DGAP-News: H&R WASAG AG posts record result for 1st half of

H&R WASAG AG / Half Year Results

13.08.2010 08:03

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- 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|]]]|]

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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,
DÃ¼sseldorf; Freiverkehr in MÃ¼nchen, Berlin, Hannover,
Stuttgart

End of News DGAP News-Service

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DGAP-News: H&R WASAG AG posts record result for 1st half of 2010