DGAP-News: H&R WASAG AG posts outstanding result for 1st quarter of 2010
(firmenpresse) - H&R WASAG AG / Quarter Results
12.05.2010 08:01
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- EBITDA up 33% at EUR24.2 million
- Sales rise to EUR254.0 million (1st quarter of 2009: EUR159.4 million)
- Chemical-Pharmaceutical Raw Materials Domestic Segment achieves new sales
volume record
- Largest single investment in the company's history initiated
Salzbergen, Germany, 12 May 2010. H&R WASAG AG started the new financial
year with an outstanding 1st quarter. Its operating result (EBITDA)
improved by 33% to EUR24.2 million (1st quarter of 2009: EUR18.2 million).
EBIT came in at EUR19.4 million (1st quarter of 2009: EUR13.9 million) and
the consolidated annual net profit was EUR12.1 million, compared to EUR8.5
million in the 1st quarter of last year. Earnings per ordinary share
climbed by 42.9% to EUR0.40 (1st quarter of 2009: EUR0.28).
The company saw a particularly sharp rise in sales revenues, which soared
59.3% to EUR254.0 million. 'Approximately two thirds of the increase in
sales revenues is due to the considerably higher sales volume in the
chemical-pharmaceutical division. One third is attributable to higher
commodity costs, which prompted rising prices for crude oil-based
specialities,' said Gert Wendroth, Chief Executive Officer at H&R WASAG AG.
All segments record better operating results
With its operating result of EUR18.8 million, the Chemical-Pharmaceutical
Raw Materials Domestic Segment once again made the largest contribution
towards the consolidated operating result (EBITDA), improving by 26% on the
same quarter in the previous year. Developments in demand for the segment's
main products were particularly positive. This enabled H&R WASAG AG to
achieve a new sales volume record - the refineries in Hamburg and
Salzbergen operated at full capacity throughout the quarter.
With a 73.3% rise taking its operating result to EUR5.2 million, the
Chemical-Pharmaceutical Raw Materials International Segment grew even more
dramatically. 'The result provides impressive evidence of how our
international segment is growing in importance. Focusing our international
operations on the high-growth Asian market once again paid off,' commented
Chief Sales Officer Niels H. Hansen.
The Plastics Division began to benefit from restructuring measures and the
acquisition of clients from the medical technology sector, posting a slight
improvement in its operating result to EUR0.3 million.
Large-scale investment in Hamburg refinery initiated
In early May, H&R WASAG AG initiated the largest single investment in its
history, in that construction work began for a propane deasphalting plant,
which will substantially boost value added for production at the Hamburg
refinery. Costing approximately EUR55.0 million, the plant is due to become
operational in the 4th quarter of 2011. The project is expected to
contribute an additional EUR12 to 14 million to EBITDA per annum from 2012
onwards.
Outlook for 2010 confirmed
In the light of the strong 1st quarter, H&R WASAG AG reiterated its
forecast of growing the Group's operating result vis-à-vis last year
(EUR65.6 million). The high demand for products from the large
chemical-pharmaceutical division continued at the beginning of the 2nd
quarter of 2010. However, crude oil prices continued to climb sharply,
which temporarily compromised margins.
This division is expected to benefit in the run-up to 2012, when new
regulations come into force throughout Europe which require car tyres to be
labelled with properties such as rolling friction and wear resistance.
Label-free plasticisers from H&R WASAG AG help tyre manufacturers to
improve these properties.
Following a loss in the previous quarter, the Plastics Division posted a
modest operating profit. This reflects the initial successes achieved by
realigning the division. However, given that the order situation has only
improved moderately, it is too soon to interpret this as a turnaround in
trend at the Group's smallest segment.
'Thanks to the outstanding 1st quarter and the persistently positive
development in sales volumes at the chemical-pharmaceutical division, we
are optimistic about the remainder of the financial year,' said Gert
Wendroth.
More detailed information concerning the current development can be found
in the interim report as of 31 March 2010 online at www.hur-wasag.com.
H&R WASAG AG:
The SDAX-listed company H&R WASAG AG is active in the fields of development
and manufacture of chemical-pharmaceutical specialty products based on
crude oil, and in the production of precision plastic parts. In the
individual divisions, the group company is positioned as a market and/or
technological leader with excellent perspectives.
Forward-looking statements and forecasts:
This press release contains forward-looking statements. These statements
are based upon current estimates and forecasts of the executive board as
well as information that is available to the executive board at this point
in time. They are not to be taken as guarantees of future developments and
results. The future developments and results are much more dependent upon
many factors. They contain various risks and uncertainties and are based
upon assumptions that may prove to be inaccurate. We assume no obligation
to update the forward-looking statements contained in this report.
Contact:
H&R WASAG AG, Investor Relations / Communications, Christian Pokropp
Neuenkirchener Straße 8, 48499 Salzbergen, Germany
Phone: 0049 (0)40 43218 321, Fax: 0049 (0)40-43218-390, Email:
Christian.Pokropp(at)hur-wasag.de
www.hur-wasag.com
12.05.2010 08:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: H&R WASAG AG
Neuenkirchener Str. 8
48499 Salzbergen
Deutschland
Phone: +49 (0)40 43 218 321
Fax: +49 (0)40 43 218 390
E-mail: investor.relations(at)hur-wasag.de
Internet: www.hur-wasag.de
ISIN: DE0007757007
WKN: 775700
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Düsseldorf,
Hamburg; Freiverkehr in Berlin, München, Hannover, Stuttgart
End of News DGAP News-Service
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Datum: 12.05.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 20741
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