H&R GmbH & Co. KGaA
H&R GmbH & Co. KGaA: Operating income significantly higher than prior-year figure
H&R GmbH & Co. KGaA / Key word(s): Final Results 01-March-2017 / 13:45 CET/CEST Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Insider information under Article 17 of the Market Abuse Regulation (MAR) 2016 business figures H&R GmbH & Co. KGaA: Operating income significantly higher than prior-year figure - Net income increased almost 43% to EUR 38.4 million - EBITDA improved to EUR 101.4 million, positive contributions by all business segments - Earnings in upper range of lately increased expectations - Sales revenues of EUR 942.7 million were below the prior-year figure, due to crude oil prices Salzbergen, 1 March 2017. H&R GmbH & Co. KGaA (ISIN DE0007757007) generated operating income (EBITDA - Earnings before income taxes, financial income and expenses, depreciation, impairments and reversal of impairments of property, plant and equipment and intangible assets) of EUR 101.4 million in financial year 2016 (2015: EUR 85.4 million) - i.e., at the upper level targeted in the higher forecast published in December 2016. The change in EBIT was also quite positive; it rose by EUR 15.5 million to EUR 64.2 million (2015: EUR 48.7 million). The trend was similar for earnings before taxes (EBT), which increased by EUR 20.0 million from EUR 34.2 million in 2015 to EUR 54.2 million in the year under review. Net profit attributable to shareholders totaled EUR 38.4 million (2015: EUR 26.9 million), an increase of EUR 11.5 million (42.8%) over the prior-year result. The latest increase in earnings was generated on EUR 942.7 million of sales revenues, which were some 4% lower compared to the previous year (2015: EUR 982.9 million), primarily because, on average, the oil price was lower compared to 2015. By contrast, both production and sales volumes were higher than in 2015. Sales volumes continued to be high and customer demand strong in the fourth quarter Even at the end of 2016, there was hardly any decline in business and the company continued to benefit from a high level of demand, operating at full capacity utilization. Thanks to this trend, in the fourth quarter of 2016, EBITDA reached EUR 21.8 million, exceeding the positive prior-year level (Q4 2015: EUR 20.1 million) by a further EUR 1.7 million. EBIT also improved significantly, from EUR 6.0 million in Q4 2015 to EUR 8.5 million in the fourth quarter. During the final quarter of 2016, earnings before taxes (EBT) improved to EUR 6.1 million (Q4 2015: EUR 0.0 million). In the fourth quarter of 2016, net profit to shareholders increased by EUR 3.0 million, turning the negative prior-year figure of EUR -2.2 million into a slightly positive EUR 0.8 million. Compared with the prior-year period, the company's sales revenues for the quarter rose by 9.2% to EUR 237.4 million (Q4 2015: EUR 217.3 million), due to higher commodity prices. Cash flow for 2016 increases significantly In the fourth quarter of 2016, operating cash flow decreased from EUR 22.7 million to EUR 8.5 million due to changes in net working capital relating to the reporting date. Free cash flow was slightly negative, at EUR -1.9 million (Q4 2015: EUR 8.1 million). For 2016 as a whole, though, operating cash flow increased considerably from EUR 56.4 million to EUR 75.5 million and free cash flow improved from EUR 28.4 million to EUR 36.7 million. Solid equity base As of the end of financial year 2016, balance sheet total had increased to EUR 648.2 million (31 December 2015: EUR 628.8 million). Due to the company's positive economic and financial situation, equity increased to EUR 317.4 million on the balance sheet date (31 December 2015: EUR 285.4 million). These changes were directly attributable to the higher level of retained earnings due to the improvement in consolidated net income. The equity ratio stands at 49.0% (31 December 2015: 45.4%). The re-evaluation of a complex tax issue in the course of the auditing process 2016 led to an increase of accruals, which had an impact on the previous year's figures as well. According to these circumstances, last year's figures, i.e. for the EBITDA (old: EUR 86.0 Mio.; new: EUR 85.4 Mio.), the EBIT (old: 49.2 Mio.; new: EUR 48.7 Mio.), the EBT (old: EUR 34.8 Mio.; new: EUR 34.2 Mio.) and for the net earnings attributable to shareholders (old: EUR 27.5 Mio.; new: EUR 26.9 Mio.) were adapted to a small extent. For a complete, audited presentation of the company's business performance, including segment reporting and the separate financial statements, H&R KGaA recommends consulting the 2016 Annual Report that will be published on 21 March 2017. Contact information: H&R GmbH & Co. KGaA, Investor Relations/Communications, Ties Kaiser Neuenkirchener Strasse 8, 48499 Salzbergen Tel.: +49 40 43218-321, Fax: +49 40 43218-390 e-mail: ties.kaiser@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. --------------------------------------------------------------------------- 01-March-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- 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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