DGAP-News: H&R AG posts best half-year figures in company's history
(firmenpresse) - DGAP-News: H&R AG / Key word(s): Half Year Results
H&R AG posts best half-year figures in company's history
12.08.2011 / 06:59
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Press release
H&R AG posts best half-year figures in company's history
- Revenue up 10.7% to EUR 595.3 million.
- EBITDA up 8.9% to a new record high of EUR 56 million.
- Large-scale investment successfully completed
- Forecast 2011: EBITDA between EUR 90 million and EUR 100 million
expected
Salzbergen, 12 August 2011. H&R AG continued its growth course in the 1st
half of 2011 and posted new record highs in both revenue and earnings.
Revenue was up 10.7% to EUR 595.3 million (1st half of 2010: EUR 537.9
million). H&R AG's operating result (EBITDA) improved from EUR 51.4 million
in the 1st half of 2010 to EUR 56 million, while the consolidated net
income attributable to shareholders rose to EUR 28.8 million (1st half of
2010: EUR 26.3 million).
Revenue and earnings up significantly in both divisions
The Chemical-Pharmaceutical Raw Materials Division, by far H&R AG's largest
division, posted a new record operating result (EBITDA) of EUR 54.8 million
in the 1st half of the year (1st half of 2010: EUR 50.7 million). The
Plastics Division improved its operating result (EBITDA) by 85.7% compared
with the EUR 0.7 million achieved in the 1st half of 2010, to EUR
1.3million.
Major plant completed
H&R AG successfully completed the construction of a propane deasphalting
plant in Hamburg, the largest investment project in the company's history.
This means that the company should be able to gradually start production as
early as September following extensive testing - several weeks earlier than
originally planned. The plant will then convert the residue produced during
the manufacturing process among others into high-quality, crude oil-based
speciality products. This will generate additional annual earnings
potential (EBITDA) of EUR 12 to EUR 14 million for our domestic
Chemical-Pharmaceutical Segment. 'The excellent management of the project
is paying off on the cost side too: based on current calculations, we will
only spend about EUR 45 million of our original project budget of EUR 55
million,' said Gert Wendroth, Chief Executive Officer at H&R AG.
Operating Result (EBITDA) for the full year up to EUR 100 million expected
Current trends on the financial markets and the potential impact on the
real economy make it particularly difficult at present to predict how the
situation will develop over the next few months. Provided there is no more
turbulence on the crude oil markets H&R is optimistic about the 2nd half of
the year:
In the Chemical-Pharmaceutical Segments, sales in July and the beginning of
August were down on the first half of the year due to holidays and summer
closures at a number of companies. However, beginning in September good
demand is expected for all products again for the rest of the year.
Progress has been made with the realignment of the Plastics Division which,
together with rising order numbers, suggests that the division will make a
positive contribution towards the consolidated operating result (EBITDA)
for the full year 2011 following losses in 2009 and 2010.
'Against this backdrop, we still believe that earnings (EBITDA) in the
region of EUR 90 - EUR 100 million are realistic for the year as a whole,
although the 3rd quarter is expected to be somewhat weaker,' said Gert
Wendroth, Chief Executive Officer at H&R AG.
More detailed information concerning the current development can be found
in the Q2 interim report online at www.hur-wasag.com.
The next scheduled dates:
14th November 2011 Q3 Interim Report 2011
17th February 2012 Preliminary figures for the financial year 2011
Press and Analysts' conference
30th March 2012 Final figures for the financial year 2011
14th May 2012 Q1 Interim Report 2012
Contact:
H&R AG, Investor Relations / Communications, Christian Pokropp
Neuenkirchener Straße 8, 48499 Salzbergen, Germany
Phone: +49 40 43218-321, Fax: +49 40 43218-390
Email: Christian.Pokropp(at)hur.com
www.hur-wasag.com
H&R AG:
The SDAX-listed company H&R 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.
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 are 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.
End of Corporate News
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12.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: H&R AG
Neuenkirchener Str. 8
48499 Salzbergen
Germany
Phone: +49 (0)40 43 218 321
Fax: +49 (0)40 43 218 390
E-mail: investor.relations(at)hur.com
Internet: www.hur-wasag.de
ISIN: DE0007757007
WKN: 775700
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard), Hamburg; Freiverkehr in Berlin, Hannover,
München, Stuttgart
End of News DGAP News-Service
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