SKAKO

Quarterly Report • Aug 29, 2017

SKAKO interim report 1 January – 30 June 2017 / 1

1 January – 30 June 2017

INTERIM REPORT Q2 2017

KEY FIGURES AND FINANCIAL RATIOS – DKK

INCOME STATEMENT, DKK THOUSANDS	Q2 2017	Q2 2016	H1 2017	H1 2016	Year 2016
Revenue	88,766	79,354	176,053	153,853	308,059
Gross profit	21,542	24,303	42,267	40,895	84,306
Operating profit (EBIT)	4,915	6,131	7,720	5,062	16,411
Net financial items	(682)	(587)	(1,324)	(1,451)	(3,265)
Profit before tax	4,233	5,544	6,396	3,611	13,146
Profit for the period	4,239	6,210	6,610	5,350	16,540
BALANCE SHEET, DKK THOUSANDS
Non-current assets	69,345	63,721	69,345	63,721	68,470
Current assets	192,400	178,021	192,400	178,021	176,601
Assets	261,745	241,742	261,745	241,742	245,071
Equity	108,573	90,129	108,573	90,129	102,360
Non-current liabilities	12,326	12,868	12,326	12,868	13,545
Current liabilities	140,846	138,746	140,846	138,746	129,166
Net interest-bearing debt	20,276	38,228	20,276	38,228	16,870
Net working capital	87,669	92,693	87,669	92,693	81,058
OTHER KEY FIGURES, DKK THOUSANDS
Investment in intangible and tangible assets	1,009	1,316	2,445	1,724	5,849
Cash flow from operating activities (CFFO)	5,922	(601)	(1,047)	(5,897)	16,853
Free cash flow	4,913	(1,916)	(3,492)	(7,620)	11,004
Average number of employees	189	183	189	183	183
FINANCIAL RATIOS
Gross profit margin	24.3%	30.6%	24.0%	26.6%	27.4%
Profit margin (EBIT margin)	5.5%	7.7%	4.4%	3.3%	5.3%
Liquidity ratio	136.6%	128.3%	136.6%	128.3%	136.7%
Equity ratio	41.5%	37.3%	41.5%	37.3%	41.8%
Return on equity	17.9%	20.8%	17.9%	20.8%	17.7%
Financial leverage	18.7%	42.4%	18.7%	42.4%	16.5%
NWC/revenue	26.5%	29.2%	26.5%	29.2%	26.3%
Earnings per share, DKK	1.37	2.01	2.14	1.73	5.36
Equity value per share, DKK	35.0	29.0	35.0	29.0	33.0
Share price, DKK	76.0	62.0	76.0	62.0	92.5
Price-book ratio	2.2	2.1	2.2	2.1	2.8
Market capitalisation, DKK thousands	236,087	192,597	236,087	192,597	287,343
ADDITIONAL NUMBERS, DKK THOUSANDS
Order backlog	109,262	96,438	109,262	96,438	109,103

Financial ratios are calculated in accordance with "Recommendations and Financial Ratios 2015" from the Danish Society of Financial Analysts. Net working capital is calculated as Inventory, Trade receivables and Work in progress for third parties less Prepayments from customers and Trade payables. Backlog represents anticipated revenue from contracts or orders executed but not yet completed or performed in full, and the revenue that is expected to be recognized in the future.

