Business
2024 Half Year Results
2024 Half Year Results.
About this update from Rhi Magnesita Nv
[{"type":"text","content":"\n\n24 July 2024\nRHI Magnesita N.V.\n(\"RHI Magnesita\" or the \"Company\" or \"Group\")\n \n2024 Half Year Results\n \nResilient margins, strong cash conversion and M&A mostly offset ongoing weaker demand environment\n \nRHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, today announces its unaudited results for the six months ended 30 June 2024 (\"H1 2024\" or the \"Period\").\n \n\n\n\n\nFinancial results\n(Adjusted, €m unless stated otherwise)1\n\n\nH1 2024\n\n\nH1 2023\n\n\nChange\n\n\nH1 2023 (constant currency)\n\n\nChange (constant currency)\n\n\n\n\nRevenue\n\n\n1,728\n\n\n1,734\n\n\n0%\n\n\n1,716\n\n\n1%\n\n\n\n\nAdjusted EBITDA\n\n\n258\n\n\n265\n\n\n(3)%\n\n\n271\n\n\n(5)%\n\n\n\n\nAdjusted EBITA\n\n\n190\n\n\n200\n\n\n(5)%\n\n\n207\n\n\n(8)%\n\n\n\n\nAdjusted EBITA margin\n\n\n11.0%\n\n\n11.6%\n\n\n(60)bps\n\n\n12.0%\n\n\n(100)bps\n\n\n\n\nAdjusted EPS (€/per share)\n\n\n2.59\n\n\n2.53\n\n\n2%\n\n\n\n\n\n\n\n\n\n\nAdjusted Operating Cash Flow\n\n\n233\n\n\n228\n\n\n2%\n\n\n\n\n\n\n\n\n\n\nNet debt2\n\n\n1,274\n\n\n1,124\n\n\n13%\n\n\n\n\n\n\n\n\n\n\nNet debt to Pro Forma Adjusted\nEBITDA3\n\n\n2.4\n\n\n2.1\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n(Reported,\n€m unless stated otherwise) \n\n\nH1 2024\n\n\nH1 2023\n\n\n\n\nRevenue\n\n\n1,728\n\n\n1,734\n\n\n\n\nGross profit\n\n\n416\n\n\n414\n\n\n\n\nEBITA\n\n\n174\n\n\n184\n\n\n\n\nProfit before income tax\n\n\n143\n\n\n111\n\n\n\n\nProfit after income tax\n\n\n111\n\n\n83\n\n\n\n\nEPS (€/per share)\n\n\n2.15\n\n\n1.71\n\n\n\n\nDividend (€/per share)\n\n\n0.60\n\n\n0.55\n\n\n\n\n1. Adjusted figures are alternative performance measures \"APMs\" excluding impairments, amortisation of intangibles and exceptional items to enable an understanding of the underlying performance of the business. Full details are shown in the APM section.\n2. H1 2024 Net debt includes the impact of IFRS 16 of €66 million. For further details see Note 11.\n3. Pro Forma Adjusted EBITDA is used to assess financial gearing and includes a full year of Adjusted EBITDA contribution from businesses acquired during the year.\n \nOperational and strategic highlights\n\nSteel division sales volumes decreased by 1% excluding M&A, due to weaker than forecast steel output in all regions except ...