GN Store Nord A/S reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of DKK 1,627 million compared to DKK 1,478 million a year ago. EBITA was DKK 258 million compared to DKK 165 million a year ago. Free cash outflow excluding acquisitions was DKK 172 million compared to free cash inflow excluding acquisitions of DKK 2,988 million a year ago. Operating profit was DKK 194 million compared to DKK 144 million a year ago. EBITA was DKK 205 million compared to DKK 150 million a year ago. Cash flow from operating activities was DKK 45 million compared to DKK 3,097 million a year ago. Investments in property, plant and equipment were DKK 16 million compared to DKK 22 million a year ago. ROIC including goodwill was 12.6% compared to 21.9% a year ago. Return on equity was 6.1% compared to 14.6% a year ago. Fully diluted earnings per share were DKK 0.77 compared to DKK 0.51 a year ago. Profit before tax was DKK 183 million compared to DKK 135 million a year ago. Negative free cash flow was DKK 117 million, mainly due to an increase in working capital that was same in the first quarter 2012. Net debt was DKK 777 million by the end of the first quarter, which is a bit more than 1/2 of the implicitly guided EBITDA for 2013. The company provided earnings guidance for the year 2013. For the year, the company expects organic revenue growth of 9% to 12%, EBITA excl. SMART costs of DKK 1,190 million to DKK 1,280 million, EBITA incl. SMART costs of DKK 1,090 million to DKK 1,180 million, amortizations of DKK 25 million to 30 million, financial items of DKK 25 million to DKK 45 million and profit before tax incl. SMART costs of DKK 1,015 million to DKK 1,130 million. The company expects EBITDA margin of 20%.

GN Store Nord A/S, Q1 2013 Earnings Call, May 03, 2013

On December 22, 2010, GN Store Nord filed a claim of EUR 1.1 billion (approximately DKK 8.2 billion) as compensation for the significant loss imposed on GN Store Nord and its shareholders in relation to the German Federal Cartel Office's unlawful prohibition of the sale of GN ReSound to Sonova on April 11, 2007. The Court of Cologne, Germany, has dismissed GN Store Nord's claim. The Court of Cologne acknowledges that the prohibition of the sale was unlawful but assess that this does not result in a liability for the German Cartel Office. The dismissal can be appealed to higher court instances. GN Store Nord will receive the written opinion from the Court of Cologne supporting its decision within a week. GN Store Nord will thoroughly assess the opinion before deciding whether to appeal the decision.