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RHI AG / Preliminary results 2015

Published: February 4, 2016; 19:48 · (Vindobona)

Based on the preliminary, unaudited figures, the RHI Group concluded the financial year 2015 with revenue of roughly EUR 1,752 million and an operating EBIT of roughly EUR 124 million despite a difficult market environment in the customer industries.

RHI AG / Preliminary results 2015 / Picture: © Vindobona.org

 

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annual result
04.02.2016

Based on the preliminary, unaudited figures, the RHI Group concluded the
financial year 2015 with revenue of roughly EUR 1,752 million and an operating
EBIT of roughly EUR 124 million despite a difficult market environment in the
customer industries.

The continuing decline in fused magnesia prices in China required a complete
write-down of assets amounting to roughly EUR 23 million for the plant in
Porsgrunn, Norway, despite further progress in operations. The reduced
production volume should continue to improve the earnings situation as lower-
grade qualities that have dropped in price are purchased from China.

The production of fused cast products for the glass industry is associated
with high fixed costs, which in combination with the low capacity utilization
weigh on the margins. This required a complete write-down of existing assets of
roughly EUR 8 million for the US plant in Falconer. In the year 2015, several
future concepts were developed for the plant and the Management Board decided
to initiate a structured selling process.

As part of the plant concept, the Management Board of RHI AG decided to
concentrate the activities of the two Scottish plants for isostatically pressed
products at the Bonnybridge site. The Clydebank plant will be closed by the end
of 2016. This measure will improve the competitiveness of production in
Scotland, but required restructuring expenses amounting to roughly EUR 3
million.

The negative non-cash one-off effects of EUR 34 million are offset by
positive effects of roughly EUR 6 million from the reversal of provisions
following the sale of the premises at the site in Duisburg, Germany, as well as
lower closure costs at the site in Kretz, Germany. Hence, EBIT of the year 2015
amounts to roughly EUR 96 million.

The strong free cash flow of roughly EUR 128 million, of which roughly EUR
53 million was generated in the fourth quarter of 2015, led to a significant
reduction of net debt in the past financial year, which amounted to roughly EUR
398 million at December 31, 2015. The Management Board of RHI AG intends to
propose a dividend of EUR 0.75 to the Annual General Meeting on May 4, 2016.
This equals the dividend payment of last year.

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

Digital press kit: http://www.ots.at/pressemappe/1644/aom

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