2022: First Quarter Report
ROCKWOOL A/S
No. 5 2022
to Nasdaq Copenhagen
18 May 2022
High inflation environment: Strong sales performance
Highlights
- Q1 2022 saw sales of 924 MEUR. This was a 36% increase in local currencies, and 38 percent in reported numbers compared to last years. It was mainly due to high volume and necessary price increases.
- EBITDA in Q1 2022 was 155 MEUR. This is an increase of 16MEUR or 12 percent over Q1 2021. The margin of EBITDA was 16.8 percent, which is 3.9 percentage points lower than last year. As expected, the high costs of production materials and energy did not get fully compensated by sales price rises and cost actions during the quarter.
- EBIT grew 14 percent to 102 million EUR in Q1 2022. The margin of 11.0 percent was down 2.3 percentage points over Q1 2021.
- The first quarter 2022 investment totals 70 MEUR, which is a 12 MEUR decrease compared to Q1 20201.
- The annualized return on invested capital increased to 18% from 17% in Q1 2021.
- All Russian investments have been cancelled as a result of the terrible war in Ukraine. ROCKWOOL Russia is an independent operation that continues to operate business in order to avoid nationalization of our assets or loss of unique intellectual properties.
Outlook 2022
- Local currencies see a 20-25% increase in net sales.
- EBIT margin around 13 percent.
- Investment level of around 425 MEUR, excluding acquisitions.
CEO comments
Jens Birgersson, CEO of the Groups, comments on its performance.
In almost all business units, double-digit revenue growth was achieved due to high demand. Although it is not affecting sales performance in any significant way, the conflict in Ukraine and the difficult geopolitical environment are contributing to a stressed global economy. Even with price increases, the rising energy, material, logistics costs and soaring margins dragged down margins in quarter one. This will require further price increases across all businesses. We expect to return margins in the next quarters.
Additional information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL A/S
+45 46 56 03 00
Earnings call:
ROCKWOOL Group will host a earnings call on May 19, 2022 at 11.00 CEST. The earnings call will broadcast live on www.rockwool.com/group/
