Copenhagen, Denmark, 2015-05-20 11:53 CEST (GLOBE NEWSWIRE) --
H+H International A/S
Dampfærgevej 3, 3rd Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 35 27 02 00
www.HplusH.com
Company reg. no. 49 61 98 12
Highlights for the period 1 January to 31 March 2015
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First-quarter revenue was DKK 343 million (2014: DKK 289 million). Organic revenue growth in the first quarter was 8.7% (adjusted for acquisitions and measured in local currency).
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EBITDA was DKK 19 million before special items and DKK 50 million after special items (2014: DKK 8.6 million before special items and DKK 8.0 million after special items). Special items consist mainly of badwill and restructuring costs from the acquisition of Grupa Prefabet S.A.
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EBIT for the first quarter was DKK 27.3 million (2014: loss of DKK 14.2 million).
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The quarter brought a net profit of DKK 11 million (2014: loss of DKK 30 million).
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Investments totalled DKK 16 million (2014: DKK 13 million).
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The acquisition of Grupa Prefabet was concluded for a total consideration of PLN 60 million (DKK 108 million) (enterprise value). The integration plan is running to schedule.
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Conditional sale of assets in Poland with net proceeds of DKK 22 million.
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A new issue of shares increased equity by DKK 42 million net.
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Net interest-bearing debt at 31 March 2015 was DKK 643 million (31 March 2014: DKK 629 million).
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H+H reiterates its outlook for 2015: Organic revenue growth is expected to be 6-8%. EBITDA before special items is expected to be DKK 150-170 million. EBIT margin of 3-4%. Investments excluding acquisitions and divestments are expected to be DKK 60 million, including DKK 20 million to support the restructuring in Poland. Badwill and restructuring costs in Poland will be recognised under special items.
Quote:
"The first quarter of 2015 brought a strong performance with organic growth of more than 8%," says Michael T Andersen, CEO. "Our market in Russia has started to show weakness earlier than anticipated due to the macroeconomic situation, but our business in Western Europe is able to compensate for this.”
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, on telephone +45 35 27 02 00.
