RHI 2010 by Styria Börse Express GmbH

FIT FÜR NEUES WACHSTUM GESCHÄFTSBERICHT 2010

INHALT

Unternehmen Vorstand der RHI AG Vorwort des Vorstandsvorsitzenden RHI Aktie Corporate Governance US Chapter 11-Verfahren

12 13 14 16 24

Lagebericht RHI Konzern 2010

Ertrags- und Finanzlage Gewinnentwicklung und Bilanzstruktur Division Stahl Division Industrial Division Rohstoffe Ausblick Mitarbeiterinnen & Mitarbeiter Nachhaltigkeit Forschung & Entwicklung Risikomanagement, Rechnungslegung & internes Kontrollsystem Angaben gemäß § 243a UGB Wesentliche Ereignisse nach dem Bilanzstichtag

Jahresabschluss RHI Konzern 2010

28 30 32 35 37 39 41 49 52 55 57 59

Bilanz 60 Gewinn- und Verlustrechnung 61 Gesamtergebnisrechnung 62 Eigenkapitalveränderungsrechnung 63 Kapitalflussrechnung 64 Konzernanhang 65 Bestätigungsvermerk 120 Erklärung aller gesetzlichen Vertreter

122

Verkürzter Jahresabschluss 2010 der RHI AG nach UGB 125 Bericht des Aufsichtsrats der RHI AG

127

Impressum

130

Personenbezogene Bezeichnungen in diesem Dokument gelten jeweils auch in ihrer weiblichen Form.

KENNZAHLEN DES RHI KONZERNS FÜR DIE FORTGEFÜHRTEN GESCHÄFTSBEREICHE

Ertragskennzahlen in € Mio Umsatzerlöse EBITDA EBITDA-Marge Operatives Ergebnis2) Operative Ergebnis-Marge EBIT EBIT-Marge Gewinn vor Ertragsteuern Gewinn Cashflow aus der betrieblichen Tätigkeit Investitionen in Sachanlagen und immaterielle Vermögenswerte

2010 1.522,9 172,0 11,3% 138,8 9,1% 126,0 8,3% 104,6 104,6 -12,3

20091) 1.236,9 114,5 9,3% 79,0 6,4% 54,8 4,4% 25,2 21,4 202,0

Veränderung 23,1% 50,2% 21,5% 75,7% 42,7% 129,9% 88,6% 315,1% 388,8% -106,1%

57,4

41,5

38,3%

7.266

6.963

4,4%

2010 1.448,7 320,9 341,0 106,3%

20091) 1.272,2 206,1 255,9 124,2%

Veränderung 13,9% 55,7% 33,3% -14,4%

2010 2,63 2,63 29,48 16,43 22,76 29,48 1.174 39,82 0,50

2009 0,55 0,52 20,68 8,70 14,40 16,24 647 39,82 0,00

Veränderung 378,2% 405,8% 42,6% 88,9% 58,1% 81,5% 81,5% 0,0% n.a.

Mitarbeiterstand zum 31.12. 1) vor Umgliederung 2) vor Wertaufholungen/Wertminderungs- und Restrukturierungsaufwendungen

Bilanzkennzahlen in € Mio Bilanzsumme Eigenkapital Nettoverschuldung Gearing-Ratio 1) angepasst

Börsekennzahlen in € Unverwässertes Ergebnis je Aktie Verwässertes Ergebnis je Aktie Börsenkurs: Höchstwert Börsenkurs: Tiefstwert Börsenkurs: Durchschnitt Börsenkurs: per 31.12. Börsenkapitalisierung per 31.12. (Mio) Anzahl der Aktien (Mio Stück) Dividende je Aktie

FIT FÜR NEUES WACHSTUM

RHI voll auf Wachstumskurs Die Krise ist bewältigt. Nach einer Phase der Konsolidierung und dem Krisenmanagement im Jahr 2009 haben wir uns fit für die Zukunft gemacht. Die weltwirtschaftlichen Indikatoren zeigen in Richtung Aufschwung. Diesen Schwung nützen wir für neues Wachstum. In vielerlei Hinsicht. Eine Krise bedeutet immer auch eine Chance. Zugegebenermaßen ein Stehsatz, den man im Krisenjahr 2009 oft gehört hat. RHI hat ihn aber in die Tat umgesetzt, die Hausaufgaben gemacht und

2010 die Weichen für eine erfolgreiche Zukunft gestellt. Der Geschäftsbericht 2010 der RHI dokumentiert den Aufschwung an Hand von Zahlen und Fakten. Darüber hinaus berichtet er über die wichtigsten Schritte in Richtung Wachstum und gibt einen detaillierten Einblick in die aus drei Säulen bestehende Strategie des Konzerns.

