H&R WASAG AG / Final Results/Dividend
30.03.2010 14:03
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
* Increased dividend of EUR0.45 proposed
* Largest single investment in the company's history starts in May
* H&R WASAG AG aims to surpass the earnings of the previous year in 2010
* Further stimulus for growth expected thanks to EU 'Tyre Label'
Salzbergen, 30th March 2010. H&R WASAG AG has made a very good start in the
current financial year, is investing substantially in future growth and is
confident of being able to surpass the operating earnings from the previous
year in 2010. The executive board confirmed this forecast in the
supervisory board meeting of 25th March. Furthermore, the executive board
and the supervisory board decided to propose an increased dividend of
EUR0.45 to the shareholders' meeting.
Financial statements for 2009 completed
The supervisory board approved the audited financial statements for 2009,
which almost completely confirmed the figures that were disclosed in the
announcement on 19th February. According to this, H&R WASAG AG increased
the operating earnings (EBITDA) by 22.8% to EUR65.6 million in the
financial year 2009, despite difficult economic conditions. The EBITDA
margin improved considerably from 5.2% to 8.6%. The EBIT increased by 20.5%
to EUR44.7 million and the group net profit after minorities increased by
113.7% to EUR25.0 million. The earnings per share increased to EUR0.83
(compared to EUR0.39 in the previous year). At EUR762.3 million, sales
remained about 26% below the level of the previous year. This is
essentially due to the lower annual average of crude oil prices that were
passed on to the customer in the form of lower product prices. When
comparing with the previous year, it should be noted that the earning
figures for 2008 were adversely affected by the provision for an anti-trust
fine amounting to EUR22.0 million.
Dividend proposal: EUR0.45 per share
The H&R WASAG AG executive board and supervisory board have decided to
propose a dividend of EUR0.45 per ordinary share, five cent more than last
year, for the financial year 2009 to the shareholders' meeting on 27th May
2010. Based upon the year-end closing price 2009 of EUR14.98, this
corresponds to a dividend yield of 3.0%. 'The improved group earnings and
the positive outlook for the current business year led us to propose an
increased dividend. For the subsequent years, assuming the results again
develop positively, we plan to continue our shareholder-friendly dividend
policy,' says Gert Wendroth, chairman of the executive board.
Dynamic start in financial year 2010
The positive development in sales in the chemical-pharmaceutical segments
continued in the first few months of the new year. 'Despite the hard
winter, the production and sales levels in January and February were
substantially higher than in the previous year. At the same time, we are
aiming to pass on the raw materials costs that have recently increased
again to our customers in order to profit even more from the higher sales
levels,' says Niels H. Hansen, chief operating officer. In the smaller
plastics segment (approximately 5% of the total turnover) restructuring
efforts are showing the first successful results. However, a sustainable
return to profit requires a medium-term positive development of the
automobile supplier industry, who is still the most important customer.
Based upon the overall positive trend in the first few months of the
current financial year, the executive board confirms the aim of surpassing
previous year operative earnings (EBITDA) of EUR65.6 million in the current
financial year.
H&R WASAG AG is starting the largest single investment in the company's
history
However, there are also signs pointing towards growth after the financial
year 2010. In May, H&R WASAG AG will commence with the construction of a
propane deasphalting plant that is scheduled to start production at the end
of 2011. The largest single investment in the history of H&R WASAG AG -
with a volume of EUR55.0 million - will further increase the processing
depth of the refinery and will improve value creation. The plant will
convert residues that are difficult to reuse created during the production
process into higher-quality, environmentally-friendly products. From the
financial year 2012, the executive board anticipates an additional EBITDA
contribution of the unit amounting to between EUR12 million and EUR14
million annually.
Growth stimulus thanks to mandatory labelling of vehicle tyres from 2012
The company is expecting further growth stimulus thanks to the new
Europe-wide mandatory labelling of vehicle tyres from 2012. As a result of
the labelling, buyers will be provided with information concerning factors
such as noise, rolling resistance or wet grip. The utilised plasticisers
have a significant influence upon these factors. Based upon the high
quality of the aromatic plasticisers manufactured by H&R WASAG AG, the
company expects to be able to particularly benefit from the EU 'Tyre Label'
Regulation.
More detailed information concerning the current development can be found
in the 2009 annual report online at www.hur-wasag.com.
The next scheduled dates:
12th May 2010 Publication of the 1st quarterly report for 2010
27th May 2010 Shareholders' Meeting in Hamburg
13th August 2010 Publication of the 2nd quarterly report for 2010
12th November 2010 Publication of the 3rd quarterly report for 2010
H&R WASAG AG:
The SDAX-listed company H&R WASAG AG is active in the fields of development
and manufacture of chemical-pharmaceutical specialty products based on
crude oil, and in the production of precision plastic parts. In the
individual divisions, the group company is positioned as a market and/or
technological leader with excellent perspectives.
Forward-looking statements and forecasts:
This press release contains forward-looking statements. These statements
are based upon current estimates and forecasts of the executive board as
well as information that is available to the executive board at this point
in time. They are not to be taken as guarantees of future developments and
results. The future developments and results are much more dependent upon
many factors. They contain various risks and uncertainties and are based
upon assumptions that may prove to be inaccurate. We assume no obligation
to update the forward-looking statements contained in this report.
Contact:
H&R WASAG AG, Investor Relations / Communications, Christian Pokropp
Neuenkirchener StraÃe 8, 48499 Salzbergen, Germany
Phone: 0049 (0)40 43218 321, Fax: 0049 (0)40-43218-390, Email:
Christian.Pokropp@hur-wasag.de
www.hur-wasag.com
30.03.2010 14:03 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
---------------------------------------------------------------------------
Language: English
Company: H&R WASAG AG
Neuenkirchener Str. 8
48499 Salzbergen
Deutschland
Phone: +49 (0)40 43 218 321
Fax: +49 (0)40 43 218 390
E-mail: investor.relations@hur-wasag.de
Internet: www.hur-wasag.de
ISIN: DE0007757007
WKN: 775700
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Düsseldorf,
Hamburg; Freiverkehr in Berlin, München, Hannover, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-News: H&R WASAG AG with a good start in financial year 2010
| Source: EQS Group AG