Interim financial report for Q1-Q3 2019

“The strong operational performance delivers significant margin improvements and strong financial results”, says CEO Michael T. Andersen. “We see continued strong earnings for this year despite a slowdown in the German market. We are content with our strong financial position and will continue to focus on developing our core markets.”

Highlights for the period 1 January to 30 September 2019

DKK million	Q3 2019	Q3 2018	Q1-Q3 2019	Q1-Q3 2018
Revenue	779	720	2,215	1,863
Organic growth	5%	21%	10%	15%
EBITDA before special items	182	143	435	300
EBIT before special items	137	103	306	185
EBIT margin before special items	18%	14%	14%	10%
NIBD/EBITDA ratio before special items	0.9	1.9	0.9	1.9
Special items	0	16	0	39
Free cash flow excluding acquisitions and divestments	136	131	175	156

Other highlights

• H+H International A/S has on 31 October 2019 closed the deal with LSR concerning divestment of its activities in Russia (100% of the shares in OOO H+H).

Outlook for 2019
H+H updates its outlook for 2019:

• Growth before acquisitions and measured in local currencies is expected to be around 6% (previously around 8%).
• EBITDA before special items is expected to be DKK 525-545 million (previously DKK 510-550 million).
• EBIT before special items is expected to be DKK 345-365 million (previously DKK 330-370 million).
• Investments excluding acquisitions and divestments are expected to be in the region of DKK 140 million including investments for establishing a CSU production line near Gdansk, Poland and IFRS 16 effect (unchanged).

Investor teleconference
H+H International A/S will host an investor teleconference on 13 November 2019 at 16:30 CET.
To attend the conference call, please see details below.

DK: +4578150109
UK: +443333009273
US: +16467224902

For further information please contact:
Michael T Andersen, CEO, or Bjarne Pedersen, CSO, on telephone +45 35 27 02 00.

H+H’s core activity is the manufacture and sale of wall building materials, with a revenue in 2018 of DKK 2.5 billion. The main product lines are aircrete blocks and calcium silicate units used for the residential new building segment. H+H has 28 factories in Northern and Central Europe with a total output of more than 4 million cubic metres of products annually and has a leading position in most of its markets. H+H has more than 1,600 employees and is listed on Nasdaq Copenhagen.

Attachment

• 381-Interim financial report Q1-Q3 2019