Business
RHI Magnesita half-year results
RHI Magnesita half-year results.
About this update from Rhi Magnesita Nv
[{"type":"text","content":"\n\nRHI Magnesita N.V.\n(\"RHI Magnesita\" or the \"Company\" or the \"Group\")\n \nStrong pricing, strategic sales initiatives and M&A contribution offset lower demand to deliver increase in EBITA and deleveraging\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 2023 (\"H1 2023\" or the \"Period\").\nFinancial results\n\n\n\n\n(€m unless stated otherwise)\n\n\nH1 2023\n \n\n\nH1 2022\n \n\n\nChange\n\n\nH1 2022\nConstant Currency\nAdjusted1\n\n\nChange\nConstant Currency\nAdjusted\n\n\n\n\nRevenue\n\n\n1,734\n\n\n1,594\n\n\n9%\n\n\n1,593\n\n\n9%\n\n\n\n\nAdjusted EBITDA\n\n\n265\n\n\n245\n\n\n8%\n\n\n258\n\n\n2%\n\n\n\n\nAdjusted EBITA2\n\n\n200\n\n\n188\n\n\n7%\n\n\n202\n\n\n(1)%\n\n\n\n\nAdjusted EBITA margin\n\n\n11.6%\n\n\n11.8%\n\n\n(20)bps\n\n\n12.7%\n\n\n(110)bps\n\n\n\n\nAdjusted EPS\n\n\n2.53\n\n\n2.58\n\n\n(2)%\n\n\n \n\n\n \n\n\n\n\nNet debt\n\n\n1,124\n\n\n1,231\n\n\n(9)%\n\n\n \n\n\n \n\n\n\n\nPro forma Net debt to LTM Adjusted EBITDA3\n\n\n2.1x\n\n\n2.7x\n\n\n(0.6)x\n\n\n \n\n\n \n\n\n\n\n \n \n\n\n\n\n \n\n\nH1 2023\n \n\n\nH1 2022\nReported\n\n\n\n\nRevenue\n\n\n1,734\n\n\n1,594\n\n\n\n\nReported EBITA\n\n\n184\n\n\n177\n\n\n\n\nProfit before tax\n\n\n111\n\n\n142\n\n\n\n\nEPS\n\n\n€1.71\n\n\n€2.06\n\n\n\n\nDividend per share\n\n\n€0.55\n\n\n€0.50\n\n\n\n\n \n \n1 H1 2022 adjusted for constant currency for H1 2023 average FX rates.\n2 Adjustments of €16 million to reported EBITA include €11 million relating to non-recurring restructuring costs and €5 million was spent on M&A integration costs in the Period.\n3 Includes trailing 12 months EBITDA contribution from businesses acquired during the period, including prior to the date of acquisition.\nOperational and strategic highlights\n· Steel revenues 5% higher, reflecting an 8% volume reduction in line with subdued market demand globally, more than offset in the Period by strong pricing\n· Industrial division performance benefited from strong pricing recovery and later cycle nature of project business, to deliver gross margin of 29.0% (H1 2022: 25.9%), highlighting benefits of sector diversification\n· Low ...