KEY FIGURES AND FINANCIAL RATIOS – EUR*

INCOME STATEMENT, EUR THOUSANDS	Q2 2017	Q2 2016	H1 2017	H1 2016	Year 2016
Revenue	11,938	10,673	23,678	20,692	41,432
Gross profit	2,897	3,269	5,685	5,500	11,339
Operating profit (EBIT)	661	825	1,038	681	2,207
Net financial items	(92)	(79)	(178)	(195)	(439)
Profit before tax	569	746	860	486	1,768
Profit for the period	570	835	889	720	2,225
BALANCE SHEET, EUR THOUSANDS
Non-current assets	9,325	8,569	9,325	8,569	9,207
Current assets	25,872	23,938	25,872	23,938	23,748
Assets	35,197	32,507	35,197	32,507	32,955
Equity	14,600	12,120	14,600	12,120	13,764
Non-current liabilities	1,657	1,730	1,657	1,730	1,821
Current liabilities	18,940	18,657	18,940	18,657	17,369
Net interest-bearing debt	2,727	5,141	2,727	5,141	2,269
Net working capital	11,789	12,464	11,789	12,464	10,900
OTHER KEY FIGURES, EUR THOUSANDS
Investment in intangible and tangible assets	136	177	329	232	787
Cash flow from operating activities (CFFO)	796	(81)	(141)	(793)	2,266
Free cash flow	661	(258)	(470)	(1,025)	1,480
Average number of employees	189	183	189	183	183
FINANCIAL RATIOS
Gross profit margin	24.3%	30.6%	24.0%	26.6%	27.4%
Profit margin (EBIT margin)	5.5%	7.7%	4.4%	3.3%	5.3%
Liquidity ratio	136.6%	128.3%	136.6%	128.3%	136.7%
Equity ratio	41.5%	37.3%	41.5%	37.3%	41.8%
Return on equity	17.9%	20.8%	17.9%	20.8%	17.7%
Financial leverage	18.7%	42.4%	18.7%	42.4%	16.5%
NWC/revenue	26.5%	29.2%	26.5%	29.2%	26.3%
Earnings per share, EUR	0.18	0.27	0.29	0.23	0.72
Equity value per share, EUR	4.7	3.9	4.7	3.9	4.4
Share price, EUR	10.2	8.3	10.2	8.3	12.4
Price-book ratio	2.2	2.1	2.2	2.1	2.8
Market capitalisation, EUR thousands	31,747	25,899	31,747	25,899	38,650
ADDITIONAL NUMBERS, EUR THOUSANDS
Order backlog	14,695	12,970	14,695	12,970	14,675

*On the translation of key figures and financial ratios from Danish kroner to euro, Danmarks Nationalbank's rate of exchange at 30 June 2017 of 743.66 has been used for balance sheet items, and the average rate of exchange of 743.53 has been used for income statement and cash flow items.

Backlog represents anticipated revenue from contracts or orders executed but not yet completed or performed in full, and the revenue that is expected to be recognized in the future.

MANAGEMENT STATEMENT

We have considered and approved the interim report of SKAKO A/S for the period 1 January – 30 June 2017.

The interim report, which has not been audited or reviewed by our auditors, has been prepared in accordance with IAS 34 Interim financial reporting, as adopted by the European Union and accounting policies set out in the annual report for 2016 of SKAKO A/S. Furthermore, the interim report for the period 1 January – 30 June 2017 has been prepared in accordance with additional Danish disclosure requirements for interim reports of listed companies.

In our opinion, the interim financial report gives a true and fair view of the Group's assets, liabilities and financial position on 30 June 2017 and of the results of the Group's operations and cash flows for the first six months of 2017.

We also believe that the Management commentary contains a fair review of the development in the Group's business and financial position, the results for the period and the Group's financial position as a whole as well as a description of the principal risks and uncertainties facing SKAKO.

Faaborg, 29 August 2017

Executive Board

Søren Pedersen Lionel Girieud Jakob Have Director Director CFO

_______________________ _______________________ _______________________

Board of Directors

_______________________ _______________________ Chairman Deputy Chairman

Jens Wittrup Willumsen Christian Herskind Jørgensen

Carsten Krogsgaard Thomsen Lars Tveen Samuel Waldorph Andreasen

_______________________ _______________________ _______________________

HIGHLIGHTS

There is high activity on most of our primary markets and we are pleased to note that the Group's revenue in H1 2017 increased by 14.4% compared to the same period last year. Operating profit (EBIT) for H1 2017 is 52.5% higher than for the same period last year. Our order backlog at the beginning of Q3 2017 was 13.3% higher than for the same period last year. Our pipeline is good and after the balance sheet date we have won an order of around DKK 10m as communicated in Company Announcement 16/2017.

For these reasons, we have increased our guidance for 2017 as communicated in Company Announcement 16/2017.

We are now guiding for an operating profit (EBIT) of DKK 17.5-22.5m.

Previously we were guiding for an operating profit (EBIT) of DKK 15-20m.

