RHI’s final quarterly results confirm the positive earnings development (ad hoc)

28. May 2002

The preliminary results for the first quarter of 2002, which were already published on April 25, 2002 have been confirmed and current business is developing positively. RHI is confident it will reach the earnings targets 2002 underlying the capital restructuring. The quarterly figures are shown according to ÖHGB (Austrian Commercial Code) and IAS for the first time; the transition, however, is not based on an audited IAS opening balance sheet.

RHI’s consolidated sales revenue amounted to EUR 333.3 million in the first quarter of 2002 (previous year: EUR 471.9 million incl. North America); the decline results from the deconsolidation of the US refractories activities. EUR 261.7 million of the consolidated sales revenue are accounted for by the core business Refractories including activities in Canada, which have been integrated into the new RHI Refractories structure. Overall, sales revenue from Refractories amounted to EUR 398.0 million in the previous year; the figure of the previous year comparable to the new structure of 2002 came to EUR 256.3 million. The Refractories EBIT amounted to EUR 23.3 million in the first quarter of 2002 (previous year incl. North America: EUR 16.5 million), the EBIT margin in the RHI core business thus amounts to 8.9%.

Insulating reported sales revenues of EUR 36.5 million in the first quarter of 2002 (previous year: EUR 46.0 million), which fell short of the figure of previous year due to changes in consolidation. EBIT, at EUR –1.7 million (previous year: EUR –0.1 million), was still negative due to seasonal factors. Engineering recorded sales revenues of EUR 38.1 million (previous year: 35.9 million); EBIT, at EUR –2.6 million (previous year: EUR –1.3 million), was still negative as expected due to seasonal factors.

Consolidated-EBIT amounted to EUR 11.6 million (previous year: 10.2 million) according to ÖHGB and to EUR 16.0 million according IAS. The financial result was EUR –4.2 million (ÖHGB) or EUR –6.6 million (IAS).

The result from ordinary activities (EBT) of the RHI group amounted to EUR 7.4 million (ÖHGB) or EUR 9.4 million (IAS) in the first quarter of 2002. Net income for the period came to EUR 3.6 million (ÖHGB) or EUR 5.3 million (IAS).

Quarterly Report 1/2002