H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 1/19
Telephone +4 5 35 27 02 00
CVR No. 49 6198 12
LEI: 213800GJODT6FV8QM841
Date:
15 August 2023
Today, the Board of Directors of H+H Inte rnational A/S (hereinafter referred to as “H+H” or “the Company”) has
adopted the Interim Financial Report for the second quarter (“Q2 2023”) and the first six months of 2023 (“H1
2023”).
CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE
“Despite a positive trend in Q2, we are trending behind our volume expectations in CWE and UK in July and August.
On top of this, we are starting to see higher price competition in Germany. Consequently, our organic growth will
be negatively impacted in H2, changing our guidance. We are using the current environment to improve our
operations for the long-term. We are proactively driving the efficiency of our plant network by shifting volumes to
higher efficient plants and increase their output. In parallel we are further streamlining our SG&A costs with a
special focus on CWE and strengthening procurement to support the balance between price and cost. All these
efforts will lead to an even stronger company for when the markets recover.” says CEO Jörg Brinkmann.
PERFORMANCE HIGHLIGHTS FOR Q2 2023 (Q2 2022)
• Sales volume decreased by 39% to 723 thousand cubic metres (1,182 thousand cubic metres)
• Revenue growth before acquisitions and divestments measured in local currencies (“organic growth”) was
negative 26% (positive 13%).
• Gross profit before special items was DKK 178 million (DKK 320 million), corresponding to a gross margin of
24% (32%).
• EBIT before special items was DKK 38 million (DKK 177 million), corresponding to an EBIT margin before special
items of 5% (18%).
• Net profit of DKK (101) million (DKK 129 million).
• Free cash flow was DKK (68) million (DKK 165 million).
• Financial gearing was 2.0 times EBITDA at the end of Q2 2023 (0.5 times EBITDA at the end of Q2 2022).
Company Announcement No. 540, 2023
Interim Financial Report
H1 2023: H+H lowers financial outlook: Using the current
environment to strengthen the company
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 2/19
Interim financial report
H
1 2023
FINANCIAL HIGHLIGHTS FOR THE PERIOD
DKK million Q2 2023 Q2 2022 H1 2023 H1 2022
Sales volume (thousand cubic metres)
723
1,182
1,357
2,269
Revenue
731
1,000
1,372
1,874
Organic growth
(26)%
13%
(26)%
20%
Gross margin before special items
24%
32%
24%
30%
EBITDA before special items
87
227
159
386
EBIT before special items
38
177
59
287
EBIT margin before special items
5%
18%
4%
15%
Special items
(165)
(9)
(174)
(19)
Return on Invested Capital (ROIC)
2%
26%
2%
26%
NIBD/EBITDA before special items ratio
2.0x
0.5x
2.0x
0.5x
Free cash flow
(68)
165
(377)
102
FINANCIAL OUTLOOK FOR 2023 IS LOWERED
• Revenue growth measured in local currencies is expected to be negative ranging from -20% to -25% (previously
-15% to -20%)
• EBIT before special items is expected to be in the range of DKK 30 million to DKK 100 million (previously 100 to
175 DKKm)
The financial outlook for 2023 is based on the following specific assumptions:
• Sales volumes expected to decrease around -30% to -35%
• Exchange rates, primarily GBP, EUR and PLN remain at end-July 2023 levels.
H1 2023 INTERIM FINANCIAL REPORT CONFERENCE CALL
In connection with the release of the H1 2023 Interim Financial Report, a conference call for investors and analysts
is scheduled for Wednesday 16 August 2023, at 10:00 a.m. CEST. On the call, Chief Executive Officer (“CEO”) Jörg
Brinkmann and Chief Financial Officer (“CFO”) Peter Klovgaard-Jørgensen will present the H1 interim financial
report. The presentation will be followed by a Q&A session.
Investors and analysts are invited to participate via
phone (PIN code: 275042):
DK: +45 78 76 84 90
UK: +44 203 769 6819
US: +1 646 787 0157
• Other participants can follow the conference call via live webcast here
.
• The presentation slides for the conference call will be made available beforehand here.
• After the conference call, you can access the replay and transcript on H+H's Investor Relations website here.
H+H’s core activity is the manufacture and sale of wall-building materials with a revenue in 2022 of DKK 3.6 billion. The main
product lines are aircrete blocks and calcium silicate units used for the residential new building segment. H+H has 27 factories in
Northern and Central Europe with a total output of close to 4 million cubic metres of products annually and has a leading
position in most of its markets. H+H is listed on the Nasdaq Copenhagen stock exchange.
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 3/19
Interim financial report
H
1 2023
KEY FIGURES – H+H GROUP
Financial ratios have been calculated in accordance with recommendations from the Danish Society of Financial Analysts.