We are pleased that many of the market-oriented initiatives we have undertaken have proven to be successful. Conversely, it is unsatisfactory that we have not delivered higher margins. Fluctuations between the respective quarters will often occur due to changes in product mix, which is part of the reason for the deviations. Having said that, it is our clear assessment that we should be able to realise higher margins on our products in the future. We are in the process of identifying which supportive initiatives to be initiated to achieve this target.

ABOUT SKAKO

The SKAKO Group has two business areas:

• SKAKO Vibration: Vibratory feeding, conveying and screening equipment
• SKAKO Concrete: Concrete batching plants for ready-mix, precast and jobsite plants

SKAKO Vibration

SKAKO Vibration develops, designs and sells high-end vibratory feeding, conveying, and screening equipment, used across the complete spectrum of material handling and processing. Our main focus is on plant sales with a solid after sales division.

Our production facilities are in Faaborg in Denmark and Strasbourg in France and the products are based on application know-how and own developed technology.

The global market is penetrated using a niche strategy with a sector-driven focus. We are strong within the automotive sector, the mining sector and especially the phosphate mining sector. The main markets are EU and North Africa. We have strong focus on expanding in Morocco to support our significant growth within supplying to the phosphate mining sector. Focus is also on becoming one of the leading global participants in the automotive industry.

SKAKO Concrete

SKAKO Concrete develops, designs and sells a versatile high-end product range of all types of concrete batching plants for ready-mix, precast and jobsite plants. Our main focus is on plant sales with a strong after sales division.

Our production facility is in Lille in France and the products are based on own developed technology.

MANAGEMENT COMMENTARY

Performance review

	Q2 2017	Q2 2016	Change	H1 2017	H1 2016	Change
DKK THOUSANDS
Revenue	88,766	79,354	11.9%	176,053	153,853	14.4%
Production costs	67,224	55,051	22.1%	133,786	112,958	18.4%
Gross profit	21,542	24,303	-11.4%	42,267	40,895	3.4%
Gross profit margin	24.3%	30.6%	-6.3pp	24.0%	26.6%	-2.6pp
Distribution costs	9,791	10,861	-9.8%	20,412	21,499	-5.1%
Administrative expenses	6,836	7,311	-6.5%	14,135	14,334	-1.4%
Operating profit (EBIT)	4,915	6,131	-19.8%	7,720	5,062	52.5%
Profit margin (EBIT margin)	5.5%	7.7%	-2.2pp	4.4%	3.3%	1.1pp
Profit for the period	4,239	6,210	-31.7%	6,610	5,350	23,6%
Order backlog beginning of period	98,560	94,579	4.2%	109,103	92,097	18.5%
Order intake	99,468	81,213	22.5%	176,212	158,194	11.4%
Revenue	88,766	79,354	11.9%	176,053	153,853	14.4%
Order backlog end of period	109,262	96,438	13.3%	109,262	96,438	13.3%

Revenue increased by 11.9% in Q2 2017 and by 14.4% in H1 2017 compared to the same periods last year. The increase in H1 2017 was primarily driven by a 28% growth in the Concrete division. The growth was mainly driven by increased plant sales but we also had solid growth in aftersales. Revenue increased by 4.3% in the Vibration division.

Production costs increased by 22.1% in Q2 2017 and by 18.4% in H1 2017 compared to the same periods last year. This led to a gross profit margin of 24.3% in Q2 2017 (30.6% in Q2 2016) and 24.0% in H1 2017 (26.6% in H1 2016). The decrease in gross profit margin is due to change in product mix, dismissal costs and lower than expected margins on projects. It is our clear assessment that we should be able to realise higher margins on our products in the future. We are in the process of identifying which supportive initiatives to be initiated to achieve this target.

Distribution costs decreased by 9.8% in Q2 2017 and by 5.1% in H1 2017 mainly due to our participation in the BAUMA exhibition in H1 2016.

Administrative expenses decreased by 6.5% in Q2 2017 and by 1.4% in H1 2017 mainly due to timing of costs.

