H&R GmbH & Co. KGaA / Key word(s): Preliminary Results/9-month figures
17.10.2016 12:49
Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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H&R KGaA: Preliminary figures for the third quarter of 2016
- Compared to the first nine months of 2015, operating income (EBITDA)
increased significantly to EUR 79.5 million
- Earnings per share grew by approximately 30% to EUR 1.05
- Once again, the strongest earnings momentum came from the Refining
segment
- Management confirms most recent earnings forecast for 2016
Salzbergen, 17 October 2016. The positive business performance of H&R KGaA
(ISIN DE0007757007) also continued through the end of September 2016. Based
on preliminary calculations, consolidated operating income (EBITDA) for the
third quarter rose to EUR 25.1 million, around 3.7% higher than the prior-
year figure (Q3 2015: EUR 24.2 million), which was also positive and which,
in addition, benefited from special effects. EBIT stood at EUR 16.7 million
- exactly the same level as in the third quarter of 2015. The other
earnings indicators also reflected the company's solid profitability in the
third quarter of 2016. The Group reported earnings before taxes (EBT) of
EUR 14.3 million for the third quarter of 2016 (Q3 2015: EUR 13.6 million);
at EUR 11.3 million, net profit to shareholders also exceeded the prior-
year figure (Q3 2015: EUR 10.9 million). A year-on-year comparison shows
that third-quarter sales were almost unchanged: in the third quarter of
this year, H&R generated EUR 240.2 million of sales revenues (Q3 2015: EUR
240.9 million).
According to preliminary figures, for the first nine months of 2016 as a
whole, the company's operating income (EBITDA) increased by almost 22.0% to
EUR 79.5 million (first nine months of 2015: EUR 65.3 million). EBIT
amounted to EUR 55.7 million, a 30.4% increase over the prior-year period
(first nine months of 2015: EUR 42.7 million). For the first nine months as
a whole, pre-tax earnings (EBT) improved by 40.4% to EUR 48.0 million
(first nine months of 2015: EUR 34.2 million). Net profit to shareholders
increased by 29.2% to EUR 37.6 million (first nine months of 2015: EUR 29.1
million). As a result, H&R KGaA generated earnings per share of EUR 1.05,
including EUR 0.32 for the third quarter of 2016 (first nine months of
2015: EUR 0.81; Q3 2015: EUR 0.30). Due to prices of raw materials, sales
revenues of EUR 705.3 million were again lower than the prior-year figure
(first nine months of 2015: EUR 765.6 million).
A significant contribution to the improved earnings situation came from the
ChemPharm Refining segment, where EBITDA increased by around 33% to EUR
54.9 million (first nine months of 2015: EUR 41.3 million), EUR 15.9
million of which was generated in the third quarter of 2016 (Q3 2015: EUR
12.8 million). Based on lower prices for raw materials, the segment's sales
revenues declined by 11.5% to EUR 427.0 million (first nine months of 2015:
EUR 482.6 million). Of this amount, EUR 143.3 million was generated during
the third quarter of 2016 (Q3 2015: EUR 147.0 million). The key factors
behind the positive results were strong demand from our customers and the
stable trend in margins for our primary and by-products.
The international business included in the ChemPharm Sales segment also
reported a significant improvement in operating income to EUR 26.3 million
for the first nine months of this year (up 5.2%; first nine months of 2015:
EUR 25.0 million). However, the figure for the third quarter of 2016 alone,
EUR 9.6 million, was 6.8% lower than in the prior-year period (Q3 2015: EUR
10.3 million). Between January and September of 2016, sales revenues were
somewhat more restrained, at EUR 242.6 million (a decrease of 1.9% from EUR
247.4 million in the first nine months of 2015); by contrast, sales
increased 3.2% to EUR 84.7 million in the third quarter of 2016 (third
quarter of 2015: EUR 82.1 million).
The Plastics segment generated positive EBITDA for both the third quarter
(EUR 1.1 million) and the first nine months (EUR 2.0 million) of 2016 (Q3
2015: EUR -0.5 million; first nine months of 2015: EUR -0.2 million).
Overall, sales revenues were stable at EUR 14.2 million in the third
quarter and EUR 42.5 million for the first nine months of 2016 (Q3 2015:
EUR 14.0 million; first nine months of 2015: EUR 45.8 million).
During the third quarter of 2016, operating cash flow jumped by nearly
65.0% to EUR 22.7 million (Q3 2015: EUR 13.8 million), while free cash flow
increased by around 15.0% to EUR 11.6 million (Q3 2015: EUR 10.1 million).
Due to an improvement in the earnings situation and lower net working
capital requirements, operating cash flow likewise increased substantially
from EUR 33.7 million in the first nine months of 2015 to EUR 66.9 million
in the first nine months of 2016 and there was a similar increase in free
cash flow from EUR 20.2 million to EUR 38.6 million.
There was a moderate increase in total assets (total liabilities plus
shareholders' equity) from EUR 628.8 million as of 31 December 2015 to EUR
654.6 million. Over the same period, shareholders' equity increased from
EUR 287.1 million to EUR 312.1 million. As of 30 September 2016, the
company's equity ratio stood at 47.7% (31 December 2015: 45.7%).
All in all, the company also ended the first nine months in a positive
position. Based on current information and given the continued high level
of sensitivity of market quotations and product prices, management expects
business performance to be slightly less dynamic through the end of 2016.
At the same time, management confirms the latest increase in the EBITDA
forecast published in August, to around EUR 95.0 million. The final
financial figures and other information on 2016 business performance to
date will be published, as planned, in a quarterly press release on 15
November 2016.
Contact information:
H&R KGaA, Investor Relations/Communications, Tanja Passlack
Neuenkirchener Strasse 8, 48499 Salzbergen
Tel.: +49 40 43218-301, Fax: +49 40 43218-390
e-mail: Tanja.Passlack@hur.com
www.hur.com
H&R GmbH & Co. KGaA:
H&R KGaA is a specialty-chemicals company listed on the Frankfurt Stock
Exchange's Prime Standard segment. It develops and manufactures crude-oil-
based chemical and pharmaceutical specialty products and produces high-
precision plastic parts.
Forward-looking statements and forecasts:
This insider information pursuant to Article 17 of the Market Abuse
Regulation [MAR] contains forward-looking statements. The statements are
based on the current estimates and forecasts by the Executive Board and the
information available to the Board at this time. These forward-looking
statements do not provide any warranty for the future developments and
results contained therein. The future developments and results are
dependent on a number of factors; they entail various risks and
contingencies and are based on assumptions which could prove to be
incorrect. We do not assume any responsibility for updating the forward-
looking statements contained in this insider information pursuant to
Article 17 of the MAR.
17.10.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: H&R GmbH & Co. KGaA
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: Regulated Market in Dusseldorf, Frankfurt (Prime Standard),
Hamburg; Regulated Unofficial Market in Berlin, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of Announcement DGAP News-Service
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DGAP-Adhoc: H&R GmbH & Co. KGaA: Preliminary figures for the third quarter of 2016
| Source: EQS Group AG