CORRECTION: Årsrapport 2008
Correction: '-H+H expects 2009 full-year profit before tax in the region of DKK 0-30 million.' -------------------- 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 in the region of DKK 0-30 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 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.