EANS-Adhoc: RHI AG / Results of the first quarter 2014

--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------

Financial Figures/Balance Sheet
14.05.2014

In the first quarter of 2014, revenues were down 11.9% on the
preceding quarter and amounted to EUR 402.3 million. Revenues in the
Steel Division decreased by 7.9% compared with the fourth quarter of
2013 due to the difficult market environment in South America,
political tensions in Ukraine and Turkey and the New Year's
celebrations in China. However, the level of incoming orders rose in
the double-digit percentage range compared with the end of the year
2013, which indicates an increase in revenues in the coming quarters.
The drop in revenues in the Industrial Division by 22.1% compared
with the preceding quarter results in particular from weaker new
construction activities. In addition, several major projects were
delivered in the fourth quarter of 2013. Revenues should, however,
also recover significantly in this division in the course of the
financial year.

The operating result amounted to EUR 34.1 million in the past
quarter. Compared with the operating result of the fourth quarter of
2013, which was characterized by several one-off effects, this
corresponds to an increase by 89.4%. The operating result margin rose
from 3.9% to 8.5%.

EBIT amounted to EUR 33.6 million in the first quarter of 2014 and
includes restructuring costs of EUR 0.5 million resulting from the
closure of the Duisburg plant in Germany. Here, higher expenses for
the social plan led to additions to the relevant provisions. The EBIT
margin amounted to 8.4% in the past quarter. The tax rate was 31.3%.

Equity totaled EUR 497.5 million at March 31, 2014 compared with EUR
485.5 million at December 31, 2013. The equity ratio increased
slightly from 28.2% at the end of the financial year 2013 to 28.3% at
March 31, 2014. Net debt decreased from EUR 422.9 million to EUR
408.3 million. As a result, the gearing ratio declined from 87.1% to
82.1%. Net cash flow from operating activities amounted to EUR 23.0
million in the past quarter, and net cash flow from investing
activities to EUR (5.3) million.

in EUR million Q1/2014 Q4/2013 Delta Q1/2013 Delta
Revenues 402.3 456.6 (11.9)% 425.5 (5.5)%
EBITDA 50.2 43.3 15.9% 65.9 (23.8)%
EBITDA margin 12.5% 9.5% 3.0pp 15.5% (3.0)pp
Operating result 1) 34.1 18.0 89.4% 49.4 (31.0)%
Operating result margin 8.5% 3.9% 4.6pp 11.6% (3.1)pp
EBIT 33.6 (53.0) 163.4% 49.4 (32.0)%
EBIT margin 8.4% (11.6)% 20.0pp 11.6% (3.2)pp
Result before income taxes 28.8 (52.1) 155.3% 40.8 (29.4)%
Result from continued
operations 19.8 (38.5) 151.4% 22.8 (13.2)%

1) EBIT before impairment and restructuring expenses and result from Chapter 11
proceedings

Outlook
Provided that the macroeconomic environment and exchange rates remain stable,
RHI expects significantly higher revenues in the second quarter of 2014 than in
the first quarter of 2014 driven by strong incoming orders. The operating result
margin is expected to rise to roughly 9%.

For the full year 2014, RHI still expects revenues to grow by roughly 3%
compared with the year 2013. The operating result margin should range between 8%
and 9% including the negative effects from Norway.

The report for the first quarter of 2014 is available for download at the RHI
website: www.rhi-ag.com / Investor Relations / Financial Reports

Further inquiry note:
RHI AG
Investor Relations
Mag. Simon Kuchelbacher
Tel: +43-1-50213-6676
Email: simon.kuchelbacher@rhi-ag.com

end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer: RHI AG
Wienerbergstrasse 9
A-1100 Wien
phone: +43 (0)50213-6676
FAX: +43 (0)50213-6130
mail: rhi@rhi-ag.com
WWW: http://www.rhi-ag.com
sector: Refractories
ISIN: AT0000676903
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
language: English