”I’m pleased with the upgraded outlook for 2020 announced on
Financial highlights for the period 1 January to
DKK million | Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 |
Revenue | 712 | 779 | 2.012 | 2.215 |
Gross margin before special items | 34% | 34% | 32% | 31% |
Organic growth | (7)% | 5% | (9)% | 10% |
Organic growth excluding the | (7)% | 7% | 2% | 8% |
EBITDA before special items | 162 | 182 | 396 | 435 |
EBITDA margin before special items | 23% | 23% | 20% | 20% |
EBIT before special items | 116 | 137 | 258 | 306 |
EBIT margin before special items | 16% | 18% | 13% | 14% |
NIBD/EBITDA ratio before special items ratio | 0.5 | 0.9 | 0.5 | 0.9 |
Special items | 0 | 0 | 0 | 0 |
Free cash flow | 136 | 136 | 166 | 175 |
Highlights
- Current trading in the majority of our markets perform as expected with overall stable development in
Germany and softening of the Polish market. - During the third quarter of 2020, we have seen recovery in the
UK market after the lockdown where distribution centres and building sites closed in the end ofMarch 2020 due to covid-19. The lockdown affected the market throughout the second quarter of 2020 with gradual re-opening in the end of the period. - The
UK recovery is now expected to increase faster than originally anticipated for the remaining part of 2020, supported by Government stimuli.
Financial outlook for 2020
Based on higher than expected demand in the
- Revenue growth before acquisitions, divestments and measured in local currencies is expected to be in the range -12% to -8% (previously in the range -16% to -8%)
- EBIT before special items is expected to be
DKK 290-320 million (previouslyDKK 250-300 million ) - Investments, excluding acquisitions, divestments and IFRS 16 effect, are expected to be
DKK 120-130 million (previouslyDKK 100-130 million )
The financial outlook for 2020 is based on the following specific assumptions:
- Any resurgence of covid-19 will not have severe impact in our markets
- No severe impact from disruption in supply chains and constructions sites due to the pandemic
- Financial liquidity is available in the markets to support housebuilding
Investor and analyst teleconference
To attend the conference call, please see details below.
The conference call will be available at: https://streams.eventcdn.net/hplush/2020q3
Investors and analysts are invited to participate by phone.
DK: +4582333194
US: +18338230586
For further information please contact:
CFO
H+H’s core activity is the manufacture and sale of wall building materials, with a revenue in 2019 of
Attachment
- 398 - Interim financial report Q1 - Q3 2020
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