RHI Magnesita N.V.
RHI AG english
RHI quarterly results I/2003 confirm positive earnings development
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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RHI quarterly results I/2003 confirm positive earnings development
The quarterly figures are shown according to International Accounting Standards
(IAS) only for the first time. In accordance with the Prime Market regulations
of the Vienna Stock Exchange, RHI also publishes a consolidated balance sheet,
income statement, cash flow statement and equity statement.
Consolidated sales revenue amounted to EUR 298.6 million (previous: EUR 333.3
million), with the decline resulting from the sale of Engineering at June 30,
2002. EUR 256.6 million (previous year: EUR 261.7 million) of consolidated sales
revenue were accounted for by Refractories; the slight decline is due to the
substantially changed US dollar/EURO exchange rate compared to the previous
year. Refractories EBIT amounted to EUR 30.1 million in the reporting period
(previous year: EUR 26.8 million), the EBIT margin of RHI’s core business was
thus 11.7%. The globally consistent procedures in cost management and market
penetration becomes visible in the improved quality of results. Insulating sales
revenue amounted to EUR 35.0 million (previous year: EUR 36.5 million), slightly
down on the previous year due to the persisting low temperatures and
consequently limited construction activities. EBIT was still negative at EUR –
1.2 million due to seasonal factors (previous year: EUR -1.4 million).
The group’s EBIT amounted to EUR 25.3 million (previous year: 16.0 million), RHI
thus positively continues the turnaround of 2002. Further key data of Q1/2003:
financial result EUR -10.3 million (previous year: EUR -6.6 million), EBT EUR
15.0 million (previous year: EUR 9.4 million), Result before minorities EUR 10.0
million (previous year: EUR 5.3 million), net income after minorities in the
reporting period EUR 9.0 million (previous year: EUR 4.4 million).
At March 31, 2003, equity improved by EUR 35.3 million year-on-year; financial
payables were reduced by EUR 11.6 million to EUR 359.1 million in the reporting
period. In view of the stable level of incoming orders, RHI is optimistic to
exceed the results of the previous year and to meet the capital restructuring
targets for 2003.
In the Chapter 11 proceedings of the deconsolidated US companies, the
presentation of the reorganization plans in June 2003 is expected as the next
step. The objective is a successful conclusion of the proceedings in 2003.
end of ad-hoc-announcement (c)DGAP 08.05.2003
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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 Mai 03
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