Operating profit (EBIT) in Q2 2017 decreased by 19.8% compared to the same period last year. Since operating profit (EBIT) for Q1 2017 was significantly better than the same period last year, H1 2017 operating profit (EBIT) increased by 52,5% compared to the same period last year. Increased revenue contributed positive to operating profit and lower gross profit margin had a reversed effect. Profit margin (EBIT margin) was 5.5% in Q2 2017 (7.7% in Q2 2016) and 4.4% in H1 2017 (3.3% in H1 2016).

Profit for the period in Q2 2017 was DKK 4.239k (DKK 6.210k in Q2 2016) and DKK 6.610k in H1 2017 (DKK 5.350k in H1 2016.

Order intake and backlog

SKAKO Vibration and SKAKO Concrete are both experiencing increased activity, especially in the Nordic countries and in North America. The number and size of enquiries are growing from existing and new customers.

Order intake in Q2 2017 increased by 22.5% to DKK 99.468k and increased by 11.4% to DKK 158.194k in H1 2017 compared to the same periods last year.

Order intake in Q2 2017 for the Concrete Division was DKK 52.317k (DKK 28.951k in Q2 2016) and DKK 87.515k in H1 2017 (DKK 67.036k in H1 2016).

Order intake in Q2 2017 for the Vibration division was DKK 48.702k (DKK 53.075k in Q1 2016) and order intake in H1 2017 was DKK 91.334k (DKK 93.157k in H1 2016).

MANAGEMENT COMMENTARY - continued

The order backlog at the beginning of Q3 2017 increased by DKK 12.8m which is a growth of 13.3% compared to the order backlog at the beginning of Q3 2016. The majority of the order backlog at the beginning of Q3 2017 is expected to be converted to revenue in H2 2017.

Cash flow developments

Cash flow from operating activities (CFFO) in Q2 2017 amounted to DKK 5.922k (DKK -601k in Q2 2016) and DKK -1.047k in H1 2017 (DKK -5,897k in H1 2016).

Free cash flow in Q2 2017 amounted to DKK 4.913k (DKK -1.917k in Q2 2016) and DKK -3.492k in H1 2017 (DKK -7.621k in H1 2016).

The order book contains several large projects, including the four large orders mentioned in company announcement 08/2016, 12/2016, 13/2016 and 15/2017. The cash flow of the period is impacted by the payment terms in these large contracts.

Accounting policies as well as financial estimates and assumptions

The interim report has been prepared in accordance with IAS 34, Interim financial reporting, as adopted by the EU and further Danish disclosure requirements in respect of interim reports for listed companies.

The accounting policies used for the interim report are the same as the accounting policies used for Annual Report 2016 to which we refer for a full description. The Group has adopted all new, amended and revised accounting standards and interpretations as published by the IASB and adopted by the EU effective for the accounting period beginning on 1 January 2017. The implementation of such standards and interpretations has not had any significant impact on the consolidated financial statements for the first three months of 2017.

Compared with the description in Annual Report 2016, there have been no changes in the accounting estimates and assumptions made by Management in the preparation of the interim report.

Events after the balance sheet date

After the balance sheet date SKAKO Concrete have won an order of around DKK 10m, as communicated in Company Announcement 16/2017, and SKAKO Vibration have won two orders totalling just below DKK 10m related to construction of the world's tallest dam in Tajikistan.

There have been no events to change the assessment of the interim report after the balance sheet date until today.

MANAGEMENT COMMENTARY - continued

Market and business conditions going forward

There is high activity on most of our primary markets and we are pleased to note that the Group's revenue in H1 2017 increased by 14.4% compared to the same period last year. Operating profit (EBIT) for H1 2017 is 52.5% higher than for the same period last year. Our order backlog at the beginning of Q3 2017 was 13.3% higher than for the same period last year. Our pipeline is good and after the balance sheet date we have won an order of around DKK 10m, as communicated in Company Announcement 16/2017.

Outlook 2017

We have increased our guidance for 2017, as communicated in Company Announcement 16/2017.

We are now guiding for an operating profit (EBIT) of DKK 17.5-22.5m.

Previously we were guiding for an operating profit (EBIT) of DKK 15-20m.

