DGAP-Ad-hoc: H&R GmbH & Co. KGaA / Key word(s): Preliminary Results/Quarter Results
Insider information pursuant to Article 17 of the Market Abuse Regulation [MAR]
H&R GmbH & Co. KGaA: Preliminary figures with higher sales and an improved cash flow
- EBITDA reaches EUR 20.1 million
- Free cash flow at EUR 25.4 Mio.
- Sales of EUR 286.1 million higher than in prior-year quarter
Salzbergen, Germany, April 26, 2019. H&R GmbH & Co. KGaA (abbrev.: H&R KGaA; DE000A2E4T77) recorded a solid operating income of EUR 20.1 million (Q1/2018: EUR 23.7 million) in the first quarter of 2019 (EBITDA - Consolidated income before tax, other financial income and expenses and depreciation/amortization, impairment and appreciation of fixed assets and property, plant and equipment) according to preliminary calculations. EBIT amounted to EUR 9.4 million (Q1/2018: EUR 15.4 million), earnings before taxes (EBT) EUR 7.3 million (Q1/2018: EUR 13.8 million). All in all, net profit to shareholders amounted to EUR 5.1 million (Q1/2018: EUR 9.9 million). This figure was achieved with sales of EUR 286.1 million. This is around 5.6 % more than in the previous year (Q1/2018: EUR 270.9 million). This was mainly due to higher sales volumes and partially better product prices, in contrast to the prior-year and comparable quarters, which showed increases due to higher raw material prices.
Cash flow clearly positive in Q1 2019
Despite a lower consolidated income, the operating cash flow developed positively from EUR -2.9 million to EUR 43.6 million in the first quarter of 2019. This was mainly due to the changes in net working capital requirements, which decreased significantly. At EUR 25.4 million, free cash flow also improved strongly despite higher investing activities (Q1/2018: EUR -17.3 million).
Sales volumes above previous year
In the first quarter of 2019, the refineries of the REFINING segment sold roughly the same volumes as in the previous year, but achieved better product prices. Sales revenues increased accordingly to EUR 183.6 million (Q1/2018): EUR 175.3 million). On the earnings side, this was offset by windfall losses, as most of the raw materials purchased at the end of the year at higher prices were still processed in the first quarter. EBITDA for the segment was EUR 13.4 million (Q1/2018: EUR 15.8 million). The international offices of our SALES segment sold significantly more products and generated sales of EUR 93.8 million (Q1/2018: EUR 82.1 million). However, prices remained under pressure, with the result that the operating result fell slightly short of the previous year as a result of the global economic challenges: Instead of EUR 7.4 million, EUR 7.0 million was achieved in the first quarter of 2019. The PLASTICS segment only achieved a balanced EBITDA of TEUR 62 (Q1/2018: EUR 1.3 million), in which revenues fell from EUR 15.2 million in the previous year to EUR 11.5 million. This is due to the recent weakness of the automotive industry.
Solid equity position
Balance sheet total increased to EUR 795.4 million at the end of the first quarter of 2019 (Dec. 31, 2018: EUR 730.4 million). The Group's equity rose to EUR 365.4 million at the balance sheet date (Dec. 31, 2018: EUR 357.4 million). The changes are mainly related to higher Retained earnings and other reserves. Equity ratio amounts to 45.9 % (Dec. 31, 2018: 48.6 %).
H&R KGaA confirms, for the time being, its 2019 forecast range of EUR75.0 to EUR90.0 million and will refrain from a more specific forecast at this early stage.
For a complete presentation of business performance including segment reporting and the quarterly financial statements, H&R KGaA refers to the quarterly report 1/2019 to be published on 15 May 2019.
H&R GmbH & Co. KGaA:
Forward-looking statements and forecasts:
26-Apr-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||H&R GmbH & Co. KGaA|
|Neuenkirchener Str. 8|
|Phone:||+49 (0)40 43 218 321|
|Fax:||+49 (0)40 43 218 390|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||803839|
|End of Announcement||DGAP News Service|
803839 26-Apr-2019 CET/CEST