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Management report for the period
1 January to 30 June 2021
Global sales development
In many parts of the world, the economic rebound is unfolding rapidly, with construction
activity returning and in many cases surpassing pre-pandemic levels. This resulted in
double-digit growth in all business areas in the Group. Many factories are running at full
capacity.
In the first half of 2021, ROCKWOOL Group generated net sales of 1 449 MEUR, an
increase of 20 percent in local currencies. Currency translation had a negative impact of
two percent, which resulted in a sales growth of 18 percent in reported figures.
Compared to pre-pandemic levels in 2019, sales in the first half of 2021 increased 11
percent in local currencies.
Volume increases were the primary factor driving sales growth in the first half of the
year, with current constraints in competing insulation materials in some of our markets
further bolstering sales as the markets converted to stone wool. By contrast, we expect
aggregated sales price increases to contribute more to growth in the second half.
Q2 sales bounced back strongly and reached 778 MEUR, an increase of 35 percent in
local currencies, driven by strong market demand and the easy comparison to last year,
where the second quarter was the most COVID-19 affected period. Exchange rates had
a negative impact of two percent, and sales increased 33 percent in reported figures
with all business areas achieving double-digit growth. Compared to pre-pandemic levels
in 2019, second quarter sales in 2021 increased 15 percent in local currencies.
Regional sales development
In the first half of the year, sales in Western Europe amounted to 885 MEUR, up 18
percent in local currencies, and 19 percent in reported figures. Sales in all markets
increased compared to same period last year. In Q2 2021, sales amounted to 468
MEUR, an increase of 33 percent in local currencies and 34 percent in reported figures.
Even compared to second quarter sales in 2019 (pre-pandemic levels), Q2 2021 sales
showed a significant growth of 10 percent.
In Eastern Europe, sales for the first half year amounted to 234 MEUR, an increase of
18 percent in local currencies and 11 percent in reported figures due to a significant
negative currency translation impact, primarily caused by depreciation in the Russian
rouble. Sales in Q2 2021 amounted to 129 MEUR, up 28 percent in local currencies and
23 percent in reported figures. Sales in many countries exceeded pre-pandemic levels,
and especially Russia contributed with good sales growth in local currencies.
In the rest of the world, sales in the first half of the year amounted to 330 MEUR, an
increase of 25 percent in local currencies and 19 in reported figures as primarily the U.S.
dollar weakened against the euro. In Q2 2021, sales amounted to 181 MEUR, up 48
percent in local currencies and 41 percent in reported figures. North America
experienced particularly good growth.
Group sales
Sales in Western Europe
Sales in Eastern Europe
Sales in rest of the world