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H+H International A/S - Key figures for the period 1 January to 30 September 2011

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Company Announcement No. 251, 2011

Copenhagen, Denmark, 2011-11-22 16:45 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

 

Key figures for the period 1 January to 30 September 2011

  • Third-quarter revenue was DKK 367 million (2010: DKK 353 million). Revenue for the first three quarters was DKK 998 million (2010: DKK 932 million).
  • Third-quarter EBITDA was DKK 37 million (2010: DKK 22 million). EBITDA for the first three quarters was DKK 71 million (2010: DKK 15 million).
  • Third-quarter profit before tax was DKK 1 million (2010: loss of DKK 11 million). There was a loss for the first three quarters of DKK 38 million (2010: loss of DKK 223 million).
  • Equity at 30 September 2011 was DKK 618 million.
  • Net interest-bearing debt at 30 September 2011 was DKK 652 million
  • As part of its continued focus on core business, H+H has decided to divest its Finnish subsidiary Jämerä-kivitalot Oy, which designs and sells the construction of aircrete houses for private individuals. As the company has been loss-making for a number of years, the divestment will have a positive effect on H+H’s future earnings. It is expected that the divestment can be completed by the end of the third quarter of 2012. Jämerä’s activities are therefore no longer reported as continuing operations.
  • A further slowdown in the market in the fourth quarter of 2011 is leading H+H to change its outlook for EBITDA before special items for the 2011 financial year to around DKK 95-100 million for continuing operations, against the previously announced DKK 100-110 million.
  • H+H changes its outlook for free cash flow for 2011 to be around DKK 10-20 million excluding any proceeds from sales of assets, against the previously announced DKK 20 million.
  • Total investments are expected to be less than DKK 50 million.

Please see attached pdf file for full version of the 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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