RHI AG

EANS-Adhoc: RHI AG
Results of the first quarter 2014

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Financial Figures/Balance Sheet
14.05.2014


In the first quarter of 2014, revenues were down 11.9% on the preceding quarter
and amounted to EUR 402.3 million. Revenues in the Steel Division decreased by
7.9% compared with the fourth quarter of 2013 due to the difficult market
environment in South America, political tensions in Ukraine and Turkey and the
New Year's celebrations in China. However, the level of incoming orders rose in
the double-digit percentage range compared with the end of the year 2013, which
indicates an increase in revenues in the coming quarters. The drop in revenues
in the Industrial Division by 22.1% compared with the preceding quarter results
in particular from weaker new construction activities. In addition, several
major projects were delivered in the fourth quarter of 2013. Revenues should,
however, also recover significantly in this division in the course of the
financial year.
 
The operating result amounted to EUR 34.1 million in the past quarter. Compared
with the operating result of the fourth quarter of 2013, which was characterized
by several one-off effects, this corresponds to an increase by 89.4%. The
operating result margin rose from 3.9% to 8.5%.
 
EBIT amounted to EUR 33.6 million in the first quarter of 2014 and includes
restructuring costs of EUR 0.5 million resulting from the closure of the
Duisburg plant in Germany. Here, higher expenses for the social plan led to
additions to the relevant provisions. The EBIT margin amounted to 8.4% in the
past quarter. The tax rate was 31.3%.
 
Equity totaled EUR 497.5 million at March 31, 2014 compared with EUR 485.5
million at December 31, 2013. The equity ratio increased slightly from 28.2% at
the end of the financial year 2013 to 28.3% at March 31, 2014. Net debt
decreased from EUR 422.9 million to EUR 408.3 million. As a result, the gearing
ratio declined from 87.1% to 82.1%. Net cash flow from operating activities
amounted to EUR 23.0 million in the past quarter, and net cash flow from
investing activities to EUR (5.3) million.
 

in EUR million             Q1/2014 Q4/2013 Delta     Q1/2013 Delta
Revenues                   402.3   456.6   (11.9)%   425.5   (5.5)%
EBITDA                     50.2    43.3    15.9%     65.9    (23.8)%
EBITDA margin              12.5%   9.5%    3.0pp     15.5%   (3.0)pp
Operating result 1)        34.1    18.0    89.4%     49.4    (31.0)%
Operating result margin    8.5%    3.9%    4.6pp     11.6%   (3.1)pp
EBIT                       33.6    (53.0)  163.4%    49.4    (32.0)%
EBIT margin                8.4%    (11.6)% 20.0pp    11.6%   (3.2)pp
Result before income taxes 28.8    (52.1)  155.3%    40.8    (29.4)%
Result from continued
operations                 19.8    (38.5)  151.4%    22.8    (13.2)%
                                                                          
1) EBIT before impairment and restructuring expenses and result from Chapter 11
proceedings
 
Outlook
Provided that the macroeconomic environment and exchange rates remain stable,
RHI expects significantly higher revenues in the second quarter of 2014 than in
the first quarter of 2014 driven by strong incoming orders. The operating result
margin is expected to rise to roughly 9%.
 
For the full year 2014, RHI still expects revenues to grow by roughly 3%
compared with the year 2013. The operating result margin should range between 8%
and 9% including the negative effects from Norway.

The report for the first quarter of 2014 is available for download at the RHI
website: www.rhi-ag.com / Investor Relations / Financial Reports


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)50213-6676
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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