H&R AG / Key word(s): Quarter Results/9-month figures
03.11.2014 17:22
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc notification conforming to article 15
of the German law governing the trading of
securities (WpHG)
H&R AG: Preliminary figures for third quarter of 2014
Salzbergen (Germany), November 3, 2014. The company H&R Aktiengesellschaft
(ISIN DE0007757007) has increased - according to preliminary calculations -
its Group operating profit (EBITDA) in the third quarter of fiscal year
2014 by more than 9% to EUR10.6 million (Q3-2013: EUR9.7 million). EBIT
improved from EUR -8.6 million in the third quarter 2013 to EUR4,8 million
in this year's third quarter. Revenues for the third quarter 2014 of EUR
265.6 million were around 25% lower (Q3-2013: EUR353.6 million) than
previous years figure. Profitability increased significantly in the course
of the year, and compared to the previous quarters. This is reflected as
well in earnings before tax (EBT), as well as in the Group's net earnings,
which have increased from EUR-11.7 million and EUR-8.4 million in the third
quarter of 2013 to EUR1.2 million and EUR0.8 million in the third quarter
of fiscal year 2014.
The company achieved, over the entire nine-month period, provisionally and
with 14.3% lower sales of EUR806.3 million (9 months of 2013: EUR941.1
million), an increase of 8.2% in EBITDA, totalling EUR25.2 million
(equivalent period of the previous year: EUR23.3 million). EBIT sums up to
EUR8.1 million (previous year's period: EUR-7.4 million). Earnings before
tax (EBT) for the period increased to EUR-2,4 million (Nine months 2013:
EUR-16,0 million). Net earnings went up to EUR-1.9 million (Nine months
2013: EUR-11.7 million).
The reasons for the described decline in sales are significantly reduced
raw material costs, which highly affected our revenue levels. Demand and
sold quantities on the other hand ran stable. Reasons for the improved
earnings included market-related developments such as the rise, since the
summer, of base oil prices. At the same time, in-house measures have
likewise had a positive impact. These include raw-materials management and
the use of higher-quality feedstock, which has made a sustainable
contribution to the reduced presence of by-products with lower margins.
This year's results are, unlike those of the previous years' period,
unaffected by extraordinary special factors.
In the past quarter, H&R AG generated a positive operating cash flow of
EUR14.0 million (Q3-2013: EUR50.6 million.), the free cash flow was EUR9.5
million (Q3-2013: EUR46.8 million). In comparison of the nine month
periods, the operating cash flow decreased from EUR83.2 million to EUR-18.3
million; Free cash flow lowered from EUR70.5 million to EUR-30.5 million.
This development was based on positive special effects in fiscal year 2013,
when cash flows benefitted from the reduction of inventories as a result of
the manufacturing production in the Salzbergen refinery.
The balance sheet total increased in the nine months period from EUR594.7
million to EUR707.6 million. The company's equity rose from EUR189.2
million to EUR262.4 million. The noticeable changes should be seen in the
context of the increase in capital carried out in September 2014 and, as
part of the same operation, the successful incorporation of the majority
(51% of voting rights) of the Chinese business activities of the Hansen &
Rosenthal Group into H&R AG.
When it comes to the final quarter of 2014, H&R Aktiengesellschaft is
expecting - on the basis of currently available knowledge - comparable
developments in terms of the business in particular and the market in
general. These will include sales of around EUR1.1 billion, and therefore
below those of previous years. The Board's expectations regarding EBITDA
are reaffirmed in the terms expressed in the most recent report; that of
the first half year of 2014.
The final financial figures, along with further information on business
developments to date, will be published on 14th November 2014, as planned,
in the report on the first three quarters.
Contact:
H&R AG, Investor Relations / Kommunikation, Ties Kaiser
Neuenkirchener StraÃe 8, 48499 Salzbergen
Phone.: +49 40 43218-321, Fax: +49 40 43218-390
Mail: Ties.Kaiser@hur.com
www.hur.com
H&R AG is a Prime Standard listed specialist chemicals company. It develops
and manufactures crude oil-based chemical and pharmaceutical products and
high-precision plastic parts.
Forward-looking statements and forecasts: This ad hoc notification contains
forward-looking statements. These statements are based on current estimates
and forecasts made by the Executive Board and the information available to
the Board at this time. Forward-looking statements should not be
interpreted as guarantees that the projected future developments and
results will materialise. Future developments and results are dependent on
a range of factors. They comprise various risks and imponderables and rest
on assumptions which may prove incorrect. We do not accept any obligation
to update the forward-looking statements made in this ad-hoc communication.
03.11.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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.com
ISIN: DE0007757007
WKN: 775700
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard),
Hamburg; Freiverkehr in Berlin, Hannover, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: H&R AG: Preliminary figures for third quarter of 2014
| Source: EQS Group AG