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RHI Magnesita Half Year Results: Strong Operating Profits and Synergy Upgrades
RHI Magnesita’s first half results continue to reflect the positive trends seen in the H2/2017, the benefits of a high level of vertical integration and synergies from the combination. Price increases drove revenue development, more than offsetting higher raw material input costs.
Revenue for the six months to June 2018 was EUR 1508 million, 24,6 % higher than the comparative period on a constant currency basis (76,4 % higher on a reported basis). Adjusted EBITA increased by almost 90 % on a constant currency basis, to EUR 218 million, with a 14,5 % adjusted EBITA margin.
The following facts summarise the highlights of the reported period. The revenue of EUR 1508 million (+24,6 %) is on an organic basis, driven by price increases and volume growth in both Steel and Industrial Divisions offsetting higher input costs. The adjusted EBITA of EUR 218 million (+88,2 %) and the adjusted EBITA margin of 14,5 % were driven by margin expansion from both raw material integration and synergies from the merger. The working capital to revenue ratio is at 21,8 % vs. 22,2 % at the end of H2/2017, despite the significant raw material inflation. Integration is progressing well with increased synergy guidance: at least EUR 60 million in 2018 (from previous guidance of EUR 40 million) and EUR 110 million on an annualized recurring basis by 2020 (from previous guidance of EUR 70 million). A strategic investment of more than EUR 20 million in a dolomite-based refractory plant and dolomite mine in China was done. The consolidation of RHI Magnesita’s three subsidiaries in India to capture local growth opportunities run more effectively and efficiently. The net debt reduced from 1,9 × adjusted pro forma EBITDA on 31 December 2017 to 1,6 × adjusted EBITDA on 30 June 2018.
