DGAP-Adhoc: H&R GmbH & Co. KGaA: Preliminary figures for the first half year of 2020

2020. július 29., szerda, 17:15

DGAP-Ad-hoc: H&R GmbH & Co. KGaA / Key word(s): Preliminary Results/Quarter Results

H&R GmbH & Co. KGaA: Preliminary figures for the first half year of 2020

29-Jul-2020 / 17:15 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.

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

Insider information pursuant to Article 17

of the Market Abuse Regulation [MAR]

H&R GmbH & Co. KGaA: Preliminary figures for the first half year of 2020

- Significant effects from Protection and Lock-Down measures impact second quarter 2020

- Half-year EBITDA with EUR 16.6 million below previous year

- Noticeable improvement of sales volumes from June / July on

- Turnaround expected, earnings projections adjusted on up to EUR 45.0 million EBITDA

Salzbergen, July 29, 2020 H&R GmbH & Co. KGaA (abbrev.: H&R KGaA; ISIN DE000A2E4T77) had significant effects on the company"s sales and earnings development at the end of the first half of 2020 by the corona-related protective measures. According to preliminary calculations, the consolidated operating income (EBITDA*) in the second quarter was only EUR 5.9 million (Q2-2019: EUR 19.7 million) as a result of the closings and reorganizations in many customer industries, particularly in April and May. On the remaining levels, earnings decreased accordingly: EBIT closed at EUR -6.7 million after last year"s EUR 8.6 million. Earnings before taxes (EBT) in the second quarter of 2020 were EUR -9.0 million (Q2-2019: EUR 6.7 million), the company closed the net income attributable to shareholders with EUR -8.9 million (Q2-2019: EUR 5.0 million). Revenues in the second quarter of the current financial year decreased to EUR 182.4 million (Q2-2019: EUR 263.9 million) - in particular due to lower purchased quantities from April on, partly due to raw material prices.

Looking at the first half of 2020 as a whole, EBITDA fell significantly compared to previous year. The company achieved a preliminary operating income (EBITDA) of EUR 16.6 million (H1-2019: EUR 39.7 million). The higher depreciation also characterizes the six-month overview: EBIT amounted to EUR -8.7 million (first half year of 2019: EUR 18.0 million). Earnings before taxes (EBT) showed a comparable trend at EUR -12.7 million (first half of 2019: EUR 14.0 million). Net income to shareholders closed at EUR -13.6 million (first half year of 2019: EUR 10.1 million). This means that H&R KGaA generated earnings per share of EUR -0.37, of which EUR -0.24 were contributed in the second quarter of 2020 (first half of 2019: EUR 0.27; Q2-2019: EUR 0.13). Due to the weaker sales in the second quarter of 2020, revenues of EUR 441.8 million were not able to match sales from the same period of the previous year (first half of 2019: EUR 550.0 million).

However, positive trends have been recorded since mid-2020. H&R already achieved more than half of its quarterly EBITDA in June. Significantly increasing purchase volumes contributed to the improvement in earnings, a development that solidified at the beginning of the third quarter.

The ChemPharm Sales segment again made the major contribution to earnings. Nevertheless, our international activities recorded lower operating results overall this year at EUR 4.7 million in the second quarter and EUR 11.4 million in the first half of the year (Q2-2019: EUR 8.2 million; H1-2019: EUR 15.2 million). At EUR 150.9 million, sales revenues in the first half of the year were significantly below the previous year (H1-2019: EUR 188.0 million). The ChemPharm Refining segment suffered the most significant losses in the second quarter of 2020 with EBITDA of EUR 2.0 million (Q2-2019: EUR 9.5 million). Despite the six-month period of EUR 7.0 million (1st half of 2019: EUR 22.9 million), there is a noticeable recovery for the refineries from June on. Sales in the segment remained stable and reached EUR 276.9 million for the first half of the year (H1-2019: EUR 345.4 million). The Plastics segment generated an almost balanced, compared to the previous year even improved operating result, both at quarterly level and for the first half of 2020. It achieved EUR 0.0 million and EUR -0.1 million (Q2-2019: EUR -0.5 million; H1-2019: EUR -0.4 million). Revenue declined to EUR 7.2 million or EUR 18.2 million compared to the previous year (Q2-2019: EUR 10.4 million; H1-2019: EUR 22.0 million) also, as a result of the closings of many car manufacturers and automotive suppliers.

Operating cash flow noted robust in the first half of 2020. In total, it amounted to EUR 36.5 million in the second quarter of 2020 (Q2-2019: 7.5 million), free cash flow amounted to EUR 35.8 million (Q2-2019: EUR -4.5 million). The federal government"s tax policy measures, which strengthened the operating cash flow as of the reporting date, had a particularly favorable effect (H1-2020: EUR 39.4 million; H1-2019: EUR 51.1 million). Free cash flow was EUR 13.6 million after EUR 20.9 million.

The balance sheet total decreased from EUR 838.6 million as of December 31, 2019 to EUR 781.8 million. Equity decreased from EUR 363.4 million to EUR 346.8 million in the same period. As of June 30, 2020, the Company"s equity ratio was 44.4% (December 31, 2019: 43.3 %).

The corona pandemic and its effects hit the company hard in the first half of the year. Fortunately, we were able to record significantly improved sales and earnings figures again at the end of the half year. Despite the uncertainty, there were also more dynamics in sales volumes and customer orders, so that - based on the current state of knowledge - H&R assumes that it may have left the low point behind. Based on the previous expectation of a minimum EBITDA of € 50.0 million, the current framework data nevertheless requires readjustments: H&R currently assumes an EBITDA of a maximum of € 45.0 million.

The final financial figures and additional information on business performance to date in 2020 will be published as planned on August 14, 2020 in the half-year financial report.

* Consolidated income before tax, other financial income and expenses and depreciation / amortization, impairment and appreciation of fixed assets and property, plant and equipment


H&R GmbH & Co. KGaA, Head of Investor Relations / Communication, Ties Kaiser

Neuenkirchener Straße 8, 48499 Salzbergen

Phone.: +49 40 43218-321, Fax: +49 40 43218-390

Mail: ties.kaiser@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 insider information pursuant to Article 17 of the Market Abuse Regulation [MAR] contains forward-looking statements. The statements are based on the current estimates and forecasts by the Management Team and the information available to it 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 insider information pursuant to Article 17 of the MAR.

29-Jul-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: H&R GmbH & Co. KGaA

Neuenkirchener Str. 8

48499 Salzbergen

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
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1105309

End of Announcement DGAP News Service

1105309  29-Jul-2020 CET/CEST

Tilos a hír bármilyen adatbázisba történő mentése vagy annak továbbítása harmadik fél számára;kereskedelmi viszonylatban vagy kereskedelmi céllal csak a Deutsche Gesellschaft für Ad-hoc-Publizität mbh írásos engedélyével történhet.

Közzétételek - archívum