RHI

Profit Statement 2012 2013 2014
Sales EUR mil 1,836 1,755 1,721
Gross Profit EUR mil 800 793 769
EBITDA EUR mil 227 199 177
EBIT EUR mil 165 127 109
Financing Cost EUR mil 18.5 29.8 32.7
Pre-Tax Profit EUR mil 152 89.3 84.8
Net Profit EUR mil 113 62.6 51.0
Dividends EUR mil 29.9 29.9 ...
Balance Sheet 2012 2013 2014
Total Assets EUR mil 1,850 1,724 1,861
Non-Current Assets EUR mil 881 844 862
Current Assets EUR mil 969 880 999
Working Capital EUR mil 536 493 584
Shareholders' Equity EUR mil 481 486 494
Liabilities EUR mil 1,370 1,239 1,367
Total Debt EUR mil 607 535 618
Net Debt EUR mil 421 423 467
Ratios 2012 2013 2014
ROE % 24.7 13.0 10.4
ROCE % 8.33 4.55 3.66
Gross Margin % 43.6 45.2 44.7
EBITDA Margin % 12.4 11.3 10.3
EBIT Margin % 9.01 7.23 6.35
Net Margin % 6.18 3.57 2.96
Net Debt/EBITDA 1.85 2.13 2.64
Net Debt/Equity 0.876 0.871 0.945
Cost of Financing % 3.32 5.22 5.67
Valuation 2012 2013 2014
Market Capitalisation USD mil 1,308 1,238 907
Enterprise Value (EV) USD mil 1,864 1,821 1,472
Number Of Shares mil 39.8 39.8 39.8
Share Price EUR 24.9 22.6 18.8
EV/EBITDA 6.39 6.90 6.45
EV/Sales 0.791 0.782 0.663
Price/Earnings (P/E) 8.74 14.4 14.7
Price/Book Value (P/BV) 2.06 1.85 1.52
Dividend Yield % 3.01 3.33 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,237 1,523 1,759 1,836 1,755   ...
Gross Profit EUR mil                     553 680 714 800 793   ...
EBIT EUR mil                     76.2 137 151 165 127   ...
Net Profit EUR mil                     20.9 106 122 113 62.6   ...
ROE %                     10.2 38.6 32.0 24.7 13.0   ...
EBIT Margin %                     6.16 8.98 8.56 9.01 7.23   ...
Net Margin %                     1.69 6.95 6.91 6.18 3.57   ...
Employees ... ... ... ...             6,963 7,266 7,925 7,917 8,121   ...
balance sheet                                  
Total Assets EUR mil                     1,271 1,449 1,690 1,850 1,724   ...
Non-Current Assets EUR mil                     591 647 748 881 844   ...
Current Assets EUR mil                     680 802 942 969 880   ...
Shareholders' Equity EUR mil                     228 321 439 481 486   ...
Liabilities EUR mil                     1,043 1,128 1,251 1,370 1,239   ...
Non-Current Liabilities EUR mil                     523 558 598 739 704   ...
Current Liabilities EUR mil                     521 570 654 631 534   ...
Net Debt/EBITDA                     1.82 1.68 1.78 1.85 2.13   ...
Net Debt/Equity                     1.03 1.07 0.824 0.876 0.871   ...
Cost of Financing % ...                   9.60 8.76 4.30 3.32 5.22   ...
cash flow                                  
Total Cash From Operations EUR mil ...                   185 -23.1 118 150 217   ...
Total Cash From Investing EUR mil ...                   -38.8 -56.7 -114 -175 -125   ...
Total Cash From Financing EUR mil ...                   -52.3 -1.20 82.2 65.6 -113   ...
Net Change In Cash EUR mil ...                   93.5 -81.0 85.7 41.2 -21.0   ...
valuation                                  
Market Capitalisation USD mil                     886 1,557 779 1,308 1,238   ...
Number Of Shares mil                     38.1 39.8 39.8 39.8 39.8   ...
Share Price EUR                     16.2 29.5 15.1 24.9 22.6   ...
Earnings Per Share (EPS) EUR                     0.549 2.66 3.05 2.85 1.57   ...
