20 February 2013 12:28 [Source: ICIS news]
LONDON (ICIS)--H&R AG posted poor operating results for 2012 – despite record-high revenues and increased earnings – because of higher raw material costs and weak economic conditions, it said on Wednesday.
The specialty chemical producer’s full-year earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 44.7% from 2011 to €49.3m ($65.7m).
In the group’s Chemical-Pharmaceutical Raw Materials Division, EBITDA fell by 41.2% to €53.3m, while H&R’s Plastics Division reported an EBITDA loss of €800,000, compared to a €2.3m gain in the previous year.
“The 2012 financial year was a very difficult one for us, essentially because of raw material costs and the general economic conditions,” said CEO Niels Hansen.
“As expected, our response in terms of efforts to increase efficiency was unable to achieve its full expected potential in 2012,” Hansen added.
H&R’s 2012 revenue of €1.23bn was a record high, it said, without providing comparative figures from the previous year.
The company’s preliminary results statement did not include a detailed breakdown of its earnings.
($1 = 0.75)
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