Salzbergen, Germany, 13 May 2011: In its report for the 1st quarter of 2011, H&R WASAG AG has confirmed all the preliminary key figures previously published in an ad-hoc statement. In accordance with this, H&R WASAG AG posted a new record operating result (EBITDA) of ââ??¬34.7 million (Q1 2010: ââ??¬24.2 million). EBIT also rose 51.0%, coming in at ââ??¬29.3 million (Q1 2010: ââ??¬19.4 million). The consolidated net income attributable to H&R WASAG AG shareholders climbed by 60.3% to ââ??¬19.4 million, compared to ââ??¬12.1 million in the first three months of 2010.
"Thanks to the economic upturn, we were able to profit from strong demand for our products worldwide. However, the margins for our mineral oil-based speciality products shrank dramatically due to a sharp rise in raw materials costs. Further price adjustments were therefore unavoidable,\" said Gert Wendroth, Chief Executive Officer at H&R WASAG AG.
Double-digit growth rates for both divisions
At the Chemical-Pharmaceutical Division, which largely defines Group earnings, the operating result (EBITDA) increased by 41.2% to ââ??¬34.3 million (Q1 2010: ââ??¬24.3 million). Even stronger growth was recorded at the smaller Plastics Division thanks to improvements in incoming orders, especially from clients in the automotive industry. The operating result (EBITDA) here doubled to ââ??¬0.6 million (Q1 2010: ââ??¬0.3 million).
Construction of the propane deasphalting unit to be completed on target
The construction work for the largest investment project in the company's history ââ?¬â?? a propane deasphalting unit at the Hamburg refinery ââ?¬â?? has entered its final phase. It even looks as if the company will come in well below its original investment budget of ââ??¬55.0 million for the unit. Following extensive testing, the unit is due to start converting the residue produced during the manufacturing process into highquality, mineral oil-based speciality products in the 4th quarter of 2011. The company expects this unit to contribute an additional ââ??¬12.0 million to ââ??¬14.0 million to earnings (EBITDA) on an annual basis.
Three-digit operating result within reach again
The outlook for the full year remains positive. Although it seems unlikely that we will be able to repeat our three-monthly operating result (EBITDA) in subsequent quarters, we believe that the excellent start to 2011 puts another three-digit fullyear operating result at Group level (EBITDA in ââ??¬ million) within reach ââ?¬â?? despite the highly volatile current prices for raw materials and products.
Upcoming events:
31 May 2011
Annual Shareholders� Meeting in Hamburg
12 August 2011
Publication of Q2 Report 2011
14 November 2011
Publication of Q3 Report 2011
Contact:
H&R WASAG AG, Investor Relations / Communications,
Christian Pokropp
Am Sandtorkai 64, 20457 Hamburg, Germany
Tel.: + 49 ââ?¬â?? (0) 40-43218-321, Fax: + 49 ââ?¬â?? (0) 40-43218-390, Mail: Christian.Pokropp(at)hur-wasag.de
www.hur-wasag.com
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.