Due to the "contagion effect" in the crypto sector, investors are turning their attention to safe-haven assets
Today, the board of directors of H+H International A/S (hereinafter referred to as "H+H" or "the Group") approved the interim financial report for the first three quarters of 2021 ("Q1-Q3 2021").
Quotes from CEO Michael T. Andersen
"I am satisfied with the continued strong organic growth and steady profitability in the third quarter, which marked H+H's best nine-month performance in history. I also feel satisfied with the two acquisitions announced since the last earnings report. Very satisfied. These will further strengthen our footprint in Germany and add important production capacity to our German production network as we plan to carry out certain upgrades in 2022. Although activity in all markets remains high, we are facing input prices Continued inflation and rising transportation costs, the combination of the two, put pressure on our profit margins, but our goal is to offset this negative impact through rising sales prices."
Revenue increased by 14% to DKK 811 million (DKK 712 million in the third quarter of 2020 and DKK 779 in the third quarter of 2019). Revenue in local currencies (organic growth) increased by 13% (negative 7% in the third quarter of 2020 and negative 5% in the third quarter of 2019).
The gross profit is 250 million Danish kroner (241 million Danish kroner in the third quarter of 2020, and 263 Danish kroner in the third quarter of 2019), corresponding to a gross profit margin of 31% (34% in the third quarter of 2020, and 34% in the third quarter of 2019). 34% in the third quarter).
Earnings before interest and taxes1 before special items are 125 million Danish kroner (116 million Danish kroner in the third quarter of 2020 and 137 million Danish kroner in the third quarter of 2019), which corresponds to an EBIT margin of 15% before special items (16% in the third quarter of 2020 and 18% in the third quarter of 2019).
Net profit was 88 million DKK (83 million DKK in the third quarter of 2020 and 97 million DKK in the third quarter of 2019).
Cash flow from investment activities, including cash flow related to the acquisition of an Aircrete factory in Germany, was DKK 171 million (DKK 22 million in the third quarter of 2020 and DKK 29 million in the third quarter of 2019) .
Free cash flow is 5 million Danish kroner (136 million Danish kroner in the third quarter of 2020 and 136 million Danish kroner in the third quarter of 2019).
The financial leverage ratio at the end of the quarter was 0.3 times EBITDA, compared with 0.5 times at the end of the third quarter of 2020 and 0.9 times at the end of the third quarter of 2019.
The acquisition of an air concrete plant in Feuchtwangen, Bavaria, Germany was completed on September 15, 2021.
At the end of the quarter, H+H signed an agreement to acquire a 52.5% stake in DOMAPOR GmbH & Co. KG, a German manufacturer of aerated concrete and calcium silicate blocks.
Financial summary for the period from January 1, 2021 to September 30, 2021
Sales volume (thousand cubic meters)
Gross profit margin before special items
EBIT before special items
Return on invested capital (ROIC)
NIBD/EBITDA ratio before special items
* There are no special items in the first quarter of 2021 or the first quarter of 2020
H+H narrows the previously communicated guidance interval:
Revenue growth (organic growth) before acquisitions and divestments in local currencies is expected to be approximately 11% (previously 8% to 11%).
EBIT before special items is expected to be between 375 million DKK and 400 million DKK (previously between 360 million DKK and 400 million DKK).
The financial outlook for 2021 is based on the following specific assumptions:
The COVID-19 pandemic is not expected to have any material impact on the level of construction activity or the supply chain.
The exchange rate, mainly the British pound, the Euro and the Polish Zloty, remained at the level of the end of October 2021.
Energy and raw material prices remain at their levels at the end of October 2021.
Q1-Q3 2021 Interim Financial Report Conference Call
With the release of the interim financial report for the first quarter to the third quarter of 2021, a conference call for investors and analysts is scheduled to be held on Wednesday, November 10, 2021 at 10 a.m. Central European Time. During the conference call, CEO Michael T. Andersen and CFO Peter Klovgaard-Jørgensen will present interim financial reports. After the speech, there will be a question and answer session. Investors and analysts are cordially invited to participate by phone:
Other participants can follow the conference call through the webcast here.
The presentation slides of the conference call will be provided here in advance.
A replay of the conference call will be available on H+H's investor relations website.
Chairman of the Board
For more information, please contact:
Andreas Holkjær Investor Relations and Money Manager +45 24 48 03 67 aho@HplusH.com
1 No special projects in 2020 or 2019
449-2021 first quarter to third quarter interim financial report
Interim financial report for the first quarter to the third quarter of 2021
H+H International AS_Historical Financial Database_Q3 2021
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