RHI Magnesita N.V.
RHI AG english
RHI reports third consecutive good quarter, targets for 2002 will be exceeded
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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RHI reports third consecutive good quarter, targets for 2002 will be exceeded
Despite average cyclic conditions in industry and the weak construction
industry, RHI reported good results again in Q3 2002. RHI thus confirmed the
turnaround and the reorientation of the group for the third consecutive quarter.
In the first 9 months 2002, the RHI Group increased EBIT (according to OeHGB)
by 273% to EUR 67.8 million as compared to the previous year. This soaring
operating result was realized despite the split from the US refractories
activities and the sale of Engineering, which entailed a 31% decline in sales
revenues. With a net income (according to OeHGB) of EUR 35.2 million, RHI
clearly exceeds the targets set within the capital restructuring in the first 9
months. RHIs sales revenue amounted to EUR 985.6 million in the first 9 months
2002 (previous year incl. Refractories USA: EUR 1,428.4 million). Core business
Refractories accounted for EUR 797.2 million or 80% of this figure. In the
previous year Refractories sales including US-business amounted to EUR 1,156.4
million, the comparable figure for the previous year is EUR 774.4 million.
Refractories EBIT amounted to EUR 75.8 million (previous year incl. USA: EUR
22.9 million), EBIT margin to a very good 9.5%. Insulating reported sales
revenues of EUR 123.1 million, which fell short against of the figure of the
previous year (EUR 154.6 million) due to cyclical factors and changes in
consolidation. Insulating EBIT amounted to EUR 3.8 million (previous year: EUR
6.6 million). In the first 9 months 2002, Group EBIT came to EUR 67.8 million
according to OeHGB (previous year: EUR 18.2 million) and EUR 80.0 million
according to IAS. Financial result amounted to EUR -21.1 million (OeHGB) or EUR
-31.6 million (IAS). Result from ordinary activities (EBT) thus reached EUR 46.7
million (OeHGB) or EUR 48.4 million (IAS), net income was EUR 35.2 million
(OeHGB) or EUR 32.2 million (IAS). In view of the continuing good level of
incoming Refractories orders, RHI will also exceed its earnings targets for the
4th quarter and 2002 as a whole. RHI can thus confirm the expectations already
in the first year after the capital restructuring and the portfolio
reorientation. The pending Chapter 11 proceedings of the deconsolidated US
Refractories subsidiaries have so far progressed as expected. The non-asbestos-
creditors of the US companies must file their definitive claims by February 28,
2003 (‘bar date’).
end of ad-hoc-announcement (c)DGAP 26.11.2002
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WKN: 067690; ISIN: AT0000676903; Index: ATX
Listed: Amtlicher Handel in Wien; Amtlicher Handel in Frankfurt, München;
Freiverkehr in Berlin, Hamburg, Stuttgart
260800 Nov 02
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