Die auf der Landkarte in Blau dargestellten Länder stehen für jene Märkte, die für die künftige Wachstumsstrategie von entscheidender Bedeutung sind.

Kurz gesagt, RHI ist fit für neues Wachstum. Ein Wachstum, das mit erhöhter Profitabilität einhergeht!

Schwerpunkt BRIC-Länder und USA

Bestehende RHI Bergbau-, Rohstoff- und Feuerfest-Produktionsstandorte HQ Vienna TC Leoben / AT Breitenau / AT Hochfilzen / AT Radenthein / AT Trieben / AT Veitsch / AT

Aken / DE Duisburg / DE Mainzlar / DE Marktredwitz / DE Niederdollendorf / DE Urmitz / DE

Bonnybridge / GB Clydebank / GB Evergem / BE Soufflenheim / FR Lugones / ES Marone / IT San Vito / IT

Eskisehir / TR Isithebe / ZA Tugela / ZA Burlington / CA Falconer / US Saybrook / US

Ramos Arizpe / MX Tlalnepantla / MX Santiago / CL Bayuquan / CN Dalian / CN Dashiqiao / CN Venkatapuram / IN

JETZT HEISST ES MUSKELN ZEIGEN

Eva Vidrich: Key Account Manager Anlagenbaukunden

WACHSTUM IN DEN MÄRKTEN

Ausbau des Vertriebsnetzes in boomenden Regionen RHI als Weltmarktführer für feuerfeste Produkte beliefert die weltweit führenden Produzenten der Stahl-, Glas-, Zement-, Nichteisenmetalle-, Umwelt-, Energie- und der chemischen Industrie. Für diese Kunden ist Globalisierung längst kein Schlagwort mehr, sondern täglich gelebte Realität. Für RHI heißt das, sie auf schnellstem Wege dort zu bedienen, wo sie ihre Produktionsstätten haben und errichten. Und das passiert heute vor allem in den Emerging Markets. RHI erzielt derzeit rund 50% ihres Umsatzes in Westeuropa und Nordamerika. Die Prognosen sagen auch klar, dass in den gesättigten Märkten der „alten Welt“, d.h. Westeuropa, keine hohen Wachstumsraten zu erwarten sind. Ganz anders die Entwicklung in den aufstrebenden Ökonomien der Emerging Markets. Der Schwerpunkt liegt naturgemäß in jenen Regionen, die aufgrund ihrer demographischen Entwicklung und eines wirtschaftlichen wie gesellschaftlichen Nachholprozesses einen hohen Investitionsbedarf haben. Die Länder Asiens und Südamerikas sind der Wachstumsmarkt schlechthin. Ein guter Indikator für diese Entwicklung ist die Zementindustrie – die Basis für Infrastrukturprojekte. Bereits 70% der Produktion des Weltmarktführers in Zement geht in diese Märkte. BRIC-Staaten mit hohem Wachstumspotenzial Ausgehend von der starken Marktposition in Europa baut RHI ihre Vertriebsstruktur in den BRIC-Staaten (Brasilien, Russland, Indien, China) sukzessive aus. Hier sorgt der Infrastruktur-Nachholbedarf für eine steigende Nachfrage bei Feuerfest-

produkten. In diesem Zusammenhang ist wohl Indien an erster Stelle zu nennen: Während beispielsweise in den USA auf eine Million Menschen 737 EisenbahnKilometer kommen, sind es in Indien bloß 54. Großes Potenzial hat auch Brasilien mit einer der weltweit höchsten Wirtschaftswachstumsraten. Zusätzliche Impulse sollten hier die Ausrichtung der Fußballweltmeisterschaft (2014) und der Olympischen Spiele (2016) bringen. Russland hat sich nach einem Durchhänger im Jahr 2009 wieder auf den Wachstumspfad begeben. Nicht zuletzt durch eine höhere Nachfrage nach Öl und einem entsprechend gestiegenen Gaspreis. Die wirtschaftlichen Rahmenbedingungen erlauben nun eine Reihe von strukturellen Reformen, die zu einer erhöhten Produktivität und zu einer Diversifizierung der russischen Wirtschaft führen dürften. RHI wird im ersten Halbjahr die vollständige Übernahme eines der größten russischen Feuerfestproduzenten für die Glasindustrie, ZAO Podolsk Refractories, abschließen. Neben der Position als lokaler Player näher am Kunden zu sein, eröffnen sich auch beste Cross-Selling-Chancen für alle RHI Produkte in der Region. An der Einschätzung für China hat sich trotz Wirtschaftskrise nicht viel geändert: Hier boomt die Wirtschaft wie eh und je. Ein Ende der Investitionstätigkeit auf breiter Basis ist noch lange nicht in Sicht. Es sind übrigens nicht nur die staatlichen Investitionsprogramme, die für Wachstum sorgen, sondern auch die damit einhergehende Wohlstandsentwicklung. Dazu eine Zahl: Allein im Dezember 2010 wurden in China 1,8 Millionen Autos neu zugelassen!

