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INDEX INDEXMarket developments within Dehumidificationare affected by levels of activitywithin the construction sector in Europeand the need for dehumidification, for examplein connection with flooding.Ventilation and heat recovery forswimming pools and indoor comfort(DanX Ventilation)Within the DanX Ventilation area, Danthermsupplies large ventilation systemsused in swimming pools and buildingssuch as shopping centres and cinemasrequiring frequent air exchange. Dantherm'sproduct portfolio comprisesflexible solutions based on a modularconcept. Quality, performance and energyefficiency are important purchasingcriteria for the customers.The customers within the business areainclude contractors, public authoritiesand fitness chains, and the products areto some extent sold via dealerships. Themain markets are the Nordic countries,the UK, Poland and Russia.Market developments within DanX Ventilationare affected by levels of activitywithin the construction sector in Europeand the growing focus on energy efficiency.Ventilation and heat recovery forhomes (Domestic ventilation)Dantherm's domestic ventilation productsare based on high-performance heatexchangers and intelligent controls ofown manufacture. Dantherm has investedin fully automated production equipmentfor manufacturing counterflowheat exchangers and has one of the mostenergy-efficient products on the market.The products are sold via European dealersto contractors and fitters, and Danthermalso sells private label products tolarge customers.The markets are growing as a result of theincreasing focus on energy savings andon improving the indoor climate of privatehomes, both when renovating existinghomes and when building new ones.Market developments are also driven byenergy consumption laws. The marketsare affected by general developments inthe European economy. This means thatthe construction sector, including the31%growth in revenue within domestic ventilationfrom 2010 to 2011.renovation market, is currently seeing lowlevels of activity.The combined HVAC market which isrelevant to Dantherm is estimated to havea value of at least DKK 2.0bn.Developments in 2011HVAC revenue amounted to DKK 285min 2011 against revenue of DKK 281min 2010, up 2%. The low growth can beattributed to market developments, includingthe general economic downturnin Europe. In 2011, Dantherm sold HVACproducts to more than 1,000 customers in50 countries. The largest markets are Denmark,Norway, the UK, Germany, Franceand Russia.Revenue within Defence, Dehumidificationand DanX Ventilation was relativelystable in 2011 as compared to 2010. Thelack of growth within Defence is due toa low investment level within the armedforces in Europe, while revenue within stationarydehumidification and DanX Ventilationwas affected by lower activity levelswithin the construction sector.Within Domestic ventilation, Danthermrealised growth in revenue of 31% relativeto 2010, which is primarily attributableto positive developments in the Germanand the Danish markets. The growth is theresult of an increasing focus on indoorclimate and energy, although growth iscurrently lower than expected.In 2011, Dantherm focused on steppingup its sales efforts by expanding its salesorganisation and broadening its dealercover. Furthermore, in order to maintainand expand Dantherm's market position,a number of new Defence and DanX Ventilationproducts were launched in 2011,while the product development organisationin Denmark was also expanded.StrategyThe strategic activities within HVAC buildon the activities launched in 2011.The activities in 2012 continue to focuson increasing market share throughintensified sales efforts, partly throughDantherm's own sales organisation, partlythrough an expansion of the dealer networkin selected European countries andfinally through the conclusion of agreementswith new private label customers.ACM 11The latest mobile cooling unit withinDefence was presented at the DSEItrade fair in London in 2011.Continuous product development is andwill remain an important competition parameterfor Dantherm in all businessareas. The coming years will see thelaunch of new products in accordancewith the development plans for the individualbusinesses.domestic ventilationDantherm's domestic ventilation productsare among the most energy-efficient onthe market and ensure a healthy indoorclimate by reusing as much as 80% of theheat in the air.The unit is typically installed in the ceilingor in a cupboard and can be remotecontrolled.DanX 2 – designed for energy efficiencyIn 2011, Dantherm developed an evenmore efficient and economical littlebrother for the large ventilation systems,DanX 2, designed specifically for use inhotels, wellness centres and private poolrooms.DanX 2 is a complete solution with focuson optimum comfort and low operatingcosts, and is designed for optimum energyefficiency.20 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 21