Q2 Q2 H1 H1 Full-year
Amounts in DKK million 2023 2022 2023 2022 2022
Income statement
Revenue 731 1,000 1,372 1,874 3,604
Gross profit before special items 178 320 332 564 1,020
EBITDA before special items 87 227 159 386 657
EBITDA 19 218 82 376 615
EBIT before special items 38 177 59 287 455
EBIT (127) 168 (115) 268 413
Profit before tax (139) 164 (137) 259 398
Profit for the period (101) 129 (108) 201 317
Balance sheet
Assets 3,982 3,673 3,982 3,673 3,750
Invested capital 2,341 1,983 2,341 1,983 2,142
Net working capital 534 178 534 178 242
Equity 1,787 1,859 1,787 1,859 1,938
Net Interest-bearing debt (NIBD) 875 343 875 343 492
Cash flow
Cash flow from operating activities (23) 207 (295) 186 316
Cash flow from investing activities (45) (42) (82) (84) (255)
Cash flow from financing activities 168 (70) 375 (70) (19)
Free cash flow (68) 165 (377) 102 61
Financial ratios
Organic growth (26)% 13% (26)% 20% 14%
Gross margin before special items 24% 32% 24% 30% 28%
EBITDA margin before special items 12% 23% 12% 21% 18%
EBITDA margin 3% 22% 6% 20% 17%
EBIT margin before special items 5% 18% 4% 15% 13%
EBIT margin (17)% 17% (8)% 14% 11%
Return on invested capital (ROIC) (excl. Goodwill) 2% 26% 2% 26% 19%
Solvency ratio 42% 48% 42% 48% 49%
NIBD/EBITDA before special items ratio 2.0x 0.5x 2.0x 0.5x 0.7x
Share data
Share price, end of period (DKK) 82 133 82 133 103
Book value per share, end of period (DKK) 102 106 102 106 110
Earnings per share (5.8) 7.4 (6.2) 11.3 17.1
Diluted earnings per share (5.8) 7.4 (6.2) 11.3 17.0
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 4/19
Interim financial report
H
1 2023
MANAGEMENT’S REVIEW
INCOME STATEMENT FOR THE SECOND QUARTER
OF 2023
Revenue
Total revenue decreased by 27% to DKK 731 million
in Q2 2023 compared to DKK 1,000 million in Q2
2022. Revenue growth before acquisitions and
divestments measured in local currencies (“organic
growth”) was negative 26% in Q2 2023 compared to
positive 13% in Q2 2022.
The decline in revenue and organic growth was
primarily caused by reduced market demand across
all regions, with Poland being the main contributing
factor.
Revenue in the Central Western Europe region
decreased by 19% to DKK 355 million compared to
DKK 440 million in Q2 2022 driven by lower sales
volumes, slightly offset by price increases. Organic
growth in the region was negative 20% as a result of
lower sales volumes for both AAC and CSU, partly
offset by higher sales prices for both product
categories.
Revenue in the United Kingdom decreased by 21% to
DKK 222 million compared to DKK 281 million in Q2
2022. This decline was driven by negative organic
growth of 18%, due to decreased demand, partially
offset by higher sales prices.
Revenue in Poland decreased by 45% to DKK 154
million compared to DKK 279 million in Q2 2022.
Organic growth was negative 45% driven by
decreasing demand, slightly offset by sales price
increases.
Of the total revenue in Q2 2023 of DKK 731 million,
AAC and CSU constituted 71% and 29%, respectively.
Production cost
Led by lower production volume, production cost
decreased by 19% to DKK 553 million in Q2 2023
compared to DKK 680 million in Q2 2022.
In the second quarter of 2023, H+H made
adjustments to its production capacity in response to
reduced market demand. For further details, please
see Note 8 and Note 9.
Gross profit before special items
Gross profit amounted to DKK 178 million compared
to DKK 320 million in Q2 2022, corresponding to
gross margins of 24% and 32%, respectively.
The lower gross profit margin is driven by overhead
cost spread over lower volumes as well as increased
production costs including cost of energy.
Gross profit in the AAC and CSU businesses
amounted to DKK 124 million and DKK 54 million in
Q2 2023, respectively. This corresponded to gross
margins of 24% and 25% for AAC and CSU,
respectively.
E
BITDA before special items
EBITDA before special items amounted to DKK 87
million compared to DKK 227 million in Q2 2022,
corresponding to EBITDA margins of 12% and 23%,
respectively.
Depreciation and amortisation
Depreciation and amortisation in Q2 2023 amounted
to DKK 49 million compared to DKK 50 million in Q2
2022.
EBIT before special items
EBIT before special items amounted to DKK 38
million in Q2 2023, compared to DKK 177 million in
Q2 2022, corresponding to EBIT margins before
special items of 5% and 18%, respectively.
Special items
Special items of DKK 165 million for Q2 2023 mainly
comprise impairment of assets and restructuring
costs associated to closed down factories.
Please refer to Note 9 and Note 11 for more
information about special items for the period.
Net financials
Net financials totalled an expense of DKK 12 million
in Q2 2023, compared to an expense of DKK 4 million
in Q2 2022. The development is mainly driven by
increase in interest expenses from an increased NIBD
and interest rate.
Profit before tax
Profit before tax amounted to negative DKK 139
million in Q2 2023, compared to positive DKK 164
million in Q2 2022.
Revenue, external
Amounts in DKK million 2023 2022 2023 2022
Central Western Europe 355 440 700 836
United Kingdom 222 281 368 520
Poland 154 279 304 518
Total 731 1,
000 1,372 1,874
Q2
H1
Revenue
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 5/19
Interim financial report
H
1 2023
Tax
Tax for the period amounted to a net income of DKK
38 million compared to a net expense of DKK 35
million in Q2 2022. Please refer to Note 15 for more
information about tax for the period.
Net profit
Net profit for the period amounted to a loss of DKK
101 million compared to a profit of DKK 129 million
in Q2 2022.
Loss for the period is attributable to H+H
International A/S’ shareholders by DKK 101 million
and to non-controlling interests by DKK 0 million
compared to a profit of DKK 129 million and DKK 0
million, respectively, for Q2 2022.
Comprehensive income
Other comprehensive income for Q2 2023 amounted
to a loss of DKK 10 million compared to a loss of DKK
8 million in Q2 2022. The year-on-year development
was mainly driven by a loss in fair value adjustments
of derivative financial instruments offset by a
favourable foreign exchange rates.
INCOME STATEMENT FOR THE FIRST SIX MONTHS
OF 2023
Revenue
Total revenue for the first six months of 2023
decreased by 27% to DKK 1,372 million compared to
DKK 1,874 million in the first half of 2022. Organic
growth was negative 26% in the first six months of
2023 compared to positive 13% for the first half of
2022.
Of the total revenue of DKK 1,371 million, AAC and
CSU constituted 71% and 29%, respectively.
Gross profit before special items
Gross profit in the first half 2023 decreased by 41%
to DKK 332 million compared to DKK 564 million in
2022, corresponding to gross margins of 24% and
30%, respectively. The decrease in gross profit
margin is driven by overhead costs spread over
lower volumes and increased production costs,
including energy expenses.
