Company Announcement No. 540, 2023
CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE
"Despite a positive trend in Q2, we are trending behind our volume expectations in CWE and
PERFORMANCE HIGHLIGHTS FOR Q2 2023 (Q2 2022)
- Sales volume decreased by 39% to 723 thousand cubic metres (1,182 thousand cubic metres)
- Revenue growth before acquisitions and divestments measured in local currencies ("organic growth") was negative 26% (positive 13%).
-
Gross profit before special items was
DKK 178 million (DKK 320 million ), corresponding to a gross margin of 24% (32%). -
EBIT before special items was
DKK 38 million (DKK 177 million ), corresponding to an EBIT margin before special items of 5% (18%). -
Net profit of
DKK (101) million (DKK 129 million ). -
Free cash flow was
DKK (68) million (DKK 165 million ). -
Financial gearing was 2.0 times EBITDA at the end of Q2 2023 (0.5 times EBITDA at the end of Q2 2022).
FINANCIAL HIGHLIGHTS FOR THE PERIOD
DKK million | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 |
Sales volume (thousand cubic metres) | 723 | 1,182 | 1,357 | 2,269 |
Revenue | 731 | 1,000 | 1,372 | 1,874 |
Organic growth | (26)% | 13% | (26)% | 20% |
Gross margin before special items | 24% | 32% | 24% | 30% |
EBITDA before special items | 87 | 227 | 159 | 386 |
EBIT before special items | 38 | 177 | 59 | 287 |
EBIT margin before special items | 5% | 18% | 4% | 15% |
Special items | (165) | (9) | (174) | (19) |
Return on | 2% | 26% | 2% | 26% |
NIBD/EBITDA before special items ratio | 2.0x | 0.5x | 2.0x | 0.5x |
Free cash flow | (68) | 165 | (377) | 102 |
FINANCIAL OUTLOOK FOR 2023 IS LOWERED
- Revenue growth measured in local currencies is expected to be negative ranging from -20% to -25% (previously -15% to -20%)
-
EBIT before special items is expected to be in the range of
DKK 30 million toDKK 100 million (previously 100 to 175 DKKm)
The financial outlook for 2023 is based on the following specific assumptions:
- Sales volumes expected to decrease around -30% to -35%
-
Exchange rates, primarily GBP, EUR and PLN remain at
end-July 2023 levels.
H1 2023 INTERIM FINANCIAL REPORT CONFERENCE CALL
In connection with the release of the H1 2023 Interim Financial Report, a conference call for investors and analysts is scheduled for Wednesday
DK: +45 78 76 84 90
US: +1 646 787 0157
- Other participants can follow the conference call via live webcast here.
- The presentation slides for the conference call will be made available beforehand here.
-
After the conference call, you can access the replay and transcript on H+H's Investor Relations website here.
For further information please contact:
Head of Investor Relations &
+45 24 48 03 67
Nbk@hplush.com
https://news.cision.com/h-h-international-a-s/r/interim-financial-report-h1-2023--h-h-lowers-financial-outlook--using-the-current-environment-to-str,c3817912
https://mb.cision.com/Public/21438/3817912/abbd540c736b7c6e.pdf
https://mb.cision.com/Public/21438/3817912/bce836d7e5b124b2.pdf
https://mb.cision.com/Public/21438/3817912/bad9544fac14c06a.xlsx
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