EANS-Adhoc
RHI AG / Preliminary results 2015
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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.
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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
--------------------------------------------------------------------------------
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
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.
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
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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