Report on the first half of 2024
for ROCKWOOL A/S
Release no. 46 – 2024
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earnings call on 22 August 2024 at 14.00 CEST. The call will be transmitted live on
www.rockwool.com.
1/15
22 August 2024
Volume growth, efficient operations yield strong H1 and Q2 2024
sales and earnings
Highlights
▪ Sales in H1 2024 reached 1928 MEUR, an increase of eight percent
in both local currencies and reported figures compared to last year,
driven by higher sales in primarily Central and Eastern Europe as well
as North America. The sales increase was driven by volume growth
while sales prices overall remained stable.
▪ Sales in Q2 2024 reached 1010 MEUR, an increase of 10 percent in
both local currencies and reported figures compared to last year.
▪ EBITDA in H1 2024 reached 469 MEUR, up 31 percent, yielding a
24.3 percent EBITDA margin. Earnings continued at a healthy level,
as sales prices remained stable and input costs were lower compared
to last year.
▪ EBITDA in Q2 2024 reached 253 MEUR, an increase of 31 percent.
The EBITDA margin was 25.1 percent.
▪ EBIT in H1 2024 increased 44 percent to 341 MEUR, with a 17.7
percent EBIT margin, up 4.4 percentage points.
▪ EBIT in Q2 2024 increased 42 percent to 189 MEUR, with a 18.7
percent EBIT margin, up 4.2 percentage points.
▪ Investments reached 180 MEUR in H1 2024, up 49 MEUR from last
year mainly related to the finalisation of the electrical melter
conversion in Flumroc and capacity expansion for Grodan.
▪ Cash flow from operations before financial items and tax amounted to
399 MEUR for the first half of 2024, 109 MEUR higher than in the
same period last year.
▪ Shareholders may from 22 August 2024 until 5 September 2024
request conversion of A shares to B shares. For further information
please refer to https://www.rockwool.com/group/
about-us/investors/conversion-shares/.
▪ At the end of June 2024, the company had purchased 223 900 B
shares under the share buy-back programme for a total amount of
71 MEUR.
Outlook 2024
▪ Sales growth of around mid-single-digit percent in local currencies.
▪ EBIT margin around 17 percent.
▪ Investment level around 375 MEUR excluding acquisitions.
“I am pleased with our second quarter sales
and earnings performance, where our
earnings reached a record high level. These
results are driven primarily by volume
growth across multiple regions, stable
prices, and our highly efficient operations.
Volume growth was especially solid in
Eastern Europe as well as North America
and South Asia. The renovation and
industrial sectors in Western Europe were
stronger than new build construction, which
remains challenged. Overall, sales grew
well in Germany, Italy, Spain and Sweden;
less so in France and the UK”.
CEO Jens Birgersson
2/15
Main figures / key figures for the Group
Unaudited
Audited
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
FY 2023
Income statement items in MEUR
Net sales
1 010
917
1 928
1 783
3 620
EBITDA
253
194
469
358
779
Amortisation, depreciation and impairment
64
61
128
121
261
EBIT
189
133
341
237
518
Profit before tax
184
137
339
243
522
Profit for the period
142
102
258
180
389
Balance sheet items in MEUR
Non-current assets
2 443
2 318
2 361
Current assets
1 250
1 172
1 193
Total assets
3 693
3 490
3 554
Equity
2 894
2 609
2 804
Non-current liabilities
232
218
199
Current liabilities
567
663
551
Net interest-bearing cash / (debt)
188
-37
239
Net working capital
433
502
358
Invested capital
2 721
2 662
2 562
Cash flow items in MEUR
Cash flow from operating activities
242
173
341
238
707
Cash flow from investing activities
96
54
180
131
312
Free cash flow
146
119
161
107
395
Others
Number of full-time employees (end of period)
12 122
11 965
11 993
Ratios
EBITDA margin
25.1%
21.2%
24.3%
20.1%
21.5%
EBIT margin
18.7%
14.5%
17.7%
13.3%
14.3%
ROIC (rolling 4 quarters)
23.1%
15.3%
20.1%
Return on equity (rolling 4 quarters)
17.0%
12.7%
14.4%
Equity ratio
78.4%
74.8%
78.9%
Stock market information (DKK)
Earnings per share
50
35
90
62
134
Cash flow per share
85
59
119
82
244
Book value per share
998
899
967
Share capital (million)
216
216
216
Price per A share
2 771
1 744
1 965
Price per B share
2 819
1 754
1 977
Market cap (million)
59 690
37 729
42 519
Number of own shares
277 783
50 288
50 288
For definition of key figures and ratios see page 84 in the ROCKWOOL Group Annual Report 2023 available on our website: www.rockwool.com/.
