The 2011 loss compared to a profit of €156m for 2010. Just hours earlier – and first revealed by Recharge – chief financial officer and deputy chief executive Henrik Nørremark quit the Danish group.

Today it also emerged that chairman Bent Erik Carlsen, deputy chairman Torsten Erik Rasmussen and board member Freddy Frandsen will not be standing for re-election.

Revenue for 2011 was down 16% at €5.8bn,