DKK thousands	Q2 2017	Q2 2016	H1 2017	H1 2016	Year 2016
Revenue	88,766	79,354	176,053	153,853	308,059
Production costs	(67,224)	(55,051)	(133,786)	(112,958)	(223,753)
Gross profit	21,542	24,303	42,267	40,895	84,306
Distribution costs	(9,791)	(10,861)	(20,412)	(21,499)	(39,418)
Administrative expenses	(6,836)	(7,311)	(14,135)	(14,334)	(28,477)
Operating profit (EBIT)	4,915	6,131	7,720	5,062	16,411
Financial income	8	34	16	46	58
Financial expenses	(690)	(621)	(1,340)	(1,497)	(3,323)
Profit before tax	4,233	5,544	6,396	3,611	13,146
Tax on profit for the period	6	666	214	1,739	3,394
Profit for the period	4,239	6,210	6,610	5,350	16,540
Profit for the period attributable to SKAKO A/S	4,239	6,210	6,610	5,350	16,540
shareholders
Earnings per share (EPS), DKK	1.37	2.01	2.14	1.73	5.36
Diluted earnings per share (EPS), DKK	1.37	2.01	2.14	1.73	5.36

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

DKK thousands	Q2 2017	Q2 2016	H1 2017	H1 2016	Year 2016
Profit for the year	4,239	6,210	6,610	5,350	16,540
Other comprehensive income:
Items that have been or may subsequently be
reclassified to the income statement:
Foreign currency translation, subsidiaries	(762)	0	(866)	(226)	496
Value adjustments of hedging instruments	86	2	70	54	153
Other comprehensive income	(676)	2	(796)	(172)	649
Comprehensive income	3,563	6,212	5,814	5,178	17,189
Comprehensive income attributable to SKAKO	3,563	6,212	5,814	5,178	17,189
A/S shareholders

CONSOLIDATED BALANCE SHEET

DKK thousands	30 June 2017	30 June 2016	31 Dec 2016
Other intangible assets	4,899	2,315	5,356
Intangible assets under development	1,796	568	542
Intangible assets	6,695	2,883	5,898
Land and buildings	34,323	34,817	34,488
Plant and machinery	3,248	3,567	2,727
Operating equipment, fixtures and fittings	765	1,632	1,116
Leasehold improvements	106	111	58
Tangible assets under construction	0	53	453
Property, plant and equipment	38,442	40,180	38,842
Other receivables	1,144	1,130	1,145
Deferred tax assets	23,064	19,528	22,585
Other non-current assets	24,208	20,658	23,730
Total non-current assets	69,345	63,721	68,470
Inventories	44,314	49,710	43,425
Trade receivables	65,864	67,508	65,521
Work in progress for third parties	64,857	47,697	48,830
Income tax	114	91	185
Other receivables	6,712	4,307	7,593
Prepaid expenses	1,714	1,800	1,586
Other investments	74	74	74
Cash	8,753	6,834	9,387
Current assets	192,402	178,021	176,601
Assets	261,747	241,742	245,071

CONSOLIDATED BALANCE SHEET

DKK thousands	30 June 2017	30 June 2016	31 Dec 2016
Share capital	31,064	31,064	31,064
Foreign currency translation reserve	(119)	25	747
Hedging reserve	115	(54)	45
Retained earnings	77,513	59,094	70,504
Total equity	108,573	90,129	102,360
Bank loans and credit facilities	8,915	10,660	9,724
Financial leasing	165	402	237
Provisions	3,174	1,805	3,584
Non-current liabilities	12,254	12,867	13,545
Bank loans and credit facilities	19,759	31,668	16,014
Financial leasing	191	2,333	282
Provisions	8,709	5,428	8,714
Prepayments from customers	11,324	11,786	9,847
Trade payables	76,041	60,437	66,872
Income tax	265	942	743
Other liabilities	24,013	25,556	24,812
Deferred income	618	596	1,882
Current liabilities	140,920	138,746	129,166
Liabilities	153,174	151,613	142,711
EQUITY AND LIABILITIES	261,747	241,742	245,071

