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ANNUAL REPORT Table of Contents Company RHI Annual Report 2015 2015 Company Profile 1 To our Shareholders 2 Management Board 4 Strategy 6 Value Chain 8 Share 12 Corporate Governance 14 Consolidated Management Report 2014 25 Economic Environment 26 Earnings Position 28 Business Development 29 Steel Division 30 Industrial Division 36 Raw Materials Division 40 Financial and Assets Position 44 Investments, cash flow and liquidity 44 Net debt and financing 45 Balance sheet structure and equity development 46 Non-financial Performance Indicators 47 Employees 49 Innovation / Research & Development 56 Environment and Energy 60 Risik Management, Accounting & Internal Control System 64 Notes in accordance with § 243a UGB 68 Outlook 70 Material Events after the Reporting Date 71 Consolidated Financial Statements 2014 73 Statement of Financial Position 74 Statement of Profit or Loss 75 Statement of Comprehensive Income 76 Statement of Cash Flows 77 Statement of Changes in Equity 78 Notes to the Consolidated Financial Statements 80 Auditor´s Report 155 Statement of the Management Board in accordance with § 82 (4) of the Austrian Stock Exchange Act 157 Abridged Annual Financial Statements 2014 of RHI AG in accordance with the Austrian Commericial Code (UGB) 159 Report of the Supervisory Board 163 Global Reporting Initiative G4 Index 164 Imprint 168 Earnings indicators (in € million) Revenue EBITDA3) Operating EBIT EBIT Net finance costs Share of profit of joint ventures Profit before income tax Income tax Profit from continuing operations EBITDA % EBIT % Profit from continuing operations % Cash flow indicators (in € million) Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Free cash flow Balance sheet indicators (in € million) Balance sheet total Equity Equity ratio (in %) Net debt Gearing ratio (in %)4) Net debt / EBITDA Working capital5) Working capital % Capital employed6) Return on average capital employed (in %)7) 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) 2015 2014 Delta 2013 2012 2011 2010 1,752.5 1,721.2 1. 8 % 1,754.7 1,835.7 1,758.6 1,522.9 140.0 199.4 (29.8)% 260.7 228.7 203.4 171.4 124.1 141.9 (12.5)% 126.8 164.4 148.6 138.8 37.5 109.3 (65.7)% 111.1 167.6 150.9 126.0 (19.3) (32.7) 41% (29.8) (21.3) (30.9) (28.0) 9.2 8.2 12.2% 8.0 5.3 5.5 6.6 27.4 84.8 (67.7)% 89.3 151.6 125.5 104.6 (9.8) (32.3) 69.7% (26.6) (38.1) (4.7) 0.0 17.6 52.5 (66.5)% 62.7 113.5 120.8 104.6 8.0% 11.6% (3.6)pp 14.9% 12.5% 11.6% 11.3% 2.1% 6.4% (4.3)pp 6.3% 9.1% 8.6% 8.3% 1. 0 % 3.1% (2.1)pp 3.6% 6.2% 6.9% 6.9% 1) 2) 2) 2015 2014 Delta 2013 2012 2011 2010 175.4 72.4 142.3% 171.5 161.1 124.4 (12.3) (47.2) (61.1) 22.7% (125.1) (165.9) (105.5) (54.3) (124.4) 24.6 (605.7)% (112.8) 47.8 67.3 (18.3) 128.2 11.3 1034.5% 46.4 (4.8) 18.9 (66.6) 1) 2) 2) 2015 2014 Delta 2013 2012 2011 2010 1,804.5 1,860.5 (3.0)% 1,724.0 1,849.6 1,689.9 1,448.7 491.4 493.9 (0.5)% 485.5 482.1 438.9 320.9 27.2% 26.5% 0.7pp 28.2% 26.1% 26.0% 22.2% 397.9 466.9 (14.8)% 422.9 418.5 361.5 341.0 81.0% 94.5% (13.5)pp 87.1% 86.8% 82.4% 106.3% 2.8 2.3 0.5 1.6 1.8 1.8 2.0 532.6 570.9 (6.7)% 481.0 479.6 473.8 467.3 30.4% 33.2% (2.8)pp 27.4% 26.1% 26.9% 30.7% 1.176.5 1,225.2 (4.0)% 1,138.8 1,181.8 1,049.0 962.6 2.3% 6.5% (4.2)pp 7. 3 % 11.6% 14.5% 14.5% 1) 2) 2) 2015 2014 Delta 2013 2012 2011 2010 39.819 39.819 0.0% 39.819 39.819 39.819 39.819 18.01 18.81 (4.3)% 22.56 24.90 15.10 29.48 717 749 (4.3)% 898 991 601 1,174 0.40 1. 2 8 (68.8)% 1. 