Gross profit in the AAC and CSU businesses
amounted to DKK 222 million and DKK 110 million,
respectively. This compares to DKK 399 million and
DKK 165 million in the first half of 2022 for the AAC
and CSU businesses, respectively.
EBITDA before special items
EBITDA before special items in the first six months of
2023 decreased by 59% to DKK 159 million
compared to DKK 386 million in 2022, corresponding
to EBITDA margins of 12% and 21%, respectively.
Depreciation and amortisation
Depreciation and amortisation in the first half 2022
amounted to DKK 100 million compared to DKK 99
million in first half 2022.
EBIT before special items
EBIT for the first six months of 2023 decreased by
DKK 228 million compared to the first half of 2022,
corresponding to EBIT margins of 4% and 15%,
respectively.
Special items
Special items of DKK 174 million for the first half
2023 mainly comprise impairment of assets and
restructuring costs associated to closed down
factories.
Please refer to Note 9 and Note 11 for more
information about special items for the period.
Net financials
Net financials totalled an expense of DKK 22 million
in first half 2023, compared to an expense of DKK 9
million in first half 2022. The development is mainly
driven by increase in interest expenses from an
increased NIBD and interest rates.
Profit before tax
Profit before tax for the first half 2023 amounted to
a loss of DKK 137 million, compared to positive DKK
259 million in first half 2022.
Tax
Tax for the period amounted to a net income of DKK
29 million compared to a net expense of DKK 58
million in first half 2022. Please refer to Note 15 for
more information about tax for the period.
Net profit
Profit in the first six months of 2023 decreased by
DKK 309 million to a loss of DKK 108 million,
compared to positive DKK 201 million in 2022.
Loss for the period is attributable to H+H
International A/S’ shareholders by DKK 108 million
and to non-controlling interest by DKK 0 million
compared to a profit of DKK 197 million and DKK 0
million, respectively, for the first half of 2022.
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 6/19
Interim financial report
H
1 2023
Comprehensive income
Other comprehensive income for the first six months
of 2023 was negative DKK 39 million compared to
negative DKK 51 million for the first half 2022,
mainly driven by a loss in fair value adjustments of
derivative financial instruments of DKK 43 million
offset by a positive development in foreign exchange
rates of DKK 57 million.
CASH FLOW
Operating activities
Cash flow from operating activities amounted to DKK
negative 23 million in Q2 2023 compared to positive
DKK 207 million in Q2 2022.
Cash flow from operating activities in the first six
months of 2023 was negative DKK 295 million
against positive DKK 186 million in 2022.
Development in operating cash flow is led by lower
earnings for the period and a negative working
capital development driven by stock build in Q1 due
to capacity adjustments.
Investing activities
Cash flow from investing activities in Q2 2023
amounted to negative DKK 45 million compared to
negative DKK 42 million in Q2 2022.
Cash flow from investing activities in first six months
of 2023 was negative DKK 82 million, compared to
negative DKK 84 million in the first half of 2022.
Financing activities
Cash flow from financing activities amounted to
positive DKK 168 million in the second quarter of
2023 compared to negative DKK 70 million in Q2
2022.
Cash flow from financing activities amounted to
positive DKK 375 million in first half of 2023
compared to negative DKK 70 million in 2022.
The year-on-year increase, both for the quarter and
first half, was mainly driven by a change in
borrowings due to the development in earnings and
working capital, and the purchase of treasury shares
of negative DKK 50 million and DKK 85 million in the
second quarter and first half 2022, respectively, this
in connection with the share buy-back programme.
BALANCE SHEET
On 30 June 2023, the balance sheet total amounted
to DKK 3,982 million compared to DKK 3,673 million
on 30 June 2022 mainly driven by an increase in
inventories of DKK 356 million.
Net interest-bearing debt
Net interest-bearing debt totalled DKK 875 million
on 30 June 2023 corresponding to an increase of DKK
383 million since 31 December 2022.
Th
e increase in net interest-bearing debt since the
beginning of the year was primary driven by negative
working capital development for the period.
On 30 June 2023, the Company’s financial gearing
was 2.0 times net interest-bearing debt to EBITDA,
which remains within the Company’s long-term
financial target of 1-2x EBITDA.
The Company’s net interest-bearing debt excluding
leasing totalled DKK 0.8 billion on 30 June 2023,
corresponding to an unused committed bank facility
of DKK 0.2 billion.
Equity
The consolidated equity decreased by DKK 102
million compared to 31 December 2022 and
decreased by DKK 23 million compared to 30 June
2022.
Equity
H1 H1
Amounts in DKK million 2023 2022
1 January 1,938 1,814
Profit for the period (108) 201
Actuarial gains/losses on pension
plans
(38) (36)
Value adjustments of derivative
financial instruments
(43) -
Foreign exchange adjustments 42 (15)
Purchase of treasury shares (2) (85)
Adjustment to non-controlling
interests arising from acquisition
- (22)
Share based payment (2) 2
30 June 1,787 1,
859
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 7/19
Interim financial report
H
1 2023
CURRENT BUSINESS DEVELOPMENT
Low building activity across all our markets
In the second quarter of 2023, the slow recovery
seen in sales volumes from first quarter continued,
though heavily impacted by uncertainty and very low
residential newbuild activity across all our markets.
For the first six months of 2023 our sales volumes
are 40% lower compared to the same period last
year. The positive trend observed in Q2 has, to some
extent, not followed during beginning of Q3 as both
the CWE and UK regions have experienced a
significant decline in summer activity.
Permissions for new buildings in Germany decreased
by 33% from January to May 2023 compared to last
year, and continued high interest rates levels has led
to a reduction of new mortgage loans for private
investors. Institutional investors of multi-family
houses are very reluctant to realize new projects
before they have sold the flats to their customers
and the demand for 1-2-family houses by private
investors decreased compared to last year.
