Company Announcement No. 181, 2008
H+H International A/S
Dampfærgevej 27-29, 4th Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 35 27 02 00
www.HplusH.com
11 March 2009
Annual Report 2009
Profit before tax was DKK 1.4 million (2007: DKK 205 million), in line with the
most recently announced outlook in the region of DKK 0 million. The original
full-year outlook was profit of DKK 180 - 200 million.
- Revenue was DKK 1,439 million (2007: DKK 1,850 million), down 22%.
- In the UK, the global financial crisis had a profound impact on residential
construction, which saw a drastic fall during the year. The company's other
markets were also affected by the crisis during the year, although to a much
more limited extent.
- The deterioration in market conditions led to the implementation of
considerable realignments of the Group's organisation and a general reduction
in fixed costs.
- One factory in Poland and one factory in the Czech Republic underwent
extensive upgrading during the year, and the Group invested in the construction
of a new aircrete factory near St Petersburg. Overall, these measures will
provide considerable additional production capacity in a number of new markets.
- Equity fell by DKK 247 million, standing at DKK 743 million at the end of
2008. With a balance sheet total of DKK 1,923 million, the solvency ratio was
38.6%.
- The Supervisory Board will recommend at the annual general meeting that no
dividend be paid for 2008.
- H+H expects 2009 full-year profit before tax at around 0.
Please see attached pdf file for full version of the annual report.
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
This is a translation of the company's announcement in Danish. In case of
inconsistency between the Danish text and this English translation, the Danish
text shall prevail.
