Annual Report 2019 announced

February 5, 2020

Sales growth of 2.2 percent in a volatile market, achieving strong profitability with an EBIT margin of 13.5 percent.

"We navigated last year’s mixed market conditions well, achieving strong profitability and good sales growth, with the Systems segment performing especially well. We also invested in new and upgraded manufacturing and research facilities. Looking ahead, we anticipate continued market volatility, with low-single digit sales growth and solid profitability. The growing demand for naturally fire-resistant, recyclable stone wool products should help smooth out overall volatility".

Jens Birgersson



  • Investments for the year totalled EUR 400 million, primarily from capacity expansions.
  • Free cash flow ended the year at EUR 2 million against EUR 196 million for 2018.
  • Annualised return on invested capital reached 21.7 percent compared to 22.8 percent in 2018, due to higher investments.
  • The proposed dividend per share is DKK 32.00, up from DKK 29.90 last year.
  • A share buy-back programme up to an amount of EUR 80 million, commencing on 6 February 2020.


Outlook 2020

  • Low single-digit sales growth in local currencies.
  • EBIT margin around 12 percent, comparable to 2019 when adjusting for the additional depreciation and the start-up costs in Norway and Germany.
  • Investment level around EUR 400 million excluding acquisitions.

For further details please refer to the Annual Report 2019.