Customer Benefits Annual Report 2013
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CUSTOMER BENEFITS ANNUAL REPORT 2013 Earnings indicators (in € million) Revenues EBITDA Operating result EBIT Financial result Results from associates Result before income taxes Income taxes Result after income taxes from continuing operations EBITDA % EBIT % Result after income taxes from continuing operations % Cashflow indicators (in € million) Cashflow from operating activities Cashflow from investing activities Cashflow from financing activities Free Cashflow Balance sheet indicators (in € million) Balance sheet total Equity Equity ratio (in %) Net debt Gearing ratio (in %)* Net debt / EBITDA Working Capital Working Capital % Capital Employed Return on capital employed (in %) Stock exchange indicators (in €) Number of shares (million units) Closing price (Vienna Stock Exchange) Market capitalization (in € million) Earnings per share Price-earnings ratio Dividend per share Dividend yield (in %) Key Figures 1) 2) 2) 3) 3) 2013 2012 Delta 2011 2010 2009 2008 1,754.7 1,835.7 (4.4)% 1,758.6 1,522.9 1,236.9 1,596.7 261.6 229.4 14.0% 204.1 172.0 114.5 216.1 126.8 164.4 (22.9)% 148.6 138.8 79.0 166.2 111.1 167.6 (33.7)% 150.9 126.0 54.8 148.4 (29.8) (21.3) (39.9)% (30.9) (28.0) (32.0) (37.2) 8.0 5.3 50.9% 5.5 6.6 2.4 2.2 89.3 151.6 (41.1)% 125.5 104.6 25.2 113.4 (26.6) (38.1) 30.2% (4.7) 0.0 (3.8) (11.6) 62.7 113.5 (44.8)% 120.8 104.6 21.4 101.8 14.9% 12.5% 2.4pp 11.6% 11.3% 9.3% 13.5% 6.3% 9.1% (2.8)pp 8.6% 8.3% 4.4% 9.3% 3.6% 6.2% (2.6)pp 6.9% 6.9% 1. 7 % 6.4% 1) 2) 2) 3) 3) 2013 2012 Delta 2011 2010 2009 2008 171.5 161.1 6.5% 124.4 (12.3) 202.0 123.5 (125.1) (165.9) 24.6% (105.5) (54.3) (36.2) (73.2) (112.8) 47.8 (336.0)% 67.3 (18.3) (72.7) (34.9) 46.4 (4.8) (1,066.7)% 18.9 (66.6) 165.8 50.3 1) 2) 2) 3) 3) 2013 2012 Delta 2011 2010 2009 2008 1,724.0 1,849.6 (6.8)% 1,689.9 1,448.7 1,272.2 1,324.3 485.5 482.1 0.7% 438.9 320.9 206.1 160.1 28.2% 26.1% 2.1pp 26.0% 22.2% 16.2% 12.1% 422.9 418.5 1. 1 % 361.5 341.0 255.9 397.7 87.1% 86.8% 0.3pp 82.4% 106.3% 124.2% 248.4% 1.6 1.8 (0.2) 1.8 2.0 2.2 1.8 481.0 479.6 0.3% 473.8 467.3 310.8 426.2 27.4% 26.1% 1.3pp 26.9% 30.7% 25.1% 26.7% 1,138.8 1,181.8 (3.6)% 1,049.0 962.6 778.0 910.7 7. 3 % 11.6% (4.3)pp 14.5% 14.5% 6.0% 15.4% 1) 2) 2) 3) 3) 2013 2012 Delta 2011 2010 2009 2008 39.819 39.819 0,0% 39.819 39.819 39.819 37.927 22.56 24.90 (9.4)% 15.10 29.48 16.24 11.25 898 991 (9.4)% 601 1,174 647 427 1. 5 5 2.85 (45.6)% 3.03 2.63 0.52 2.51 14.6 8.7 67.8% 5.0 11.2 31.2 4.5 0.75 0.75 0.0% 0.75 0.50 0.00 0.00 3.3% 3.0% 0.3pp 5.0% 1.7% 0.0% 0.0% 1) For details on reclassifications see page 82 (other changes in comparative information) 2) For details on reclassifications see annual report 2012, page 72 f. (other changes in presentation) 3) For details on reclassifications see annual report 2010, page 67 ff. (accounting of non-controlling interests) * excluding non-current provisions for pensions, termination benefits and service anniversary bonuses Working Capital: Inventories + Trade receivables and receivables from long-term construction contracts – Trade payables – Prepayments received Capital Employed: Property, plant and equipment + Goodwill + Other intangible assets + Working Capital Return on capital employed: (EBIT - Taxes) / average Capital Employed Table of Contents Company Company Profile 1 To our Shareholders 2 Management Board 4 Strategy 6 Customer benefits 8 Share 22 Corporate Governance 24 US Chapter 11 Proceedings 32 Consolidated Management Report 2013 33 Economic Environment 34 Earnings Position 36 Business Development 37 Steel Division 38 Industrial Division 44 Raw Materials Division 48 Financial and Assets Position 50 Investments, cash flow and liquidity 50 Net debt and financing 51 Balance sheet structure and equity development 52 Non-financial Performance Indicators 53 Employees 53 Innovation / Research & Development 56 Sustainability 60 Risik Management, Accounting & Internal Control System 63 Notes in accordance with § 243a UGB 67 Outlook 69 Material Events after the Balance Sheet Date 70 Consolidated Financial Statements 2013 71 Statement of Financial Position 72 Income Statement 73 Statement of Comprehensive Income 74 Cash Flow Statement 75 Statement of Changes in Equity 76 Notes to the Consolidated Financial Statements 78 Auditor´s Report 150 