Interim financial report for H1 2019
“Strong organic growth and strong operational performance is delivering significant margin improvements which lead to the best financial result for a second quarter and for a first half year in the history of H+H”, says CEO Michael T. Andersen. “In line with our strategy of participating in market restructuring in Germany we gained control of a joint venture of a calcium-silicate factory near Dresden. We continue to pursue further opportunities in Germany in line with the announced strategy.”
Highlights for the period 1 January to 30 June 2019
| DKK million | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 |
| Revenue | 770 | 709 | 1,436 | 1,143 |
| Organic growth | 7% | 16% | 13% | 11% |
| EBITDA before special items | 156 | 117 | 253 | 157 |
| EBIT before special items | 114 | 69 | 169 | 82 |
| EBIT margin before special items | 15% | 10% | 12% | 7% |
| NIBD/EBITDA ratio before special items | 1.2 | 2.5 | 1.2 | 2.5 |
| Special items | 0 | 7 | 0 | 23 |
| Free cash flow excluding acquisitions and divestments | 144 | 125 | 121 | 24 |
Outlook for 2019
H+H updated its outlook for 2019 on 8 August 2019:
- Growth before acquisitions and measured in local currencies is expected to be around 8% (previously around 7%).
- EBITDA before special items is expected to be DKK 510-550 million (previously DKK 460-510 million).
- EBIT before special items is expected to be DKK 330-370 million (previously DKK 280-330 million).
- Investments excluding acquisitions and divestments are expected to be in the region of DKK 140 million including investments for establishing a CSU production line near Gdansk, Poland and IFRS 16 effect (previously in the region of DKK 160 million).
Investor teleconference
H+H International A/S will host an investor teleconference today 14 August 2019 at 16:30 CEST.
To attend the conference call dial +45 35 27 02 29 and meeting ID is 502349.
For further information please contact:
Michael T Andersen, CEO, or Bjarne Pedersen, CSO, on telephone +45 35 27 02 00.
H+H’s core activity is the manufacture and sale of wall building materials, with a revenue in 2018 of DKK 2.5 billion. The main product lines are aircrete blocks and calcium silicate units used for the residential new building segment. H+H has 29 factories in Northern and Central Europe and Northwest Russia with a total output of more than 4 million cubic metres of products annually and has a leading position in most of its markets. H+H has more than 1,600 employees and is listed on Nasdaq Copenhagen.