5 5 2.85 3.03 2.63 45.0 14.7 206.1% 14.6 8.7 5.0 11.2 0.75 0.75 0.0% 0.75 0.75 0.75 0.50 4.2% 4.0% 0.2pp 3.3% 3.0% 5.0% 1.7% 1) For details on reclassifications see annual report 2013, page 82 (other changes in comparative information) 2) For details on reclassifications see annual report 2012, page 72 f. (other changes in presentation) 3) Adjusted for income from the reversal of investment subsidies recognized as liabilities 4) Gearing ratio: net debt / equity 5) Working capital: inventories + trade receivables + receivables from long-term construction contracts – trade payables – prepayments received 6) Capital employed: property, plant and equipment + goodwill + other intangible assets + working capital 7) Return on average capital employed: (EBIT - taxes) / average capital employed Table of Contents Company Company Profile 1 To our Shareholders 2 Management Board 4 Strategy 6 Value Chain 8 Share 12 Corporate Governance 14 Consolidated Management Report 2015 25 Economic Environment 26 Earnings Position 28 Business Development 29 Steel Division 30 Industrial Division 36 Raw Materials Division 41 Financial and Assets Position 45 Investments, cash flow and liquidity 45 Net debt and financing 46 Balance sheet structure and equity development 47 Non-financial Performance Indicators 48 Employees 50 Innovation / Research & Development 57 Environment and Energy 61 Risk Management, Accounting & Internal Control System 65 Notes in accordance with § 243a UGB 69 Outlook 71 Material Events after the Reporting Date 72 Consolidated Financial Statements 2015 73 Statement of Financial Position 74 Statement of Profit or Loss 75 Statement of Comprehensive Income 76 Statement of Cash Flows 77 Statement of Changes in Equity 78 Notes to the Consolidated Financial Statements 80 Auditor´s Report 153 Statement of the Management Board in accordance with § 82 (4) of the Austrian Stock Exchange Act 155 Abridged Annual Financial Statements 2015 of RHI AG in accordance with the Austrian Commercial Code (UGB) 159 Report of the Supervisory Board 163 Global Reporting Initiative G4 Index 164 Imprint 168 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 exceeding 1,200 °C. [G4-3, G4-4] With roughly 8,000 employees, 32 production facilities and more than 70 sales offic- es, RHI serves more than 10,000 customers in the steel, cement, nonferrous metals, glass, energy and chemical industries in nearly all countries of the world. RHI produc- es more than 1.5 million tons of refractory products per year and supplies customized product and system solutions. [G4-6, G4-8, G4-9, G4-12] 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 roughly 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 more than € 20 million annually in this strategically important segment. Demand for refractory products is primarily driven by growing prosperity, the level of industrial production and infrastructure projects. Although refractory products account for less than 2% of the production costs of customer industries, they are crucial to the quality of the products manufactured. In the year 2015, RHI generated revenue amounting to € 1,752.5 million. The charts below show revenue by segment and region. [G4-8, G4-9] 1 2015 RHI Group To our Shareholders Dear Shareholders, The cover of this year’s annual report shows a photo taken at our site in Trieben, Aus- tria. Many people are fascinated by the special flair of industrial production facilities. The eye of an artist, however, often perceives additional and completely different as- pects than a visitor’s eye would. The cover photo directs the viewer’s eye directly to the center of the photographic composition and thus symbolically stands for our de- termination in striving to further develop our company and to position it for the future. We already referred to dealing with the volatility in our customer industries and the rapid pace at which the market environment can change as some of the main chal- lenges that the RHI Group is confronted with in last year’s letter. The year 2015 was also characterized by developments and market changes which do not make it easy to define a long-term orientation for a company and to focus on the right areas in opera- tional management.

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