Company Announcement No. 536, 2023
CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE
"As expected, it was a challenging start to the year with very low newbuild activities across our markets. In response to the current market environment, we have adjusted our shift patterns and have also decided to accelerate the optimisation of our factory network, which will involve closing three factories in
PERFORMANCE HIGHLIGHTS FOR Q1 2023 (Q1 2022)
- Sales volume (thousand cubic metres) decreased by 42% to 634 (1,087)
-
Revenue decreased by 27% to
DKK 641 million (DKK 874 million ). Revenue growth measured in local currencies ("organic growth") was negative 25% (positive 29%) -
Gross profit before special items was
DKK 154 million (DKK 244 million ), corresponding to a gross margin of 24% (28%) -
EBIT before special items was
DKK 21 million (DKK 110 million ), corresponding to an EBIT margin before special items of 3% (13%) -
Net profit of
DKK (7) million (DKK 72 million ) -
Free cash flow was
DKK (309) million (DKK (63) million ) -
Financial gearing was 1.4 times EBITDA at the end of Q1 2023 (0.7 times EBITDA at the end of Q1 2022)
FINANCIAL HIGHLIGHTS FOR THE PERIOD
DKK million | Q1 2023 | Q1 2022 |
Sales volume (thousand cubic metres) | 634 | 1,087 |
Revenue | 641 | 874 |
Organic growth | (25)% | 29% |
Gross margin before special items | 24% | 28% |
EBITDA before special items | 72 | 159 |
EBIT before special items | 21 | 110 |
EBIT margin before special items | 3% | 13% |
Special items | (9) | (10) |
Return on | 15% | 21% |
NIBD/EBITDA before special items ratio | 1.4x | 0.7x |
Free cash flow | (309) | (63) |
FINANCIAL OUTLOOK FOR 2023
The financial outlook for the full year 2023:
- Revenue growth measured in local currencies is expected to be around 0%
-
EBIT before special items is expected to be in the range of
DKK 330 million toDKK 400 million
The financial outlook for 2023 is based on the following specific assumptions:
- Sales volumes expected to decrease around 10-15% in aggregate mainly driven by
Poland -
Exchange rates, primarily GBP, EUR and PLN remain at
end-April 2023 levels
Q1 2023 INTERIM FINANCIAL REPORT CONFERENCE CALL
In connection with the release of the Q1 2023 Interim Financial Report, a conference call for investors and analysts is scheduled for Wednesday
DK: +45 78768490
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.
-
A replay of the conference call will be available afterwards 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
H+H's core activity is the manufacture and sale of wall-building materials with a revenue in 2022 of
https://news.cision.com/h-h-international-a-s/r/interim-financial-report-q1-2023--challenging-start-to-the-year-as-expected,c3767054
https://mb.cision.com/Main/21438/3767054/2047277.pdf
https://mb.cision.com/Public/21438/3767054/b08d3dc3f9ee3f36.xlsx
https://mb.cision.com/Public/21438/3767054/8031d25b4f158123.pdf
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