RHI quarterly results I/2003 confirm positive earnings development (ad hoc)

08. May 2003

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.

 Quarterly Report 1/2003