3/15
Management report for the period
1 January to 30 June 2024
General update
Despite the surprisingly steady path of the global economy, the persistent high
long-term interest rates put pressure on the European growth and especially
the residential new build construction activity. The renovation market in Europe
was more resilient. Focus on energy efficiency and fire safety in buildings
contributed to driving demand in first half of the year.
ROCKWOOL’s good performance in both sales and earnings reflects the
Group’s ability to adapt to different economic environments, manage price and
costs, and gear our operational business to match prevailing conditions. The
sales increase was driven by volume growth while sales prices overall
remained stable although with a slight downward trend in some markets to
preserve market share.
The sales volume increase that started in Q4 2023, continued in H1 2024,
driven by the Insulation segment. The volume growth in Europe is partly a
recovery of market shares from the lower sales volume during the first half of
last year.
Global sales development
In the first half of 2024, ROCKWOOL generated net sales of 1928 MEUR, an
increase of eight percent in both local currencies and in reported figures. Some
markets in Europe were affected by the downturn in new construction activity
although Central and parts of Eastern Europe, including Russia outperformed
the market with good growth within the renovation and industrial business. We
also achieved good growth in North America and South Asia.
In Q2 2024, ROCKWOOL generated net sales of 1010 MEUR. This is an
increase of 10 percent in both local currencies and reported figures compared
to Q2 2023.
Regional sales development
In the first half of the year, sales in Western Europe amounted to 1080 MEUR,
up one percent in both local currencies and in reported figures. Sales in
Germany, Italy, Spain and Sweden performed well, while sales in the important
French and UK markets saw small declines compared to same period last year.
In Q2 2024, sales in Western Europe amounted to 555 MEUR, up two percent
in local currencies and up three percent in reported figures compared to same
period last year.
In Eastern Europe, sales for the first half of 2024 amounted to 374 MEUR, an
increase of 28 percent in local currencies and 25 percent in reported figures.
Many main markets showed double-digit sales increases compared to first half
of 2023. Sales in Q2 2024 amounted to 198 MEUR, up 25 percent in local
currencies and 23 percent in reported figures. Several countries in the region,
including Russia, experienced double-digit sales growth in the quarter.
Group sales
+8%
Sales in Western Europe
+1%
Sales in Eastern Europe
+28%
4/15
In the rest of the world, H1 sales amounted to 474 MEUR, an increase of 15
percent in local currencies and 14 percent in reported figures. Sales in North
America and most other main markets delivered double-digit growth. Market
conditions in China are still tough and sales decreased there in first half of
2024.
In Q2 2024, rest of world sales amounted to 257 MEUR, up 19 percent in both
local currencies and reported figures. The North America market continued to
grow well, and our factories are now running near full capacity, reflecting the
strong demand and our ongoing efforts to catch up on deliveries and reduce
lead times. Volume increased solidly in South Asia, driven by strong demand.
Regional sales
MEUR
Group profitability
During the first half of the year, EBITDA increased 31 percent to 469 MEUR
resulting in an EBITDA margin of 24.3 percent compared to 20.1 percent for the
same period last year. The increase in margin was driven by volume growth,
overall stable sales prices with a slight downward trend in some markets to
preserve market share, higher productivity and lower than expected input cost
mainly because of stable energy prices.
In Q2 2024, EBITDA increased 31 percent to 253 MEUR resulting in an
EBITDA margin of 25.1 percent compared to 21.2 percent for the same period
last year.
EBIT for the first half of 2024 increased 44 percent, reaching 341 MEUR,
corresponding to an EBIT margin of 17.7 percent compared to 13.3 percent for
the same period last year.
The result for the first half of 2024 includes a donation to the Foundation for
Ukrainian Reconstruction of 13.4 MEUR (100 MDKK) which was approved at
the AGM on 10 April 2024.
