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EANS-News: RHI AG
RHI with record-level operating result in the second quarter
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report/Half-year financial report 2012 Wien (euro adhoc) - Despite an environment strongly characterized by uncertainty, RHI realized the second highest quarterly revenues in the group's history, which were only EUR 2.0 million below the record level of the fourth quarter of 2011. Both divisions recorded substantial growth in revenues: revenues of the Steel Division exceeded the previous record of the third quarter of 2011 by 5.1% and is primarily attributable to the good performance in Europe and North America. Revenues in the Industrial Division reached the second highest level ever recorded in this division, despite the seasonality of the cement business, and is based on good business developments in the nonferrous metals and environment, energy, chemicals segments. Moreover, RHI also reached a new record level in the operating result since the crisis in 2009. In detail: In the second quarter of 2012, revenues of the RHI Group increased by 8.9% in comparison with the same quarter of 2011 and amounted to EUR 475.9 million. The Steel Division increased its revenues by 6.0% and the Industrial Division recorded growth of 13.3%. The operating result of the second quarter exceeded the comparative period of 2011 by 21.8% and, at EUR 48.7 million, reached a new record level since the recession in the year 2009. Restructuring expenses of EUR 4.6 million resulted from the partial closure of a production line at the Bonnybridge plant in Great Britain. The group's EBIT amounted to EUR 44.1 million in the past quarter and is 10.3% higher than in the second quarter of 2011 despite the restructuring expenses incurred. The EBIT margin improved slightly from 9.2% to 9.3%. Although a dividend of EUR 29.9 million (EUR 0.75 per share) was paid out, the equity ratio as of June 30, 2012 increased to 26.9%, after 26.7% at March 31, 2012. Cash and cash equivalents fell from EUR 154.1 million to EUR 107.1 million in 2012 due the raw material projects in Norway and Turkey and investments in a fourth tunnel kiln in China, the dividend payment and an increase in working capital compared with the end of the first quarter. Net debt rose from EUR 363.1 million to EUR 424.7 million. Net cash flow from operating activities rose only marginally in the second quarter of 2012 to an accumulated EUR 48.4 million (Q1/2012: EUR 45.0 million). This is primarily attributable to an increase in receivables related to revenues. 2nd Quarter 1st Half-year in EUR million 2012 2011 2012 2011 Revenues 475.9 437.1 912.8 850.9 EBITDA 60.6 53.0 108.2 95.4 EBITDA margin 12.7% 12.1% 11.9% 11.2% Operating result1) 48.7 40.0 82.3 69.2 Operating result margin 10.2% 9.2% 9.0% 8.1% EBIT 44.1 40.0 77.7 69.2 EBIT margin 9.3% 9.2% 8.5% 8.1% Profit before income tax 38.1 34.9 73.5 58.6 Profit 30.3 30.7 62.3 49.0 Net cash flow from operating activities 3.4 2.3 48.4 29.1 Investments in property, plant and equipment and intangible assets 33.7 10.2 64.2 15.1 Number of employees at end of half-year 8,072 7,796 1) before reversal of impairment losses/impairment losses and restructuring costs Steel Division In the second quarter of 2012, revenues in the Steel Division reached a new record level of EUR 296.8 million, thus significantly exceeding the figure of EUR 279.1 million in the first quarter of 2012 and the revenues of EUR 280.1 million in the comparable period of 2011. The operating result improved substantially from EUR 12.8 million in the first quarter of 2012 to EUR 21.9 million in the second quarter of 2012, also exceeding the result of EUR 20.6 million in the same period of 2011. The operating result margin, at 7.4%, significantly exceeded that of the previous quarter at 4.6% and remained stable in comparison with the same period of 2011. The restructuring expenses resulting from the partial shutdown of a production line at the Scottish plant Bonnybridge lowered the EBIT margin by 1.6 percentage points to 5.8%. Industrial Division At EUR 169.2 million in the second quarter of 2012, revenues in the Industrial Division clearly exceeded the revenues of the first quarter of 2012 of EUR 143.0 million and those of the 2011 reference period of EUR 149.3 million. EBIT improved significantly from EUR 13.1 million in the first quarter of 2012 to EUR 21.1 million in the second quarter of 2012 and also exceeded the figure of EUR 18.2 million in the 2011 reference quarter. The EBIT margin, at 12.5%, was significantly higher than in the previous quarter with 9.2% and slightly above that of the prior-year period. Raw Materials Division In the second quarter of 2012, revenues of the Raw Materials Division amounted to EUR 62.0 million, slightly exceeding the figure of the first quarter of 2012 of EUR 60.2 million and significantly exceeding revenues of the 2011 reference period, which had amounted to EUR 54.8 million. The decline in external revenues compared with the previous quarter resulting from the expiry of delivery obligations of the Irish company Premier Periclase Ltd. (PPL), which had been acquired in 2011, was compensated by higher internal demand for raw materials as externally purchased raw materials were replaced by own raw materials. EBIT declined due to a lack of income from the sale of properties (previous quarter: EUR 2.7 million) from EUR 7.7 million in the first quarter of 2012 to EUR 5.7 million in the second quarter of 2012, but significantly exceeded the figure of EUR 1.2 million in the comparable quarter of 2011. At 9.2%, the EBIT margin was lower than in the previous quarter, at 12.8%, and significantly exceeded that of the prior-year reference period. Investments The second rotary kiln in Turkey will be commissioned in late August. Consequently, RHI will have another 70,000 tons of high-grade sintered magnesia at its disposal. The construction of the fusing plant in Norway is also progressing. The step-by-step commissioning of the fusing lines in Porsgrunn, Norway, is expected to start in September. Full-load operations, with an annual production of roughly 80,000 tons of seawater-based fused magnesia, can be expected for November; this will effectively make RHI self-sufficient in fused magnesia outside of China. In late June, the fourth tunnel kiln at the RHI Group's largest plant for fired bricks in China was commissioned. Outlook In a stable macroeconomic environment and with unchanged foreign currency exchange rates, RHI expects a slightly lower level of revenues in the Steel Division than in the first half of 2012 due to seasonal factors and significantly higher revenues in the Industrial Division in the second half of the year. Price increases in combination with a positive contribution to earnings from the initiated backwards integration projects as well as a higher share of industrial business should lead to a further increase in the EBIT margin in the second half of the year, which leads us to expect a higher EBIT margin in the entire year 2012 than in the previous financial year. The half-year financial report 2012 is 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: firstname.lastname@example.org end of announcement euro adhoc -------------------------------------------------------------------------------- company: RHI AG Wienerbergstrasse 9 A-1100 Wien phone: +43 (0)50213-6123 FAX: +43 (0)50213-6130 mail: email@example.com WWW: http://www.rhi-ag.com sector: Refractories ISIN: AT0000676903 indexes: ATX Prime, ATX stockmarkets: official market: Wien language: English