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

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

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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:



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




* 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 Straße 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

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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                                    
 
 
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