Highlights latest interim financial report
Highlights for the period 1 January to 31 March 2017
- Revenue for the first quarter of 2017 increased by 6% in local currencies (organic growth) and increased by 2% in DKK to DKK 376.5 million (2016: DKK 367.9 million).
- EBITDA before special items for the first quarter of 2017 was DKK 36.9 million (2016: DKK 36.6 million).
- EBIT before special items for the first quarter of 2017 was DKK 17.9 million (2016: DKK 15.9 million). EBIT margin before special items for the first quarter of 2017 was 4.8% (2016: 4.3%).
- Net profit for the first quarter of 2017 was DKK 1.7 million (2016: DKK 1.1 million).
- Investments for the first quarter of 2017 was DKK 23.0 million (2016: DKK 10.6 million).
- Free cash flow for the first quarter of 2017 was DKK (94.6) million (2016: (41.3) million).
- Net interest-bearing debt at 31 March 2017 was DKK 483.3 million (31 March 2016: DKK 489.7 million). A new loan agreement with Danske Bank was concluded, running until April 2020.
- H+H reiterates its outlook for 2017: Revenue growth is expected to be 5-7% (measured in local currencies), and EBITDA before special items is expected to be DKK 220-240 million. Special items of approximately DKK 25 million cost are expected to be incurred as a result of the Borough Green factory upgrade and resulting need to import products from Poland. The increased transportation cost will be expensed at the point of sale and treated as a special item. Investments excluding acquisitions and divestments are expected to be in the region of DKK 120 million.
"We are very pleased to see continuous improvements in the market, and despite adverse impact from currency development, we are able to deliver a result in line with last year" says CEO Michael T. Andersen. "Organic growth enables us to deliver a Q1 result on par with last year. We are now in a situation where we are getting closer to capacity constraints in all markets except Russia."
Download Interim financial report Q1 2017 as PDF: English