Report on the first nine months of 2024
for ROCKWOOL A/S
Release no. 63 – 2024
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earnings call on 28 November 2024 at 11.00 CEST. The call will be transmitted live on
www.rockwool.com.
1/14
27 November 2024
Sales growth continued in Q3 2024 with solid profitability
Highlights
▪ Sales in the first nine months of 2024 reached 2885 MEUR, an
increase of seven percent measured in both local currencies and
reported figures compared to last year, driven by volume growth; sales
prices overall remained stable.
▪ Q3 2024 sales reached 957 MEUR, an increase of five percent in local
currencies and six percent in reported figures compared to last year.
▪ EBITDA in the first nine months of 2024 reached 710 MEUR, up 23
percent, yielding a 24.6 percent EBITDA margin. Earnings continued
at a good level, as sales prices overall remained stable, and
productivity improved.
▪ EBITDA in Q3 2024 reached 241 MEUR, an increase of 10 percent
compared to last year. The EBITDA margin was 25.2 percent.
▪ EBIT in the first nine months of 2024 increased 34 percent to 514
MEUR with a 17.8 percent EBIT margin, up 3.5 percentage points.
▪ EBIT in Q3 2024 increased 18 percent to 173 MEUR, with an 18.1
percent EBIT margin, up 1.9 percentage points.
▪ Investments reached 248 MEUR for the first nine months of 2024,
mainly related to electrical melter conversion at the Swiss factory and
Systems segment capacity.
▪ Cash flow from operations before financial items and tax amounted to
684 MEUR for the first nine months of 2024 compared to 581 MEUR
in the same period last year.
▪ Shareholders may from 28 November 2024 until 11 December 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 Q3 2024, the company had purchased 320,400 B
shares under the share buy-back programme for a total amount of
108 MEUR.
▪ In the beginning of October 2024, ROCKWOOL completed two
acquisitions. In the United Kingdom, Wetherby Building Systems Ltd,
a leading UK supplier for external thermal insulation composite
systems (ETICS), was acquired. In Vietnam, ROCKWOOL
completed the acquisition of that country’s leading stone wool
producer Khai Hoan Insulation, based near Ho Chi Minh City.
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.
“As I continue getting to know our
organisation and customers, I am
consistently impressed with the quality of
our teams, technology, and ability to serve
the market under evolving conditions. The
Group’s sales and profitability performance
in the third quarter and year-to-date is
further testimony to that. Key markets in
Europe and North America are delivering
good volume growth, which is driving the
sales figures. Profitability is also being
driven by the volume growth combined with
overall stable sales prices and high
productivity. Broadly in Europe, residential
new build construction activity remains
subdued while the renovation market is
more resilient. We continue to invest in
growing the business and remain optimistic
about the future”.
CEO Jes Munk Hansen
2/14
Main figures / key figures for the Group
Unaudited
Audited
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
FY 2023
Income statement items in MEUR
Net sales
957
903
2 885
2 686
3 620
EBITDA
241
219
710
577
779
Amortisation, depreciation and impairment
68
73
196
194
261
EBIT
173
146
514
383
518
Profit before tax
183
148
522
391
522
Profit for the period
155
109
413
289
389
Balance sheet items in MEUR
Non-current assets
2 442
2 326
2 361
Current assets
1 298
1 150
1 193
Total assets
3 740
3 476
3 554
Equity
2 963
2 698
2 804
Non-current liabilities
216
210
199
Current liabilities
561
568
551
Net interest-bearing cash / (debt)
339
122
239
Net working capital
376
417
358
Invested capital
2 643
2 605
2 562
Cash flow items in MEUR
Cash flow from operating activities
270
263
606
501
707
Cash flow from investing activities
73
85
248
216
312
Free cash flow
197
178
358
285
395
Others
Number of full-time employees (end of period)
12 243
11 918
11 993
Ratios
EBITDA margin
25.2%
24.3%
24.6%
21.5%
21.5%
EBIT margin
18.1%
16.2%
17.8%
14.3%
14.3%
ROIC (rolling 4 quarters)
24.7%
18.4%
20.1%
Return on equity (rolling 4 quarters)
18.1%
14.7%
14.4%
Equity ratio
79.2%
77.6%
78.9%
Stock market information (DKK)
Earnings per share
54
38
144
100
134
Cash flow per share
94
91
211
173
244
Book value per share
1 022
931
967
Share capital (million)
216
216
216
Price per A share
3 125
1 707
1 965
Price per B share
3 146
1 708
1 977
Market cap (million)
66 633
36 829
42 519
Number of own shares
374 283
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/.
