RHI AG

EANS-Adhoc: RHI AG
Improved revenues and earnings situation in the first quarter


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quarterly report

15.05.2012

Revenues of the RHI Group increased to EUR 436.9 million in the first quarter of
2012, up 5.6% on the comparable period of 2011. While the Steel Division
recorded an increase in revenues of 6.2%, revenues in the Industrial Division
fell slightly by 1.1%. Despite negative foreign currency effects, the operating
result of the first quarter increased by 15.1% to EUR 33.6 million compared with
the reference period of 2011 and corresponds to EBIT as no restructuring costs
were incurred. The EBIT margin improved from 7.1% to 7.7%.

As of March 31, 2012, the equity ratio amounted to 26.7%, after 26.0% at
December 31, 2011. Cash and cash equivalents increased by EUR 9.6 million
compared with the end of 2011 and amounted to EUR 154.1 million. Despite the
acquisition of Stopinc AG and significantly higher investments, net debt rose
only slightly to EUR 363.1 million, after EUR 361.5 million at December 31,
2011.

Net cash flow from operating activities increased to EUR 45.0 million in the
first quarter of 2012 (Q1/2011: EUR 26.8 million). Due to the construction of a
fusion plant in Norway and the increase in the stake held in Stopinc AG from 50%
to 100% in order to strengthen the segment of special products for the steel and
nonferrous metal production, net cash flow from investing activities increased
to EUR (41.9) million, after EUR (2.8) million in the first quarter of 2011.


                                             1st Quarter
in EUR million                        2012       2011    Change
Revenues                              436.9     413.8     5.6%
EBITDA                                 47.6      42.4    12.3%
EBITDA margin                          10.9%     10.2%    0.7pp
Operating result1)                     33.6      29.2    15.1%
Operating result margin                 7.7%      7.1%    0.6pp
EBIT                                   33.6      29.2    15.1%
EBIT margin                             7.7%      7.1%    0.6pp
Profit before income taxes             35.4      23.7    49.4%
Profit                                 32.0      18.3    74.9%
Net cash flow from operating 
activities                             45.0      26.8    67.9%
Investments in property, plant 
and equipment and intangible assets   (30.5)     (4.9) (522.4)%
Number of employees 
at end of quarter                    8,182     7,344     11.4%
Average number of employees Q1       8,091     7,319     10.5%

Steel Division

While sales volume in the Steel Division fell slightly by 1.3% in comparison
with the first quarter of 2011, revenues were up 6.2% as price increases were
implemented. Further price adjustments, which became necessary due to an
increase in input costs, were successfully negotiated in the past quarter and
will continue to improve the earnings situation starting in the second quarter
of 2012.

Revenues in the Steel Division, at EUR 279.1 million in the first quarter of
2012, were far higher than the revenues of the first quarter of 2011 of EUR
262.7 million and slightly below the figure of the fourth quarter of 2011 of EUR
281.5 million. EBIT amounted to EUR 12.8 million in the first quarter, 

after EUR 6.1 million in the prior-year reference period. The EBIT margin
improved from 2.3% to 4.6% due to price adjustments, but was affected by
negative foreign currency effects.

Industrial Division 
The sales volume in the Industrial Division dropped 5.9% in comparison with the
first quarter of 2011 because the cement business was weaker. The recovery of
the markets back to pre-crisis levels is proceeding, but they still show a
highly diverse picture depending on region and industry segment.

Revenues of the Industrial Division, at EUR 143.0 million in the first quarter
of 2012, fell slightly short of the revenues of EUR 144.6 million recorded in
the first quarter of 2011 and were significantly lower than the record revenues
of EUR 181.1 million in the fourth quarter of 2011 as fewer projects were
invoiced. EBIT amounted to EUR 13.1 million in the first quarter, after EUR 15.8
million in the prior-year reference period. The EBIT margin decreased from 10.9%
to 9.2% due to a massive increase in costs of raw materials containing zirconium
and to negative foreign currency effects.

Raw Materials Division
The Raw Materials Division generated revenues of EUR 60.2 million in the first
quarter of 2012, after EUR 50.6 million in the comparable period of the previous
year. The main reason for the increase were the significantly higher external
revenues related to the acquisition of Premier Periclase Ltd. in September of
the past year; these revenues amounted to EUR 14.8 million in the first quarter
of the reporting year, after EUR 6.5 million in the first quarter of 2011.
Internal demand within the group was roughly at the level of the prior-year
reference period.

EBIT amounted to EUR 7.7 million in the first quarter, after EUR 7.3 million in
the comparable period of the previous year, and corresponds to an EBIT margin of
12.8% and 14.4%, respectively. 

Outlook
In a stable macroeconomic environment and with unchanged foreign currency
exchange rates, RHI expects a similar level of revenues in the Steel Division in
the second quarter, significantly higher revenues in the Industrial Division as
well as a higher EBIT margin than in the first quarter of 2012. Price increases
and the cost cutting program initiated in 2012 in combination with a positive
contribution to earnings of the higher level of backward integration lead us to
expect a higher margin for the entire year 2012 than in the past financial year.

The interim financial statements as of March 31, 2012 as well as the online
version of the quarterly financial report are available on the RHI website
www.rhi-ag.com.


Further inquiry note:
RHI AG  
Investor Relations
Mag. Simon Kuchelbacher
Tel: +43-1-50213-6676
Email: simon.kuchelbacher@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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