The Oldest Danish Pump Group Changes Name to DESMI A/S

22.04.2003

At the annual general meeting on 1 April 2003 it was resolved to change the company name from A/S De Smithske to DESMI A/S, which has been the secondary name of the company for the latest eight years.

According to Henrik Sørensen, Managing Director of DESMI A/S, this was a well-considered resolution, as much nostalgia has been attached to the name A/S De Smithske, which will now be registered as the secondary name of the company. The company was founded in 1834 where goldsmith Henning Smith received licence to establish an iron and metal foundry in Aalborg. In 1875the activities were organised in a registered company (No. 538), and the DESMI Group today stands as the same legal entity.

"In practice we have for several years used the name DESMI in brochures and other marketing material even though our registered name was A/S De Smithske", Henrik Sørensen states. The change of the company name is primarily resolved to avoid confusion between the officially registered and legally correct company name, the names of the product ranges as e.g. Rotan and what the company is colloquially called. "We aim at strengthening our market position and at winning market shares, and it is therefore important that our messages are clear", Henrik Sørensen states. "The name DESMI is relatively wellknown, recognised and easy to pronounce no matter which language".

In 2002 the DESMI Group set up a new company in England that focus on development and sale of pumping systems for fuel handling and a new company in Norway selling pumping systems to the marine sector and industry. Furthermore, the Group acquired the previous DESMI distributor in Holland and took over a small pump range at the same time.

In addition to the parent company the DESMI Group now comprises sales companies in Germany, England, Holland, Norway, USA, DESMI Contracting A/S in Denmark undertaking project and system deliveries, and the company of RO-CLEAN DESMI A/S which DESMI A/S and Roulunds Fabriker A/S own jointly and where Danish expertise within equipment for the recovery of oil spills is concentrated.

At the annual general meeting the accounts for 2002 were approved. The Group profit for the year amounts to 9.2 million DKK after taxes and is based on a turnover of 289 million DKK. This is a minor decline in turnover compared to 2001, where the turnover and the profit for the year amounted to 328 million DKK and 10 million DKK respectively. This decline is however due to the fact that in 2001 the subsidiary DESMI Contracting A/S was involved in a major "Danida" project concerning supply of equipment to Thailand. If the activities of DESMI Contracting A/S are disregarded, the other business areas show positive growth rates.

The Board of Directors characterised the profit as satisfactory considering that the primary business areas show progress in activity and profit. At the annual general meeting it was also resolved to pay a dividend of 20 million DKK to the shareholders. The equity amounts to well over 50 million DKK after dividend payment, and according to Henrik Sørensen there is continuously room for the previously announced growth strategy. In spite of the prospects of constantly strained trade conditions in several of the geographical markets and segments where the DESMI Group is operating, the expectations from the future are to secure continuous growth in activities and results.

Source: DESMI A/S

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