1 069
1 080
299
374
415
474
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
H1 2023 H1 2024
Western Europe Eastern Europe and Russia North America, Asia and others
Sales in rest of the world
+15%
EBITDA
+31%
EBIT margin
+4.4%-points
23%
17%
60%
56%
19%
25%
5/15
In Q2 2024, EBIT amounted to 189 MEUR with an EBIT margin of 18.7 percent,
up 4.2 percentage points. The donation to the Foundation for Ukrainian
Reconstruction amounted to 7.4 MEUR in Q2 2024.
EBIT & EBIT margin
MEUR
Net financial items ended negative at 2 MEUR for H1 2024. Since March 2022
the foreign currency exposure on the intercompany balance between
ROCKWOOL A/S and the subsidiary in Russia has not been hedged.
Consequently, we have recorded an unrealised exchange rate loss of 6 MEUR
during H1 2024, partly offsetting last year’s unrealised exchange rate gain of 16
MEUR during H1 2023.
The effective tax rate was 24 percent for the first half of 2024, down two
percentage points from the same period last year and down 1.5 percentage
points from full year 2023. The decrease compared to full year 2023 is driven
by revaluation of tax assets.
Net profit for the first half of 2024 amounted to 258 MEUR, which is 78 MEUR
higher than in the same period last year.
Balance sheet
Net working capital ended by end of H1 2024 at 433 MEUR, an increase of 75
MEUR compared to year-end 2023 but a decrease of 69 MEUR compared to
H1 2023. The increase in the first half of 2024 followed the normal seasonality
and was driven by higher trade receivables related to increased sales. Net
working capital ratio ended at 11.5 percent, an improvement of 1.9 percentage
points compared to end of H1 2023.
Driven by higher four quarters rolling EBIT, annualised return on invested
capital ended at 23.1 percent, up 7.8 percentage points compared to 15.3
percent for the same period last year.
At the end of H1 2024, total assets amounted to 3693 MEUR, an increase of
139 MEUR compared to year-end 2023 and 203 MEUR higher compared to H1
2023. The development mainly related to higher receivables due to sales
growth and investments in tangible assets.
ROIC
+7.8%-points
102
131
68
101
104
133
146
135
152
189
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
2022 2023 2024
11.0%
10.5%
12.0%
14.4%
16.2%
16.5%
14.5%
6.8%
12.9%
18.7%
6/15
At the end of the period, the equity ratio remained solid at 78 percent after
dividend payment of 124 MEUR in H1 2024, this is up 4 percentage points
compared to H1 2023.
Cash Flow
Cash flow from operations before financial items and tax amounted to 399
MEUR for the first half of 2024, an increase of 109 MEUR compared to the
same period last year as operations continued to generate solid cash flow. The
solid operational cash flow generation continued in Q2 2024.
Capital expenditure excluding acquisitions was 180 MEUR in H1 2024,
compared to 131 MEUR in the same period last year. The conversion to the
electrical melter in Flumroc (Switzerland) and additional Grodan capacity in
Toronto (Canada) were the largest individual investment projects in H1 2024.
Free cash flow was 161 MEUR in H1 2024, compared to 107 MEUR in the
same period last year mainly from strong operational cash flow. In Q2 2024,
free cash flow amounted to 146 MEUR, an increase of 27 MEUR from improved
operational performance.
In H1 2024 cash flow from financing was -214 MEUR, compared to -95 MEUR
in H1 2023 mainly due to purchase of own shares in connection with the share
buy-back programme and higher dividend payment.
The Group’s financial situation remains solid with a net interest-bearing cash
position of 188 MEUR and unused credit facilities of 600 MEUR at the end of
H1 2024.
Operational cash flow before
financial items and tax
+109 MEUR
Free cash flow
+54 MEUR
7/15
Business segments
Sales per business
MEUR
Key figures Insulation segment
MEUR
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
External net sales
809
723
1 533
1 387
EBIT
159
110
283
189
EBIT margin
17.8%
13.7%
16.7%
12.1%
Insulation segment sales for the first half of 2024 reached 1533 MEUR, which is
an increase of 11 percent in both local currencies and in reported figures. In Q2
2024, Insulation segment sales reached 809 MEUR, which is an increase of 12
percent in both local currencies and in reported figures compared to same
quarter last year. Higher Insulation sales was mainly related to higher volume,
especially in North America, Central and Eastern Europe, including Russia.