A notable housing shortage still persists in Germany,
especially within the rental market and
agglomeration areas. This undersupply is increasing
due to a growing population on one side and a
significant reduction in completions on the other
side, which contributes to the construction backlog.
In Germany, we are witnessing a changing
competitive landscape that is driving prices
downward. Despite the challenges posed by a
tougher market, we achieved -20% organic growth in
Q2 and negative 14% for the first six month
compared to last year in the CWE region as we were
able to expand our market position while
maintaining prices and pass on inflation.
In the UK, the number of new home registrations fell
by 42% in the second quarter of 2023 compared to
the same period last year. Market demand continues
to be supressed due to high interest rates affecting
mortgage affordability and high inflation, which is
hampering consumer spending. Also, in the UK we
were able to maintain prices and pass on inflation
which resulted in negative 18% organic growth in Q2
and negative 26% for the first six months.
The UK government has made an announcement to
fulfil its manifesto commitment to construct one
million homes during this parliamentary term,
however, creating a more favourable environment
will depend on a decline in inflation and the easing
of mortgage rates.
In Poland, the number of building permits decreased
by 35% from January to June 2023 compared to last
year. In Poland we are starting to see some price
pressure and our key focus remains to safeguard our
margins, as we closely monitor the market. In a
tough price environment, we delivered negative 45%
organic growth in Q2 and negative 40% for the first
six months.
In an attempt to stimulate new investments, the
"Safe Credit" 2 percent program has been
introduced in Poland. This allows first time buyers to
seek financing with subsidies for 10 years.
Pro-actively improving our operations
The market recovery will be highly dependent on the
development of interest rates or the effectiveness of
government support programs. As we do not expect
a short-term recovery of our markets, we are
proactively improving our operations.
A major element is the efficiency improvement of
our plant network. As a first step we have decided to
close 5 plants and shift volumes to bigger and more
efficient plants. In total we have adjusted our
workforce by around 20% in operations. For all
regions we have identified enough capacity to
service our customers not only this year, but also
when the markets will start picking up again. Beyond
that, we are further improving efficiency through
lean manufacturing principles.
We have also adjusted our SG&A cost base. This is
mainly achieved through better and standardized
business processes, using digital tools. The biggest
potential for the group exists in our CWE region,
where we are further integrating the businesses.
On top of fix costs, we have also strengthened our
group procurement function and announced a
central role for this.
These initiatives will help to support our
performance this year. But even more, we are
building an even stronger company for when the
markets will recover with lean manufacturing and
businesses processes, driving both a great customer
experience and better results.
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 8/19
Interim financial report
H
1 2023
Restructuring cost and special items
As a result of the restructuring, a comprehensive
evaluation of the recoverable amounts of production
and related equipment was conducted, leading to
the acknowledgment of impairment losses
amounting to DKK 100 million.
The cost savings program includes restructuring of
production costs and SG&A expenses. Total
restructuring costs are estimated to be around 100
million with a payback of less than one year. In the
current quarter, DKK 45 million in restructuring costs
related to the program have been recognized as
special items, resulting in a total of DKK 55 million
for the first six months.
During the second quarter of the year, gas contracts
dating back to the first half of 2022 led to the sale of
unused gas in the market, resulting in financial losses
amounting to DKK 16 million as the fixed gas prices of
the gas being sold off exceeds current market price.
In addition, financial losses of DKK 6 million has also
been recognised related to a fair value adjustment of
the gas commodity forward contracts in the quarter.
MOST MATERIAL RISKS AND
UNCERTAINTIES
For most material risk and uncertainties, please refer
to Note 3 “Risks Management” and to Note 4
“Significant accounting estimates and judgements”.
EVENTS IN THE QUARTER
For significant events in the quarter, please refer to
Note 8 “Impairment testing of goodwill and non-
current assets”, Note 9 “Special items, net”, Note 10
“Pension obligations” and note 11 “Derivative
financial instruments”.
EVENTS AFTER THE BALANCE SHEET DATE
No events have occurred after the balance sheet
date that will have a material effect on the parent
company’s or the H+H Company’s financial position.
FINANCIAL OUTLOOK FOR 2023
The Company’s financial expectations for the full
year 2023 is changed:
• Revenue growth measured in local currencies
ranging from -20% to -25%. (Previous -15% to -
20%)
• EBIT before special items is expected in the range
of DKK 30-100 million (Previously 100-175)
ASSUMPTIONS FOR THE FINANCIAL
OUTLOOK FOR 2023
Specific assumptions
The expectations for H+H’s financial performance in
2023 are based on certain specific and general
assumptions. Management believes that the most
significant of these assumptions relate to the
following items:
• Sales volumes to decrease around -30% to -35%
• Exchange rates, primarily GBP, EUR and PLN
remain at end-July 2023 levels.
General assumptions
The expectations for H+H’s financial performance
are also based on certain general assumptions.
Management believes that the most significant
assumptions underlying H+H’s expectations relate
to:
• sales volumes and product mix;
• price competition;
• developments in the market for building
materials;
• distribution factors;
• weather conditions;
• macro-economic and geopolitical developments;
and
• operational uptime at H+H’s production plants,
including the supply of relevant energy and raw
materials.
FINANCIAL CALENDAR 2023
Q3 2023 Interim Financial Report
17 Nov. 2023
FORWARD-LOOKING STATEMENTS
The Interim Financial Report contains forward-
looking statements. Such statements are subject to
risks and uncertainties, as various factors, many of
which are beyond the control of H+H, may cause
actual developments and results to differ materially
from the expectations expressed in this document.
In no event shall H+H be liable for any direct,
indirect, or consequential damages or any other
damages whatsoever resulting from loss of use,
data, or profits, whether in an action of contract,
negligence, or other action arising out of or in
connection with the use of information in this
document.