3/14
Management report for the period
1 January to 30 September 2024
General update
The challenging macroeconomic environment, rising geopolitical tensions and
political uncertainty continued to put pressure on European growth, especially
residential new build construction activity. The renovation market in Europe
remained more resilient. Focus on energy efficiency and fire safety in buildings
contributed to driving demand.
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 has continued although at a
slower pace, driven by the Insulation segment.
In preparation for 2025 and with an eye on safeguarding margins and cash
generation against increasing input costs, we have initiated pricing discussions
with customers. Another element is the need to increase investments in
capacity and continued conversions to even more sustainable production.
Global sales development
In the first nine months of 2024, ROCKWOOL generated net sales of 2885
MEUR, an increase of seven percent in both local currencies and reported
figures. Especially North America and Central Europe achieved good growth.
In Q3 2024, ROCKWOOL generated net sales of 957 MEUR. This is an
increase of five percent measured in local currencies and six percent in
reported figures compared to Q3 2023 as North America and Central Europe
maintained the strong performance from Q2 2024.
Regional sales development
In the first nine months of the year, sales in Western Europe amounted to 1616
MEUR, up one percent measured in local currencies and two percent in
reported figures. Sales in Germany, Italy, Spain and Sweden performed well,
while sales in the important French and UK markets saw small declines. In Q3
2024, sales in Western Europe amounted to 536 MEUR, up three percent in
both local currencies and reported figures compared to same period last year.
Especially Germany and Spain showed solid growth.
In Eastern Europe, sales for the first nine months of 2024 amounted to 572
MEUR, an increase of 17 percent in both local currencies and reported figures.
Many main markets showed double-digit sales increases compared to the first
nine months of 2023. Sales in Q3 2024 amounted to 198 MEUR, up one
percent in local currencies and five percent in reported figures. Several
Group sales
+7%
Sales in Western Europe
+1%
Sales in Eastern Europe
+17%
4/14
countries in the region, including Russia, reported double-digit sales growth in
the quarter. Sales in Poland and Hungary decreased.
In the rest of the world, the first nine months of the year sales amounted to 697
MEUR, an increase of 15 percent in local currencies and 14 percent in reported
figures. North America and main markets in South and East Asia delivered
double-digit sales growth. Market conditions in China are still tough and sales
decreased in the first nine months of 2024. In Q3 2024, rest of world sales
amounted to 223 MEUR, up 16 percent in local currencies and 14 percent in
reported figures. North America delivered double-digit sales growth while trends
in Asia were mixed with double-digit growth in markets like India and Japan
while sales decreased in most other markets.
Regional sales
MEUR
Group profitability
During the first nine months of the year, EBITDA increased 23 percent to 710
MEUR resulting in an EBITDA margin of 24.6 percent compared to 21.5 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, high productivity and lower than expected
input cost, mainly energy related.
In a year with remarkable financial performance, several business areas have
performed well, with two businesses having improved results significantly. The
insulation business in North America has outperformed expectations on both
sales growth and margins. Short-term, we do not expect that the growing
recognition and market acceptance of our non-combustible insulation will be
affected by the change in federal government. In the quarter, the four passively
owned factories in Russia again reported solid results. This is partly a
consequence of a high local inflation coupled with the unusually stable
rouble/euro exchange rate.
In Q3 2024, EBITDA for the Group increased 10 percent to 241 MEUR resulting
in an EBITDA margin of 25.2 percent compared to 24.3 percent for the same
period last year, a satisfactory result although energy prices are increasing.
1 588
1 616
488
572
610
697
0
500
1 000
1 500
2 000
2 500
3 000
YTD Q3 2023 YTD Q3 2024
Western Europe Eastern Europe and Russia North America, Asia and others
Sales in rest of the world
+15%
EBITDA
+23%
23%
18%
59%
56%
20%
24%
5/14
EBIT for the first nine months of 2024 increased 34 percent, reaching 514
MEUR, corresponding to an EBIT margin of 17.8 percent compared to 14.3
percent for the same period last year.
