ROCKWOOL International A/S Meddelelse nr. 2 – 2016 Hovedgaden 584, Indgang C Til Nasdaq Copenhagen 2640 Hedehusene Tlf.: 46 56 03 00 www.rockwool.com CVR-nr.: 54879415 Side 1/1 26. februar 2016 ROCKWOOL koncernen øger de forretningsmæssige resultater Bestyrelsen for ROCKWOOL International A/S har i dag godkendt årsrapporten for 1. januar – 31. december 2015. CEO Jens Birgersson udtaler om koncernens resultater: ”Vi fik en god start på vores forandringsprogram og en god afslutning på året. Vi er sikre på at programmet vil give sig udslag i bedre resultater og øget indtjening. De globale markeder for byggeri er ikke upåvirkede af den generelle økonomiske uro men vi fastholder vores ambition om at fortsætte den positive vækst”. Hovedpunkter 2015 Omsætningen steg med 2,2 % i lokal valuta. Omsætningen blev på EUR 2.208 mio., en stigning på 1,3 % i rapporterede tal. Koncernens forandringsprogram forløber som planlagt og fratrædelsesomkostninger relateret til 2015 beløber sig til EUR 15,4 mio. En nedskrivning af forretningerne i Indien og Kina på EUR 21,4 mio. er inkluderet i 2015. Årets driftsresultat uden de ovennævnte poster steg med 6 % til EUR 172 mio. svarende til 7,8 % EBIT ratio – en stigning på 0,4 procent point i forhold til sidste år. Cash flow fra driftsaktiviteter udgjorde EUR 297 mio. – en stigning på 45 % i forhold til 2014. Investeringer og akkvisitioner udgjorde i alt EUR 201 mio. Udbyttet foreslås øget fra DKK 11,30 til DKK 11,50 pr. aktie. Forventninger til 2016 Koncernen forventer en svagt positiv omsætningsstigning i lokal valuta i 2016. EBIT ratio for 2016 forventes at blive mindst 8,5 % før fratrædelsesomkostninger på anslået EUR 10 mio. Investeringsniveauet for 2016, ekskl. akkvisitioner, forventes at blive ca. EUR 130 mio. For yderligere detaljer se den komplette årsrapport (kun på engelsk). Yderligere information: Kim Junge Andersen CFO ROCKWOOL International A/S +45 46 56 03 00 Annual Report 2015 CONTENTS 2015 AT A GLANCE | STRATEGY AND GOALS | PERFORMANCE | SUSTAINABILITY | GOVERNANCE | FINANCIAL STATEMENTS | OTHER INFORMATION Contents 1 modul = 14,14 x 13,13 mm 2015 AT A GLANCE PERFORMANCE FINANCIAL STATEMENTS World leader in stone wool solutions . .4 Regional sales development . .18 Income statement and statement of comprehensive income . .56 A leading local presence . .5 Insulation business . 20 Balance sheet – Assets . .57 Unlocking our full potential . .6 Systems business . .23 Balance sheet – Equity and liabilities . .58 Key events . .8 Financial performance . .26 Cash flow statement . 59 Performance and outlook . .9 Outlook for 2016 . .29 Statement of changes in equity . .60 Five-year summary . 10 Notes contents . .62 SUSTAINABILITY STRATEGY AND GOALS Notes . .63 Sustainable by nature . 31 Definition of key figures and ratios . .90 Financial ambitions 2016-2018 . .12 Mobilising our employees to drive business success .35 Group companies . .91 Strong strategic platform for improved operations . .13 The ROCKWOOL Foundation . .40 Management’s report . .92 Independent auditors’ reports . .93 GOVERNANCE Risk Management . .43 OTHER INFORMATION Corporate governance . .46 Quarterly follow-up (part of Management Review) . .95 Board of Directors . 50 The ROCKWOOL® trademark . .97 Group Management . .51 The ROCKWOOL shares . .52 With a superb view over the surrounding peaks, the cabin near Skuta Mountain in the Slovenian Alps provides protection and comfort for the mountaineers . Well-equipped with ROCKWOOL insulation, the cabin is ready to face the extreme climatic conditions which sometimes prevail at these altitudes . Photograph by Anže Čokl, anzecokl .com 2 ROCKWOOL International A/S I Annual Report 2015 AT A GLANCE 2015 AT A GLANCE | STRATEGY AND GOALS | PERFORMANCE | SUSTAINABILITY | GOVERNANCE | FINANCIAL STATEMENTS | OTHER INFORMATION 1 modul = 14,14 x 13,13 mm 2015 AT A GLANCE Queen Elizabeth Olympic Park, London, UK using ROCKWOOL roof insulation for its acoustic and fire resistance properties. 3 ROCKWOOL International A/S I Annual Report 2015 WORLD LEADER IN STONE WOOL SOLUTIONS 2015 AT A GLANCE | STRATEGY AND GOALS | PERFORMANCE | SUSTAINABILITY | GOVERNANCE | FINANCIAL STATEMENTS | OTHER INFORMATION World leader in stone wool solutions 1 modul = 14,14 x 13,13 mm NORTH AMERICA, ASIA WESTERN AND OTHERS 23% EUROPE OUR 58% 37 MARKETS COUNTRIES IN WHICH WE OPERATE 19% 97% 10,601 € 2,208 EASTERN MILLION RECYCLABLE NATURAL EMPLOYEES WORLDWIDE EUROPE INCL. TOTAL GROUP NET SALES STONE CONTENT RUSSIA IN 2015 WE CREATE SUSTAINABLE Who we are Insulation business The ROCKWOOL Group was founded in 1909 and Building insulation SOLUTIONS TO PROTECT LIFE, insulation production started in 1937 . The Group’s head Industrial & technical insulation for process industry, ASSETS, AND THE ENVIRONMENT