Hedehusene, Denmark, 2016-08-25 08:24 CEST (GLOBE NEWSWIRE) --
First half year report of 2016 for
ROCKWOOL International A/S
Release no. 7 – 2016
to Nasdaq Copenhagen
25 August 2016
Strong EBIT growth as impact from the Business Transformation Program accelerates
Highlights
* Sales in local currencies in the first half year increased by 2.6%. Q2 sales grew 3.7%, measured in local currency.
* EBIT increased by 44% to EUR 104 million equal to a 10% EBIT margin. Especially the Insulation Business EBIT margin grew significantly. EBIT in Q2 was EUR 63 million.
* The Group’s business transformation program accelerated and contributed with EUR 19 million included in the EBIT result of the first half year.
* Investment expenditure was EUR 70 million.
* Free cash flow improved by EUR 43 million to EUR 13 million for the half year 2016.
* Net profit reached EUR 73 million, an improvement of EUR 23 million. Net profit in Q2 was EUR 45 million.
* New sustainability report released today.
Outlook for the full year
* The Group’s net sales are still expected to show a small positive organic growth in local currencies.
* EBIT margin excluding redundancy costs related to the Business Transformation Program is now expected to be around 10%, an upward adjustment from the previous expectation of ‘above 9%’.
* Investment expenditure expectation for 2016 remains unchanged at around EUR 130 million excluding acquisitions.
CEO comment
Commenting on the Group’s performance, CEO Jens Birgersson says:
“I am very satisfied with the continued improvement in our performance especially within the Insulation business. This is a result of the acceleration of our Business Transformation Program, improved market conditions in Germany and the successful expansion in the US. We are confident that we will deliver a strong result for 2016”
Further information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL International A/S
+45 46 56 03 00