CONSOLIDATED CASH FLOW STATEMENT

DKK thousands	Q2 2017	Q2 2016	H1 2017	H1 2016	Year 2016
Profit before tax	4,233	5,544	6,396	3,611	13,146
Adjustments	1,154	3,611	2,779	4,016	10,136
Change in receivables, etc.	(11,187)	(6,466)	(15,616)	(2,950)	(5,182)
Change in inventories	(205)	1,592	(889)	(1,452)	4,833
Change in trade payables and other liabilities, etc.	13,242	(4,045)	8,583	(7,203)	(2,166)
Cash flow from operating activities before	7,237	236	1,253	(3,978)	20,767
financial items and tax
Financial items received and paid	(683)	(587)	(1,324)	(1,451)	(3,265)
Taxes paid	(633)	(250)	(976)	(468)	(649)
Cash flow from operating activities	5,922	(601)	(1,047)	(5,897)	16,853
Investment in intangible assets	(370)	(1,235)	(1,250)	(1,444)	(5,030)
Investment in tangible assets	(639)	(81)	(1,195)	(280)	(819)
Cash flow from investing activities	(1,009)	(1,316)	(2,445)	(1,724)	(5,849)
Change in borrowings	(424)	(1,168)	(809)	(1,877)	(2,392)
Cash flow from financing activities	(424)	(1,168)	(809)	(1,877)	(2,392)
Change in cash and cash equivalents	4,490	(3,085)	(4,301)	(9,498)	8,612
Cash and cash equivalents beginning of period	(15,398)	(21,702)	(6,553)	(15,094)	(15,094)
Foreign exchange adjustment, cash and cash	(24)	27	(78)	(168)	(71)
equivalents
Cash and cash equivalents at end of period	(10,932)	(24,760)	(10,932)	(24,760)	(6,553)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

DKK thousands	Share capital	Foreign currency translation reserve	Hedging reserve	Retained earnings	Equity
Equity at 01 January 2017	31,064	747	45	70,504	102,360
Comprehensive income in Q1 2016:
Profit for the period				6,610	6,610
Other comprehensive income: Foreign currency translation adjustments, subsidiaries		(866)			(866)
Value adjustments of hedging instruments			70		70
Other comprehensive income	-	(866)	70	-	(796)
Comprehensive income, period	-	(866)	70	6,610	5,814
Share-based payment, warrants				399	399
Equity at end of period	31,064	(119)	115	77,513	108,573

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

DKK thousands	Share capital	Foreign currency translation	Hedging reserve	Retained earnings	Equity
		reserve
Equity at 01 January 2016	31,064	251	(108)	53,590	84,797
Comprehensive income in Q1
2016:
Profit for the period				5,350	5,350
Other comprehensive income:
Foreign currency translation		(226)			(226)
adjustments, subsidiaries
Value adjustments of hedging			54		54
instruments
Other comprehensive income	-	(226)	54	-	(172)
Comprehensive income, period	-	(226)	54	5,350	5,178
Disposal of treasury shares				154	154
Equity at end of period	31,064	25	(54)	59,094	90,129

SEGMENT INFORMATION

DKK thousands	Concrete	Vibration	Not distributed	Eliminations	Group total
H1 2017			including parent
			company
External revenue	86,546	89,507	-	-	176,053
Internal revenue	428	1,998	-	(2,426)	-
Total revenue	86,974	91,505	-	(2,426)	176,053
Depreciations	(1,430)	(362)	(240)	-	(2,032)
Operating profit (EBIT)	2,137	6.906	(1,323)	-	7,720
Financial income	104	12	-	(100)	16
Financial expenses	(881)	(449)	(110)	100	(1,340)
Result before tax	1,360	6,469	(1,433)	-	6,396
Tax on profit for the period	87	125	2	-	214
Profit for the period	1,447	6,594	(1,431)	-	6,610
Segment non-current assets	60,716	6,322	2,307	-	69,345
Segment assets	132,551	130,193	2,915	(3,912)	261,747
Segment liabilities	67,930	86,612	2,544	(3,912)	153,174
Investments in intangible and tangible asset	1,421	1,024	-	-	2,445
Average number of employees	101	88	-	-	189