Book Value Per Share EUR                     5.98 8.06 11.0 12.1 12.2   ...
Dividend Per Share EUR                     0 0.500 0.750 0.750 0.751 ... ...
Price/Earnings (P/E)                     29.6 11.1 4.95 8.74 14.4   ...
Price/Book Value (P/BV)                     2.71 3.66 1.37 2.06 1.85   ...
Dividend Yield %                     0 1.70 4.97 3.01 3.33 ... ...
Earnings Per Share Growth % ...                   -79.0 384 14.7 -6.67 -44.8   ...
Book Value Per Share Growth % ...                   23.7 34.7 36.8 9.48 1.04   ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,237 1,523 1,759 1,836 1,755   ...
Cost of Goods & Services EUR mil                     684 843 1,045 1,036 962   ...
Gross Profit EUR mil                     553 680 714 800 793   ...
Staff Cost EUR mil                     306 345 350 397 414   ...
Other Cost EUR mil                     119 131 160 176 179   ...
EBITDA EUR mil                     129 204 204 227 199   ...
Depreciation EUR mil                     52.5 67.0 53.2 61.8 72.1   ...
EBIT EUR mil                     76.2 137 151 165 127   ...
Financing Cost EUR mil                     38.2 34.0 19.5 18.5 29.8   ...
Extraordinary Cost EUR mil                     12.8 -1.90 5.50 -4.70 7.70   ...
Pre-Tax Profit EUR mil                     25.2 105 126 152 89.3   ...
Tax EUR mil                     3.80 0 4.70 38.1 26.6   ...
Minorities EUR mil                     0.500 -0.200 0 0.100 0.800   ...
Net Profit EUR mil                     20.9 106 122 113 62.6   ...
Dividends EUR mil                     0 19.9 29.9 29.9 29.9 ... ...
growth rates                                  
Total Revenue Growth % ...                   -22.5 23.1 15.5 4.38 -4.41   ...
Operating Cost Growth % ...                   -12.3 12.3 7.14 12.2 3.68    
EBITDA Growth % ...                   -37.1 58.3 < -0.001 11.5 -12.5   ...
EBIT Growth % ...                   -47.0 79.4 10.1 9.90 -23.3   ...
Pre-Tax Profit Growth % ...                   -77.8 315 20.0 20.8 -41.1   ...
Net Profit Growth % ...                   -78.7 407 14.7 -6.67 -44.8   ...
ratios                                  
ROE %                     10.2 38.6 32.0 24.7 13.0   ...
ROCE % ...                   2.11 10.1 9.84 8.33 4.55   ...
Gross Margin %                     44.7 44.7 40.6 43.6 45.2   ...
EBITDA Margin %                     10.4 13.4 11.6 12.4 11.3   ...
EBIT Margin %                     6.16 8.98 8.56 9.01 7.23   ...
Net Margin %                     1.69 6.95 6.91 6.18 3.57   ...
Payout Ratio %                     0 18.8 24.6 26.3 47.8 ... ...
Cost of Financing % ...                   9.60 8.76 4.30 3.32 5.22   ...
Net Debt/EBITDA                     1.82 1.68 1.78 1.85 2.13   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     591 647 748 881 844   ...
Property, Plant & Equipment EUR mil                     411 436 512 626 544   ...
Intangible Assets EUR mil                     56.0 59.1 63.1 79.0 79.6   ...
Current Assets EUR mil                     680 802 942 969 880   ...
Inventories EUR mil                     287 433 427 423 389   ...
Receivables EUR mil                     195 234 281 263 278   ...
Cash & Cash Equivalents EUR mil                     140 58.8 145 186 112   ...
Total Assets EUR mil                     1,271 1,449 1,690 1,850 1,724   ...
Shareholders' Equity EUR mil                     228 321 439 481 486   ...
Of Which Minority Interest EUR mil                     18.5 0.500 0.600 0.700 10.2   ...
Liabilities EUR mil                     1,043 1,128 1,251 1,370 1,239   ...
Non-Current Liabilities EUR mil                     523 558 598 739 704   ...
Long-Term Debt EUR mil                     218 236 286 391 362   ...
Current Liabilities EUR mil                     521 570 654 631 534   ...
