DGAP-News: H&R AG / Key word(s): Quarter Results
H&R AG confirms earnings forecast for full year 2011
14.11.2011 / 06:59
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H&R AG confirms earnings forecast for full year 2011
- Increase in revenue of 12.5% to EUR 906.8 million
- EBITDA slightly down year on year at EUR 73.1 million
- Large-scale investment successfully put into operation
- EBITDA forecast for 2011 of between EUR 90 million and EUR 100 million
confirmed
Salzbergen, Germany, 14 November 2011. H&R AG achieved a new revenue record
of EUR 906.8 million in the first three quarters of the 2011 financial year
(Q1-Q3 2010: EUR 805.8 million). Its operating result (EBITDA) fell
slightly in the first nine months of 2011, from EUR 79.3 million in the
same period of last year to EUR 73.1 million. Consolidated net income
attributable to shareholders decreased to EUR 35.0 million (Q1-Q3 2010: EUR
40.8 million).
Double-digit revenue growth in both divisions
The sizeable Chemical-Pharmaceutical Raw Materials Division increased its
revenue by 12.1% on the back of higher prices, setting a new record of EUR
868.5 million (Q1-Q3 2010: EUR 774.7 million). The division's operating
result (EBITDA) fell from EUR 80.1 million in the same period of last year
to EUR 72.4 million as a result of a slight dip in sales volumes during the
summer months. 'Firstly, many of our customers closed for the summer and
therefore reduced their order volumes. And secondly, a number of buyers
hoped that product prices would fall due to raw materials trends and
therefore postponed their orders,' explained Gert Wendroth, Chief Executive
Officer of H&R AG.
The Plastics Division profited from an upturn in orders, especially from
clients in the automotive and medical technology industries. As a result,
the segment's revenue shot up by 23.2% to EUR 38.3 million (Q1-Q3 2010: EUR
31.1 million). Higher capacity utilisation led to considerably stronger
growth in the operating result (EBITDA), taking it to EUR 1.8 million as
against EUR 0.2 million in the same period of last year.
Major plant goes into operation
The new propane de-asphalting plant in Hamburg went into operation for
testing purposes in September, several weeks earlier than originally
planned. The new facility converts one of the residues produced during the
manufacturing process into environmentally friendly crude oil-based
speciality products. As a result, it can potentially generate additional
earnings (EBITDA) of EUR 12.0 million to EUR 14.0 million annually. As only
around EUR 45.0 million of the original EUR 55.0 million project budget was
spent, the economic return on the plant has also improved.
Earnings forecast (EBITDA) unchanged at EUR 90 million to EUR 100 million
Although the fall in sales volumes in the Chemical-Pharmaceutical Division
during the summer months negatively impacted Group earnings in the 3rd
quarter of 2011, the recent increase in order quantities suggests that the
last three months of the year will see higher earnings again.
In the Plastics Division the trend of increasing orders, in particular from
clients in the automotive and medical technology industries, is likely to
continue through the end of the year.
'We therefore stand by our guidance figure, which puts the consolidated
operating result (EBITDA) at between EUR 90 million and EUR 100 million for
the full twelve months,' confirmed Gert Wendroth.
More detailed information concerning the current development can be
found in the Q3 interim report online at www.hur.com.
The next scheduled dates:
17th February 2012 Preliminary figures 2011
Press and Analysts' conference
30th March 2012 Final figures 2011
14th May 2012 Q1 Interim Report 2012
31st May 2012 Annual Shareholders Meeting Hamburg
Contact:
H&R AG, Investor Relations / Communications, Christian Pokropp
Neuenkirchener StraÃe 8, 48499 Salzbergen, Germany
Phone: +49 40 43218-321, Fax: +49 40 43218-390
Email: Christian.Pokropp@hur.com
www.hur.com
H&R AG:
The SDAX-listed company H&R 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.
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 are 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 report.
End of Corporate News
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Language: English
Company: H&R AG
Neuenkirchener Str. 8
48499 Salzbergen
Germany
Phone: +49 (0)40 43 218 321
Fax: +49 (0)40 43 218 390
E-mail: investor.relations@hur.com
Internet: www.hur-wasag.de
ISIN: DE0007757007
WKN: 775700
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard), Hamburg; Freiverkehr in Berlin, Hannover,
München, Stuttgart
End of News DGAP News-Service
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145941 14.11.2011
DGAP-News: H&R AG confirms earnings forecast for full year 2011
| Source: EQS Group AG