rhi ag (RHI) Snapshot

RHI AG announces that the Management Board members Giorgio Cappelli, CSO (Chief Sales Officer) Steel Division, and Manfred Hoedl, CSO Industrial Division and CTO (Chief Technical Officer), will resign from the Management Board of RHI AG by mutual consent at the end of June 30, 2013. At an extraordinary Supervisory Board meeting on June 12, 2013, the nomination committee of the Supervisory Board of RHI AG will propose to appoint Reinhold Steiner to the Management Board as Chief Sales Officer Steel Division and Franz Buxbaum as Chief Operations Officer with effect from July 1, 2013. The function of the Chief Sales Officer Industrial Division will be taken over by CEO Struzl. Franz Buxbaum, 57, completed his studies of technical physics at the Graz University of Technology and then worked for Steyr-Daimler-Puch AG, Boehler Ges.m.b.H. and Tyrolit Schleifmittelwerke. In 1997 he joined RHI AG and held management positions in research and production. Mr. Buxbaum has been Chief Operations Officer at RHI AG since 2012. Reinhold Steiner, 48, studied petroleum engineering at the University of Leoben, then joined the Voestalpine Group and held several management positions in the Middle East and Austria. In the year 2012, Mr. Steiner joined the RHI Group and assumed the function of the divisional manager of the sales region CIS in the Steel Division.

RHI AG reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported group revenues were down 2.6% to EUR 425.5 million compared to EUR 425.5 million a year ago. The operating result was increased by 47.0% compared with the same period of 2012 despite the delayed commissioning of the fusion lines in Norway and, at EUR 49.4 million, also exceeded the level of the fourth quarter of 2012. Net debt rose from EUR 418.5 million to EUR 444.6 million. Net cash flow from operating activities amounted to EUR 37.8 million despite a significant increase in working capital. The operating EBIT rose from EUR 1.3 million in the fourth quarter of 2012 to EUR 3.4 million in the first quarter of 2013, but fell short of the EUR 7.2 million in the comparative quarter of 2012. Operating result was EUR 49.4 million against EUR 33.6 million a year ago. Profit before income taxes was EUR 40.8 million against EUR 35.4 million a year ago. EBITDA was EUR 65.9 million against EUR 47.6 million a year ago.

RHI AG, Q1 2013 Earnings Call, May 15, 2013