DKK thousands	Concrete	Vibration	Not distributed	Eliminations	Group total
H1 2016			including parent
			company
External revenue	67,503	86,350	-	-	153,853
Internal revenue	358	1,392	-	(1,750)	-
Total revenue	67,861	87,742	-	(1,750)	153,853
Depreciations	(1,479)	(442)	(238)	-	(2,159)
Operating profit (EBIT)	39	6,504	(1,481)	-	5,062
Financial income	40	6	-	-	46
Financial expenses	(697)	(481)	(319)	-	(1,497)
Result before tax	(618)	6,029	(1,800)	-	3,611
Tax on profit for the period	2,776	(1,037)	-	-	1,739
Profit for the period	2,158	4,992	(1,800)	-	5,350
Segment non-current assets	57,573	3,907	2,241	-	63,721
Segment assets	132,461	106,207	6,148	(3,074)	241,742
Segment liabilities	60,959	76,811	16,917	(3,074)	151,613
Investments in intangible and tangible asset	1,511	212	-	-	1,724
Average number of employees	100	83	-	-	183

QUARTERLY KEY FIGURES AND FINANCIAL RATIOS

	Q2 2017	Q1 2017	Q4 2016	Q3 2016	Q2 2016	Q1 2016	Full year
INCOME STATEMENT, DKK THOUSANDS							2016
Revenue	88,766	87,287	85,253	68,953	79,354	74,499	308,059
Gross profit	21,542	20,725	25,410	18,001	24,303	16,592	84,306
Operating profit (EBIT)	4,915	2,805	7,582	3,767	6,131	(1,069)	16,411
Net financial items	(682)	(642)	(1,244)	(570)	(587)	(864)	(3,265)
Profit before tax	4,233	2,163	6,338	3,197	5,544	(1,933)	13,146
Profit for the period	4,239	2,371	7,402	3,788	6,210	(860)	16,540
BALANCE SHEET, DKK THOUSANDS
Non-current assets	69,345	69,290	68,470	63,672	63,721	63,111	68,470
Current assets	192,402	177,409	176,601	171,217	178,021	173,522	176,601
Assets	261,747	246,699	245,071	234,889	241,742	236,633	245,071
Equity	108,573	104,734	102,360	93,499	90,129	83,763	102,360
Non-current liabilities	12,326	12,978	13,545	11,622	12,868	14,189	13,545
Current liabilities	140,846	128,987	129,166	129,771	138,746	138,680	129,166
Net interest-bearing debt	20,276	25,238	16,870	36,828	38,228	36,338	16,870
Net working capital	87,669	88,591	81,058	90,637	92,693	81,709	81,058
OTHER KEY FIGURES, DKK THOUSANDS
Investment in intangible and tangible assets	1,009	1,436	2,773	1,352	1,316	408	5,849
Cash flow from operating activities (CFFO)	5,922	(6,969)	20,541	2,209	(601)	(5,296)	16,853
Free cash flow	4,913	(8,405)	17,767	857	(1,916)	(5,704)	11,004
Average number of employees	189	185	183	183	183	182	183
FINANCIAL RATIOS
Gross profit margin	24.3%	23.7%	29.8%	26.1%	30.6%	22.3%	27.4%
Profit margin (EBIT margin)	5.5%	3.2%	8.9%	5.5%	7.7%	(1.4%)	5.3%
Liquidity ratio	136.6%	137.5%	136.7%	131.9%	128.3%	125.1%	136.7%
Equity ratio	41.5%	42.5%	41.8%	39.8%	37.3%	35.4%	41.8%
Return on equity	17.9%	21.0%	17.7%	18.9%	20.8%	19.4%	17.7%
Financial leverage	18.7%	24.1%	16.5%	39.4%	42.4%	43.4%	16.5%
NWC/revenue	26.5%	27.6%	26.3%	29.3%	29.2%	25.3%	26.3%
Earnings per share, DKK	1.37	0.77	2.40	1.23	2.01	-0.28	5.36
Equity value per share, DKK	35.0	33.7	33.0	30.1	29.0	27.0	33.0
Share price, DKK	76.0	73.5	92.5	81	62	49.6	92.5
Price-book ratio	2.2	2.2	2.8	2.7	2.1	1.8	2.8
Market capitalisation, DKK thousands	236,087	228,321	287,343	251,619	192,597	154,078	287,343