DGAP-News: H&R GmbH & Co. KGaA: Publication of Annual Report 2019

2020. április 08., szerda, 09:01







DGAP-News: H&R GmbH & Co. KGaA


/ Key word(s): Annual Results






H&R GmbH & Co. KGaA: Publication of Annual Report 2019








08.04.2020 / 09:01




The issuer is solely responsible for the content of this announcement.




H&R GmbH & Co. KGaA publishes Annual Report 2019

- Positive contributions from Chemical-Pharmaceutical division, Plastics contributes loss: operating income of EUR 52.9 million within last forecast


- Net income of EUR -1.4 million


Salzbergen, Germany, April 8, 2020. In the financial year 2019 H&R GmbH & Co. KGaA (H&R KGaA; ISIN DE000A2E4T77) achieved an operating income (EBITDA - consolidated income before tax, other financial income and expenses and depreciation/amortization, impairment and appreciation of fixed assets and property, plant and equipment) of EUR 52.9 million (2018: EUR 74.7 million) (for other earnings levels, see table "Key figures for H&R KGaA"). This also includes one-time effects from personnel restructuring measures at the Coburg site in the amount of EUR -3.2 million. Overall, it was within the range of the expectations of up to EUR 55.0 million last refined in November 2019. All in all, net results attributable to shareholders amounted to EUR -1.4 million (2018: EUR 21.6 million). This figure was achieved with sales revenues of EUR 1,075.3 million. Due to pricing and volume factors, this was around 3.5 % less than in the previous year (2018: EUR 1,114.2 million).

Good impulse from SALES segment

With EBITDA of EUR 59.9 million (2018: EUR 76.1 million), the Chemical-Pharmaceutical Raw Materials division with its REFINING fining and SALES segments contributed the main share to Group EBITDA. This was largely due to the international business, which, with sales of EUR 376.9 million and EUR 30.7 million, exceeded the EBITDA contribution of the two refineries (EBITDA: EUR 29.2 million; sales: EUR 665.0 million .). The latter fought primarily with high price pressure due to Eastern European base oils, expansion of refinery capacities in Western Europe and Chinese wax and paraffin exports to the local markets. In the PLASTICS sector, the globally weakening sales figures of the automotive industry left their mark. The management of the main site in Coburg responded with an extensive personnel restructuring programme, though one-off effects additionally burdened the result. The segment achieved an operating result of EUR -4.9 million (EBITDA 2018: EUR 3.0 million).



Operating cash flow positive again in 2019

Over the year, operating cash flow improved from EUR 23.3 million in the previous year to EUR 95.9 million, based on a lower consolidated income. This was due to a significantly lower net working capital requirement over the year. Higher cash outflows for investments had a negative impact on free cash flow, which nonetheless increased from EUR -46.4 million to EUR 20.8 million. Balance sheet total was EUR 838.6 million at the end of the financial year 2019 (Dec. 31, 2018: EUR 730.4 million). Equity at the balance sheet date stood at EUR 363.4 million (Dec. 31, 2018: EUR 357.4 million). Equity ratio amounts to 43.3 % (Dec. 31, 2018: 48.9 %).

No dividends to be proposed to the Annual General Meeting

In principle, H&R achieved a distributable result according to German GAAP (HGB) for 2019. Nevertheless, the management will propose to the Annual General Meeting to waive the payment of a dividend. First and foremost, the first quarter of 2020 was characterized by volatility on the raw materials markets. Other issues are the economic and political uncertainties caused by the Corona Pandemic. Although H&R has weathered the crisis relatively well so far, the continuing uncertain economic prospects in our core markets and for many of our customers suggest that the funds should remain in the company, and be kept on an extremely careful budget.



Outlook

Despite the impact from the Corona Pandemic on the overall economy, we remain cautiously optimistic after the first months of the 2020 financial year. If necessary, we will re-evaluate the development with the publication of the Q1-2020 figures. Until then, we guide our expectations for 2020 with an operating result (EBITDA) in the range of EUR 50.0 million to EUR 65.0 million. For a complete presentation of the business development, including segment reporting and the annual financial statements, H&R KGaA refers to the 2019 Annual Report that will be published today at www.hur.com - Investor Relations - Publications.



Key figures for H&R KGaA:











































































in € Million 2019 2018 - / +
       
Sales revenues 1,075.3 1,114.2 -38.9
Operating income (EBITDA) 52.9 74.7 -21.8
in % of sales 4.9 6.7 -1.8
EBIT 7.4 40.6 -33.2
Earnings before income tax -1.2 33.7 -34.9
Consolidated net income 0.1 22.3 -22.2
Net profit/loss to shareholders -1.4 21.6 -23.0
Consolidated earnings per share (EUR) -0.04 0.59 -0.63
Operating cash flow 95.9 23.3 72.6
Free cash flow 20.8 -46.4 67.2
       
  12/31/2019 12/31/2018 - / +
Balance sheet total 838.6 730.4 108.2
Group equity 363.4 357.4 6.0
Equity ratio (in %) 43.3 48.9 -5.6
Employees (absolute) 1,625 1,664 -39

 

Key figures for the segments























































in € Million 2019 2018 - / +
       
Sales revenues      
ChemPharm Refining 665.0 694.5 -29.5
ChemPharm Sales 376.9 374.9 2.0
Plastics 43.2 55.0 -11.8
Reconciliation -9.9 -10.2 0.3
       
EBITDA      
ChemPharm Refining 29.2 46.0 -16.8
ChemPharm Sales 30.7 30.1 0.6
Plastics -4.9 3.0 -7.9
Reconciliation -2.2 -4.4 2.2

 

 



Contact information:

H&R GmbH & Co. KGaA, Head of 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 press release 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 press release.
















08.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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: DE000A2E4T77
WKN: A2E4T7
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1018223





 
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1018223  08.04.2020 



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