Short-Term Debt EUR mil                     157 165 221 216 173   ...
Trade Payables EUR mil                     150 150 150 150 174   ...
Equity And Liabilities EUR mil                     1,271 1,449 1,690 1,850 1,724   ...
growth rates                                  
Total Asset Growth % ...                   -3.94 14.0 16.6 9.49 -6.83   ...
Shareholders' Equity Growth % ...                   25.3 40.9 36.8 9.48 1.04   ...
Net Debt Growth % ...                   -37.4 46.1 5.54 16.3 0.499   ...
Total Debt Growth % ...                   -11.1 7.26 26.1 19.8 -11.7   ...
ratios                                  
Total Debt EUR mil                     374 402 506 607 535   ...
Net Debt EUR mil                     235 343 362 421 423   ...
Working Capital EUR mil                     332 517 557 536 493   ...
Capital Employed EUR mil                     923 1,164 1,306 1,417 1,337   ...
Net Debt/Equity                     1.03 1.07 0.824 0.876 0.871   ...
Cost of Financing % ...                   9.60 8.76 4.30 3.32 5.22   ...
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     20.9 106 122 113 62.6   ...
Depreciation EUR mil                     52.5 67.0 53.2 61.8 72.1   ...
Non-Cash Items EUR mil ...                   -5.30 -11.1 -16.2 -46.2 39.3   ...
Change in Working Capital EUR mil ...                   117 -185 -40.6 21.2 42.9   ...
Total Cash From Operations EUR mil ...                   185 -23.1 118 150 217   ...
Capital Expenditures EUR mil ...                   -41.5 -57.4 -86.6 -168 -89.4   ...
Other Investments EUR mil ...                   2.70 0.700 -27.8 -6.70 -35.7   ...
Total Cash From Investing EUR mil ...                   -38.8 -56.7 -114 -175 -125   ...
Dividends Paid EUR mil                     0 -19.9 -29.9 -29.9 -29.9 ... ...
Issuance Of Debt EUR mil ...                   -46.9 27.2 105 100 -71.2   ...
Total Cash From Financing EUR mil ...                   -52.3 -1.20 82.2 65.6 -113   ...
Net Change In Cash EUR mil ...                   93.5 -81.0 85.7 41.2 -21.0   ...
ratios                                  
Days Sales Outstanding days                     57.6 56.1 58.3 52.3 57.8   ...
Days Sales Of Inventory days                     153 187 149 149 148   ...
Days Payable Outstanding days                     80.0 65.0 52.4 52.9 65.9   ...
Cash Conversion Cycle days                     131 179 155 149 140   ...
Cash Earnings EUR mil                     73.4 173 175 175 135   ...
Cash Earnings Per Share EUR                     1.93 4.34 4.39 4.40 3.38   ...
Price/Cash Earnings (P/CE)                     8.42 6.79 3.44 5.66 6.67   ...
Free Cash Flow EUR mil ...                   146 -79.8 3.50 -24.4 91.8   ...
Free Cash Flow Yield % ...                   22.9 -6.78 0.624 -2.39 9.84   ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     1.61 7.79 7.74 6.41 3.50   ...
Gross Margin %                     44.7 44.7 40.6 43.6 45.2   ...
Employees ... ... ... ...             6,963 7,266 7,925 7,917 8,121   ...
Cost Per Employee USD per month ... ... ... ...             5,085 5,236 5,123 5,367 5,644   ...
Cost Per Employee (Local Currency) EUR per month ... ... ... ...             3,656 3,958 3,685 4,180 4,251   ...
Staff Cost (As % Of Total Cost) %                     26.3 24.9 21.8 23.8 25.5   ...
Effective Tax Rate %                     15.1 0 3.75 25.1 29.8   ...
Enterprise Value (EV) USD mil                     1,222 2,012 1,248 1,864 1,821   ...
EV/EBITDA                     6.83 7.47 4.41 6.39 6.90   ...
EV/Capital Employed                     0.924 1.30 0.738 0.997 0.988   ...
EV/Sales                     0.710 0.999 0.511 0.791 0.782   ...
EV/EBIT                     11.5 11.1 5.97 8.78 10.8   ...
