Company Announcement No. 215, 2010
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 2010
Annual Report 2009
The result before tax was a loss of DKK 263.5 million (2008: profit of DKK 1.4
million), of which special items accounted for an expense of DKK 105 million.
The result before tax was in line with the most recently announced outlook of a
loss in the region of DKK 255-265 million.
- Revenue was DKK 1,068 million (2008: DKK 1,439 million), down 26%.
- The financial crisis had a very major impact on all of the Group's markets,
resulting in a decrease in revenue during the year. H+H has initiated further
cost-saving measures as a consequence of the low revenue figure.
- At the end of the year, H+H International A/S completed a rights issue that
contributed additional capital of DKK 435 million net. The rights issue was
based on a wish to strengthen the company's capital structure. Following the
completion of the rights issue, the company has only one share class, and all
shares carry the same rights, including voting rights.
- A new factory near St Petersburg in Russia was officially opened in 2009 and
production has started.
- Equity increased by DKK 215 million, standing at DKK 958 million at the end
of 2009. With a balance sheet total of DKK 1,855 million, the solvency ratio
was 51.5%.
- The Board of Directors will recommend at the annual general meeting that no
dividend be paid for 2009.
- H+H expects a loss before tax for the 2010 financial year, although somewhat
smaller than the DKK 158.5 million loss for 2009 before tax and special items.
Free cash flows are expected to be neutral. Total investments are expected to
be less than DKK 50 million.
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 Niels Eldrup Meidahl, 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.
