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Preliminary Results 2010 of RHI AG
Both the cement and the glass industry reported subdued investment activities, with the exception of the growth regions China and Brazil, where infrastructure projects drove new construction activities. In the non-ferrous metals segment, the high price levels of nickel, lead and zinc caused a revival of investment projects. At the end of the year, a major contract amounting to EUR 47 million in the ferrochrome sector was concluded in the CIS, which will be delivered in 2012. RHI’s revenues were up 23,1 % to EUR 1522,9 million in 2010 (2009: EUR 1236,9 million); the operating result increased by 75,7 % to EUR 138,8 million (2009: EUR 79,0 million). Earnings before interest and taxes (EBIT) thus rose by 129,9 % to EUR 126,0 million (2009: EUR 54,8 million) and take into account restructuring measures and impairment losses for the shut-down of the plants in Chile and Canada as well as a raw material site in the EMEA region. The operating result margin, at 9,1 % in 2010, significantly exceeded the 2009 figure of 6,4%, but fell short of the pre-crisis level of 10,4 %. The Steel Division ´s revenues amounted to EUR 977,3 million (2009: EUR 703,6 million). Revenues of the Industrial Division amounted to EUR 517,8 million (2009: EUR 513,6 million), the operating result of EUR 74,3 million significantly exceeded the 2009 figure of EUR 64,6 million. In late 2010, the contract regarding the complete takeover of ZAO Podolsk Refractories was signed; the closing will take place in the second quarter of 2011. Capacity utilisation at the Raw Materials Division was good throughout the year 2010; both internal and external revenues were significantly increased. Overall, RHI expects an increase in revenues of approximately 5 % for the year 2011 based on the generally positive economic forecasts. (03/2011)