Capital Expenditures (As % of Sales) % ...                   3.36 3.77 4.92 9.15 5.09   ...
Revenues from Steel (As % Of Total) % ... ... ... ... ... ... ... ...     57.0 64.0 62.9 61.0 ...   ...
Revenues from Cement/Lime (As % Of Total) % ... ... ... ... ... ... ... ...     14.0 13.0 14.4 11.0 ...   ...
Revenues from Nonferrous (As % Of Total) % ... ... ... ... ... ... ... ...     10.0 9.00 9.20 11.0 ...   ...
Revenues from Glass (As % Of Total) % ... ... ... ... ... ... ... ...     12.0 8.00 9.10 9.00 ...   ...
Revenues from EEC (As % Of Total) % ... ... ... ... ... ... ... ...     5.00 4.00 4.20 5.00 ...   ...
Revenues from Raw Materials (As % Of Total) % ... ... ... ... ... ... ... ...     2.00 2.00 2.20 3.00 ...   ...
Revenues from Western Europe (As % Of Total) ... ... ... ... ... ... ... ... ...   0.320 0.320 0.302 ... ...   ...
Revenues from North America + Mexico (As % Of Total) ... ... ... ... ... ... ... ... ...   0.200 0.200 0.191 ... ... ... ...
Revenues from Asia/Pacific (As % Of Total) ... ... ... ... ... ... ... ... ...   0.150 0.170 0.173 ... ... ... ...
Revenues from Eastern Europe (As % Of Total) ... ... ... ... ... ... ... ... ...   0.090 0.100 0.118 ... ... ... ...
Revenues from Middle East (As % Of Total) ... ... ... ... ... ... ... ... ...   0.090 0.080 0.080 ... ... ... ...
Revenues from South America (As % Of Total) ... ... ... ... ... ... ... ... ...   0.090 0.070 0.078 ... ... ... ...
Revenues from Africa ... ... ... ... ... ... ... ... ...   0.060 0.060 0.058 ... ... ... ...
Steel Production in Africa & Middle East mil tonnes ... ... ... ... ... ... ... ...     33.0 36.0 38.0 40.0 43.0   ...
Steel Production in the EU mil tonnes ... ... ... ... ... ... ... ...     139 173 178 169 166   ...
Steel Production in Other European Countries mil tonnes ... ... ... ... ... ... ... ...     29.0 34.0 39.0 40.0 39.0   ...
Steel Production in the CIS mil tonnes ... ... ... ... ... ... ... ...     97.0 108 113 111 108   ...
Steel Production in North America mil tonnes ... ... ... ... ... ... ... ...     83.0 112 119 122 119   ...
Steel Production in South America mil tonnes ... ... ... ... ... ... ... ...     38.0 44.0 48.0 47.0 46.0   ...
Steel Production in Asia mil tonnes ... ... ... ... ... ... ... ...     816 925 1,001 1,031 1,128   ...
Revenues from Steel Division EUR mil ... ... ... ... ... ...         704 977 1,107 1,113 1,098   ...
Revenues from Industrial Division EUR mil ... ... ... ... ... ...         514 518 614 674 619   ...
Revenues from Raw Materials Division EUR mil ... ... ... ... ... ...         135 165 208 238 274   ...
EBIT from Steel Division EUR mil ... ... ... ... ... ...         -6.70 61.7 67.4 50.1 97.3   ...
EBIT from Industrial Division EUR mil ... ... ... ... ... ...         54.2 60.6 73.4 91.8 86.8   ...
EBIT from Raw Materials Division EUR mil ... ... ... ... ... ...         7.30 3.70 10.1 25.7 -73.0   ...

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Mar 2014
Statistical Dossier
Mar 2014
Company Report

RHI AG is an Austria-based producer of ceramic refractory products. With 150 researchers, the Company is also engaged in the development and implementation of customized system solutions, as well as rendering services for the key industries steel, cement, lime, nonferrous metals, glass and environment-energy-chemicals. With 33 production sites and 8,400 staff, the Group is spread on four continents in more than 70 sales and service offices. The Company is organized into three business segments: Steel, Industrial and Raw Materials. With more than 25% stake, MS Private Foundation is the largest shareholder in the Company