Ceramic Industry News

RHI Announces Preliminary 2008 Results, Reorganization (posted 3/16/09)

March 16, 2009
/ Print / Reprints /
ShareMore
/ Text Size+

According to preliminary results, RHI increased consolidated revenues by 8.8% to €1,596.7 million (~ $2,030.9 million) in 2008, up from the 2007 level of €1,467.6 million (~ $1,866.7 million). However, at €148.4 million (~ $188.8 million), the operating result fell short of the prior-year-figure of €165.8 million (~ $210.9 million) due to increased precautionary measures (market risks and impairments) in the balance sheet totaling €39 million (~ $50 million) in the context of the global recession.

RHI Group’s 2008 profit amounted to €100.6 million (~ $128.0 million), compared to €111.0 million (~ $141.2 million) in 2007. The RHI management board will propose to the annual general meeting May 28, 2009, to carry forward the accumulated profit 2008 of RHI AG in its entirety to further strengthen equity and with a view to the economic situation.

The year 2008 showed varied developments for the group: while two-digit growth rates in revenues and earnings were recorded in the first three quarters, the fourth quarter reflected the first effects of the global economic crisis. The Steel Division suffered a 6.5% decline in revenues in the fourth quarter; the Industrial Division resisted this trend with a 7.8% increase in revenues.

In order to be prepared for further growth, the management board of RHI AG has decided to reorganize the group. As of July 1, 2009, the respective production facilities and research activities will be allocated to the Steel, Industrial and Raw Material Divisions. In the third quarter of 2009, RHI will report according to the new structure for the first time. Moreover, a comprehensive cost-cutting program with a savings target of approximately €80.0 million (~ $102 million) has been launched for 2009/2010.

In the first months of the year 2009, the negative trend of the last quarter of 2008 continued. Economic recovery plans worldwide should have a positive impact on RHI’s customer industries in the second half of 2009. Lower raw material and energy prices, as well as internal cost savings, should partially counteract future price pressure.

Additional details are available at www.rhi-ag.com.

Links

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail innovative advanced ceramic and glass materials and technologies.

Podcasts

Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

THE MAGAZINE

Ceramic Industry Magazine

CI April 2014 cover

2014 April

Our April issue features details on advanced materials such as ceramic matrix composites and piezoelectric ceramics, among many others. Be sure to check it out!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40