EANS-Adhoc: RHI AG / Result influenced by one-off effects in Q2

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Mid Year Results/6-month report
06.08.2013

2nd Quarter In the second quarter of 2013, RHI Group's revenues rose
by 4.6% compared with the previous quarter and amounted to EUR 445.2
million. While revenues of the Industrial Division decreased by 7.5%
due to the seasonally weak cement business, the Steel Division
recorded an 11.6% increase due to the integration of the Indian
company Orient Refractories Ltd., which was acquired at the end of
April, into the reporting of the RHI Group.

The operating result amounted to EUR 27.2 million in the past quarter
and is adversely affected by negative currency effects and expenses
related to the changes in the Management Board of RHI AG adding up to
roughly EUR 11 million. Compared with the operating result of the
first quarter of 2013 of EUR 49.4 million, this is equivalent to a
decrease by 44.9%. The operating result margin fell from 11.6% to
6.1%.

EBIT amounted to EUR 84.0 million in the second quarter of 2013 and
is influenced by positive effects from the termination of the Chapter
11 proceedings amounting to EUR 75.8 million and the formation of
provisions for restructuring related to the announced closure of the
plant in Duisburg, Germany, amounting to EUR 19.0 million. The EBIT
margin improved significantly from 11.6% in the first quarter of 2013
to 18.9%. The tax rate was at 20.0% in the second quarter of 2013.
The tax rate calculated from the cash flow item "income taxes paid"
amounted to 13.0%.

Equity amounted to EUR 525.6 million at the balance sheet date on
June 30, 2013, after EUR 480.5 million at December 31, 2012.
Consequently, the equity ratio rose from 26.0% at the end of the
financial year 2012 to 28.8% at the end of the first half of 2013.
Cash and cash equivalents decreased from EUR 152.4 million in the
first quarter of 2013 to EUR 121.3 million, which was, among other
things, due to the dividend payment of EUR 29.9 million.

Net debt increased from EUR 444.6 million to EUR 464.2 million. As a
result, the gearing ratio was up slightly from 86.9% to 88.3%. Net
cash flow from operating activities amounted to EUR 25.5 million in
the past quarter, and cash flow from investing activities to EUR
(8.3) million.

in EUR million Q2/2013 Q1/2013 Delta Q2/2012 Delta
Revenues 445.2 425.5 4.6% 475.9 (6.5)%
EBITDA 102.2 65.9 55.1% 60.6 68.6%
EBITDA margin 23.0% 15.5% 7.5pp 12.7% 10.3pp
Operating result 1) 27.2 49.4 (44.9)% 48.7 (44.1)%
Operating result margin 6.1% 11.6% (5.5)pp 10.2% (4.1)pp
EBIT 84.0 49.4 70.0% 44.1 90.5%
EBIT margin 18.9% 11.6% 7.3pp 9.3% 9.6pp
Profit before income taxes 75.6 40.8 85.3% 38.1 98.4%
Profit 60.5 22.8 165.4% 30.3 99.7%

1) EBIT before restructuring costs and result from Chapter 11 proceedings

First half-year
Revenues in the first half of 2013 were down 4.6% on the first half of 2012 and
amounted to EUR 870.7 million. Although sales volume of the Steel Division
declined by 7.7% in a challenging market environment, the decrease in revenues
was more moderate, at 5.7%, because of price adjustments and an improved product
mix. Revenues in the Industrial Division dropped by 1.5% due to weaker project
business in the business unit Environment, Energy, Chemicals.

The 6.9% decline in the operating result to EUR 76.6 million is attributable to
a weaker performance of the Raw Materials Division and the one-off expenses
recorded in the second quarter. The operating result margin amounted to 8.8% in
the first half of 2013, after 9.0% in the same period of the previous year.

Due to one-off effects related to the termination of the Chapter 11 proceedings
and the closure of the plant in Duisburg, Germany, totaling EUR 56.8 million,
EBIT rose from EUR 77.7 million to EUR 133.4 million. The EBIT margin
consequently rose from 8.5% to 15.3%.

in EUR million H1/2013 H1/2012 Delta
Revenues 870.7 912.8 (4.6)%
EBITDA 168.1 108.2 55.4%
EBITDA margin 19.3% 11.9% 7.4pp
Operating result 1) 76.6 82.3 (6.9)%
Operating result margin 8.8% 9.0% (0.2)pp
EBIT 133.4 77.7 71.7%
EBIT margin 15.3% 8.5% 6.8pp
Profit before income taxes 116.4 73.5 58.4%
Profit 83.3 62.3 33.7%

1) EBIT before restructuring costs and result from Chapter 11
proceedings

Outlook In a stable macroeconomic environment and with unchanged
exchange rates, RHI expects similar revenues in the Steel Division
for the third quarter of 2013 as in the second quarter of 2013, and
higher revenues in the Industrial Division as projects are expected
to be delivered in the business units environment, energy, chemicals
and nonferrous metals. The operating result margin is expected to
exceed the level of the second quarter of 2013 despite the problems
that occurred during causter loading in the newly established fusion
plant in Norway.

RHI still expects revenues at the level of the previous year for the
full year 2013. However, realizing the operating result margin of the
year 2012 appears to be challenging in view of the one-off expenses
in the second quarter as well as the negative effects from Norway,
which are expected for the second half of the year. As a result of
the positive effects from the closing of the Chapter 11 proceedings,
the EBIT margin will continue to significantly exceed the prior-year
level.

The report on the first quarter of 2013 is available on RHI's website
www.rhi- ag.com.

Further inquiry note:
RHI AG
Investor Relations
Mag. Simon Kuchelbacher
Tel: +43-1-50213-6676
Email: simon.kuchelbacher@rhi-ag.com

end of announcement euro adhoc
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issuer: RHI AG
Wienerbergstrasse 9
A-1100 Wien
phone: +43 (0)50213-6676
FAX: +43 (0)50213-6130
mail: rhi@rhi-ag.com
WWW: http://www.rhi-ag.com
sector: Refractories
ISIN: AT0000676903
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
language: English