H+H International A/S · OMXCOP:HH

H+H International A/S — Investor Presentation (October 2011)

23 slides from H+H International A/S's investor presentation, Oct 12, 2011

1. Slide 1: H+H Polska Investor presentation in Warsaw

   H+H Polska Sp. z o.o. Investor presentation in Warsaw 12 October 2011 build with ease

2. Slide 2: Content

   Content 1. Introduction to the H+H business in Poland 2. Aircrete plants in Poland 3. Market expectations 4. Price trends for wall materials in the Polish market 5. Data related to production of construction materials 6. Q&A 2.

3. Slide 3: Introduction to the H+H business in Poland

   Introduction to the H+H business in Poland Warsaw aircrete building 3.

4. Slide 4: Introduction to the H+H business in Poland

   Introduction to the H+H business in Poland ƒ Poland was chosen as a target country for investment due to the fact that this market by far is the biggest aircrete producer in Europe. The aircrete market in Poland is twice the size of the markets in Germany or in the UK. ƒ Aircrete is a well-known and

5. Slide 5: Acquired in 2005/06

   Acquired in 2005/06 5.

6. Slide 6: Introduction to the H+H business in Poland

   Introduction to the H+H business in Poland ƒ In 2007 and 2008 the factory in Gorzkowice was upgraded with the main target to produce high-quality white blocks. The upgrade amounted around DKK 100 million and the factory was operational from February 2009. ƒ In 2008 the factory in Skawina was upgrade

7. Slide 7: Aircrete plants in Poland

   Aircrete plants in Poland Warsaw aircrete building 7.

8. Slide 8: Aircrete plants in Poland

   Aircrete plants in Poland Major competitors 2011 # plants Comments: ƒ Xella 6 ƒ Aircrete is widely used in Poland and accounts for 40% of ƒ H+H 5 the Polish block market (clay blocks 35%; other materials ƒ Solbet 5 25%) ƒ CRH 5 ƒ H+H present in Poland since 2005/2006 ƒ Porit 1 ƒ Polish market affect

9. Slide 9: Aircrete plants in Poland

   Aircrete plants in Poland H+H Polska Sp. z 0.0. . Zakiad Warszawa . Zaktad Putawy . Zaktad Gorzkowice . Zaktad Lidzbark . Zakiad Skawina aAkWN> Solbet Sp. z 0.0. . Zaklad Solec Kujawski . Zaklad Kolbuszowa . Zaktad Lubartow . Zaktad Podniesno KBAR ASKO- ; : 0. Zaktad Stalowa Wola -POM sz OMND Grupa

10. Slide 10: Market expectations

    Market expectations Warsaw aircrete building 10.

11. Slide 11: Macroeconomic indicators for Poland 2008-2012

    Macroeconomic indicators for Poland 2008-2012 2011, 2012 2008 2009 2010 expected expected GDP 5.0% 1.7% 3.8% 4.3% 3.1% Production growth › in the construction sector 12.1% 3.0% 3.5% 12.0% › in the industry sector 3.6% - 4.5% 9.8% 5.7% 7.8% Inflation rate x consumption prices 4.2% 3.5% 2.6% 3.7% 4.0%

12. Slide 12: Dwellings started and completed and building permits issued

    Dwellings started and completed and building permits issued January-August 2011 ƒ The share of constructions started by private investors continued on a high level – „61% Jan- August Jan- August Jan- August % change compared % change compared of total dwellings started”. Based on the Number of dwell

13. Slide 13: Development in dwellings started and completed

    Development in dwellings started and completed Dwellings started 2009-2011 25 20 15 thousand 10 5 0 2011 2010 2009 13.

14. Slide 14: Development in dwellings started and completed

    Development in dwellings started and completed Dwellings completed 2009-2011 25 20 15 thousand 10 5 0 2011 2010 2009 14.

15. Slide 15: Development in number of issued building permits

    Development in number of issued building permits Building permits - 2009 - 2011 25 24 23 22 21 20 19 18 17 16 15 thousand 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 2009 2010 2011 15.

16. Slide 16: Mortgages

    Mortgages ƒ Number of mortgages granted in the first six months of 2011 increased by 6.7% compared with the same period last year. Number of mortgages granted % change ƒ Value of expected mortgages granted in year-on- 1 quarter 2 quarter 3 quarter 4 quarter Total year 2011 is expected to be only sli

17. Slide 17: Price trends for wall materials in the Polish market

    Price trends for wall materials in the Polish market Warsaw aircrete building 17.

18. Slide 18: Price trends – wall materials according to PSB

    Price trends – wall materials according to PSB Price change trends (2010 = 100) 120,0 100,0 Wall materials - sand lime brick Wall materials - aircrete Wall materials - ceramic brick 80,0 Thermal insulation materials 60,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2010 20

19. Slide 19: Data related to production of construction materials

    Data related to production of construction materials Warsaw aircrete building 19.

20. Slide 20: Why is consumption of aircrete so high in Poland

    Why is consumption of aircrete so high in Poland Poland Germany Example of a wall construction in Poland: Housing Example of wall construction in Germany: Housing Solid walls, use both Aircrete blocks high and low density Inner wall leaves blocks (Density class (Density class 400-600 kg/m³) 400 and

21. Slide 21: Production of the most important construction materials, 2007-2010

    Production of the most important construction materials, 2007-2010 2007 2008 2009 2010 I-VI 2011 Bricks and construction elements from clay m3, total 3,951,401 4,063,334 3,395,000 3,344,000 1,789,000 Hereof bricks from clay m3 697,273 610,209 394,000 299,000 128,000 Hereof ceramic blocks m3 (Wienerb

22. Slide 22: Production of the most important construction materials, 2009-2010

    Production of the most important construction materials, 2009-2010 ƒ Total production of the main construction materials Production of construction materials 2.8% lower in 2010 than in 2009. (2009 = 100%) ƒ Total production of aircrete in 2010 was 4.65% lower than in 2009, but still 38.9% higher tha

23. Slide 23: Q&A

    Q&A Warsaw aircrete building 23.

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