Insulation segment EBIT for the first half of 2024 reached 283 MEUR with an
EBIT margin of 16.7 percent, an increase of 4.6 percentage points compared to
the same period last year. A donation of 13.4 MEUR to the Foundation for
Ukrainian Reconstruction was recognised in the Insulation segment in the first
half of 2024, of which 7.4 MEUR was recognised in Q2 2024.
In Q2 2024, EBIT was 159 MEUR resulting in an EBIT margin of 17.8 percent,
up 4.1 percentage points from same period last year.
724
664
724
807
723
809
796
711
707
694
200
202
194
211
194
201
214
192
248
240
0
200
400
600
800
1 000
1 200
Q1 Q2 Q3 Q4
866
Insulation sales
+11%
Insulation EBIT margin
+4.6%-points
Systems
Insulation
924
1 018
917
1 010
955
934
903
918
1 010
8/15
EBIT per business
MEUR
Key figures Systems segment
MEUR
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
External net sales
201
194
395
396
EBIT
30
23
58
48
EBIT margin
14.9%
11.6%
14.6%
12.0%
Systems segment sales for the first half of 2024 amounted to 395 MEUR, which
is a decrease of one percent in local currencies and at level with last year in
reported figures. Correcting for the divestment of the Rockfon distribution
business Charles Wille in September 2023, like-for-like growth was two percent
in Systems segment.
In Q2 2024, sales amounted to 201 MEUR, which is an increase of three
percent in local currencies and four percent in reported figures compared to Q2
2023. Sales in Rockfon North America declined, while sales in all other
businesses improved.
Systems segment EBIT was 58 MEUR in the first half of 2024, an increase of
21 percent and an EBIT margin of 14.6 percent, an increase of 2.6 percentage
points compared to the same period last year. In Q2 2024, EBIT amounted to
30 MEUR with an EBIT margin of 14.9 percent, up 3.3 percentage points.
Sustainability
ROCKWOOL’s commitment to contribute positively to society while at the same
time reducing our operational footprint is rock solid. We remain convinced of the
value of short-term actions that concretely advance decarbonisation. The EU
Energy Performance of Buildings Directive has been adopted by the EU
member states with good potential for ROCKWOOL, although we do not expect
this to have a significant impact in the short-term.
After meeting all intermediate sustainability goals in 2022, our performance
related to the five sustainability goals that have a time horizon of 2030 remains
on or ahead of schedule. These five goals cover CO
2
emission intensity, water
79 79
124
110 110
159
52
118
71
124
23
25
28
21
23
30
16
28
30
11
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
Systems sales
-1%
Systems EBIT margin
+2.6%-points
Systems
Insulation
102
104
152
131
68
101
135
133
68
146
189
9/15
use intensity, landfill waste, reclaimed waste schemes, and energy efficiency in
owned offices that are aligned with the United Nations Sustainable
Development Goals (SDGs).
An important improvement this year is a three percent decrease in the CO
2
emission intensity per tonne stone wool in H1 2024 compared to H1 2023. This
results from higher production efficiency, the E-melter conversion in Flumroc
(Switzerland), and consumption of green energy.
In 2023, we offered reclaimed waste schemes in 21 countries. As of H1 2024,
we have added Poland to the countries where we offer reclaimed waste
schemes, bringing the total to 22 countries, compared to the goal of 30
countries by 2030.
In ROCKWOOL, we take safety very seriously. In addition to the mentioned five
sustainability goals, we have a Group safety goal to have “zero fatalities and
zero serious accidents”. For the first half of 2024, this goal was achieved. We
continue to focus on the Lost Time Incident rate, which improved in first half of
2024 compared to same period last year.
We also have two science-based target goals related to absolute carbon
emission reductions. With a double-digit volume growth for H1 2024, we saw an
increase of six percent in the absolute Scope 1 and Scope 2 CO
2
e emissions.
