Hedehusene, Denmark, 2015-11-20 08:34 CET (GLOBE NEWSWIRE) --
Release no. 12 – 2015 Report on the first 3 quarters of 2015 To Nasdaq Copenhagen
ROCKWOOL International A/S Hovedgaden 584, Entrance C DK-�2640 Hedehusene Phone: +45 4656 0300 www.rockwool.com Danish CVR no: 54879415
20 November 2015
Report on the first 3 quarters of 2015 - ROCKWOOL International A/S
Today the Board of Directors of ROCKWOOL International A/S has approved the following report on the first 3 quarters of 2015.
Highlights
* Sales for the first 3 quarters of 2015 at actual exchange rates increased 0.9% compared to the same period in 2014.The sales increase was 1.8% when adjusting for the negative currency effect of 0.9%.
* EBIT before impairment costs amounts to EUR 126.0 million (7.7% EBIT ratio) compared to EUR 127.2 million last year (7.9% EBIT ratio) – for the third quarter there was an increase to EUR 53.3 million (9.3% EBIT ratio) from EUR 51.4 mill (8.8 % EBIT ratio) last year. Adjusting for negative currency effects of 0.7%-points, the EBIT ratio is up 0.5%-points for the first 3 quarters and 1.2%-points in the third quarter alone.
* As announced on 29 September 2015, an impairment write-down amounting to EUR 21.4 million of the assets in India and China is included in the third quarter. This impacts the first 3 quarters EBIT ratio with -1.3%-points. Including the impairment effect EBIT ended at EUR 104.6 million.
* The Group’s forecast for sales growth for 2015 is slightly reduced and is now expected to be in the range of 1-2 % with no material exchange rate effect.
* EBIT expectation for the year before write-downs and redundancy costs remains unchanged above EUR 150 million.
* The business transformation program is progressing as planned and the related redundancy costs are still expected around EUR 25 million with more than half expected for 2015.
* Investment expenditure expectation for 2015 remains unchanged around EUR 180 million excluding acquisitions.
Commenting on the Group’s performance, CEO Jens Birgersson says: “It was encouraging to see the first signs of improvements in our profitability with our operating margin up in the third quarter. This is important when our core markets in Western Europe continue to show a mixed picture with our smaller markets progressing but with the key markets of Germany and France showing a sluggish performance. In North America, we continue to see rapid growth and I am particularly pleased to go ahead with our investment in a new North American ceiling tile plant to support our successful expansion strategy. This will be an important element for continued profitable growth.”
Further information: Gilles Maria Chief Financial Officer ROCKWOOL International A/S +45 46 56 03 00
