Interim financial report H1 2010
Company Announcement No. 224, 2010 H+H International A/S Dampfærgevej 27-29, 4th Floor 2100 Copenhagen Ø Denmark Telephone: +45 35 27 02 00 www.HplusH.com 31 August 2010 Interim financial report H1 2010. - Second-quarter revenue was DKK 365.1 million (2009: DKK 274.7 million). First-half revenue was DKK 601.5 million (2009: DKK 496.1 million). - Second-quarter EBITDA was DKK 18.9 million (2009: loss of DKK 8.4 million). First-half EBITDA was a loss of DKK 11.9 million (2009: loss of DKK 6.4 million). Both the second quarter of 2009 and the first half of 2009 were adversely affected by provisions totalling DKK 8.4 million. - The assets in Russia are impaired with DKK 120 million due to a slower ramp-up of the utilisation of the production capacity and lower prices than initially anticipated. The outlook for the Russian operation and the market is still positive. - The second-quarter result before tax was a loss of DKK 142.5 million (2009: loss of DKK 86.9 million). The first-half result before tax was a loss of DKK 217.6 million (2009: loss of DKK 125.0 million). Both the second quarter of 2009 and the first half of 2009 were adversely affected by impairment losses and provisions totalling DKK 40.4 million. - Equity at 30 June 2010 was DKK 837.4 million. - Net interest-bearing debt at 30 June 2010 amounted to DKK 617.4 million. - Revised strategic direction with a focus on profitability and cash flow through concentration on key markets and key customers. - New efficiency programs being implemented in order to reduce costs and improve working capital. - For 2010, a negative result before tax and special items in the range of DKK 140-160 million. Free cash flows are expected to be neutral, and interest-bearing debt at the end of 2010 is consequently expected to be in the DKK 610 million region. 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 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.