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 9/19
Interim financial report
H
1 2023
STATEMENT BY THE EXECUTIVE BOARD AND THE BOARD OF DIRECTORS
The Executive Board and the Board of Directors have today discussed and approved the interim financial report for
H+H International A/S for the first six months of 2023.
The interim financial report, which has not been audited or reviewed by the H+H’s auditors, has been prepared in
accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and the Danish disclosure
requirements for the interim financial reports of listed companies.
It is our opinion that the interim financial report gives a true and fair view of H+H’s assets, liabilities, and financial
position on 30 June 2023 and of the results of H+H’s operations and its cash flows for the period 1 January to 30
June 2023.
Furthermore, it is our opinion that management’s review provides a fair account of developments in H+H’s
operations and financial conditions, the results for the period and H+H’s overall financial position, as well as a
description of the most significant risks and uncertainties that H+H faces.
Copenhagen, 15 August 2023
EXECUTIVE BOARD
Jörg Brinkmann
CEO
Peter Klovgaard-Jørgensen
CFO
BOARD OF DIRECTORS
Kent Arentoft
Chair
Jens-Peter Saul
Vice chair
Stewart Antony Baseley
Volker Christmann
Kajsa von Geijer
Miguel Kohlmann
Helen MacPhee
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 10/19
Interim financial report
H
1 2023
CONDENSED INCOME STATEMENT
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Q2 Q2 H1 H1 Full-year
Amounts in DKK million 2023 2022 2023 2022 2022
Revenue 731 1,000 1,372 1,874 3,604
Cost of goods sold (553 ) (680 ) (1,040 ) (1,310 ) (2,584 )
Gross profit before special items 178 320 332 564 1,020
Sales costs (41 ) (46 ) (78 ) (84 ) (170 )
Administrative costs (57 ) (55 ) (103 ) (104 ) (222 )
Other operating income and costs, net 7 8 8 10 29
EBITDA before special items 87 227 159 386 657
Depreciation, amortisation and impairments (49 ) (50 ) (100 ) (99 ) (202 )
EBIT before special items 38 177 59 287 455
Special items, net (165 ) (9 ) (174 ) (19 ) (42 )
EBIT (127 ) 168 (115 ) 268 413
Financial income 3 1 5 2 6
Financial expenses (15 ) (5 ) (27 ) (11 ) (21 )
Profit before tax (139 ) 164 (137 ) 259 398
Tax on profit 38 (35 ) 29 (58 ) (81 )
Profit for the period (101 ) 129 (108 ) 201 317
Profit for the period attributable to:
H+H International A/S' shareholders (101 ) 129 (108 ) 197 303
Non-controlling interest - - - 4 14
Profit for the period (101 ) 129 (108 ) 201 317
Earnings per share (EPS-Basic) (5.8 ) 7.4 (6.2 ) 11.3 17.1
Diluted earnings per share (EPS-D) (5.8 ) 7.4 (6.2 ) 11.3 17.0
Group
Q2 Q2 H1 H1 Full-year
Amounts in DKK million 2023 2022 2023 2022 2022
Profit for the period (101 ) 129 (108 ) 201 317
Items that may be reclassified subsequently to profit or loss:
Fair value adjustments of derivative financial instruments (43 ) - (43 ) - -
Foreign exchange adjustments, foreign entities 35 (7 ) 42 (15 ) (17 )
(8 ) (7 ) (1 ) (15 ) (17 )
Items that will not be reclassified subsequently to profit:
Actuarial gains and losses (1 ) 1 (46 ) (40 ) 18
Tax on actuarial gains and losses (1 ) (2 ) 8 4 (1 )
(2 ) (1 ) (38 ) (36 ) 17
Other comprehensive income after tax (10 ) (8 ) (39 ) (51 ) -
Total comprehensive income for the period (111 ) 121 (147 ) 150 317
Group
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 11/19
Interim financial report
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1 2023
CONDENSED BALANCE SHEET
Group
30 June 31 December 30 June
Amounts in DKK million 2023 2022 2022
ASSETS
Non-current assets
Goodwill 421 419 453
Other intangible assets 253 253 265
Property, plant and equipment 1,740 1,822 1,727
Deferred tax assets 14 17 14
Financial assets 5 6 6
Total non-current assets 2,433 2,517 2,465
Current assets
Inventories 721 523 365
Receivables 288 174 317
Cash 540 536 526
Total current assets 1,549 1,233 1,208
TOTAL ASSETS 3,982 3,750 3,673
EQUITY AND LIABILITIES
Equity
Share capital 165 175 175
Retained earnings 1,682 1,822 1,745
Other reserves (156 ) (155 ) (153 )
Equity attributable to H+H International A/S’ shareholders 1,691 1,842 1,767
Equity attributable to non-controlling interests 96 96 92
Total equity 1,787 1,938 1,859
Non-current liabilities
Pension obligations 55 23 101
Provisions 38 38 41
Deferred tax liability 65 110 125
Credit institutions 1,312 920 771
Deferred payments, acquisition of subsidiary 99 105 105
Lease liabilities 78 81 78
Total non-current liabilities 1,647 1,277 1,221
Current liabilities
Lease liabilities 25 27 20
Trade payables 278 278 300
Income tax 10 37 57
Deferred payment, acquisition of subsidiary 7 7 7
Provisions 31 9 5
Other payables 197 177 204
Total current liabilities 548 535 593
Total liabilities 2,195 1,812 1,814
TOTAL EQUITY AND LIABILITIES 3,982 3,750 3,673
Net interest-bearing debt 875 492 343
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 12/19
Interim financial report
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1 2023
CONDENSED CASH FLOW STATEMENT
Q2 Q2 H1 H1
Amounts in DKK million 2023 2022 2023 2022
Operating profit (EBIT)
(127 ) 168 (115 ) 268
Financial income, received
Financial expenses, paid
(15 ) (5 ) (27 ) (11 )
Depreciation and amortisation
Impairment of assets associated with closed down factories
Gain and losses on sale of assets and other non-cash effects
Change in working capital
(8 ) 22 (309 ) (111 )
Change in provisions and pension contribution
(10 ) (9 ) (18 ) (27 )
Income tax paid
(21 ) (12 ) (35 ) (27 )
Operating activities (23 ) 207 (295 ) 186
Acquisition of enterprises (7 ) - (7 ) -
Acquisition of property, plant and equipment and intangible assets (38 ) (42 ) (75 ) (84 )
Investing activities (45 ) (42 ) (82 ) (84 )
C
ha
nge in borrowings 175 (14 ) 392 28
Change in lease liabilities (7 ) (6 ) (15 ) (13 )
Purchase of treasury shares - (50 ) (2 ) (85 )
Financing activities 168 (70 ) 375 (70 )
Total cash flow for the period 100 95 (2 ) 32
