Company Announcement No. 167, 2008
H+H International A/S
Dampfærgevej 27-29, 4th Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 27 35 02 00
www.HplusH.com
10 March 2008
Annual Report 2007
Profit before tax was DKK 205 million (2006: DKK 114 million), in line with the
most recently announced outlook in the region of DKK 200-210 million. The
original full-year outlook was profit of DKK 140-160 million.
- Revenue was DKK 1,850 million (2006: DKK 1,662 million), up 11.3%. Excluding
activities acquired in 2006, the increase was 10.6%.
- The activities in the Polish market developed very positively, with
significant increases in both sales and selling prices. The overall result
before tax for the Polish activities was profit in the region of DKK 80
million compared with a loss before tax in the region of DKK 40 million for
2006.
- Upgrading of the Gorzkowice factory in Poland commenced in autumn and is
scheduled for completion in the second quarter of 2008, when the factory will
have an annual capacity of 300,000 m3 of aircrete. H+H also plans to build a
new aircrete factory in the Warsaw area with an annual production capacity of
400,000 m3 of aircrete. The new factory is expected to be operational in the
second half of 2009.
- In spring, H+H decided to build an aircrete factory southwest of St Peters-
burg. The factory is expected to have an annual production capacity of
400,000 m3 of aircrete and is expected to be operational in the first half
of 2009.
- Equity increased by DKK 120 million, standing at DKK 990 million at the end
of 2007. With a balance sheet total of DKK 1,784 million, the solvency ratio
is 55.5%.
- The Supervisory Board will recommend at the Annual General Meeting that a
dividend of DKK 30 per share of nominally DKK 100 be paid for 2007, equivalent
to a dividend of DKK 34.8 million or 22.1% of profit for the year.
- At the start of 2008, the company completed a share buyback programme
amounting to DKK 90 million for the company's B shares with a view to
subsequent cancellation and reduction of the share capital.
- H+H expects full-year 2008 profit before tax in the region of DKK 180-200
million.
Anders C. Karlsson
Chairman of the Supervisory Board
Hans Gormsen
CEO
For additional information please contact:
Hans Gormsen, CEO, or Martin Busk Andersen, CFO, on telephone +45 35 27 02 00
