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RHI: Preliminary Results 2012
In a macro-economically challenging environment, the RHI Group’s sales volume dropped by 5 % from 1,948 Mt in the year 2011 to 1,850 Mt, which was primarily due to weaker steel business in Europe and weaker cement and glass business in Asia.
Although sales volume was lower, revenues of the RHI Group reached a new record level of EUR 1835,7 million in 2012 (previous year: EUR 1758,6 million). The increase by 4,4 % in comparison with 2011 is primarily attributable to shifts in product mix, the positive effects of a weaker euro-dollar exchange rate as well as pricing effects. The operating result before restructuring effects increased by 10,6 %in comparison with the previous year, from EUR 148,6 million to EUR 164,4 million. The balance of expenses and income from thereversal of impairment losses and restructuring amounted to EUR 3,2 million and is related to the partial closure of the ISO production line at the Bonnybridge plant, GB, and the sale of the Isithebe plant in South Africa. The Group’s EBIT amounted to EUR 167,6 million in the past financial year, exceeding the prior-year EBIT of EUR 150,9 million by 11,1 %. The EBIT margin improved from 8,6 % in the year 2011 to 9,1 % in the year 2012. The profit for the year amounted to EUR 113,5 million in the past financial year, after EUR 121,5 million in the previous year. In a challenging market environment, in which many steel producers struggled with losses resulting from the decline in demand, the sales volume of the Steel Division was also down 7 % year-on-year and amounted to 1 245 000 t, thus even slightly below the level of the year 2010. In contrast, revenues were maintained stable at EUR 1112,7 million after EUR 1106,8 million in the previous year and reflect the adjustments in pricing necessary due to soaring raw material prices, and the more favorable regional mix. The operating result amounted to EUR 54 million in the past financial year after EUR 66 million in the previous year. Sales volume of the Industrial Division decreased by 7 % to roughly 470 000 t in comparison with the previous year due to a shift in product mix and a challenging environment in the glass industry. Despite the decline in volume, revenues rose by 9,8 % to a new record level of EUR 673,9 million after EUR 613,9 million in the year 2011. This increase is mainly attributable to a higher share of the service business, the delivery of a major project in the ferrochrome segment as well as a positive development in the business units nonferrous metals and environment, energy chemicals. Both business units realized a historic record in both revenues and contribution to earnings. The operating result thus improved significantly from EUR 69,9 million to EUR 91,8 million in the year 2012. Despite a difficult market environment, production in the Raw Materials Division was at a very high level in the first half 2012, but could not be maintained constant at this level throughout the year. As sales volume declined in the Steel and Industrial Divisions, internal demand for raw materials dropped accordingly. Revenues in the Raw Materials Division amounted to EUR 237,6 million in the past financial year, compared with EUR 208,3 million in the year 2011. The operating result of EUR 12,7 million in the year 2011 was increased to EUR 18,6 million in 2012. RHI expects revenues to reach a similar level in the year 2013 as in 2012 if the macroeconomic environment remains stable and exchange rates do not change. The expected lower growth rates in Europe require an adjustment of capacities in order to ensure optimal utilization of the production plants. Therefore, a plant concept is currently being evaluated in the RHI Group. The results are expected in the first half of 2013. RHI will invest some EUR 75 million in the year 2013, of which roughly 25 % will be used for environmental investments. (3/2013)
