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Topsoe's Annual report 2010

28.03.2011

2010 was a satisfactory year with progress within most of our business areas. Our sales to the refinery sector were, however, still influenced by the repercussions of the financial crisis.
 

We reached a revenue of DKK 4.2 billion. This is close to our revenue in 2009 (DKK 4.3 billion). Our gross profit amounted to DKK 1.8 billion, which we consider satisfactory (DKK 1.7 billion in 2009). We have in particular profited from a satisfactory catalyst sale, which, accounted for a revenue of DKK 3.1 billion, the second largest revenue ever (DKK 2.9 billion in 2009). Also our technology revenue was satisfactory with DKK 1.1 billion (DKK 1.4 billion in 2009).
 

Our backlog at the end of the year was DKK 2.8 billion (DKK 3.7 billion in 2009).
 

The year was characterized by a very large international activity within areas of energy, fertilizers and environment and we are experiencing more focus on processes which will ensure a better utilisation of the world’s natural resources. We expect that this trend will continue and in this connection, we have further increased our staff, especially in India and China, and a new company was established in Malaysia.
 

Besides an expansion of our existing business areas, we have focused on how we can produce synthetic natural gas (SNG) based on current or renewable energy raw materials, clean fuels and chemical products. In 2010, we received orders for two large plants for the production of SNG. We expect that the development projects in our pipeline, from fundamental research to industry, will ensure our continued growth in turnover and economic result.
 

We expect that 2011 will also become a satisfactory year and we plan to increase our investments in the coming years. We are, however, prepared to take measures with regard to international events, which may influence our customers’ financial circumstances.
 

In 2010, Topsoe Fuel Cell A/S, subsidiary of Haldor Topsoe A/S, continued their increased effort in developing commercial fuel cells and again made further technological progress. The company will maintain the positive development in the area and expect an increase in revenue and a decreasing deficit in the future.


KAFCO, Bangladesh, where we own 15% of the shares, have not been able to maintain full production in 2010 due to an unstable supply of natural gas. This has led to a lower profit in the company and thus a lower dividend to the owners than in the previous years. The natural gas supply is expected to improve by the end of 2011.
 

In 2010 the Haldor Topsoe group has in average employed 2,015 persons against 2,016 persons in 2009, out of which 39% have a university degree. In addition, we have a significant number of scientists at various institutes in Denmark and other places in the world, who are working on  development and research programmes financed by the group.
 

As part of a generational succession, Dr Haldor Topsøe has during 2010 transferred a larger part of his shares in Haldor Topsoe Holding A/S to his four children. In order to ensure a wider competence on the board of Haldor Topsoe A/S, the board now also includes Jeppe Christiansen, Jens Kehlet Nørskov and Jakob Topsøe.

 

Contact

For further information please contact
 

Accounts
CFO, Executive Vice President Hans Kornerup
Tel.: +45 4527 2000
 
Shareholder matters
Executive Vice President Henrik Topsøe
Tel.: +45 4527 2000
 

Financial and key figures for Haldor Topsoe A/S (HTAS) and Haldor Topsoe Holding A/S (HTHAS) became:

 

HTAS

2010

HTAS

2009

 

HTHAS

2010

HTHAS

2009

 

 

 

 

 

 

Income statement

DKK m

DKK m

 

DKK m

DKK m

Revenue

4,201

4,257

 

4,201

4,256

Gross profit

1,884

1,730

 

1,845

1,690

EBITDA

677

607

 

638

566

Depreciation provisions

-207

-197

 

-207

-197

EBIT

470

410

 

431

369

Financial items, net

-26

33

 

-124

-58

Result for the period

308

334

 

202

240

 

 

 

 

 

 

Balance

 

 

 

 

 

Balance

4,640

4,823

 

7,716

8,214

Equity

1,124

1,065

 

3,178

2,974

 

 

 

 

 

 

Key figures

 

 

 

 

 

Gross margin

44.8%

40.6%

 

43.9%

39.7%

EBITDA margin

16.1%

14.3%

 

15.2%

13.3%

Profit ratio

11.2%

9.6%

 

10.3%

8.7%

Return on capital employed

10.1%

8.5%

 

5.6%

4.5%

Solvency ratio

24.2%

22.1%

 

41.2%

36.2%

Return rate of equity

28.1%

31.3%

 

6.6%

8.4%


 

Please note that Haldor Topsoe A/S’ (HTAS) accounts have been made in accordance with the Danish Financial Statements Act, whereas Haldor Topsoe Holding A/S’ (HTHAS) accounts have been made in accordance with the International Financial Reporting Standards (IFRS).

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