In Q3 2024, EBIT amounted to 173 MEUR with an EBIT margin of 18.1 percent,
up 1.9 percentage points. EBIT in the quarter was negatively impacted by a 5
MEUR write down from one-off adjustment of the useful life for customer
relationship assets. The write-down impacts both Insulation and Systems
segment.
EBIT & EBIT margin
MEUR
Net financial items ended at 8 MEUR for the first nine months of 2024, which
was at level with last year. 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 gain of 3 MEUR during the first nine months of 2024, compared
to an unrealised exchange rate gain of 20 MEUR in the same period last year.
The effective tax rate was 21 percent for the first nine months of 2024, down
five percentage points from the same period last year and down 4.5 percentage
points from full year 2023. The decrease compared to 2023 is mainly caused by
a temporary high impact in 2023 of withholding taxes (-1 percentage point) and
recognition of deferred tax assets and closure of audits in 2024 (-3.5
percentage points). This is a one-time effect, and the expectation is that the tax
rate will revert to its natural state of around 24 percent in 2025.
Net profit for the first nine months of 2024 amounted to 413 MEUR, which is
124 MEUR higher than in the same period last year.
Balance sheet
Net working capital at end of Q3 2024 was 376 MEUR, an increase of 18
MEUR compared to year-end 2023 but a decrease of 41 MEUR compared to
the first nine months of 2023. The decrease compared to last year was mainly
driven by higher trade payables and lower inventories from higher sales and
build-up of inventories in Flumroc in 2023 ahead of conversion to the electrical
melter. Net working capital ratio ended at 9.9 percent, a decrease of 1.6
percentage points compared to end of Q3 2023.
EBIT margin
+3.5%-points
102
131
68
101
104
133
146
135
152
189
173
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%
18.1%
6/14
Driven by higher four quarters rolling EBIT, annualised return on invested
capital ended at 24.7 percent, up 6.3 percentage points compared to 18.4
percent for the same period last year.
At the end of Q3 2024, total assets amounted to 3740 MEUR, an increase of
186 MEUR compared to year-end 2023 and 264 MEUR higher compared to the
first nine months of 2023. The development is mainly related to investments in
tangible assets and a higher cash balance.
At the end of the period, the equity ratio remained solid at 79 percent, up two
percentage points compared to the first nine months of 2023.
Cash Flow
Cash flow from operations before financial items and tax amounted to 684
MEUR for the first nine months of 2024, an increase of 103 MEUR compared to
the same period last year as operations continued to generate solid cash flow.
Capital expenditure excluding acquisitions was 248 MEUR in the first nine
months of 2024, compared to 222 MEUR in the same period last year. The
conversion to electrical melter in Flumroc (Switzerland) and additional Systems
segment capacity – mainly Grodan capacity in Toronto (Canada) and
Rockpanel capacity in Roermond (Netherlands) – were the largest individual
investment projects in the first nine months of 2024.
Free cash flow was 358 MEUR in the first nine months of 2024, compared to
285 MEUR in the same period last year mainly from strong operational cash
flow. In Q3 2024, free cash flow amounted to 197 MEUR, an increase of 19
MEUR from lower investments in the period, as some of the capacity
investments were slightly delayed.
In the first nine months of 2024 cash flow from financing was -260 MEUR,
compared to -228 MEUR in the first nine months of 2023 mainly due to
purchase of own shares in connection with the share buy-back programme and
dividend payment.
The Group’s financial situation remains solid with a net interest-bearing cash
position of 339 MEUR and unused credit facilities of 600 MEUR at the end of
Q3 2024.
On 1 October 2024, ROCKWOOL completed the acquisition of Vietnam’s
leading stone wool producer, Khai Hoan Insulation, based near Ho Chi Minh
City. The acquisition complements ROCKWOOL’s existing business in Vietnam
and reflects the Group’s increased focus on the region.
