management s review contains a fair review of the development in the group s activities and financial affairs, the results for the period and the group s financial position as a whole as well as a description of the main risks and uncertainties facing the group. Skive, 25 August 2011 Executive Board: Torben Duer President & CEO Board of Directors: Jørgen Møller-Rasmussen Chairman Preben Tolstrup Deputy Chairman Niels Kr. Agner Conni-Dorthe Laursen Nils R. Olsen Per F. Pedersen Søren Østergaard Hansen 2011-08-25 Interim report 1 January - 30 June 2011 Page 6 of 11

Income statement DKKm Q2 H1 FY 2011 2010 2011 2010 2010 Revenue 144.3 121.6 270.0 224.6 464.6 Costs of raw materials and consumables -77.3-62.7-141.6-112.9-236.1 Other external expenses -14.4-10.9-27.3-22.2-53.0 Staff costs -40.8-38.8-81.5-76.8-143.8 Earnings before depreciation, amortisation etc. (EBITDA) 11.8 9.2 19.6 12.7 31.7 Depreciation, amortisation and impairment of property, plant and equipment and intangible assets -5.3-6.3-10.8-12.1-22.5 Special items 0.0 0.0 0.0 0.0-2.3 Operating profit/loss (EBIT) 6.5 2.9 8.8 0.6 6.9 Net financials -3.8-5.0-7.4-10.4-20.7 Share of profit/loss after tax in associates 0.0-8.1 0.0-11.1-30.7 Profit/loss before tax 2.7-10.2 1.4-20.9-44.5 Tax on profit/loss from continuing operations 0.0-0.9 0.0-0.9 2.6 Profit/loss from continuing operations 2.7-11.1 1.4-21.8-41.9 Profit/loss from discontinuing activities 0.0 11.4 0.0 3.8-2.0 Net profit/loss for the period 2.7 0.3 1.4-18.0-43.9 Distributed as follows: Shareholders of Dantherm A/S 2.7 0.8 1.4-17.9-43.9 Minority interests 0.0-0.5 0.0-0.1 0.0 2.7 0.3 1.4-18.0-43.9 Earnings per share Earnings per share (EPS), DKK 0.4 0.0 0.2-2.5-6.2 Diluted earnings per share (EPS-D), DKK 0.4 0.1 0.2-2.5-6.2 Note: Financial figures and comparative figures have been restated and are presented in accordance with IFRS 5. 2011-08-25 Interim report 1 January - 30 June 2011 Page 7 of 11

Balance sheet DKKm Note 30/6 2011 30/6 2010 31/12 2010 Intangible assets 78.5 81.0 79.0 Property, plant and equipment 140.4 159.6 147.4 Financial assets 7.0 20.3 0.0 Other non-current assets 6.8 0.0 6.8 Total non-current assets 232.7 260.8 233.2 Inventories 112.5 94.1 94.1 Trade receivables 100.4 95.8 90.6 Other receivables 7.5 14.0 1.2 Cash 21.3 38.4 14.3 Assets held for sale 23.0 107.2 24.0 Total current assets 264.7 349.5 224.2 TOTAL ASSETS 497.4 610.4 457.4 The Dantherm A/S shareholders share of equity 129.3 158.0 130.1 Minority interests -1.3-7.9-1.3 Total equity 128.0 150.1 128.8 Provisions, pensions and similar commitments 4.9 3.7 5.0 Credit institutions 107.0 120.1 113.8 Total non-current liabilities 111.9 123.8 118.8 Credit institutions 108.6 117.4 87.4 Trade payables 79.6 44.4 46.7 Other payables 46.1 48.3 51.5 Liabilities relating to assets held for sale 23.2 126.4 24.2 Total current liabilities 257.5 336.5 209.8 Total liabilities 369.2 460.3 328.6 TOTAL EQUITY AND LIABILITIES 497.4 610.4 457.4 Note: Financial figures and comparative figures have been restated and are presented in accordance with IFRS 5. 2011-08-25 Interim report 1 January - 30 June 2011 Page 8 of 11

