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29.01.2016 09:18:55

DGAP-Ad hoc: H&R Aktiengesellschaft

DGAP-Adhoc: H&R Aktiengesellschaft: Preliminary earnings significantly higher than previous year's figures

H&R Aktiengesellschaft / Key word(s): Preliminary Results

29.01.2016 09:18

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Ad hoc notification conforming to article 15 of the German law governing the trading of securities (WpHG)

Preliminary figures for 2015

H&R AG: Preliminary earnings significantly higher than previous year's figures and forecasts



- EBITDA increases by EUR54.5 million to hit EUR86 million

- Most-recent earnings expectations exceeded

- Fourth quarter of 2015 marked by consistently high sales volumes

- Sales revenue of EUR982.9 million below last year's figure as a result of oil prices

Salzbergen (Germany), 28 January, 2016 According to preliminary calculations for the 2015 financial year, the company H&R Aktiengesellschaft (ISIN DE0007757007) has achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR86 million (2014: EUR31.5 million). The most-recent forecast, that of November 2015, has therefore once again been exceeded. EBIT also developed very positively, to rise by EUR43.4 million to EUR49.2 million (2014: EUR5.8 million). Earnings before tax (EBT) followed a similar curve, totaling EUR34.7 million for the year under review (2014: -EUR7.8 million); an increase of EUR42.5 million with respect to the previous year.

The course of 2015 was likewise marked by a series of windfall losses, caused by the cost of raw materials. These were however, unlike in 2014, amply compensated for by healthy business and good commercial margins. Preliminary net earnings were, on balance and at EUR27.4 million (2014: -EUR15.4 million), EUR42.8 million above the previous year's figure.

The significant improvements were achieved in sales revenues amounting to EUR982.9 million; i.e. about 7% less than in the previous year (2014: EUR1,058.6 million). This was due above all to lower-than-average crude oil prices, with respect to the previous year, which had a high correlation to sales. Revenues dropped correspondingly, with comparable production figures and sales volumes.

Fourth quarter of continued high sales volumes and strong customer demand

After a successful first three quarters of strong commercial development in 2015, there was still no let-up, and the last few weeks of the year saw the company running at full production capacity, while enjoying undiminished high demand. Unlike in the previous year, which saw customers behave in a highly restrained way - from as early as October and November - when it came to ordering from our refineries, the final quarter remained strong for the entire twelve-week period.

Supported by this development, EBITDA increased more than three-fold from last year's EUR6.3 million to this year's EUR20.6 million. The fourth quarter saw a corresponding improvement in terms of EBIT, with a figure of EUR6.5 million (Q4/2014: -EUR2.3 million), while an even stronger development was opposed by value adjustments of intangible assets as a result of impairment tests. Earnings before tax (EBT) rose to EUR0.5 million in the last quarter of 2015 (Q4/2014: EUR-5.4 million). Shareholders net earnings rose considerably in the fourth quarter of 2015, by EUR11.8 million, although the total of -EUR1.7 million (Q4/2014: -EUR13.5 million) was still negative.

From a quarterly perspective, the company reported, in comparison to the same period of the previous year, a commodity-price-determined drop of 13.9% in revenues to EUR217.3 million (Q4/2014: EUR252.3 million)

Clear improvement in cash flow

Operational cash flow rose slightly in the fourth quarter, to EUR21 million (Q4/2014: EUR18 million). As a result of higher investments, the figure for free cash flow dropped somewhat, to EUR8.1 million. (Q4/2014: EUR10.8 million).

There was a clear rise in operational cash flow over the year as a whole, from -EUR0.4 million to EUR54.7 million, while free cash flow also improved, by rising from -EUR10.5 million to EUR28.3 million.

A robust equity base

The balance sheet total at the end of the 2015 financial year was reduced to EUR628.8 million (31.12.2014: EUR706.6 million). The company's equity increased, by the reporting date, to EUR287.1 million (31.12.2014: EUR248.9 million). These changes relate directly to higher retained earnings resulting from improved group earnings. Even with the lower balance sheet total, equity stood at 45.7%.

For a complete, audited account of the company's progress, including a segment-based report and financial statements, H&R AG refers to the annual report for 2015, which will be released on 29th March 2016.

Contact information: H&R AG, Investor Relations/Communications, Ties Kaiser Neuenkirchener Strasse 8, 48499 Salzbergen Tel.: +49 40 43218-321, Fax: +49 40 43218-390 E-mail: Ties.Kaiser@hur.com www.hur.com

H&R AG: H&R AG is a specialty-chemicals company listed on the Frankfurt Stock Exchange's Prime Standard segment. It develops and manufactures crude-oil-based chemical and pharmaceutical specialty products and produces high-precision plastic parts.

Forward-looking statements and forecasts: This ad-hoc notification contains forward-looking statements. These statements are based on current estimates and forecasts made by the Executive Board and the information available to the Board at this time. Forward-looking statements should not be interpreted as guarantees that the projected future developments and results will materialise. Future developments and results are dependent on a range of factors. They comprise various risks and imponderables and rest on assumptions which may prove incorrect. We do not accept any obligation to update the forward-looking statements made in this ad-hoc communication.

29.01.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

--------------------------------------------------------------------------- Language: English Company: H&R Aktiengesellschaft Neuenkirchener Str. 8 48499 Salzbergen Germany Phone: +49 (0)40 43 218 321 Fax: E-mail: investor.relations@hur.com Internet: www.hur.com ISIN: DE0007757007 WKN: 775700 Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Hanover, Munich, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------

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