To strengthen the position in the UK market, on 9 October 2024 ROCKWOOL
completed the acquisition of Wetherby Building Systems Ltd., a leading UK
supplier for external thermal insulation composite systems (ETICS). The
acquisition marks an important milestone in ROCKWOOL's quest to expand its
façade expertise in the UK.
None of the acquisitions will have a material impact on the financial outlook for
the year..
ROIC
+6.3%-points
Operational cash flow before
financial items and tax
+103 MEUR
Free cash flow
+ 73 MEUR
7/14
Business segments
Sales per business
MEUR
Key figures Insulation segment
MEUR
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
External net sales
763
711
2 296
2 098
EBIT
154
118
437
307
EBIT margin
18.1%
14.9%
17.1%
13.0%
Insulation segment sales for the first nine months of 2024 reached 2296 MEUR,
which is an increase of nine percent measured in both local currencies and in
reported figures. In Q3 2024, Insulation segment sales reached 763 MEUR,
which is an increase of six percent in local currencies and seven percent in
reported figures compared to same quarter last year. Higher Insulation sales
were mainly related to higher volume, especially in North America, Central and
Eastern Europe, including Russia.
Insulation segment EBIT for the first nine months of 2024 reached 437 MEUR
with an EBIT margin of 17.1 percent, an increase of 4.1 percentage points
compared to the same period last year.
Based on our commitment to support Ukraine reconstruction activities, a
donation of 13.4 MEUR to the Foundation for Ukrainian Reconstruction was
recognised in the Insulation segment in the first nine months of 2024, compared
to 26.8 MEUR in the same period last year.
In Q3 2024, EBIT was 154 MEUR resulting in an EBIT margin of 18.1 percent.
724
664
724
807
723
809
796
711
763
707
694
200
202
194
211
194
201
214
192
194
248
240
0
200
400
600
800
1 000
1 200
Q1 Q2 Q3 Q4
866
957
Insulation sales
+9%
Insulation EBIT margin
+4.1%-points
Systems
Insulation
924
1 018
917
1 010
955
934
903
918
1 010
8/14
Key figures Systems segment
MEUR
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
External net sales
194
192
589
588
EBIT
19
28
77
76
EBIT margin
10.1%
14.6%
13.1%
12.9%
Systems segment sales for the first nine months of 2024 amounted to 589
MEUR, which is at level with last year measured both in local currencies and
reported figures. Adjusting for the divestment of the distribution business
Charles Wille in September 2023, like-for-like growth was two percent in
Systems segment.
In Q3 2024, sales amounted to 194 MEUR, which is an increase of two percent
in local currencies and one percent in reported figures compared to Q3 2023.
Adjusting for the divestment of the distribution business Charles Wille in
September 2023, like-for-like sales growth was four percent. Sales increased in
all businesses except for Grodan. Lapinus performed especially well and
delivered double digit sales growth in the quarter.
Systems segment EBIT was 77 MEUR in the first nine months of 2024, an
increase of two percent and an EBIT margin of 13.1 percent, an increase of 0.2
percentage points compared to the same period last year. In Q3 2024, EBIT
amounted to 19 MEUR with an EBIT margin of 10.1 percent, down 4.5
percentage points. EBIT in the quarter was negatively impacted by a 3 MEUR
write down due to a one-off re-evaluation of the useful life for customer
relationship assets, recognised in Q3 2024. Adjusting for this, EBIT margin in
Q3 was 11.6 percent.
EBIT per business
MEUR
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
from 27 November 2024 (as per this announcement) until 11 December 2024
79 79
124
110 110
159
52
118
154
71
124
23
25
28
21
23
30
16
28
19
30
11
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
173
Systems sales
stable
Systems EBIT margin
+0.2%-points
Systems
Insulation
102
104
152
131
68
101
135
133
68
146
189
9/14
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
Q3 2024, the company had purchased 320,400 B shares under the programme
for a total value of 807 MDKK or 108 MEUR.
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
18 July 2024
27 November 2024
Net sales
in local currencies
Roughly at the same
level as in 2023
Growth of around
mid-single-digit
percent
Growth of around
mid-single-digit
percent
Growth of around
mid-single-digit
percent
EBIT margin
Around 13 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
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 12,200 dedicated colleagues in 40 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.
