The final results of the RHI group for 2001 lie within the framework of the preliminary figures published on January 14, 2002 and are characterized to a significant extent by the deconsolidation of the US refractories companies and risk provisions.
The future core business Refractories in Europe, Asia and Latin America (from 2002 also Canada) reported an EBIT from operating activities of EUR 72.2 million in 2001 (2000: EUR 59.4 million); including one-off effects EBIT amounted to EUR 62.1 million (2000: EUR 72.0 million). The refractories business in North America (US companies were deconsolidated as of December 31, 2001), shows an EBIT from operating activities in the amount of EUR –51.8 million for 2001 due to the economic crisis in the USA; including one-off effects, EBIT amounted to EUR –133.6 million (2000: EUR 23.7 million). Overall, Refractories thus reported an EBIT of EUR –71.5 million for 2001 (2000: EUR 95.7 million).
Insulating recorded an EBIT from operating activities amounting to EUR 2.2 million in 2001 due to the weak construction industry and deconsolidation effects; including one-off effects, EBIT amounted to EUR –6.9 million (2000: EUR 11.2 million). Engineering concluded the year 2001 with a positive operating EBIT of EUR 0.3 million; including one-off effects, EBIT amounted to EUR –7.5 million (2000: EUR 7.6 million).
RHI consolidated sales revenue amounted to EUR 1,867.2 million in 2001 (2000: EUR 2,193.6 million). The decline is primarily attributable to the deconsolidation of Waterproofing and the weak sales situation of Refractories North America. The consolidated EBIT totaled EUR –114.3 million in 2001 (2000: EUR 131.3 million), the result from ordinary activities (EBT) was negative at EUR –204.9 million (2000: EUR 70.1 million).
The net loss for the year 2001 in the RHI group amounted to EUR –856.4 million (2000: EUR 30.8 million). This includes an extraordinary result in the amount of EUR –590.7 million, which consists of extraordinary expenses for depreciation, risk provisions and valuation adjustments of receivables of the US refractories companies, and extraordinary income from the deconsolidation of these companies.
The equity consumption caused by the net loss for the year is partly compensated by the mezzanine capital of EUR 400 million agreed in the course of the capital restructuring; with the subordinated convertible bonds, which have now been issued, and the expected net income for the year, a positive beneficial equity is to be reached again in the year 2002.