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The RHI Supervisory Board approved the financial statements 2004 of RHI AG and the consolidated financial statements 2004 at its meeting on April 18, 2005. The group’s preliminary results 2004, which were published on March 17, 2005, have thus been confirmed. Since 2003, the consolidated financial statements have been drawn up in accordance with International Financial Reporting Standards (IFRS).
The Annual Report 2004 is available on RHI’s website under www.rhi-ag.com at http://www.rhi-ag.com/internet/en/corpsvc/ir/Geschaeftsberichte_20-_20Annual_20Reports.html for downloading, and also as an online report at the http://www.rhi-ag.com/internet/en/corpsvc/ir/Reports_20-_20Online.html
RHI improved its profit to EUR 99.7 million in the financial year 2004 (2003: EUR 77.5 million), an increase by 28.6%. Profit attributable to equity holders of RHI AG rose by 30.3% to EUR 95.0 million (2003: EUR 72.9 million). RHI thus recorded a significant increase in earnings for the third consecutive year after the crisis in 2001. In addition, the result 2004 was the best in the company’s history. With the good results of 2004, RHI once again confirms that the strategic steps taken after the company’s crisis in 2001 are successful. RHI Refractories and Heraklith have since continuously improved their market position and increased their operating earnings power for the third consecutive year.
This positive increase in earnings in the RHI Group is essentially attributable to two effects: EBIT rose by 11.1% to EUR 135.6 million (2003: EUR 122.0 million), and the EBIT margin, at 10.5% in 2004 (2003: 9.9%), is a two-digit figure for the first time. Moreover, income taxes were reduced by 66.5% to EUR -6.3 million (2003: EUR -18.8 million) in 2004 as a result of optimum use of loss carryforwards.
The undiluted earnings per share improved by 26.9% to EUR 4.63 (2003: EUR 3.65). Diluted earnings per share, including all potential shares from the RHI convertible bonds until the end of 2009, rose by 26.5% to EUR 2.58 (2003: EUR 2.04). Tranche A of the RHI convertible bond can be converted from January 1, 2007 to December 31, 2009; the conversion period for tranche B started on January 1, 2003 and runs until January 1, 2007. RHI will propose to the annual general meeting on May 19, 2005 to also allow the extension of conversion of tranche B until December 31, 2009 as was already indicated in the conditions of the convertible bond.
The earnings outlook for the RHI Group for 2005 is overall positive, provided no unexpected recessionary or exchange rate pressures occur. RHI will fulfill its capital restructuring objectives in the coming year and will continue to spur on the group’s positive development with targeted investments.
RHI reported revenue of EUR 1,297.3 million in 2004 (2003: EUR 1,232.6 million), up 5.2%. Revenue in the refractories core business, under the RHI Refractories brand, rose 6.7% to EUR 1,102.6 million (2003: EUR 1,033.6 million); adjusted for currency effects the increase would have amounted to 8.6%. RHI Refractories recorded EBIT amounting to EUR 123.2 million (2003: EUR 115.9 million); the EBIT margin, at 11.2%, remained constant.
RHI’s insulating division, with the lead company Heraklith, increased revenue by 8.7% to EUR 181.5 million (2003: EUR 166.9 million). EBIT again rose significantly by 42.3% to EUR 10.1 million (2003: EUR 7.1 million); the EBIT margin amounted to 5.5% (2003: 4.3%). As the former Waterproofing activities were still included in the annual revenue of 2003, revenue in the group rose by a smaller proportion than in the individual divisions in 2004 due to changes in consolidation.