DGAP-News: H&R AG publishes its 2013 nine-month report

DGAP-News: H&R AG / Key word(s): Quarter Results H&R AG publishes its 2013 nine-month report 14.11.2013 / 06:59 --------------------------------------------------------------------- H&R AG publishes its 2013 nine-month report - EBITDA again better in Q3 2013 than in previous quarters - Overall results impacted by non-cash write-downs - Solid financial and cashflow position Salzbergen, 14 November 2013. H&R AG confirms its preliminary turnover and results figures for the first nine months of 2013: at EUR 941.1 million (first nine months of 2012: EUR 946.0 million) the strong sales level of the prior year could be fairly closely matched between January and the end of September of this year. Operating profits (EBITDA) continued the intrayear recovery trend, but at EUR 23.3 million failed to reach the prior year's levels (first nine months of 2012: EUR 46.3 million). In the first nine months of financial 2013, H&R AG was able to maintain its Group turnover almost constant as compared to the same period last year at EUR 941.1 million (first nine months of 2012: EUR 946.0 million). Taking into account the distinctly lower sales in the six-month comparison, revenues in the third quarter substantially increased at EUR 353.6 million (third quarter of 2012: EUR 305.9 million). The intrayear profitability trend also developed positively: the profit contributions of the first two quarters, of EUR 5.9 million and EUR 7.7 million respectively, were followed by a noticeably improved EUR 9.7 million in the period July - September 2013. One-time effects put pressure on profits In spite of the improved profitability situation, overall results suffered from an absence of positive effects: the tense price situation concerning our products manufactured at the Hamburg site continued to be one of the strongest stress factors. The Hamburg refinery was analysed within the scope of an impairment test, resulting in the need for a correction of various book values in the amount of just on EUR 12.1 million. This one-time, non-cash effect led to a distinct increase in write-downs, as a consequence of which the Company closed the nine month period with a Group deficit after minorities of EUR 11.7 million. Financial position again characterised by good cashflow In the first nine months of financial 2013 H&R AG achieved cashflow from ongoing operations of EUR 83.2 million (first nine months of 2012: EUR 29.4 million). This improvement was very substantially influenced by a reduction in net working capital of EUR 66.3 million. An essential component of this variance was the conversion of Salzbergen to contract production with the transfer of inventories to the client. Free cashflow as the sum of all cashflows from investment and ongoing operations accordingly rose significantly to EUR 70.5 million as compared to EUR 10.2 million in the first nine months of 2012. For detailed information concerning the business and profit trends as well as the expectations for all of 2013 the reader is referred to the third quarter 2013report published today under www.hur.com and available for download in the H&R AG area. Key figures for the first nine months of 2013: <pre> H&R Group - Key figures (in EUR million) 1/1-30/9/ 1/1-30/9/ Variance 2013 2012* Sales revenue 941.1 946.0 -4.9 Earnings from operations (EBITDA) 23.3 46.3 -23.0 EBIT -7.4 28.6 -36.0 Earnings before taxes -16.0 14.2 -30.2 Group deficit/surplus after minority -11.7 10.3 -22.0 interests Group earnings per share (EUR) -0.39 0.34 -0.73 Cash flow from operations 83.2 29.4 53.8 Free Cashflow 70.5 10.2 60.3 30/9/2013 31/12/2012* Variance Balance sheet total 608.5 623.1 -14.6 Equity 195.3 213.3 -18.0 Equity ratio (%) 32.1 34.2 -2.1 </pre> * Previous year figures adjusted; see 'selected explanatory notes' in Q3-2013 report Upcoming dates: 19 February 2014 Publication of interim figures for financial 2013 Press and analysts' conference on financial 2013 31 March 2014 Publication of final results for financial 2013 09 May 2014 Publication of the Q1 2014 Report 13 May 2014 General Meeting of Shareholders in Hamburg Contact: H&R AG, Investor Relations / Communications, Ties Kaiser Neuenkirchener Stra�e 8, 48499 Salzbergen Phone.: +49 40 43218-321, Fax: +49 40 43218-390 Mail: ties.kaiser@hur.com www.hur.com H&R AG: H&R AG is an SDAX 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 communication 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. End of Corporate News --------------------------------------------------------------------- 14.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 Indices: SDAX Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard), Hamburg; Freiverkehr in Berlin, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 239758 14.11.2013