Cash and cash equivalents, opening 436 433 536 499
Foreign exchange adjustments of cash 4 (2 ) 6 (5 )
Cash and cash equivalents at 30 June 540 526 540 526
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 13/19
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1 2023
CONDENSED STATEMENT OF CHANGES IN EQUITY
Amounts in DKK million
Share
capital
Hedging
reserve
Translation
reserve
Retained
earnings
H+H
shareholders
share
Non con-
trolling
interests’
share
Total
Equity at 1 January 2023 175 - (155 ) 1,822 1,842 96 1,938
Total changes in equity
Profit for the period - - (108 ) (108 ) - (108 )
Other comprehensive income - (43 ) 42 (38 ) (39 ) - (39 )
Total comprehensive income - (43 ) 42 (146 ) (147 ) - (147 )
Share-based payment - - - (2 ) (2 ) - (2 )
Purchase of treasury shares - - - (2 ) (2 ) - (2 )
Share capital decrease (10 ) - - 10 - - -
Total changes in equity in 2023 (10 ) (43 ) 42 (140 ) (151 ) - (151 )
Equity at 30 June 2023 165 (43 ) (113 ) 1,682 1,691 96 1,787
Equity at 1 January 2022 180 - (138 ) 1,662 1,704 110 1,814
Total changes in equity
Profit for the period - - - 197 197 4 201
Other comprehensive income - - (15 ) (36 ) (51 ) - (51 )
Total comprehensive income - - (15 ) 161 146 4 150
Share-based payment - - - 2 2 - 2
Purchase of treasury shares - (85 ) (85 ) - (85 )
Share capital decrease (5 ) - - 5 - - -
Adjustment to non-controlling interests arising
from acquisition
Total changes in equity in 2022 (5 ) - (15 ) 83 63 (18 ) 45
Equity at 30 June 2022 175 - (153 ) 1,745 1,767 92 1,859
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 14/19
Interim financial report
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1 2023
NOTES
1. Accounting policies
The interim financial report for the period 1 January to 30 June 2023 has been prepared in accordance with IAS 34
“Interim Financial Reporting” as adopted by the EU and additional Danish disclosure requirements for the interim
financial reports of listed companies. The application of IAS 34 means that the disclosures are more limited than in
a complete annual report, but that the interim financial report complies with the recognition and measurement
principles in the International Financial Reporting Standards (IFRS). The interim financial report has not been
reviewed by H+H’s auditors.
With reference to Note 11 “Derivative financial instruments”, H+H has introduced the accounting principles below.
Derivative financial instruments are initially recognised in the balance sheet at fair value and are subsequently
remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as
other receivables and other payables, respectively.
Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of
recognised asset or liability are recognised in the income statement as are any changes in the value of the hedged
asset or liability.
Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future
cash flows are recognised in other comprehensive income. Income and expenses relating to such hedging
transactions are transferred from other comprehensive income on realisation of the hedged item to the income
statement.
Other than above, the accounting policies are consistent with those applied in the 2022 Annual Report, which
includes a full description of the accounting policies applied.
2. Adoption of new and revised IFRSs
H+H International A/S has adopted all new or revised and amended International Financial Reporting Standards
(IFRSs) and interpretations (IFRIC) issued by IASB and endorsed by the EU effective for the financial year 2023. It is
assessed that the revisions and amendments have not had a material impact on the consolidated financial
statements.
3. Risk Management
H+H’s principal risks and the external factors that may affect H+H are provided in the 2022 Annual Report. These
are unchanged for the first half year of 2023.
4. Significant estimates and judgements
Determining the carrying amounts of some assets and liabilities requires Management to make judgements,
estimates and assumptions concerning future events. The estimates and assumptions made are based on historical
experience and other factors that are believed by Management to be sound under the circumstances but that, by
their nature, are uncertain and unpredictable.
In the case of the H+H Group, significant changes in the estimates and assumptions on which values are based may
have a material effect on the measurement of assets and liabilities, including impairment testing of goodwill and
non-current assets (reference made to note 8), special items, net (reference made to note 9), pension obligations
(reference made to note 10) and derivative financial instruments (reference made to note 11).
The estimates and assumptions may be incomplete or inaccurate, and unforeseen events or circumstances may
occur. Moreover, the H+H Group is subject to risks and uncertainties that may lead to the actual outcomes
differing from these estimates and assumptions. It may be necessary to change estimates and assumptions made
previously as a result of changes in the factors on which these were based or as a result of new knowledge or
subsequent events.
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 15/19
Interim financial report
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1 2023
5. Seasonal fluctuations
The sales pattern for H+H’s products is seasonal. Sales in the second and third quarters are traditionally higher
than during the rest of the year. As a part of H+H’s cost base is not directly variable with revenue, deviations from
projected sales may result in considerable fluctuations in the Company’s earnings.
6. Income statement classified by function
It is Company policy to prepare the income statement based on an adapted classification of costs by function in
order to show EBIT before special items. Depreciation and amortisation of property, plant and equipment, and
intangible assets are therefore classified by function and presented on separate lines.
