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H+H International A/S - Annual Report 2010

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Company Announcement No. 235, 2011

Copenhagen, Denmark, 2011-03-10 16:55 CET (GLOBE NEWSWIRE) --  

H+H International A/S
Dampfærgevej 27-29, 5th Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 35 27 02 00
www.HplusH.com

 

Annual Report 2010

Loss before tax of DKK 286.2 million after special items of DKK 140.3 million (2009: loss of DKK 263.5 million after special items of DKK 105 million). This is in line with the most recently announc­ed outlook of a loss before tax in the region of DKK 270-290 million after special items.

  • Revenue was DKK 1,255 million (2009: DKK 1,068 million), an increase of 17.5%.
  • Sales were satisfactory in most markets but prices are still at a very low level and lower than average selling prices in 2009. Activity in the residential newbuild market in the majority of H+H’s markets is believed to have bottomed out, and there are indications of moderate growth.
  • Revised strategic direction with a focus on profitability and cash flow through increased customer and market concentration. An extended efficiency programme has been launched to cut costs and improve working capital. These measures will reduce cost levels by more than DKK 75 million in 2011.
  • Equity decreased by DKK 232 million to DKK 726 million at the end of 2010. With total assets of DKK 1,654 million, this gives an equity ratio of 43.9%.
  • The Board of Directors will recommend at the annual general meeting that no dividend be paid for 2010.
  • H+H expects an EBITDA before special items for the 2011 financial year in the region of DKK 100-140 million. Free cash flow is expected to be positive at around DKK 20-60 million, while 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 Board of Directors

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.

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