H&R WASAG AG / Half Year Results 13.08.2010 08:03 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Sales revenue up 61.5% at EUR537.9 million - EBITDA up 53.9% to new record high of EUR51.4 million - Forecast for 2010: anticipated EBITDA of between EUR85 million and EUR95 million Salzbergen, Germany, 13 August 2010 H&R WASAG AG benefited considerably from the economic recovery in the 1st half of 2010 and is continuing on its growth path for the full year. While sales revenue climbed by over 60 per cent to EUR537.9 million, the company more than doubled its earnings per share to EUR0.88. EBITDA soared by 53.9% to EUR51.4 million while EBIT growth far outstripped the increase in sales revenue, climbing 85.3% to EUR41.5 million. Consolidated net income grew even faster: the figure more than doubled to EUR26.3 million (1st half of 2009: EUR12.6 million). Based on these strong figures for the first half-year, the company has refined its forecast and anticipates EBITDA of between EUR85 million and EUR95 million for 2010. Double-digit growth in earnings at Chemical-Pharmaceutical Segments The Chemical-Pharmaceutical Raw Materials Domestic Segment grew its EBITDA by 50.4% to EUR38.5 million in the 1st half of 2010 (1st half of 2009: EUR25.6 million). This accounts for approximately three quarters of the total EBITDA. Considerably higher year-on-year sales volumes drove the increase in earnings. The refineries in Hamburg and Salzbergen operated at full capacity throughout the first six months of the year. 'Project 40', the programme to expand capacity concluded in 2009, is now paying off in full. EBITDA climbed 50.6% to EUR12.2 million at the Chemical-Pharmaceutical Raw Materials International Segment thanks to the vastly increased business volume. Restructuring at the Plastics Division also bore fruit: following an operating loss of EUR-0.4 million in the 1st half of 2009, the segment posted slightly positive EBITDA of EUR0.7 million for the first six months of 2010. Large-scale investment in Hamburg enhances value added June 2010 saw the start of the largest single investment in the company's history - the new propane de-asphalting plant. At a cost of approximately EUR55.0 million, the project marks an important milestone in the implementation of the H&R WASAG Group's growth strategy. The facility will convert the residue created during the manufacturing process into higher-quality products, thus significantly boosting value added. Completion is scheduled for the 4th quarter of 2011. From the 2012 financial year, the plant is expected to contribute an additional EUR12 million to EUR14 million towards EBITDA. With the project, the company is continuing to pursue its strategy of achieving further growth in attractive niche markets. Good 2nd half expected for 2010 Despite possible seasonal fluctuations in sales, H&R WASAG AG expects to see good demand for chemical-pharmaceutical raw materials again in the 2nd half of the year. In addition to this, base oil prices - which act as a reference point for a number of products from the Chemical-Pharmaceutical Segments - have continued to rise. Further progress is expected with the realignment of the Plastics Division. Based on the excellent course of business in the 1st half and the positive outlook for the 2nd half of the year, the company has refined its earnings forecast for the full year 2010. 'At the beginning of the year, we predicted an operating result above last year's figure of EUR65.6 million. Assuming raw material costs remain stable, we now predict full-year EBITDA of between EUR85.0 million and EUR95.0 million,' said Gert Wendroth, Chief Executive Officer at H&R WASAG AG. Upcoming dates: 12 November 2010 Q3 Interim Report 2010 18 February 2011 Preliminary figures for the financial year 2010 Press and Analysts' conference 30 March 2011 Final figures for the financial year 2010 13 May 2011 Q1 Interim Report 2011 Detailed information about current developments can be found in the interim reports as of 30 June 2010, which will be available on our Internet side 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 press release. H&R WASAG AG, Investor Relations / Communications, Christian Pokropp Neuenkirchener StraÃe 8, 48499 Salzbergen, Germany Phone: 0049 (0)40-43218-321, Fax: 0049 (0)40-43218-390, Email: Christian.Pokropp@hur-wasag.de www.hur-wasag.com 13.08.2010 08:03 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|] --------------------------------------------------------------------------- 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@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 München, Berlin, Hannover, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-News: H&R WASAG AG posts record result for 1st half of 2010
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