Hedehusene, Denmark, 2016-05-19 08:27 CEST (GLOBE NEWSWIRE) --
Release no. 6 – 2016
Report on the first quarter of 2016
To Nasdaq Copenhagen
ROCKWOOL International A/S
Hovedgaden 584, Entrance C
DK-�2640 Hedehusene
Phone: +45 4656 0300
www.rockwool.com
Danish CVR no: 54879415
19 May 2016
Report on the first quarter of 2016 for ROCKWOOL International A/S
Highlights
* Sales in local currencies developed in line with expectations increasing by 1.4% compared to the same period in 2015.
* EBIT increased by 59% to EUR 41.4 million equal to 8.4% EBIT margin. The Insulation Business EBIT margin more than doubled in spite of challenges in the Industrial and Technical insulation markets.
* The Group’s business transformation program progressed well and contributed with EUR 7 million included in the EBIT result of the quarter.
* Free cash flow improved by EUR 28 million.
* Net profit reached EUR 28 million, an improvement of EUR 11 million.
Outlook for the Full Year 2016
* For the full year, the Group’s net sales are still expected to show a small positive growth in local currencies.
* With the improvements during the first months, we raise the expectation for the EBIT margin to above 9% before redundancy costs related to the Business Transformation Programme.
* Investment expenditure expectation for 2016 remains unchanged at around EUR 130 million excluding acquisitions.
Commenting on the Group’s performance, CEO Jens Birgersson says:
“We continue to improve the overall health of the business. I am especially pleased to see that our business transformation programme is contributing so significantly to the strong Q1 result. The growth in North America continues and in Europe we see good developments in both Northern and Southern Europe, a trend we would like to see spreading to the core markets of Germany and France. Russia is the main challenge at the moment, but even with this important market at a low level, we made solid progress in Group profitability.”
Further information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL International A/S
+45 46 56 03 00
