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Interim financial report for H1 2020, including reinstated 2020 outlook

Company announcement No. 395, 2020

“The current market situation has shown the strength of the more diversified geographical footprint H+H has today with three core markets, to better absorb unexpected market developments such as Covid-19”, says CEO Michael T. Andersen. “The UK market was severely hit in Q2 from the lockdown end of March, whereas, the other markets contributed with positive organic growth despite covid-19. Our Q2 results are positively supported by strict pricing strategies in Germany and Poland and a strong operating cash flow.”

Financial highlights for the period 1 January to 30 June 2020

DKK millionQ2 2020Q2 2019H1 2020H1 2019
Organic growth(22)%7%(11)%13%
Organic growth excluding the UK market2%5%7%8%
EBITDA before special items104156234253
EBIT before special items57114142169
EBIT margin before special items10%15%11%12%
NIBD/EBITDA ratio before special items ratio0.
Special items0000
Free cash flow108863039









Trading update

  • Following measures taken by the UK Government on 23 March 2020 distribution centres and building sites closed in the UK
  • H+H halted UK production beginning of April as stock levels were high and demand limited. Governmental support programs for employees on furlough have been utilized in the period
  • At the beginning of May, house builders and builder’s merchants in the UK initiated a phased reopening of building sites and distribution centres
  • In early June, all Housebuilders’ sales centres and merchants opened and in the end of June, H+H started production again to facilitate the increasing demand. In early August all three factories were running  
  • H+H UK was severely hit in Q2 2020 with very limited actively in April. Coming from a low level, sales volumes increased throughout the quarter and continued the trend in July, showing a recovery of the market. As of July, most building construction sites are being reported as open and productivity levels increased as distancing rules are softening
  • The German market performed better than initial expectations and above last year and continued the performance in July despite Covid-19
  • The Polish market performed slightly below an extraordinary high activity level in 2019, driven by increased competition on the CSU market but partly offset by good performance in AAC

Outlook for 2020   

Due to the recovery and more clarity of the UK market, H+H reintroduces outlook for 2020.  Although volumes are partly returning in the UK market, the level of visibility in relation to volumes for the second half of 2020 remains limited. The Group foresees a softening of the other markets in H2 as initially expected.  Any resurgence of covid-19 is not expected to have nationwide impact in our markets. As low visibility persists due to covid-19, the range f...

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