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H+H International A/S - Annual report 2016

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Company Announcement No. 344, 2017

Copenhagen, Denmark, 2017-03-17 07:59 CET (GLOBE NEWSWIRE) --  

H+H International A/S
Dampfærgevej 3, 3rd Floor
2100 Copenhagen Ø
Denmark
Tel.: +45 35 27 02 00
www.HplusH.com
Company reg. no. 49 61 98 12
LEI 213800GJODT6FV8QM841

 

 

Continuous growth and increased long-term targets – highlights of performance in 2016

  • Revenue increased by 6.4% in local currencies (organic growth)
  • EBITDA of DKK 210.6 million before special items, which is at the top end of our initial outlook of DKK 190-210 million and an increase of DKK 28.3 million.
  • Investments of DKK 83.3 million in line with our guidance in the region of DKK 80 million.
  • EBIT margin before special items of 7.6%. The long-term target was minimum 6-8%.
  • ROIC was 15.5%. The long-term target was minimum 12%.
  • Net interest-bearing debt on 31 December 2016 of DKK 387 million. NIBD over EBITDA ratio is 1.8.
  • On 16 March 2017, a new three-year committed credit facility was agreed with Danske Bank A/S on attractive market terms.
  • Free cash flow DKK 68.1 million (2015; DKK 58.2 million) including proceeds from the asset sale programme which has been closed ahead of schedule and has exceeded its target of DKK 70 million.

Outlook for 2017

  • Organic revenue growth is expected to be 5-7%.
  • EBITDA before special items is expected to be DKK 220-240 million.
  • Special items in the region of DKK 25 million is expected.
  • Investments excluding mergers, acquisitions and divestments are expected to be in the region of DKK 120 million

Long-term financial targets

  • Long-term financial targets have been revalued and EBIT margin before special items is upgraded to 8-10% and ROIC is maintained at minimum 12 %.

Quote: "Our performance in 2016 was satisfactory, as we have been challenged on a number of issues. Despite significant increases of raw material costs and adverse currency development, our business model and value proposition have proven to be able to take advantage of the positive market development, and have shown growth in earnings in line with initial expectations", says CEO Michael T. Andersen. "Further, we are able to announce expectations of higher earnings in 2017 and have increased our long-term financial targets."

Please see attached pdf for full version of the Annual report for 2016.

 

Kent Arentoft
Chairman of the Board of Directors

Michael T Andersen
CEO

Please see attached pdf for full version of the Annual report for 2016.

 

For additional information please contact:
Michael T Andersen, CEO, or Bjarne Pedersen, Vice President, Business Development & IR,
tel.: +45 35 27 02 00.

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