Annual Report 2018 announced

February 8, 2019

Strong annual sales growth and profitability driven by growing demand for stone wool

Annual Report 2018
“We achieved a great deal in 2018. Our company is financially solid, expanding operations to meet customer demand, and benefiting from strong brand awareness and reputation. Sales growth and profitability were strong, with the EBIT margin the second-highest in the Group’s recent history, notwithstanding being affected by increasing input costs. For 2019, we expect good profitability, though with a lower top-line growth than 2018”.

Jens Birgersson



  • Sales in 2018 reached EUR 2,671 million, a growth of 14.7 percent in local currencies including acquisitions, which contributed 2.7 percentage points. The negative currency impact was 2.2 percentage points.
  • In Q4 2018, sales increased 11.1 percent in local currencies and reached EUR 709 million.
  • EBIT in 2018 ended at EUR 341 million, an increase of 33 percent, with a 12.8 percent EBIT margin, up 2.0 percentage points from last year.
  • EBIT in Q4 2018 reached EUR 83 million, an increase of 15 percent and an EBIT margin of 11.7 percent, up 0.5 percentage points from last year.
  • Net profit for the year reached EUR 265 million an improvement of EUR 51 million compared to last year.
  • Investments for the year totalled EUR 222 million excluding acquisitions and proceeds from sale of listed equities, primarily from the capacity expansions in Poland, Romania and the United States. 
  • Free cash flow ended the year at EUR 196 million against EUR 167 million for 2017.
  • Annualised return on invested capital reached 22.8 percent compared to 17.9 percent last year, driven by higher operational earnings.
  • The proposed dividend per share is DKK 29.90, up from DKK 24.10 last year.


Outlook 2019

  • Growth in net sales is expected to be 4-8 percent in local currencies.
  • EBIT margin around 12 percent.
  • Investment level around EUR 330 million