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RCF. The key messages in their presentation is that Superwool® XTRA will reduce risk for workers as well as reducing costs for installation, wrecking and disposal. There are additional benefits in no or little maintenance for the filling any shrinkage gaps and no reduction in the insulating performance. As a result of this, Dillinger decided to set Superwool® XTRA as


their new standard, replacing the formerly used Cerachem® Fibre.


This example


Superwool® increasingly of meeting Superwool®


confirms the potential of


XTRA. EHS concerns are an important driver legislative


compliance – and XTRA offers exceptionally in terms


Company News


performance alongside low bio-persistence and no formation of crystalline silica. From a commercial standpoint, the bigger benefit of this breakthrough in LBP is that it matches, and even exceeds, the established performance of RCF. Superwool® XTRA is the future for applications requiring high temperature fibrous insulation.


STRONG OPERATING PROFITS & SYNERGY UPGRADES


RHI Magnesita N.V. (LSE: RHIM), the global leading supplier of refractory products, systems and services, today announces its half year results for the six months ended June 30, 2018. RHI Magnesita’s first half results continue to reflect the positive trends seen in the H217, the benefits of our high level of vertical integration and synergies from the combination. Price increases drove revenue development, more than offsetting higher raw material input costs. Revenue for the six months to June 2018 was €1,508 million, 24.6% higher than the comparative period on a constant currency basis (76.4% higher on a reported basis). Adjusted EBITA increased by almost 90% on a constant currency basis, to €218 million, with a 14.5% adjusted EBITA margin.


Highlights:


• Revenue of €1,508 million, up 24.6% on an organic basis, driven by price increases and volume growth in both Steel and Industrial divisions offsetting higher input costs


• Adjusted EBITA of €218 million, up 88.2%


• Adjusted EBITA margin of 14.5%, up 490bps from the previous year, driven by margin expansion from both raw material integration and synergies from the merger


• Working capital to revenue ratio at 21.8% versus 22.2% at the end of H2 2017, despite the significant raw material inflation


• Integration progressing well with increased synergy guidance: at least €60 million in 2018 (from previous guidance of €40 million) and €110 million on an annualised recurring basis by 2020 (from previous guidance of €70 million)


• Strategic investment of more than €20 million in our dolomite-based refractory plant and dolomite mine in China


• Consolidation of RHI Magnesita’s three subsidiaries in India to capture local growth opportunities more effectively and efficiently


• Net debt reduced from 1.9x adjusted pro forma EBITDA on 31 December 2017 to 1.6x adjusted EBITDA on 30 June 2018


Commenting on the results, Chief Executive Officer, Stefan Borgas, said:


“We are delighted to report strong growth of 25% in the first half and profit growth of 88%. We have seen a continuation of the positive trends we saw in the second half of 2017, the benefits of our high level of vertical integration and the synergies from the merger of RHI and Magnesita in Q4 2017. Continued strong demand from our end markets and price increases drove revenue growth, more than offsetting higher raw material input costs. Our integration plans developed ahead of our plan both in terms of speed of capture and total amount.”


“Whilst geopolitical challenges could impact the second half and beyond, September 2018 Issue


we believe our geographically diversified production bases and broad customer profile will insulate the Group to a large extent. Today, we continue to anticipate that full year operating results will accrue the benefits from strong pricing, additional merger synergies and network optimisation.”


“Overall, we have achieved strong first half results and management expectations for the full year operating results remain unchanged. We thank our customers for their support and collaboration in times of tight availability, and our employees for all their ideas, efforts and contributions.”


ENGINEER THE REFRACTORIES RHI MAGNESITA HALF YEAR RESULTS 2018:


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