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EANS-Adhoc: RHI AG
RHI AG: upward trend for revenues, strong increase in earnings in the first quarter of 2010

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
quarterly report
11.05.2010
RHI AG, the world market leader for refractory products, recorded a 
clear upward trend in revenues and a strong increase in earnings in 
the first quarter of 2010.
The Group´s revenues increased by 8.4% to EUR 342.2 million compared 
to the reference period of 2009 (Q1/2009: EUR 315.8 million). The 
Group´s EBIT soared by 124.8% to EUR 31.7 million compared to the 
first quarter of 2009 (Q1/2009: EUR 14.1 million). The EBIT margin 
more than doubled from 4.5% to 9.3%. The strong earnings development 
was attributable to better capacity utilisation, earnings effects of 
the cost optimisation programme implemented in 2009 and the fact that
the new plant concept of RHI, which provides for maximum flexibility,
is working.
RHI was able to fully benefit from the global positioning in the 
Steel and Industrial Divisions in the first quarter of 2010, with the
Steel Division in particular recording substantial growth. Based on 
RHI´s good market position and growing demand product, prices 
remained stable.
Compared with the fourth quarter of 2009, the first quarter of 2010 
showed a largely stable development. With revenues improving 
(Q4/2009: EUR 336.7 million), the operating result remained constant 
at EUR 33.6 million. In the fourth quarter of 2009, EBIT contained 
impairment losses and restructuring expenses of roughly EUR 11.5 
million. In the first quarter of 2010 they amounted to EUR 1.9 
million.
Moreover, all relevant balance sheet indicators improved as of 31 
March 2010. Net debt was reduced to EUR 217.6 million versus EUR 
233.2 million as of 31 December 2009. The equity ratio was raised 
from 17.9% as of 31 December 2009 to 20.0%. Cash and cash equivalents
amounted to EUR 165.5 million (31 December 2009: EUR 139.8 million).
In early April 2010, RHI acquired a minority stake in one of the 
largest Russian refractories producers for the glass industry. This 
company operates a plant for fused cast bricks in Moscow and 
primarily supplies Russian customers.
1st Quarter
in EUR million                                 2010       2009 1) Change
Revenues                                      342.2      315.8      8.4%
Pre-restructuring EBIT 2)                      33.6       14.1    138.3%
Pre-restructuring EBIT margin                  9.8%       4.5%   5.3ppts
EBIT                                           31.7       14.1    124.8%
EBIT margin                                    9.3%       4.5%   4.8ppts
Profit before income tax                       26.7        5.4    394.4%
Profit                                         21.5        4.7    357.4%
Net cash flow from operating activities        22.4       26.5    -15.5%
Capital expenditure                             5.2        9.5    -45.3%
Employees at 31 March                         7.279      7.567     -3.8%
1) after restructuring
2) before impairment losses and restructuring expenses
Steel Division In the world steel market, the strong demand of the 
fourth quarter of 2009 continued at the beginning of 2010. Although 
the world steel output only grew by 4% in the first quarter of 2010 
as compared to the fourth quarter of 2009, the Steel Division 
recorded above-average growth in RHI´s core markets in Europe as well
as in the USA, Asia/Pacific and China. Full-line service contracts 
continued to achieve good success. Overall, RHI increased revenues in
the Steel Division by 32.4% to EUR 218.8 million in the first quarter
of 2010 (Q1/2009: EUR 165.3 million). EBIT, at EUR 14.8 million, was 
very pleasing after it had still been negative at EUR 6.8 million in 
the first quarter of 2009 and amounted to EUR 10.0 million in the 
fourth quarter of 2009.
Industrial Division In the Industrial Division, the level of incoming
orders varied greatly in terms of region and sector and was highly 
volatile, with the sluggish recovery of the global construction 
industry and persisting financial restraints for investments in the 
customer industries causing negative effects. Divisional revenues in 
the first three months of 2010, at EUR 117.3 million, fell short of 
the excellent prior-year-figure of EUR 145.9 million. EBIT amounted 
to EUR 14.8 million (Q1/2009: EUR 19.5 million), which corresponds to
a very positive EBIT margin of 12.6% (Q1/2009: 13.4%).
Raw Materials Division Revenues of RHI´s Raw Materials Division rose 
by 7.8% in the first quarter of 2010 as a consequence of the improved
demand by the Steel Division in comparison with the reference period 
of 2009. EBIT increased from EUR 1.4 million to EUR 2.1 million. The 
upward trend of raw material prices continued in the first quarter of
2010, though in a slightly weaker form than in 2009.
Outlook Assuming that the current development in the financial 
markets has no negative effects on the real economy, RHI expects a 
result for the second quarter of 2010, which should essentially match
that of the first quarter of 2010. Due to the market recovery, the 
ongoing expansion of the market position and the clearly improved 
cost structure compared with 2009, RHI is confident for the year 2010
to realise an increase in revenues and earnings in comparison with 
2009.
Starting with the report on the first quarter of 2010, RHI adjusted 
the reporting structure to reflect the organisational changes 
implemented in 2009 as well as the internal reporting structure. For 
reasons of transparency and comparability, these reclassifications 
were also made retroactively for the years 2007, 2008 and 2009 as 
well as the reference period of 2009. Due to the comprehensive 
changes, RHI subjected the interim consolidated financial statements 
as of 31 March 2010 to a review by the auditor.
The interim consolidated financial statements as of 31 March 2010 as 
well as the online version of the quarterly financial report are 
available on RHI´s website www.rhi-ag.com.
end of announcement                               euro adhoc

Further inquiry note:

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

Branche: Refractories
ISIN: AT0000676903
WKN: 874182
Index: ATX Prime, ATX
Börsen: Wien / official market

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