USA und GUS-Staaten weiter im Fokus Neben den BRIC-Staaten bieten auch die USA und die GUS-Staaten gute Wachstumschancen für RHI. In den USA ist RHI aus historischen Gründen unterrepräsentiert. Der GUS-Markt ist aufgrund von rechtlichen und politischen Rahmenbedingungen ein herausfordernder Markt und bislang durch keinen globalen Feuerfestanbieter vor Ort besetzt. In diesen Märkten will RHI durch den Ausbau des Vertriebsnetzes eine stärkere Marktposition erreichen und die Chancen für zusätzliches Potenzial nützen.

RHI Umsatzverteilung 2010

32%

10%

17%

20%

32%

Westeuropa

20%

Nordamerika (inkl. Mexiko)

17%

Asien/Pazifik

10%

Osteuropa

Naher/Mittlerer Osten

Südamerika

Afrika

ZUNEHMEN – ABER AN DEN RICHTIGEN STELLEN

Heinz Telser: Spartenvertriebsleiter Zement Asien

WACHSTUM IN DER PRODUKTION

Kapazitätserweiterungen und neue Produktionsstätten in BRIC-Ländern und USA Für einen erfolgreichen Wachstumskurs in der Zukunft wurden im letzten Jahr entscheidende strategische Schritte zum Ausbau der Produktionskapazitäten gesetzt. Damit stärkt RHI ihre globale Position vor allem in den Emerging Markets.

Übernahme ist für das zweite Quartal 2011 geplant. Dieser Schritt bedeutet für RHI eine wesentliche Stärkung der Position als lokaler Produzent. In Indien, wo RHI bereits gemeinsam mit einem Joint Venture Partner ein Werk vor allem für die Kunden der Division Industrial betreibt, ist die Verstärkung der Position bei den Stahlkunden durch eine lokale Produktion geplant.

Besonders in den von starkem Wachstum geprägten BRIC-Ländern will RHI als Feuerfest-Weltmarktführer die Marktposition weiter ausbauen und das Prinzip der Kundennähe erfolgreich umsetzen. Global agierende Industriebetriebe setzen vor allem auf Partner, die rasch auf Kundenanforderungen reagieren können. Hohe Flexibilität und kurze Lieferzeiten erhöhen die Wettbewerbsfähigkeit beim Kunden. Brasilien: Grundstückskauf und Bau einer neuen Produktionsstätte Um die expandierenden Märkte in Brasilien und Südamerika besser versorgen zu können, hat RHI im Oktober 2010 ein 980.000 m2 großes Grundstück im Bundesstaat Rio de Janeiro erworben. Damit wurde die Basis für die Errichtung eines Greenfield Produktionswerkes gelegt. Der Baustart ist für das erste Halbjahr 2011 vorgesehen, der Start der Produktion ist für Ende 2012 geplant. Bereits im ersten Ausbauschritt können bis zu 100.000 Tonnen feuerfeste Steine und Massen hergestellt werden. Der Standort liegt mitten im Zentrum der brasilianischen Stahlindustrie, ca. 40 km von der Stadt Rio de Janeiro entfernt, und verfügt über eine optimale Industrieinfrastruktur, wie zum Beispiel die Anbindung an einen der wichtigsten Industriehäfen Brasiliens.

China: Massive Erweiterung der Produktionskapazitäten In China wurde Ende September am Standort Dalian mit einer Investitionssumme von rund 13 Millionen Euro ein dritter Tunnelofen mit modernstem Wärmemanagement in Betrieb genommen. Die Inbetriebnahme der Anlage im September letzten Jahres bedeutet für RHI eine signifikante Erhöhung ihrer Kapazitäten um 20% für den Zement-, Glas- Nichteisenmetalle- und Stahlmarkt. In Dalian produziert RHI, wie übrigens auch im Werk Bayuquan, gebrannte basische Steine, basische Massen, isostatisch gepresste Produkte sowie Magnesia-Kohlenstoff-Steine und Fertigbauteile. Beide Werke werden zu einem beträchtlichen Teil mit Rohstoffen aus dem RHI Rohstoffwerk Aoding versorgt. Russland, Indien und USA: Wachstum durch Übernahmen Ein Engagement in Russland braucht erfahrungsgemäß Zeit. Im letzten Jahr wurde der RHI Anteil am Feuerfestproduzenten ZAO Podolsk Refractories auf 23,5% aufgestockt. Die vollständige