office is located close to Copenhagen . In 2015, the marine and offshore TODAY AND TOMORROW . Group generated net sales of EUR 2,208 million . The Customised solutions for industrial applications company is listed on the Nasdaq Copenhagen stock Wall systems (External Thermal Insulation exchange . Composite Systems) For more information, visit > www .rockwool .com ROCKWOOL Group operations have a large presence in Systems business Europe and Russia, a rapidly growing position in North Acoustic ceilings and wall systems America, and facilities in Asia . With 10,601 employees External cladding systems in 37 countries, we are supporting customers Horticultural substrate solutions worldwide . Engineered fibres solutions e .g . for the automotive industry What we do Noise and vibration control Stone wool is a versatile material based on one of nature’s most abundant resources – volcanic rock . It forms the basis of the ROCKWOOL Group businesses: 4 ROCKWOOL International A/S I Annual Report 2015 WE WANT TO BE #1 PRESENT 2015 AT A GLANCE | STRATEGY AND GOALS | PERFORMANCE | SUSTAINABILITY | GOVERNANCE | FINANCIAL STATEMENTS | OTHER INFORMATION A leading local presence 1 modul = 14,14 x 13,13 mm RUSSIA 4 stone wool factories, 1 ceiling tile plant Main business areas: Insulation, acoustic ceilings and horticultural substrates ~ 1,300 employees Stone wool factory Other factory Sales office / administration EUROPE NORTH AMERICA 16 stone wool factories, 3 ceiling ASIA 3 stone wool factories, tile plants, 1 ceiling grid plant, 5 stone wool factories, 2 ceiling grid plants 1 facade panel plant, 2 wall systems 1 ceiling grid plant Main business areas: Insulation, components plants Main business areas: Insulation, acoustic ceilings and horticultural Main business areas: Insulation, mainly industrial & technical, substrates acoustic ceilings, horticultural and acoustic ceilings ~ 1,010 employees substrates, cladding boards, ~ 1,140 employees engineered fibres, and noise & vibration control ~ 7,150 employees 5 ROCKWOOL International A/S I Annual Report 2015 UNLOCKING OUR FULL POTENTIAL 2015 AT A GLANCE | STRATEGY AND GOALS | PERFORMANCE | SUSTAINABILITY | GOVERNANCE | FINANCIAL STATEMENTS | OTHER INFORMATION Unlocking our full potential 1 modul = 14,14 x 13,13 mm THE ROCKWOOL GROUP IS TRANSFORMING . WE ENDED 2015 STRONGER AND LEANER . Profitability improved throughout the quarters and, despite the turbulence in the world economy, we met our Bjørn Høi Jensen Jens Birgersson commitments and exceeded the operational EBIT Chairman President and Chief expectation . This is a noteworthy achievement, given the of the Board Executive Officer challenges of a sluggish European economy, the strong headwinds in the Russian market and an Asian region impacted by the Chinese deceleration . As predicted, the US steamed ahead, underlining the promising potential of the North American market . Sustainability - an excellent platform for our long-term growth The global Climate Conference COP21 highlighted the need for international agreements addressing the global issues that affect our planet, although the individual countries’ pledges to reduce emissions are in reality non-binding . This could be a turning point and add new momentum, not least with a stronger role played by the business sector, major cities and other private actors . In the long-term, we are confident that the global ambition to tackle climate change will enable us to continue to lead the way in our industry thanks to the unique properties of our stone wool products and systems . In the short-term, we acknowledge the need for a rapid political alignment for legislation to counter the over-consumption of energy in 6 ROCKWOOL International A/S I Annual Report 2015 2015 AT A GLANCE | STRATEGY AND GOALS | PERFORMANCE | SUSTAINABILITY | GOVERNANCE | FINANCIAL STATEMENTS | OTHER INFORMATION 1 modul = 14,14 x 13,13 mm the global building stock and we will continue to drive this Profitable expansion agenda forward . The benefits that superior insulation has Looking ahead into 2016, the turmoil in the world economy WE ARE CONFIDENT THAT THE to offer in this field are multiple: reduced greenhouse gas which characterised the latter part of last year is still a BUSINESS TRANSFORMATION emissions, increased energy efficiency, increased energy current reality . The ROCKWOOL Group continuously independency with a reduced need to import energy, and monitors the potential impact that these issues have on PROGRAMME WILL UNLOCK local job creation . our different regional businesses; we must remain flexible CONSIDERABLE BENEFITS . in a new dynamic reality . Raising the bar on performance In 2015 we launched our Business Transformation As part of the Business Transformation Programme we