RHI AG

EANS-Adhoc: RHI AG
Preliminary results 2011: RHI continues growth course

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Preliminary results 2011

06.03.2012


•       Strong revenues in Q4 and EBIT according to guidance
•       RHI divisions Steel and Industrial realize new 
         record revenues in 2011
•       RHI increases dividend from EUR 0,5 up to EUR 0,75
•       RHI invests EUR 170 million in 2012
•       Solid year 2012 expected in a volatile market environment


                     2011        2010    +/-    2011Q4  2010Q4   +/-            
                                
                                                
Sales volume 
(thousand tons)    1,948.3     1,786.7   9.0%   503.9   474.5    6.2%
in EUR million                                          
Revenues           1,758.6     1,522.9  15.5%   477.9   400.9   19.2%
Steel Division     1,106.8       977.3  13.3%   281.5   256.9    9.6%
Industrial Division  613.9       517.8  18.6%   181.1   135.4   33.8%
Raw Materials 
Division                                          
External revenues     37.9      27.8    36.3%   15.3    8.6     77.9%
Internal revenues    170.4      137.4   24.0%   39.6    35.7    10.9%
Operating result1)   148.6      138.8    7.1%   40.2    31.6    27.2%
Steel Division        70.1      62.7    11.8%   23.0    16.4    40.2%
Industrial Division   68.3      74.3    (8.1)%  20.6    22.1    (6.8)%
Raw Materials 
Division              10.2       1.8   466.7%   (3.4)   (6.9)   50.7%
EBIT                 150.9     126.0    19.8%   42.5    29.3    45.1%
Steel Division        71.5      61.7    15.9%   24.4    14.0    74.3%
Industrial Division   71.8      60.6    18.5%   24.1    20.1    19.9%
Raw Materials 
Division               7.6       3.7   105.4%   (6.0)   (4.8)   (25.0)%
                                                
1) before reversal of impairments/impairment losses and restructuring expenses

Business development
The RHI Group increased revenues by 15.5% to EUR 1,758.6 million in the year
2011 (previous year: EUR 1,522.9 million). The operating result rose by 7.1% to
EUR 148.6 million (previous year: EUR 138.8 million). Earnings before interest
and tax (EBIT) hence increased by nearly 20% to EUR 150.9 million (previous
year: EUR 126.0 million) and included expenses and income arising from the
reversal of impairments and restructuring of EUR 2.3 million, which are related
to the closure of two sites in EMEA and the sale of a plant in Canada. The RHI
Group´s profit thus rose from EUR 105.7 million in 2010 by approx. 15% to EUR
121.5 million in 2011. Cash flow from continuing operations amounted to EUR 86.2
million (previous year: EUR (84.9) million); free cash flow was positive at EUR
18.9 million despite a strong investment program.

The Steel Division benefited from the good development in the steel industry
especially in the first half of 2011, which, however, lost momentum in the
second half of the year. The Steel Division´s revenues of EUR 1,106.8 million
(previous year: EUR 977.3 million) exceeded the record year 2010 by more than
13%.
The division´s EBIT amounted to EUR 71.5 million after EUR 61.7 million in the
year 2010; the EBIT margin rose slightly from 6.3% to 6.5%.

With revenues of EUR 613.9 million (previous year: EUR 517.8 million), the
Industrial Division also realized the highest revenues in company history. The
business units nonferrous metals and environment, energy, chemicals recorded new
record revenues. The division´s EBIT was increased by roughly 19% to EUR 71.8
million, while the EBIT margin of 11.7% exactly matched the level of the year
2010.

The Raw Materials Division recorded good capacity utilization throughout the
entire year 2011. The focus in the year 2011 was placed on the backwards
integration of raw materials and was reflected in the acquisitions in Ireland
and Norway and in the expansion of the plant in Turkey.  

Balance sheet
The company´s equity was increased by approx. 37% to EUR 438.9 million (previous
year: EUR 320.9 million); the equity ratio amounted to 26% (previous year:
22.2%) at the balance sheet date. Net debt mounted to EUR 361.5 million at
December 31, 2011 due to acquisitions (previous year: EUR 341.0 million). The
Management Board of RHI AG intends to propose a dividend of EUR 0,75 per share
to the Annual General Meeting on May 3, 2012.
 
Outlook

Q1/2012
In comparison with the fourth quarter of 2011, RHI expects slightly lower
revenues in the Steel Division in the first quarter of 2012; in the Industrial
Division, RHI expects revenues to fall substantially short of the exceptionally
strong fourth quarter of 2011. Hence the EBIT margin will be slightly lower than
in the fourth quarter of 2011.

Whole year 2012
Despite the uncertain economic environment, RHI expects good revenues for the
whole year 2012, which will be at the level of the year 2011. The persisting
good investment climate should be able to compensate a temporary downturn on the
steel side. The EBIT margin in the year 2012 should exceed that of 2011 due to
the higher backwards integration of magnesia-based raw materials and the
improved cost structure. The RHI group will invest roughly EUR 170 million in
2012, with the main part flowing into the expansion of raw materials supply in
Norway and Turkey as well as the creation and extension of capacity in Brazil
and China.

All data given for 2011 are preliminary, the final result and the consolidated
balance sheet 2011 will be published on March 27, 2012 following the approval of
the financial statements by the Supervisory Board.


Further inquiry note:
RHI AG  
Investor Relations
Mag. Barbara Potisk-Eibensteiner
Tel: +43-1-50213-6123
Email: barbara.potisk@rhi-ag.com

end of announcement                               euro adhoc 
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issuer:      RHI AG
             Wienerbergstrasse 9
             A-1100 Wien
phone:       +43 (0)50213-6123
FAX:         +43 (0)50213-6130
mail:     rhi@rhi-ag.com
WWW:      http://www.rhi-ag.com
sector:      Refractories
ISIN:        AT0000676903
indexes:     ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English
 



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