The above table shows an extract of the income statement adapted to show depreciation and amortisation
classified by function.
7. Geographical information
When presenting information on geographical areas, information on revenue is based on countries with the
exception of the “Central Western Europe” region which comprises Germany, Switzerland, Denmark, Sweden, the
Czech Republic, Netherlands and Belgium. Revenue for Germany for Q2 2023 amounted to DKK 235 million (2022:
DKK 304 million) and to DKK 465 million for the first six months of 2023 (2022: DKK 556 million).
Amounts in DKK million Q2 2023 Q2 2022 H1 2023 H1 2022
Revenue 731 1,000 1,372 1,874
Cost of goods sold (584) (714) (1,105) (1,376)
Gross profit including depreciation and amortisation 147 286 267 498
Sales cost (53) (58) (102) (109)
Administrative costs (63) (59) (114) (112)
Other operating income and costs 7 8 8 10
EBIT before special items 38 177 59 287
Special items, net (165) (9) (174) (19)
EBIT (127) 168 (115) 268
Depreciation and amortisation comprise:
Depreciation of property, plant and equipment 40 36 80 75
Amortisation of intangible assets 9 14 20 24
Total 49 50 100 99
Depreciation, amortisation and impairment are allocated to:
Production costs 31 34 65 66
Sales costs 12 12 24 25
Administration costs 6 4 11 8
Total 49 50 100 99
Amounts in DKK million Q2 2023 Q2 2022 H1 2023 H1 2022
Central Western Europe 355 440 700 836
United Kingdom 222 281 368 520
Poland 154 279 304 518
731 1,000 1,372 1,874
Revenue
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 16/19
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1 2023
8. Impairment testing of goodwill and non-current assets
Due to the significant decrease in earnings, Management has tested goodwill for impairment in each of the cash-
generating units (CGU’s) to which such assets have been allocated.
Management have reassessed identified CGU’s. Compared to 31 December 2022, the two CGU’s CWE AAC and
CWE CSU have been combined into one CGU, this due to changes in the internal reporting structure. Associated
values of goodwill for the CGU’s amount to; Central Western Europe AAC & CSU DKK 398 million and Poland AAC &
CSU DKK 23 million. Management is of the opinion that the lowest level of cash-generating unit to which the
carrying amount of goodwill can be allocated is in each CGU.
Factories closed down in Germany comprise three CSU factories included in the CGU for “Central Western Europe
AAC & CSU”, and factories closed down in Poland comprised two factories, one AAC and one CSU, both included in
the CGU for “Poland AAC and CSU”. It is Management assessment, that the factory close downs will not negatively
affect the expected future cash flows to be generated from each of the CGUs as the remaining factories within
each of the CGUs has sufficient capacity to supply existing markets both on short, mid- and long term.
For the purpose of impairment testing the recoverable amount was defined as the value in use. The impairment
tests were based on financial forecasts prepared by the Management and the updated plan for the years 2023 -
2028.
The market decline materialised in 2023 was more severe than initially anticipated, this driven by the continued
interest rate increases for mortgages as a consequence of the central banks effort to lower inflation. The market is
expected reach it’s low in 2023, and furthermore expected to remain on this lower activity level throughout 2024,
for then to pick-up from 2025 and onwards. Assumptions are based historic trends as well as external
benchmarked data. The most material key assumptions for the impairment test are growth in terminal period and
WACC, but also annual growth in revenue (CAGR) and gross margins. Annual growth in revenue is to a large extent
volume driven.
Assumptions applied for both CGU’s on growth in terminal period was 2.0%, unchanged compared to what was
applied in the 2022 Annual Report. An WACC after tax of 8.7% (2022: 8.2%) was applied for the CWE AAC and CSU
CGU, and 11.7% (2022: 13.0%) was applied for the PL AAC and CSU CGU.
Management believes that any likely changes in the key assumptions will not cause the carrying amount of
goodwill and non-current assets to exceed the recoverable amounts. Sensitivity analysis of impairment tests
focuses on changes in discount rate (WACC) and long-term growth rate. All other factors are unchanged in the
sensitivity analysis. Based on the above and the sensitivity analyses, it is Management’s opinion that no probable
change in any key assumptions would cause the carrying amounts of CGUs to exceed the recoverable amount as at
30 June 2023.
9. Special items, net
During the second quarter of 2023, three factories in Germany and two in Poland has been closed down. As
required, an assessment of the recoverable amounts of production and related equipment has been carried out.
Amounts in DKK million Q2 2023 Q2 2022 H1 2023 H1 2022
Impairment of assets, closed down factories 97 - 97 -
Restructuring costs 46 9 55 19
Unfavorable part of gas hedges 22 - 22
Total 165 9 174 19
Impact of special items on EBIT
Cost of goods sold 43 9 48 12
Sales and administrative costs 25 - 29 7
Depreciation, amortisation and impairments 97 - 97 -
EBIT before special items 165 9 174 19
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 17/19
Interim financial report
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1 2023
The assessment has led to the recognition of impairment losses of DKK 97 million which have been recognised in
the profit and loss statement as a special item.
The review has comprised an assessment of estimated fair value less cost of disposal, which has been based on
observable market prices of similar assets, Level 1 of the fair value hierarchy, as well as internal knowledge. Also
taken into consideration has been an assessment of the Company’s ability to reuse equipment on other locations.
Further to this, restructuring costs of DKK 46 million has also been recognised as special items in the quarter.
Restructuring costs has been recognised in accordance with IAS 37, and mainly comprise directly associated costs
to factory close downs in Germany and Poland as well as general restructuring costs including costs related to
termination of employees, incremental costs of the closed factories including service costs, tax, penalties,
additional transportation costs to relocation of stock etc.
