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In the financial year 2002, the RHI Group reported consolidated sales revenues in the amount of EUR 1,351.9 million (previous year: EUR 1,867.2 million), EBITDA of EUR 143.4 million (previous year: EUR -24.2 million) and EBIT of EUR 85.2 million (previous year: EUR -114.3 million). 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 million, or 79%, of consolidated sales revenues (previous year incl. USA: EUR 1,510.5 million), were accounted for by Refractories; the core business realized an EBIT of EUR 98.8 million (previous year: EUR -71.5 million) 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 million (previous year: EUR 161.5 million); 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 million (previous year: EUR -6.9 million), the EBIT-margin was 2.5%. The financial result amounted to EUR -23.0 million (previous year: EUR -90.6 million) 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 million (previous year: EUR -204.9 million), net income for the year to EUR 69.4 million (previous year: EUR -856.4 million). Net income for the year includes extraordinary income in the amount of EUR 19.9 million as well as taxes of EUR -12.7 million.
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 million (previous year: EUR 670.3 million) 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.