Major step forward for

The Anhydro Group

Anhydro Holding A/S revenues in 2006 grew to DKK 1,318 million. This represents a DKK 427 million increase over 2005 and DKK 733 million more than in 2004. The result after interest and depreciation reflected the same trend. After a loss of DKK 14 million in 2004 followed by a loss of DKK 49 million in 2005, the 2006 result brought an improvement of DKK 72 million over the previous year with a positive result of DKK 23 million.

In just three years, Anhydro has grown to become the next largest supplier in the world of evaporation and drying technology. The company was founded in 2004 through the acquisition and merger of six companies in Denmark, the USA, Germany, the Netherlands and the UK. Today, Anhydro enjoys a powerful global position in four specialist areas: the bio-ethanol, dairy and food, pharmaceuticals and industrial drying industries.

Growth turnaround due to several factors

Anhydro has the breadth and depth of technological knowledge and expertise in its markets that are necessary to attract and retain new customers. And, as the growth in revenues proves, the Group has acquired many new customers. This is not least due to a very considerable investment in the new state-of-the-art Test Centre in Soeborg, near Copenhagen in Denmark. Here, customers can test new techniques and technologies leading to new business opportunities in the fields of evaporation and drying. The result is that many of Anhydro's customers have been successful in developing and marketing new products.

At the same time, Anhydro has been successful in merging six widely differing company cultures into a single, powerful value set with everyone in the organization rallying around a common Anhydro brand. A further factor is the global sales organization, which is now present in all important markets with the most recent additions in South America and China.

Positive future perspectives

With around 500 employees worldwide, Anhydro expects the current growth trend to continue. This is partly due to a continuous onward development of Anhydro's own technologies, and partly to the fact that customers are constantly finding new product applications for Anhydro's specialist evaporation and drying solutions.

Ownership: CapMan, one of the leading private equity investors in Scandinavia, owns 70 per cent of the company. The remaining 30 per cent is owned by the management team and a number of the original owners of the six companies.

For more information, contact:

Allan Jørgensen,

CEO & President,

Anhydro Group,

a.joergensen@anhydro.com

+45 4015 1144