With reference to note 11, in Q2 2023, unused gas has been sold off to the market, resulting in financial losses of
DKK 16 million as the fixed prices of the gas being sold off exceeds current market prices. In addition to this, an
adjustment of the currently ineffective part of the commodity forward contracts hedges of DKK 6 million has also
been recognised, both effects as special items.
10. Pension obligations
H+H has defined-benefit pension plans in the UK, Switzerland, and Germany. The UK and Swiss pension plans are
managed by a pension fund to which payments are made, whereas the German pension plan is funded from
current earnings. H+H’s pension obligations predominantly relate to the plans in the UK.
For interim periods, H+H’s defined-benefit pension obligations are based on valuations from external actuaries
carried out at the end of prior financial year considering any subsequent movements in the obligation due to
pension costs, contributions etc. up until the reporting date. Actuarial calculations are updated or extrapolated
quarterly.
On 30 June 2023, an updated actuarial valuation of the defined benefit plan in H+H UK, based on the April 2020
valuation agreed in January 2022, showed a net asset of DKK 4 million (GBP 0.4 million), triggering IFRIC 14
recognition of future committed pension contribution of the scheme, as H+H UK do not have unconditional right to
refund. Consequently, a net value of DKK 45 million (GBP 5.3 million) has been recognised as of 30 June 2023.
Compared to December 2022, and based on the above, a value adjustment (including the effects of IFRIC 14), has
been made relating to UK pension plan, affecting total comprehensive income negatively by DKK 38 million net of
tax.
The total pension obligation, including the recognition of future committed pension contributions, on 30 June 2023
amounts to DKK 55 million, compared to DKK 23 million on 31 December 2022. The increase is driven by payments,
interest, value adjustment and currency adjustment.
11. Derivative financial instruments
Derivative financial instruments recognised contain commodity forward contracts which are measured at fair value
using generally accepted valuation techniques based on observable market prices and forward rates and are
categorised as Level 2 in the fair value hierarchy.
During 2022, H+H has entered into fixed volume and price gas contracts covering the period 2023 to 2026. Due to
a significantly lower demand, not all gas for the period 1 April 2023 to 31 March 2024 is expected to be used in
production and consequently the excess will be sold off to the market at spot prices, on a monthly basis,
effectively falling outside the exemption of “own use” recognition in accordance with IFRS 9.
At initial recognition as of 1 April 2023, commodity forward contracts were recognised as other payables in the
balance sheet, offset by an equal asset value, containing of the market value of the forward contracts and an
associated day one loss.
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 18/19
Interim financial report
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1 2023
Subsequent revaluation of the asset value for the second quarter has two impacts;
i) recognition of production cost for that part of the gas which was consumed through production and cost
of DKK 16 million recognised as special items for that part of the gas which is unused and effectively sold
off to the market.
ii) a fair value remeasurement of the forward contracts was made as of 30 June 2023 which resulted in a loss
of DKK 49 million, an effective part of DKK 43 million recognised in Other Comprehensive Income and an
ineffective part of DKK 6 million recognised as special items.
12. Financial resources and cash flow
On 30 June 2023, net interest-bearing debt, totalled DKK 875 million, corresponding to an increase of DKK 383
million since the beginning of the year. The increase in net interest-bearing debt since the beginning of the year
was primarily driven by lower earnings due to a lower activity level as well as a negative working capital
development led by stock build due to capacity adjustments.
On 1 March 2023, a new committed credit facility was agreed with Nordea Danmark, branch of Nordea Abp,
Finland, effectively in place 31 March 2023. The agreement has a duration of 3 years.
H+H’s financing is subject to usual financial covenants, which have been fulfilled in the first half of 2023 and are
also expected to be fulfilled for the full year 2023.
13. Share buy-back programme
On 4 January 2023, the share buy-back programme initiated in 2022 was concluded with 1,118,800 shares
acquired at total purchase price of DKK 150 million.
14. Share-based payment
The performance-share-units schemes for 2022 and 2021 are active and presented in the 2022 Annual Report.
In the first half of 2023, a net income of DKK 2 million was recognised under staff costs compared to a net expense
of DKK 2 million in first half of 2022.
15. Tax on profit
16. Related parties
Related parties of H+H with significant influence include the Board of Directors and the Executive Board of the
Company and their close family members. Related parties also include companies in which the aforementioned
persons have control or significant interests.
Transactions with related parties
H+H did not enter into any significant transactions with members of the Board of Directors or with members of the
Executive Board, except for compensation and benefits received as a result of their membership of either the
Board of Directors, employment with H+H or shareholdings in H+H.
Amounts in DKK million Q2 2023 Q2 2022 H1 2023 H1 2022
Current tax 6 37 16 61
Movement in deferred tax (44) (2) (45) (3)
Tax on profit (38) 35 (29) 58
DRAF
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 19/19
Interim financial report
H
1 2023
17. Share capital
On 4 May 2023, and with reference to Company Announcement no. 433 of 30 March 2023, the approved
reduction of the share capital by a nominal amount of DKK 10,000,000 from 175,000,000 to DKK 165,000,000
through the cancellation of 1,000,000 shares of nominally DKK 10.00 each was registered at the Danish Business
Authority.
Similarly, on 5 May 2022, and with reference to Company Announcement no. 485 of 5 May 2022, the approved
reduction of the share capital by a nominal amount of DKK 4,833,650 from 179,833,650 to DKK 175,000,000
through the cancellation of 483,365 shares of nominally DKK 10.00 each was registered at the Danish Business
Authority.
There have been no movements in the share capital in the last five years except for the changes stated in the
above paragraph.
18. Events after the balance sheet date
No events have occurred after the balance sheet date that will have a material effect on the parent company’s or
the H+H Group’s financial position.
Amounts in DKK million 2023 2022 2023 2022
Share capital at 1 January 17,500,000 17,983,365 175 180
Movements (1,000,000) (483,365) (10) (5)
Share capital at 30 June 16,500,000 17,500,000 165 175
Number
Nominal value, DKK million