Skip to main content


Press release from 12.11.2010

H&R WASAG AG posts record result for first nine months

- Revenue growth of 47.9% to ââ??¬805.8 million (Q1ââ?¬â??Q3 2009: ââ??¬544.9 million)
- EBITDA up 55.5% to a record high of ââ??¬79.3 million
- EBITDA guidance figure for the full year slightly increased

Salzbergen, Germany, 12 November 2010. H&R WASAG AGââ?¬â?¢s operating result (EBITDA) reached an all-time high of ââ??¬79.3 million in the first nine months of 2010 as revenue soared by 47.9% to ââ??¬805.8 million. As well as exceeding the previous yearââ?¬â?¢s nine-month figure of ââ??¬51.0 million by 55.5%, this also overtook the full-year result for 2009, which totalled ââ??¬65.6 million. The EBITDA margin climbed to 9.8% (Q1ââ?¬â??Q3 2009: 9.4%). EBIT also rose 82.4%, coming in at ââ??¬64.2 million (Q1ââ?¬â??Q3 2009: ââ??¬35.2 million). At ââ??¬40.8 million, the consolidated net income attributable to shareholders almost doubled on the previous year (Q1ââ?¬â??Q3 2009: ââ??¬20.5 million).

ââ?¬Å?In the year to date, we have been able to profit immensely from the improved climate and boost sales volumes for key products by over 20% in the two Chemical-Pharmaceutical Segments which dominate the consolidated operating result,ââ?¬Â said Gert Wendroth, Chief Executive Officer at H&R WASAG AG.

All segments record better operating results
With a 66.3% increase in EBITDA to ââ??¬63.2 million (Q1ââ?¬â??Q3 2009: ââ??¬38.0 million), the Chemical-Pharmaceutical Raw Materials Domestic Segment once again made the largest contribution to the consolidated operating result. The Chemical-Pharmaceutical International Segment also grew its operating result considerably, posting an increase of 25.4% to ââ??¬16.8 million (Q1ââ?¬â??Q3 2009: ââ??¬13.4 million).

The significantly smaller Plastics Division is still being realigned. After only breaking even during the first nine months of last year, the company generated a slight operating profit (EBITDA) of ââ??¬0.2 million for January to September of 2010.

Large-scale investment on schedule
The construction work for the largest investment project in the companyââ?¬â?¢s history ââ?¬â?? a new propane de-asphalting plant in Hamburg costing some ââ??¬55 million ââ?¬â?? is proceeding on schedule. ââ?¬Å?In the first four months of the construction phase, 230 tonnes of steel and 1,400 cubic metres of concrete were used ââ?¬â?? impressive figures which show the huge dimensions of the project and document the positive progress of the construction work,ââ?¬Â said Wendroth. Production is still expected to commence in the 4th quarter of 2011. The plant will enable H&R WASAG AG to further increase its exploitation of high-quality crude-oil speciality products and open up additional annual EBITDA potential in the region of ââ??¬12 million to ââ??¬14 million from 2012.

Positive outlook for the full year
In the Chemical-Pharmaceutical Raw Materials Division, the positive development of business continued into the early part of the 4th quarter. Thanks to the robust level of demand, the prices for many products remained at a high level. However, scheduled maintenance work at the Hamburg refinery and the falling order quantities which past experience shows can be expected towards the end of the year are leading us to anticipate a negative development in sales volumes in the 4th quarter compared with the quarter under review.

In the Plastics Division, the reorientation towards attractive growth markets such as the medical technology sector will continue to be pushed. With the previous year having produced a loss, a break-even result at operational level is the objective for the transitional year of 2010.

The for seasonal reasons forecasted lower sales volume towards the end of the year in the Chemical-Pharmaceutical Division means that it is unlikely that the outstanding consolidated operating result (EBITDA) in the 3rd quarter can be repeated in the final quarter.

However, the EBITDA guidance figure for the year as a whole will be adjusted to between ââ??¬90.0 million and ââ??¬100.0 million in line with general market expectations. The company had previously forecast a full-year operating result of between ââ??¬85.0 million and ââ??¬95.0 million. If earnings develop as well as forecast, H&R WASAG AG intends to raise its proposed dividend value for financial year 2010 over that of the previous year.

For detailed information on current developments, please refer to the quarterly report for the period to 30 September 2010. This can be viewed and downloaded at

Contact: H&R WASAG AG, Investor Relations / CommunicationsChristian Pokropp Am Sandtorkai 64, 20457 Hamburg, Germany Tel.: + 49 ââ?¬â?? (0) 40-43218-321, Fax: + 49 ââ?¬â?? (0) 40-43218-390, Mail: H&R WASAG AG: The SDAX-listed company H&R WASAG AG is active in the fields of development and manufacture of chemical-pharmaceutical specialty products based on crude oil, and in the production of precision plastic parts. In the individual divisions, the group company is positioned as a market and/or technological leader with excellent perspectives. Forward-looking statements and forecasts: This press release contains forward-looking statements. These statements are based upon current estimates and forecasts of the executive board as well as information that is available to the executive board at this point in time. They are not to be taken as guarantees of future developments and results. The future developments and results are much more dependent upon many factors. They contain various risks and uncertainties and are based upon assumptions that may prove to be inaccurate. We assume no obligation to update the forward-looking statements contained in this report.


download Press Release