RHI Magnesita N.V.
RHI AG english
RHI surpasses restructuring targets with preliminary figures for 2002
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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RHI surpasses restructuring targets with preliminary figures for 2002
In the financial year 2002, the RHI Group reported consolidated sales revenues
in the amount of EUR 1,351.9 m (previous year: EUR 1,867.2 m), EBITDA of EUR
143.4 m (previous year: EUR -24.2 m) and EBIT of EUR 85.2 m (previous year: EUR
-114.3 m). The high level of earnings power of the core business Refractories
thus becomes visible again after the deconsolidation of the US activities. The
restructuring of the Insulating Division is also showing first successes with
improved earnings contributions. The increase in earnings in the Group, with an
EBIT margin of 6.3%, was realized despite the split from the US refractories
activities and the engineering business, and consequently 28% less sales
revenue.
EUR 1,067.2 m, or 79%, of consolidated sales revenues (previous year incl. USA:
EUR 1,510.5 m), were accounted for by Refractories; the core business realized
an EBIT of EUR 98.8 m (previous year: EUR -71.5 m) and a good EBIT margin of
9.3% despite the average global economic situation. Insulating reported sales
revenues in the amount of EUR 164.4 m (previous year: EUR 161.5 m); the crisis
in the construction industry in the core markets was countered by new business
in Eastern Europe and in exports. EBIT amounted to EUR 4.1 m (previous year: EUR
-6.9 m), the EBIT-margin was 2.5%.
The financial result amounted to EUR -23.0 m (previous year: EUR -90.6 m) and
clearly shows the positive effects of the interest-relieved capital structure as
a result of the restructuring. The result from ordinary activities (EBT)
amounted to EUR 62.2 m (previous year: EUR -204.9 m), net income for the year to
EUR 69.4 m (previous year: EUR -856.4 m). Net income for the year includes
extraordinary income in the amount of EUR 19.9 m as well as taxes of EUR -12.7
m.
Even without the extraordinary effects, RHI thus surpassed the targets set in
the first year after the capital restructuring. The effective equity capital is
positive again in the balance sheet at December 31, 2002 as planned. Gross bank
liabilities were reduced to EUR 370.0 m (previous year: EUR 670.3 m) at that
time. The Chapter 11 proceedings of the deconsolidated US refractories companies
are developing in line with expectations. The next steps include the
establishment of a trust for asbestos creditors and the presentation of the
reorganization plans.
Incoming orders and earnings prospects remain positive for 2003.
end of ad-hoc-announcement (c)DGAP 03.03.2003
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WKN: 067690; ISIN: AT0000676903; Index: ATX
Listed: Amtlicher Handel in Wien; Amtlicher Handel in Frankfurt (General
Standard); Freiverkehr in Berlin und Stuttgart
031000 Mär 03
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