EANS-News
RHI AG / Results of the first quarter 2017
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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quarterly report
* Increase in sales volume and revenue driven by improved business
conditions * Positive start to the year due to higher deliveries and
improved capacity utilization * Merger control clearance for the
planned combination with Magnesita filed for in Europe and Brazil
In the first quarter of 2017, the RHI Group's sales volume increased
by 4.8% compared with the same period of 2016 to roughly 483,000
tons. While the Steel Division recorded an increase by 5.3% due to
higher deliveries in Europe, North America, Africa and the Middle
East, the Industrial Division's sales volume rose by 10.4% due to a
positive development in nearly all business units.
The RHI Group's revenue in the first quarter of 2017, at EUR 418.8
million, exceeded the revenue of the comparative period of 2016, at
EUR 389.7 million, and was slightly lower than in the fourth quarter
of 2016, at EUR 423.9 million.
Operating EBIT amounted to EUR 37.9 million in the first quarter of
2017, after EUR 30.3 million in the comparative period of 2016, thus
also exceeding the figure of the fourth quarter of 2016, at EUR 25.2
million. The increase compared with the first quarter of 2016 is
among other things due to a friendlier market environment in many
customer industries and the related better order situation as well as
the resulting higher utilization of production capacities and product
mix effects. The operating EBIT margin, at 9.0% in the first quarter
of 2017, thus exceeded that of the comparative period of 2016, at
7.8%, and that of the fourth quarter of 2016, at 5.9%. The external
costs associated with the planned business combination of RHI and
Magnesita incurred in the past quarter total EUR 3.8 million.
EBIT amounted to EUR 32.6 million in the first quarter of 2017 and
primarily includes a negative net effect from the power supply
contract in Norway amounting to EUR 4.3 million as a result of lower
electricity future prices.
Equity was EUR 555.0 million at March 31, 2017, compared with EUR
524.0 million at December 31, 2016. This corresponds to an equity
ratio of 30.5%. Working capital increased from EUR 465.1 million at
the end of the year 2016 to EUR 491.3 million at March 31, 2017. This
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