Favourable RHI half-year balance shows new, focussed Group
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Following the Heraklith sale effective 13 June 2006 RHIs half-year consolidated balance sheet shows the structure adjusted for Heraklith with a balance sheet total of EUR 1.1 billion. The results of the group contain a book profit from the sale in the amount of EUR 60.8 million, profit for the first half of 2006 amounts to EUR 107.0 million. Equity, which is still negative in the RHI balance sheet, subsequently improved significantly in the first half of 2006 by EUR 94.9 million and amounted to EUR -86.2 million. Taking into account the outstanding RHI convertible bonds, equity is positive again. In late 2001, this figure was approx. EUR -500 million after the write-down and deconsolidation of the US refractories companies. Since that time, financial liabilities have been cut by more than half from more than EUR 1 billion to now EUR 488.6 million; including cash and cash equivalents, this figure is now only EUR 454.1 million. This roughly corresponds to the 2.5-fold EBITDA of the new and focused RHI, this key figure illustrates the groups regained financial scope.
Overall, the RHI Group reported revenue in the amount of EUR 666.8 million in the first half of 2006 (previous year, comparable to the new structure 2006: EUR 601.9 million), an increase by 10.8%. EBITDA amounted to EUR 86.4 million (EUR 75.9 million); EBIT, at EUR 64.6 million (EUR 56.0 million), was up 15.4%. Profit before income taxes rose by 17.6% to EUR 51.4 million, profit from continuing operations (Refractories, other) was EUR 46.2 million (EUR 40.3 million). Profit from discontinued operations (Insulating) amounted to EUR 60.8 million (EUR 3.5 million); the RHI Groups half-year profit, at EUR 107.0 million (EUR 43.8 million), reached a historic high amounting to 2.5 times the figure of the previous year.
RHI Refractories reported revenue amounting to EUR 660.0 million in the first half (previous year: EUR 596.8 million), an increase by 10.6%. Refractories sales volume rose 5.2% to 900,000 tonnes. EBIT amounted to EUR 67.7 million (EUR 66.5 million); the EBIT margin was 10.3% (11.1%). The increase in revenue was accounted for by a slightly under-proportional contribution from global business with steel customers and a disproportionately high contribution from business with customers in the industrial segment. Steel once again realised significant increases in revenue with key accounts in North America and, parallel to production of local steel customers, slight declines in South America. Industrial recorded satisfactory growth in the business units nonferrous metals, environment, energy, chemicals as well as cement and lime as compared to the previous year. Only business with glass customers was still down on the level of the previous year. Incoming orders and the good economic situation of RHIs customer industries indicate a positive business development for refractories.
1st Half Change in EUR million 2006 2005 in % Revenue 666.8 601.9 10.8 EBITDA 86.4 75.9 13.8 EBITDA margin 13.0% 12.6% 2.8 EBIT 64.6 56.0 15.4 EBIT margin 9.7% 9.3% 4.1 Profit before income taxes 51.4 43.7 17.6 Profit from continuing operations 46.2 40.3 14.6 Profit from discontinued operations 60.8 3.5 Profit 107.0 43.8 144.3
The complete Half-year Report 2006 is available on RHIs website under www.rhi-ag.com for downloading.
end of announcement euro adhoc 26.07.2006 07:55:00
Further inquiry note:
RHI AG
Investor Relations
Dkfm. Markus Richter
Tel: +43-1-50213-6123
Email: markus.richter@rhi-ag.com
Branche: Refractories
ISIN: AT0000676903
WKN: 874182
Index: ATX Prime
Börsen: Wiener Börse AG / official dealing