We continue to progress well on the conversion of our coke-fuelled melting
process to using green electricity instead. Earlier this year, we completed the
electric melter conversion at the Flumroc (Switzerland) factory, where we have
secured green electricity certificates, which will contribute to achieving our
science-based targets.
In 2024, Brand Finance ranked ROCKWOOL 2
nd
among the Danish industrial
brands on sustainability, reflecting our commitment to climate resilience and
sustainability.
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
from 22 August 2024 (as per this announcement) until 5 September 2024
request conversion of A shares to B shares. Further information on how to
submit a conversion request and on the terms and conditions can be found on
the company’s website:
https://www.rockwool.com/group/about-us/investors/conversion-shares/.
Share buy-back programme
As stated in the 2023 Annual Report, ROCKWOOL Group has initiated a share
buy-back programme of up to 160 MEUR. The share buy-back programme will
run from 8 February 2024 until 7 February 2025. During this period, the
Company will buy own shares for up to a maximum of 160 MEUR. At the end of
H1 2024, the company had purchased 223 900 B shares under the programme
for a total value of 529 MDKK or 71 MEUR.
10/15
Outlook for the full year 2024
▪ Sales growth of around mid-single-digit percent in local
currencies.
▪ EBIT margin around 17 percent.
▪ Investment level around 375 MEUR excluding acquisitions.
2024 outlook overview
7 February 2024
3 May 2024
15 May 2024
18 July 2024
22 August 2024
Net sales
in local currencies
Sales roughly at the
same level as in
2023
Sales growth of
around mid-single-
digit percent
Sales growth of
around mid-single-
digit percent
Sales growth of
around mid-single-
digit percent
Sales growth of
around mid-single-
digit percent
EBIT margin
Around 13 percent
Around 15 percent
Around 15 percent
Around 17 percent
Around 17 percent
Investments excluding acquisitions
Around 375 MEUR
Around 375 MEUR
Around 375 MEUR
Around 375 MEUR
Around 375 MEUR
Further information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL A/S
+45 46 56 03 00
At ROCKWOOL Group, we are committed to enriching the lives of everyone who
experiences our products and services. We help our customers and communities tackle
many of today’s biggest sustainability and development challenges, from energy
consumption and noise pollution to fire resilience, water scarcity and flooding. Our
product range reflects the diversity of the world’s needs, while supporting our
stakeholders in reducing their own carbon footprint.
Stone wool is a fully recyclable, versatile material that forms the basis of all our
businesses. With more than 12 100 dedicated colleagues in 41 countries and sales in
more than 120, we are the world leader in stone wool products, from building insulation
to acoustic ceilings, external cladding systems to horticultural solutions, engineered
fibres for industrial use to insulation for the process industry and marine & offshore.
11/15
Management statement
22 August 2024
Registered Directors
Board of Directors
12/15
Income statement
Unaudited
Audited
MEUR
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
FY 2023
Net sales
Other operating income
Operating income
Raw material costs and production material costs
Delivery costs and indirect costs
Other external costs
Personnel costs
Operating costs
EBITDA
Amortisation, depreciation and impairment
EBIT
Income from investments in associated companies
-
-
Financial items
-5
-2
Profit before tax
Tax on profit for the period
Profit for the period
EUR
Earnings per share of 10 DKK (1.3 EUR)
Diluted earnings per share of 10 DKK (1.3 EUR)
Statement of comprehensive income
Unaudited
Audited
MEUR
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
FY 2023
Profit for the period
Items that will not be reclassified to income statement:
Actuarial gains and losses of pension obligations
-
-
-10
Tax on other comprehensive income
-
-
-
-
Items that may be subsequently reclassified to income statement:
Currency adjustment from translation of entities
-8
-51
-54
Hedging instruments, value adjustments
-
-1
-3
Tax on other comprehensive income
-
-
-
-
Other comprehensive income
-9
-48
-63
Comprehensive income for the period
13/15
Business segments and sales reporting
Unaudited
YTD Q2
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2024
2023
2024
2023
2024
