H+H International — Earnings Release 2016

Aug 18, 2016

Company Announcement No. 341, 2016

Copenhagen, Denmark, 2016-08-18 07:57 CEST (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

Highlights for the period 1 January to 30 June 2016

-- Second-quarter revenue increased by 10% measured in local currencies
(organic growth) and by 3% in Danish kroner to DKK 457.5 million.
First-half revenue increased by 11% in local currencies (organic growth)
and by 5% in Danish kroner to DKK 825.4 million.
-- Second-quarter EBITDA was DKK 65.9 million before special items (2015: DKK
59.2 million). First-half EBITDA was DKK 102.5 million before special items
(2015: DKK 78.3 million).
-- Second-quarter EBIT was DKK 44.0 million before special items (2015: DKK
34.8 million). First-half EBITDA was DKK 59.9 million before special items
(2015: DKK 31.2 million). Before special items the EBIT margin for the
second quarter was 10% (2015: 8%) and first-half EBIT margin was 7% (2015:
4%).
-- The second quarter brought a net profit of DKK 29.0 million (2015: DKK 14.4
million) and the first half year a net profit of DKK 30.1 million (2015:
25.7 million).
-- Investments of DKK 4.6 million were made in the second quarter (2015: DKK
10.0 million) and DKK 15.2 million in the first half of the year (2015: DKK
25.7 million).
-- Free cash flow for the second quarter was DKK 65.9 million (2015: DKK 84.7
million). Free cash flow for the first half year was DKK 24.6 million
(2015: DKK (70.4) million).
-- Net interest-bearing debt at 30 June 2016 was DKK 432 million (30 June
2015: DKK 560 million).
-- H+H updates its outlook for 2016: Organic revenue growth is expected to be
5-6% (measured in local currency), against the previously announced 3-4%.
EBITDA before special items is expected to be DKK 190-210 million, as
previously announced. Investments excluding acquisitions and divestments
are expected to be in the region of DKK 80 million, as previously
announced.

Quote:
“We are satisfied with the strong earnings improvement and that we are able to
maintain our full year earnings guidance despite the negative impact from the
GBP”, says Michael T Andersen, CEO. “The improvements arise from more volume,
better prices and cost containment. Furthermore, our restructuring in the
Polish market has proven to be successful. The referendum in the UK to leave
the EU leads to uncertainty for the UK housing market, but the fundamental
drivers remain strong.”

Please see attached PDF for full version of the report.

Kent Arentoft
Chairman of the Board of Directors

Michael T Andersen
CEO

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