12.05.2016, 5101 Zeichen

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quarterly report
Due to a weaker business development of the Steel and Industrial Divisions, the RHI Group's revenue, at EUR 389.7 million in the first quarter of 2016, was lower than revenue of the comparative period of 2015, at EUR 424.1 million, and lower than revenue of the fourth quarter of 2015, at EUR 440.0 million.
The operating EBIT amounted to EUR 30.3 million in the first quarter of 2016, after EUR 34.5 million in the comparative period of 2015, and was thus lower than in the fourth quarter of 2015, at EUR 32.7 million. While the Raw Materials Division increased its operating EBIT compared with the first quarter of 2015 due to better utilization of the raw material production capacities, the operating EBIT of the Steel and Industrial Divisions decreased due to declining revenues. In comparison with the fourth quarter of 2015 the Steel Division increased its operating EBIT significantly, among other things due to a positive development in Europe and North America as a result of an improved product mix. The decline in the operating EBIT of the Industrial Division can be explained by the high number of project deliveries at the end of the year. The operating EBIT margin of the RHI Group, at 7.8% in the first quarter of 2016, was lower than in the comparative period of 2015, at 8.1%, but exceeded that of the fourth quarter of 2015, at 7.4%.
EBIT includes a negative net effect from the power supply contract in Norway. Here, financial liabilities of roughly EUR 1.9 million were reversed through profit and loss due to own use and the sale at market prices; however, due to a decline in electricity future prices, a negative non-cash effect on earnings of roughly EUR 5.1 million had to be recognized.
Equity amounted to EUR 486.8 million at March 31, 2016, after EUR 491.4 million at December 31, 2015. This development is among other things due to a reduction of the actuarial interest rate to determine pension and termination benefit obligations predominantly in Austria and Germany. Working capital, which consists of inventories, trade receivables less trade payables and prepayments received, was reduced from EUR 532.6 million at the end of the year 2015 to EUR 516.4 million at March 31, 2016 due to lower receivables. Free cash flow amounted to EUR 22.1 million in the past quarter after EUR 12.4 million in the comparative period of 2015. As a result, net debt dropped from EUR 397.9 million at the end of the year 2015 to EUR 378.9 million at March 31, 2016.
The number of employees declined slightly from 7,898 at the end of the year 2015 to 7,876.
Outlook For the full year 2016, the Management Board of the RHI Group still expects revenue (2015: EUR 1,752.5 million) below and operating EBIT (2015: EUR 124.1 million) at the level of the past financial year, provided that the macroeconomic environment and exchange rates remain stable, with the first half of 2016 slightly weaker than the second half of the year. The expected decline in revenue in the Steel Division is related especially to an expected slowdown of the business development in South America and a highly competitive environment. In the Industrial Division, a weaker nonferrous metals and cement business could cause a decrease in revenue.
Due to the development in the customer industries, RHI is currently working on further optimizing the plant structure, which could lead to an adjustment of production capacities in Europe in the current financial year. In addition, different cost measures have been defined in the sales and general administrative departments. The planned continuation of the reduction of working capital should support the generation of free cash flow and lead to a further reduction of net debt.
in EUR million Q1/2016 Q1/2015 Delta Q4/2015 Delta Revenue 389.7 424.1 (8.1)% 440.0 (11.4)% EBITDA 43.2 51.2 (15.6)% (2.3) 1,978.3% EBITDA margin 11.1% 12.1% (1.0)pp (0.5)% 11.6pp Operating EBIT 1) 30.3 34.5 (12.2)% 32.7 (7.3)% Operating EBIT margin 7.8% 8.1% (0.3)pp 7.4% 0.4pp EBIT 27.1 34.5 (21.4)% (53.9) 150.3% EBIT margin 7.0% 8.1% (1.1)pp (12.3)% 19.3pp

Profit before income tax 23.8 29.9 (20.4)% (54.7) 143.5% Profit after income tax 14.8 21.1 (29.9)% (38.4) 138.5%
1) EBIT before expenses from derivatives from supply contracts, impairment and restructuring effects
The report for the first quarter of 2016 is available for download at the RHI website: www.rhi-ag.com/ Investor Relations / Financial Reports


end of announcement euro adhoc
company: RHI AG Wienerbergstrasse 9 A-1100 Wien phone: +43 (0)50213-6676 FAX: +43 (0)50213-6130 mail: rhi@rhi-ag.com WWW: http://www.rhi-ag.com sector: Refractories ISIN: AT0000676903 indexes: ATX Prime, ATX stockmarkets: official market: Wien language: English

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