10/14
Management statement
27 November 2024
Registered Directors
Board of Directors
11/14
Income statement
Unaudited
Audited
MEUR
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 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
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
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
FY 2023
Profit for the period
Items that will not be reclassified to income statement:
Actuarial gains and losses of pension obligations
-1
-
-
-10
Tax on other comprehensive income
-
-
-
-
Items that may be subsequently reclassified to income statement:
Currency adjustment from translation of entities
-50
-21
-24
-72
-54
Hedging instruments, value adjustments
-
-
-3
Tax on other comprehensive income
-
-
-
-
Other comprehensive income
-51
-21
-21
-68
-63
Comprehensive income for the period
12/14
Business segments and sales reporting
Unaudited
YTD Q3
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2024
2023
2024
2023
2024
2023
2024
2023
External net sales
2 296
2 098
589
588
-
-
2 885
2 686
Internal net sales
255
269
-
-
-255
-269
-
-
EBIT
437
307
77
76
-
-
514
383
EBIT margin
17.1%
13.0%
13.1%
12.9%
17.8%
14.3%
Goods transferred at a point in time
2 296
2 098
589
588
2 885
2 686
Geographical split of net sales
Unaudited
Audited
MEUR
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
FY 2023
Western Europe
536
519
1 616
1 588
2 125
Eastern Europe and Russia
198
189
572
488
679
North America, Asia and others
223
195
697
610
816
Total net sales
957
903
2 885
2 686
3 620
Balance sheet
(condensed)
Unaudited
Audited
MEUR
Q3 2024
Q3 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
-196
-189
-171
Proposed dividend
Retained earnings
Hedging
-3
Total equity
Non-current liabilities
Current liabilities
Total liabilities
Total equity and liabilities
13/14
Cash flow statement
(condensed)
Unaudited
Audited
MEUR
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
FY 2023
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
-1
-5
-9
-2
Changes in net working capital
-29
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-73
-91
-248
-222
-317
Business acquisitions/disposals
Free cash flow
Cash flow from financing activities
-46
-133
-260
-228
-238
Net cash flow
Cash available – beginning of period
Exchange rate adjustments on cash available
-5
-13
-18
-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
-25
-21
Comprehensive income for the period
-25
Share buy-back programme
-108
-108
Purchase of own shares
-3
-3
Expensed value of Restricted Share Units issued
Dividend paid
-125
-124
Equity 30 September 2024
-196
Equity 1 January 2023
-117
-1
Profit for the period
Other comprehensive income
-72
-68
Comprehensive income for the period
-72
Purchase of own shares
-3
-3
Expensed value of Restricted Share Units issued
Dividend paid
-102
-101
Equity 30 September 2023
-189
14/14
Main figures in DKK million
Unaudited
Audited
MDKK
Q3 2024
Q3 2023
YTD
Q3 2024
YTD
Q3 2023
FY 2023
Net sales
7 140
6 725
21 517
20 007
26 972
Amortisation, depreciation and write-downs
507
542
1 462
1 443
1 948
EBIT
1 293
1 092
3 835
2 856
3 861
Profit before tax
1 366
1 103
3 896
2 914
3 889
Profit for the period
1 155
816
3 078
2 156
2 898
Total assets
27 885
25 921
26 490
Equity
22 092
20 120
20 898
Cash flow from operating activities
2 016
1 958
4 521
3 732
5 267
Cash flow from investing activities
549
638
1 851
1 611
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.
Events after the reporting date
On 1 October 2024, ROCKWOOL completed the acquisition of 90% of the shares in Vietnam’s leading stone wool producer,
Khai Hoan Insulation, based near Ho Chi Minh City. The acquisition complements ROCKWOOL’s existing business in
Vietnam and reflects the Group’s increased focus on the region.
To strengthen the position in the UK market, on 9 October 2024 ROCKWOOL completed the acquisition of 100% of the
shares in Wetherby Building Systems Ltd., a leading UK supplier for external thermal insulation composite systems (ETICS).
The acquisition marks an important milestone in ROCKWOOL's quest to expand its façade expertise in the UK.
None of the acquisitions will have a material impact on the financial outlook for the year.
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
Tel: (+45) 46 56 03 00
CVR number: 54879415
Report date: 2024-11-27