H2VH-18-C flender coupling n eupex Helical speed reducer H2

Flender/Flender Gear Units/Helical speed reducer H2

1,3 million as opposed to DKK 1,0million at year end 1. This is equivalent toan increase of DKK 3 million, which is 3attributable to an increase in ongoing sales orders in progress less prepayments. This increase should be seen in connection with the high level of activity during thesecond half of 2 and during the fourthquarter of the year in particular. The includedattributable profit in the parent companytotalled DKK 4 million at year end 2,compared to DKK 3 million at year end1. This corresponds to an increase in salesorders in progress in the parent company. Asregards the Group, the increase in attributa-ble profit is principally due to the fact thatprojects delivered in December 2 were notofficially completed until the start of 2. Trade debtors At year end 2, amounts owed from tradedebtors totalled DKK 6 million compared toDKK 7 million at the end of 1. The fallin this figure was due to number of factorsincluding the completion of number ofmajor projects in North America, which result-ed in the payment of outstanding debts.Under normal circumstances, non-completionwould exclusively result in the postponementof payments, and not in actual losses on deb-tors. Historically, the Group has therefore sel-dom lost appreciable amounts to bad debts aspayments for projects are normally secured viaprepayments and guarantees. Short-term creditors Short-term debt at the end of 2 totalledDKK 1,4 million. The corresponding figurefor year end 1 was DKK 1,2 million.At the same time, the individual items havebeen redistributed. The fall in other debt isattributable to the completion of projects,and to VAT account differences. The increasein trade creditors is attributable to the highlevel of activity towards the end of 2.The Groups working capital - calculated as stocks plus amounts owing from sales andother receivables, less prepayments received,trade creditors and other debts - totalled DKK9 million at the end of 2, compared toDKK 8 million at year end 1. Workingcapital at y