Pdf file with full version of the report is now attached.
Company Announcement No. 199, 2009
H+H International A/S
Dampfærgevej 27-29, 4th Floor
2100 Copenhagen Ø
Denmark
Telephone: +45 35 27 02 00
www.HplusH.com
20 November 2009
Interim financial report Q3 2009.
- Third-quarter revenue was DKK 320.5 million (2008: DKK 365.2 million), down
12%. Revenue for the first three quarters was DKK 816.6 million (2008: DKK
1,186.3 million).
- Total distribution costs, administrative expenses and production overheads
for the first three quarters were reduced by DKK 111.6 million compared with
the first three quarters of 2008. As a consequence of the low revenue the Group
has put in place further cost-cutting measures.
- Third-quarter EBITDA was DKK 21.4 million (2008: DKK 23.5 million), down 9%.
EBITDA for the first three quarters was DKK 15.0 million (2008: DKK 144.5
million).
- The third-quarter result before tax was a loss of DKK 82.4 million (2008:
loss of DKK 8.9 million), which included special items of DKK 63.7 million. The
result before tax for the first three quarters was a loss of DKK 207.4 million
(2008: DKK 43.7 million), which included special items of DKK 104.1 million.
Most of the special items did not have any effect on cash flow.
- Investments amounted to DKK 11.5 million for the third quarter and DKK 78.7
million for the first three quarters versus DKK 105.3 million and DKK 372.0
million for the corresponding period in 2008.
- Net interest-bearing debt at 30 September 2009 stood at DKK 990.7 million. A
conditional five year committed loan agreement has been concluded with Danske
Bank A/S after the balance sheet date. As the agreement had not been concluded
by the balance sheet date, the debt to Danske Bank A/S is classified as
non-current liabilities.
- The full-year result before tax is expected to be a loss in the region of DKK
255-265 million, which includes special items of DKK (105) million. Most of the
special items did not have any effect on cash flow. Full-year investments are
expected to amount to around DKK 100 million.
- Outlook for 2010:
- a loss before tax, but somewhat better than the expected result before
tax and special items for 2009;
- slightly neutral free cash flows;
- total investments of less than DKK 50 million.
- As previously announced in Company Announcement No. 196, 2009, the Group has
initiated a process aimed at strengthening its capital base.
Please see attached pdf file for full version of the report.
Anders C. Karlsson
Chairman of the Supervisory Board
Hans Gormsen
CEO
For additional information please contact:
Hans Gormsen, CEO, on telephone +45 35 27 02 00
This is a translation of the company's announcement in Danish. In case of
inconsistency between the Danish text and this English translation, the Danish
text shall prevail.