Statement of the Management Board in accordance with § 82 (4) of the Austrian Stock Exchange Act 153 Abridged Annual Financial Statements 2013 of RHI AG in accordance with the Austrian Commericial Code (UGB) 155 Report of the Supervisory Board 159 Imprint 160 A World Market Leader in Refractories RHI is a globally operating supplier of high-grade refractory products, systems and services, which are indispensable for industrial high-temperature processes ex- ceeding 1,200 °C. With roughly 8,000 employees, 33 productions facilities and more than 70 sales offic- es, RHI serves more than 10,000 customers from the steel, cement, nonferrous metals, glass, energy and chemical industries in nearly all countries of the world. RHI produces more than 1.7 million tons of refractory products per year and supplies cus- tomized product and system solutions. Refractory linings made by RHI ensure that a wide range of aggregates including steel ladles, cement rotary kilns, copper converters or glass furnaces withstand extreme thermal, mechanical and chemical stress. The production of refractories is resource-intensive. The naturally occurring raw mate- rials magnesite and dolomite are used as basic materials. Roughly 70% of the global deposits are located in three countries: China, North Korea and Russia. RHI covers approximately 80% of its requirements from eight Group-owned raw material sites and is therefore largely independent of raw material markets. The RHI Group attaches great importance to research. The innovative power, which has made RHI the global technology leader, is based on decades of research and de- velopment activities, which have given RHI a leading edge. The company invests roughly € 20 million annually in this future-oriented segment. Demand for refractory products is primarily driven by growing prosperity, the level of industrial production and infrastructure projects. Although refractory products account for only 1 to 3% of the production costs of customer industries, they are crucial to the quality of the products manufactured. In the year 2013, RHI realized revenues amounting to € 1,754.7 million. The charts be- low show the revenues by segment and region. Raw materials 2% D e v 18% e Cement 12% lo p Western Europe 29% e s d USA & Canada t e e k Australia & Japan c r o a Nonferrous 11% n CIS 14% o Steel 63% Industrial 35% m m g Eastern Europe i n e i s Middle East & Africa g r e Glass 8% South America & Mexico m 13% E 13% Asia EEC 4% 7% 5% 1% 1 2013 RHI Group To our Shareholders Dear Shareholders, A challenging and busy financial year 2013 lies behind us, in which we pushed ahead several issues. However, we also had to cope with setbacks. The acquisition of a 69.6% share in the Indian company Orient Refractories Ltd. and the termination of the US Chapter 11 proceedings had a particularly positive impact. In contrast, we had to make the unpleasant decision to close our site in Duisburg, Germany, which had become necessary due to the declining steel production in Europe; in addition, we had to deal with unexpected difficulties in the fusion plant in Norway, which placed a massive burden on the results of the year 2013. In the current financial year our focus is on eliminating these difficulties. The acquisition in India fits in perfectly with the strategy of the RHI Group, enabling us to further strengthen our market position in an important emerging market on the one hand and to consolidate the number two position in the flow control segment on the other. We intend to double the company’s revenues in the medium term by participat- ing in the growth of the Indian refractories market and by tapping sales synergies within the Group. Due to its huge population, along with the desire for a higher stand- ard of living and the investments in infrastructure necessary for further economic growth, India is one of the most interesting markets for the RHI Group and will con- tinue to gain significance in the years to come. We also achieved a very important legal success in 2013. After eleven years, the US Chapter 11 proceedings were terminated definitively and with legal security. With the completion of the reorganization proceedings of the US companies, which had been deconsolidated as of December 31, 2001, all present and future asbestos-related claims were transferred to the trust funds.