RHI AG Reports Improved First Half Revenues and Earnings
The operating result increased by 139.2%, up from €31.1 million (~ $40 million) in the first half of 2009 to €74.4 million (~ $96.8 million). The pre-restructuring EBIT margin rose from 5.1% to 10%. The group’s EBIT equaled €70.3 million (~ $91.9 million) in the 2010 first half. The balance of the reduction in carrying value and the insurance compensation for the plants destroyed by the earthquake in Chile was reflected in a positive one-off effect of €7.9 million (~ $10.19 million). Impairment losses and restructuring expenses amounted to €-4.1 million (~ $5 million) in the first half of 2010. The group’s EBIT thus equaled €70.3 million (~ $90 million), compared to €21.4 million (~ $27 million) for the first half of 2009.
Second quarter revenues also showed a positive development compared to 2009. Revenues were up 16.5% on the previous quarter, and the quarterly EBIT was increased from €31.7 million (~ $40.89 million) to €38.6 million (~ $49.6 million). As of July 2, the equity ratio increased to 22.3% vs. 20% as of March 31. Compared with the half-year balance sheet date of the previous year, equity rose by 59.5% from €196.7 million (~ $4252 million) to €313.8 million (~ $404 million); net debt declined by 24.0% from €308.4 million (~ $397 million) in the reference period to €234.4 million (~ $30 million).
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