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23-11-2018 03:11:06

Solid performance continued with high sales growth and increased profitability

Report on the first nine months of 2018

for ROCKWOOL International A/S

Release no. 11 – 2018

to Nasdaq Copenhagen

23 November 2018

Solid performance continued with high sales growth and increased profitability

 

Highlights

  • Sales in the first nine months reached EUR 1,962 million, a growth of 16.1 percent in local currencies including acquisitions, which contributed three percentage points. The negative currency impact was three percentage points.

  • In Q3 2018, sales increased 14.6 percent in local currencies and reached EUR 692 million.

  • EBIT in the first nine months of 2018 ended at EUR 258 million, an increase of 39 percent, with a 13.2 percent EBIT margin, up 2.5 percentage points from last year.

  • EBIT in Q3 2018 reached EUR 97 million, an increase of 28 percent and an EBIT margin of 14.0 percent, up 1.6 percentage points from last year.

  • Investments in the first nine months of 2018 reached EUR 141 million, up EUR 48 million compared to last year, primarily due to ongoing capacity expansions in Poland and the United States.

  • Annualised return on invested capital reached 22.8 percent compared to 17.0 percent last year, driven by higher operational earnings.

  • On 31 October 2018, the Group acquired 100 percent of the shares in KEWO Insulation business near Yangzhou, China. The acquisition has no material impact on the outlook for the year.

Outlook 2018

  • Growth in net sales is now expected to be 14-15 percent in local currencies, including around 2-3 percent from the acquisition of Flumroc (previously announced 13-15 percent).

     

  • EBIT margin is expected to reach around 13 percent.

     

  • Investment level excluding acquisitions is now expected to be around EUR 230 million (previously announced EUR 260 million).
  • CEO comment

    Commenting on the Group’s performance, CEO Jens Birgersson says:

    “We are pleased with our sales and profitability performance, as we achieved good top line growth in all major regions and good profitability across the board.  The higher input costs we’re experiencing are being offset by strong factory performance and high productivity.

    It’s also gratifying that our sustainability efforts are being recognised, with the Standard & Poor’s Trucost analysis confirming that 100 percent of ROCKWOOL’s products contribute to meeting UN Sustainable Development Goals”.

    Further information:

    Kim Junge Andersen, Chief Financial Officer

    ROCKWOOL International A/S

    +45 46 56 03 00

    Conference call:

    The ROCKWOOL Group will host an earning call on 23 November 2018 at 11.00 CET. To attend the conference call dial +4570223500, +44(0)2075721187 or +1 6467224972. Passcode 77040530#. The conference call will be transmitted live on www.rockwoolgroup.com 

    Attachment

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