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[March 2006]
RHI Profit for 2005 at High Level Set Last Year
With a profit of 99.8 million euro (2004: 99.7 million euro), RHI AG (Vienna, Austria) once again reported a very good result in the financial year 2005. The profit attributable to stockholders of RHI AG (after minority interest) amounts to 98.1 million euro (2004: 95 million euro). On an undiluted basis, earnings per share came to 4.18 euro (2004: 4.63 euro) as a result of the newly added RHI shares due to the conversion of convertible bonds in 2005. Taking into account all possible conversions by the end of 2009, earnings per share on a fully diluted basis were 2.61 euro (2004: 2.58 euro), thus slightly exceeding the comparable figure of 2004.
The price/earnings ratio of the RHI share therefore still amounts to under 6 on an undiluted basis and, fully diluted, to under 10. With its good results, RHI said it once again confirmed that the strategic direction taken following the crisis in 2001 had been successful. After the contract to sell the Insulating Group was signed
in January, RHI is now fully concentrating on extending the globally leading technology and market position of RHI Refractories.
(As RHI signed a contract to sell the Heraklith Group in January 2006, the insulating division is already shown as "discontinued operations" in fiscal 2005 in accordance with IFRS regulations. Although profit of the RHI Group according to IFRS still comprises the entire business of the Group and thus also the insulating division, the group figures for revenue, EBIT and other earnings figures, have been "adjusted" for Insulating. In order to ensure better comparability, revenue and EBIT 2005 are shown as both figures comparable to 2004 and in accordance with IFRS).On a comparable basis, RHI’s consolidated revenue amounted to 1.4515 billion euro in 2005 (2004: 1.2973 billion euro), up 11.9%. Revenue from refractories rose by 7.5% to 1.1851 billion euro (2004: 1.1026 billion euro), enabling RHI Refractories to further extend its position as world market leader.
The RHI Group’s EBIT for 2005 reached 139.5 million euro (2004: 135.6 million euro), up 2.9%. Refractories reported EBIT of 117.8 million euro (2004: 123.2 million euro), as a result of energy and raw material costs, which continued to rise in 2005. The EBIT margin fell to 9.9%, a good figure compared to the competition, according to RHI.In accordance with IFRS, RHI’s consolidated revenue in 2005 amounted to 1.1994 billion euro (2004: 1.1198 billion euro), up 7.1%. This consolidated revenue shows the continuing refractories operations and other revenue in the amount of 14.3 million euro.
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ENDS