H&R WASAG AG / Forecast/Results Forecast
12.02.2008
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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H&R Wasag AG revises 2008 forecast
Hamburg, February 12, 2008:
H&R Wasag AG, Salzbergen, is revising its forecast for 2008 against the
background of current crude oil price development, normalization of margins
for finished products and higher energy costs. While the 55 million
operating pre-tax result forecast for 2007 (adjusted for the sale of the
Explosives Division) is reaffirmed, the corresponding result forecast for
2008 is revised to between 50 million and 60 million. On the basis of
anticipated sales prices with customers and of reduced quantities as a
result of downtimes due to the expansion investments, H&R Wasag anticipates
higher second-half earnings after a weaker first quarter.
This planning is based on an expected crude oil price level of US$ 90 per
barrel (Brent) and an accordingly stable price delta of indices that are
relevant for many finished product prices (e.g. the ICIS reports for base
oils). This forecast is therefore adjusted for the windfall profits earned
in recent years. H&R Wasag anticipates strong sales growth in FY 2008 by
about 200 million to around 1 billion.
In view of the promising prospects the Board of Directors has decided to
invest a further 15 million in the Project 40 capacity expansion project.
With an investment volume increased to 70 million a new distillation unit
is now to be built in Salzbergen in 2009. Originally, only an expansion and
optimization of the existing plant was planned. The new plant will make a
substantial contribution toward flexibilization of raw material input and
product diversification and is an important step in making the company more
independent of the development of price indices such as those for base
oils. In 2008, Project 40 alone is expected to make an EBT-based earnings
contribution of 9 million, followed by 14 million in 2009 and around
20 million in 2010.
Contact:
H&R WASAG AG, Investor Relations / Communications, Christian Pokropp
Am Sandtorkai 64, 20457 Hamburg, Germany
Tel.: +49 - (0) 40-43218-321, Fax: +49 (0) 40-43218-390, Mail:
Christian.Pokropp@hur-wasag.de
www.hur-wasag.com
DGAP 12.02.2008
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Language: English
Issuer: H&R WASAG AG
Neuenkirchener Str. 8
48499 Salzbergen
Deutschland
Phone: +49 (0)5976 9453 - 01
Fax: +49 (0)5976 9453 - 08
E-mail: investor.relations@hur-wasag.de
Internet: www.hur-wasag.de
ISIN: DE0007757007
WKN: 775700
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg,
Düsseldorf; Freiverkehr in Berlin, Hannover, München,
Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: H&R WASAG AG revises 2008 forecast
| Source: EQS Group AG