RHI Magnesita N.V.
RHI AG english
RHI’s final results 2002 confirm turnaround
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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RHI’s good preliminary results for 2002 have been reconfirmed; the restructuring
and earnings targets were significantly exceeded. The RHI Group reported
consolidated sales revenues of EUR 1,351.9m (2001: EUR 1,867.2m), EBITDA of EUR
143.4m (2001: EUR -24.2m) and EBIT of EUR 85.2m (2001: EUR
-114.3m) acc. to ÖHBG and of EUR 117.9m acc. to IAS. RHI thus confirms, through
strong performance, the aspired turnaround despite the decline in sales revenue
resulting from the split of refractories USA and the sale of Engineering.
EUR 1,067.2m (2001 incl. USA EUR 1,510.5m, 2001 comparable EUR 1,034.0m), or
79%, of consolidated sales revenue are accounted for by Refractories, where EBIT
amounted to EUR 98.8m (2001: EUR -71.5m, comparable EUR 72.2m). The high
earnings power of RHI’s core business thus becomes clearly visible again after
the deconsolidation of the US activities. Sales revenue in the Insulating
Division amounted to EUR 164.4m (2001: EUR 161.5m). EBIT in 2002 amounted to EUR
4.1m (2001: EUR -6.9m, comparable EUR 2.2m).
Further key data: financial result EUR -23.0m (2001: EUR -90.6m) acc. to ÖHGB,
EUR -43.4m acc. to IAS. Result from EBT EUR 62.2m (2001: EUR -204.9m) acc. to
ÖHGB, EUR 74.5m acc. to IAS. Extraordinary result EUR 19.9m (2001: EUR -590.7m)
acc. to ÖHGB, EUR 0.0 acc. to IAS. Taxes EUR -12.7m (2001 EUR -60.8m) acc. to
ÖHGB, EUR -23.5m acc. to IAS. Net income for the year EUR 69.4 m (2001: EUR
-856.4 m) acc. to ÖHGB, EUR 51.0m acc. to IAS. Net income after minorities EUR
65.9m (2001: EUR -863.1m) acc. to ÖHGB, EUR 48.2m acc. to IAS (EUR 70.6m in
consideration of the change in result previous period by conversion to IAS).
Cash flow from operating activities in the amount of EUR 81.6m (2001: EUR
-106.6m) and the reduction of financial liabilities to EUR 370.0m (2001 EUR
670.3m) are also a result of the successful turnaround and the capital
restructuring. Effective equity capital was positive again at December 31, 2002
as planned amounted to EUR 18.2m (2001: EUR -148.6m).
The Chapter 11 proceedings of the deconsolidated US companies are developing in
line with expectations; the next steps include establishing funds for asbestos
creditors and the presentation of the reorganization plans. Business in Q1/2003
developed in line with expectations and both incoming orders and the earnings
outlook for 2003 remain positive.
end of ad-hoc-announcement (c)DGAP 08.04.2003
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WKN: 067690; ISIN: AT0000676903; Index: ATX
Listed: Amtlicher Handel in Wien; Amtlicher Handel in Frankfurt (General
Standard); Freiverkehr in Berlin-Bremen und Stuttgart
080800 Apr 03
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