EANS-News
Results of the first half of 2017
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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
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Mid Year Results
Vienna -
* Positive economic environment strengthens business development
* M&A costs and currency effects weigh on margins
* Adjusted operating EBIT exceeds first half of 2016
In the first half of 2017, the RHI Group's revenue was up 3.1% on the
comparative period of 2016 and amounted to EUR 855.8 million. Revenue of the
Steel Division rose by 2.9%, among other things thanks to a positive business
development in the US. The increase in revenue by 2.0% in the Industrial
Division is among other things due to higher project deliveries of the glass
business unit and a satisfactory repair business in the cement/lime business
unit.
Stefan Borgas, CEO of RHI and designated CEO of RHI-Magnesita, comments on the
half-year result: "In the first half of the year, we got many issues on the
right track, even though the figures were somewhat mixed due to one-off effects.
We expect a strong third quarter and are confident to achieve the goals we set."
The operating EBIT amounted to EUR 59.0 million in the first half of 2017 after
EUR 70.2 million in the first half of 2016 and includes external costs of EUR
12.6 million related to the planned combination of RHI and Magnesita as well as
negative currency effects of EUR 9.2 million resulting from the measurement of
balance sheet items. Adjusted for these two effects, the operating EBIT amounts
to EUR 80.8 million in the first half of 2017, which corresponds to a margin of
9.4%. This positive development is among other things attributable to a more
favorable market environment in many customer industries, the associated
improved order situation and the resulting higher utilization of production
capacities. The higher raw material costs resulting from a shortage of supply
could so far not be fully passed on to customers.
EBIT amounted to EUR 49.6 million in the first half of the year and includes
impairments of EUR 5.5 million as a result of the planned sale or closure of the
plant in Aken, Germany. The imminent sale of the Italian San Vito plant and the
Russian Podolsk plant, which produce fused cast refractories for the use in the
glass industry led to impairments of EUR 1.7 million. The negative net effect
from the power supply contract in Norway of EUR 1.2 million resulting from
declining electricity future prices also had a negative impact on EBIT. In
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