2023
2024
2023
External net sales
1 533
1 387
395
396
-
-
1 928
1 783
Internal net sales
168
182
-
-
-168
-182
-
-
EBIT
283
189
58
48
-
-
341
237
EBIT margin
16.7%
12.1%
14.6%
12.0%
17.7%
13.3%
Goods transferred at a point in time
1 533
1 387
395
396
1 928
1 783
Geographical split of net sales
Unaudited
Audited
MEUR
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
FY 2023
Western Europe
555
541
1 080
1 069
2 125
Eastern Europe and Russia
198
161
374
299
679
North America, Asia and others
257
215
474
415
816
Total net sales
1 010
917
1 928
1 783
3 620
Balance sheet
(condensed)
Unaudited
Audited
MEUR
Q2 2024
Q2 2023
FY 2023
Assets
Intangible assets
Tangible assets
Right-of-use assets
Other financial assets
Deferred tax assets
Non-current assets
Inventories
Receivables
Cash
Current assets
Total assets
Equity and liabilities
Share capital
Currency translation adjustments
-145
-168
-171
Proposed dividend
Retained earnings
Hedging
-1
-3
Total equity
Non-current liabilities
Current liabilities
Total liabilities
Total equity and liabilities
14/15
Cash flow statement
(condensed)
Unaudited
Audited
MEUR
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
FY 2023
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
-4
-2
Changes in net working capital
-74
-64
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-96
-54
-180
-131
-317
Business acquisitions, net of cash
Free cash flow
Cash flow from financing activities
-167
-234
-214
-95
-238
Net cash flow
-21
-115
-53
Cash available – beginning of period
Exchange rate adjustments on cash available
-2
-5
-6
Cash available – end of period
Unutilised, committed credit facilities
Statement of changes in equity
Unaudited
Shareholders of ROCKWOOL A/S
MEUR
Share
capital
Currency
translation
adjustments
Proposed
dividend
Retained
earnings
Hedging
Total
equity
Equity 1 January 2024
-171
-3
Profit for the period
Other comprehensive income
Comprehensive income for the period
Share buy-back programme
-71
-71
Purchase of own shares
-3
-3
Dividend paid
-125
-124
Equity 30 June 2024
-145
-1
Equity 1 January 2023
-117
-1
Profit for the period
Other comprehensive income
-51
-48
Comprehensive income for the period
-51
Purchase of own shares
-3
-3
Expensed value of Restricted Share Units issued
Dividend paid
-102
-101
Equity 30 June 2023
-168
15/15
Main figures in DKK million
Unaudited
Audited
MDKK
Q2 2024
Q2 2023
YTD
Q2 2024
YTD
Q2 2023
FY 2023
Net sales
7 529
6 835
14 377
13 282
26 972
Amortisation, depreciation and write-downs
480
453
955
901
1 948
EBIT
1 410
992
2 542
1 764
3 861
Profit before tax
1 373
1 025
2 530
1 811
3 889
Profit for the period
1 061
758
1 923
1 340
2 898
Total assets
27 539
25 989
26 490
Equity
21 850
19 430
20 898
Cash flow from operating activities
1 804
1 289
2 542
1 774
5 267
Cash flow from investing activities
713
399
1 339
973
2 332
Exchange rate
7.46
7.45
7.46
7.45
7.45
Accounting policies
This unaudited interim report has been prepared in accordance with IAS 34 and additional Danish regulations for the
presentation of quarterly interim reports by listed companies. The interim report has been prepared in accordance with the
accounting policies set out in the Annual Report for 2023 with no significant changes.
Significant accounting estimates and assumptions
In preparing this interim report Management has made various accounting estimates and judgements that may significantly
influence the amounts recognised in the Consolidated Financial Statement and related information at the reporting date. The
accounting estimates and judgements which Management considers to be material for the preparation and understanding of
the interim report are stated in Note 1.1 in the Annual Report 2023 and primarily relates to impairment testing, expected
lifetime for tangible assets, deferred tax assets and uncertain tax positions.
Disclaimer
The statements on the future in this report, including expected sales and earnings, are associated with risks and
uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment,
including interest and exchange rate developments, the raw material situation, production and distribution-related issues,
breach of contract or unexpected termination of contract, price reductions due to market-driven price reductions, market
acceptance of new products, launches of competitive products and other unforeseen factors.
ROCKWOOL A/S
Denmark
Tel: (+45) 46 56 03 00
CVR number: 54879415
Report date: 2024-08-22