Cash flow statement DKKm Q2 H1 FY 2011 2010 2011 2010 2010 Earnings before tax (EBT) 2.7-10.2 1.4-20.9-44.5 Adjustment for non-cash operating items etc. 5.6 20.2 15.2 30.3 75.9 Cash flow from primary operations before change in working capital 8.3 10.0 16.6 9.4 31.4 Change in inventories -7.0-0.7-18.4 3.6 5.3 Change in receivables -24.0-29.7-16.2-43.4-27.3 Change in trade payables 21.1 13.3 28.7 22.5 16.8 Cash flow from primary operations -1.6-7.1 10.7-7.9 26.2 Financial items, paid -2.9-5.3-6.5-9.4-20.7 Cash flow from ordinary operations -4.5-12.4 4.2-17.3 5.5 Income tax paid -1.4-0.3-1.4-0.3-2.3 Cash flow from operating activities -5.9-12.7 2.8-17.6 3.2 Cash flow from investing activities -5.0-2.0-10.2-6.4 100.5 Cash flow from financing activities -3.1-46.4-6.8-50.7-68.6 Cash flow from discontinuing activities 0.0 117.2 0.0 114.5 60.3 Cash flow for the period -14.0 56.1-14.2 39.8 95.4 Note: Financial figures and comparative figures have been restated and are presented in accordance with IFRS 5. 2011-08-25 Interim report 1 January - 30 June 2011 Page 9 of 11

Statement of changes in equity DKKm 30/6 2011 30/6 2010 31/12 2010 Equity as at 1 January *) 130.1 177.1 177.3 Foreign currency translation adjustment, foreign enterprises -2.5 3.5 4.6 Value adjustment of hedging instruments, end of period 0.3-4.7-3.4 Translation adjustments in connection with divestments 0.0 0.0 4.5 Changes in minority interests 0.0 0.0-9.0 Net profit/loss for the period 1.4-17.9-43.9 Dantherm A/S shareholders share of equity 129.3 158.0 130.1 Minority interests as at 1 January -1.3-10.2-10.3 Discontinued operations 0.0 2.4 0.0 Share of profit/loss for the period 0.0-0.1 9.0 Minority interests -1.3-7.9-1.3 Total equity 128.0 150.1 128.8 *) Following the capital reduction implemented, the company s share capital amounts to DKK 71.9m distributed on 7,190,574 shares with a nominal value of DKK 10 each. In 2010, the company s share capital amounted to DKK 359.6m distributed on 7,190,574 shares with a nominal value of DKK 50 each. Note 1: Accounting policies The interim report is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies. The annual report for 2010 contains a full description of the accounting policies applied. The accounting policies have been applied consistently with the annual report for 2010, except that the group has implemented new accounting standards (IFRS and IAS) and interpretations (IFRIC) which have taken effect. The new standards and interpretations have not affected the recognition and measurement. Note 2: Estimates The preparation of interim reports requires the management to make certain accounting estimates which affect the application of the accounting policies and recognised assets, liabilities, income and expenses. Actual results may deviate from these estimates. The significant estimates made by the management in applying the group s accounting policies and the considerable uncertainty associated with these estimates are the same for the preparation of the compiled interim report and the preparation of the annual report as at 31 December 2010. 2011-08-25 Interim report 1 January - 30 June 2011 Page 10 of 11

3. Discontinuing operations The activities in T&O Stelectric A/S (now Stelectric Ejendomme A/S) were sold with effect from 15 November 2010. The company was not divested, and the remaining assets and liabilities, comprising primarily a fairly new property near the motorway in Randers and related debt, are recognised in the balance sheet under assets held for sale and liabilities relating to assets held for sale. The plan is still to sell the remaining assets in the company, and the process is ongoing. 2011-08-25 Interim report 1 January - 30 June 2011 Page 11 of 11