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H+H International A/S - Annual Report 2011

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Company Announcement No. 256, 2011

Copenhagen, Denmark, 2012-03-15 07:58 CET (GLOBE NEWSWIRE) --  

H+H International A/S
Dampfærgevej 3, 3rd Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 35 27 02 00
www.HplusH.com

 

Annual Report 2011

EBITDA was DKK 91.5 million, against a loss of DKK 4.8 million in 2010. EBITDA before special items was DKK 96.6 million. These results are in line with the most recently announced outlook for continuing operations, which was EBITDA before special items in the region of DKK 95-100 million. Although 2011 brought a substantial improvement, earnings are still not satisfactory.

  • Revenue from continuing operations was DKK 1,310 million (2010: DKK 1,186 million), an increase of 10.5%.
  • Sales were satisfactory in most markets, driven by substantial growth in the first half of the year, but there was more subdued growth in the second half as escalating economic turmoil slowed growth in sales volumes.
  • H+H’s strategy has been reviewed in order to deliver satisfactory financial results and reduce H+H’s debt levels. 
  • The committed credit facility with Danske Bank A/S of around DKK 800 million has been extended until 15 February 2015. The associated financial covenants have been adjusted at the same time to be in line with H+H’s new strategy and long-term financial targets.
  • Equity decreased by DKK 172.1 million to DKK 553.5 million at the end of 2011. With total assets of DKK 1,580.7 million, this gives an equity ratio of 35%.
  • The Board of Directors will recommend at the annual general meeting that no dividend be paid for 2011.
  • An increase in earnings is anticipated in 2012, with EBITDA for continuing operations in the region of DKK 110-140 million before special items. Free cash flow is expected to be positive in the level of DKK 0-20 million before disposal of assets, while total investments are expected to be in the region of DKK 50 million.

Please see attached pdf file for full version of the annual report.

 

Anders C Karlsson
Chairman of the Board of Directors

Michael T Andersen
CEO

 

For additional information please contact:
Michael T Andersen, 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 will take precedence.

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