RHI prüft derzeit Möglichkeiten für den Ausbau der Marktanteile in den USA. Mit der Übernahme eines amerikanischen Wettbewerbers mit lokalen Produktionskapazitäten könnte die Marktposition wesentlich verbessert werden.

Bedarfsentwicklung an Feuerfestmaterialien an drei Beispielen (in 1000 Tonnen) Weltweit 22.865 45.200 54.100

Nordamerika 3.585 3.750 3.780

China 6.180 25.875 33.535

2002

2012

2017

Quelle: The Freedonia Group, Inc.

DIE BESTE KRAFTNAHRUNG SIND EIGENE ROHSTOFFE

Brigitte Sterner: Werkscontrollerin Breitenau

WACHSTUM BEI ROHSTOFFEN

Ein höherer Selbstversorgungsgrad macht unabhängiger und reduziert Kosten Die Herstellung von feuerfesten Produkten ist sehr rohstoffintensiv. Mehr als 50% der Produktionskosten entfallen auf Rohstoffe. In den letzten Jahren haben sich die Preise signifikant erhöht, während die Verfügbarkeit durch wirtschaftspolitische Maßnahmen zusehends eingeschränkt wurde. Das Ziel der RHI ist es daher, den Eigenversorgungsgrad deutlich zu erhöhen, um die Wettbewerbsfähigkeit in Zukunft weiter auszubauen. Rohstoffreiche Länder wie China verfügen nicht nur über die größten Vorkommen, sondern sind gleichzeitig auch die größten Produzenten der für die Feuerfestindustrie so wichtigen Rohstoffe Magnesia, Bauxit oder Graphit. Maßnahmen wie Exportquoten, Zölle und Lizenzen verzerren den Wettbewerb. Da der faire Zugang aller Marktteilnehmer nicht mehr garantiert ist, verfolgt die europäische Politik das Ziel, diese Handelsbarrieren abzubauen, den Zugang zu Ressourcen innerhalb Europas zu vereinfachen und Rohstoffrecycling stärker als bisher zu fördern. Gleichzeitig sind die Unternehmen auch selbst gefordert, stärker als bisher eigene Ressourcen zu erschließen bzw. Maßnahmen zu setzen, um den Eigenversorgungsgrad zu erhöhen. RHI verfügt derzeit über einen wertmäßigen Eigenversorgungsgrad von rund einem Drittel bei Magnesia und fast 100% bei Dolomit. Diese Rohstoffe werden bereits seit 130 Jahren in Österreich abgebaut, seit 50 Jahren in der Türkei und seit 23 Jahren auch in Italien. Der Abbau erfolgt heute in insgesamt fünf eigenen Tagbau- und Untertagbau-

Bergbaubetrieben. Knapp 1 Million Tonnen Magnesit und rund 400.000 Tonnen Dolomit waren es im Jahr 2010. Weiters hat RHI mit einem chinesischen Partner ein Rohstoff-Joint Venture aufgebaut, um die Versorgung mit hochqualitativen Rohstoffen für die drei chinesischen RHI Werke zu sichern. In allen Betrieben erfolgt der Abbau mithilfe modernster Methoden und nachhaltiger Prozesse. So können die Vorkommen bestmöglich ökonomisch, aber auch ökologisch genützt werden. Damit sichert RHI schon heute die Verfügbarkeit dieser wichtigen Rohstoffe für künftige Generationen. Ziel: 80% Eigenversorgungsgrad Rohstoffe sind der Schlüssel zur Wettbewerbsfähigkeit eines Feuerfestproduzenten. Ziel von RHI ist es daher, den Eigenversorgungsgrad mittelfristig auf 80% zu erhöhen, um unabhängiger von der Verfügbarkeit und den Preisen auf den internationalen Rohstoffmärkten zu werden. Die Erhöhung des Eigenversorgungsgrades hat Top-Priorität und ist daher als eine der drei Säulen in der langfristigen Unternehmensstrategie verankert. Um dieses Ziel zu erreichen, setzt RHI auf Maßnahmen in zwei Stoßrichtungen: Die Akquisition von Rohstoffressourcen außerhalb Chinas sowie den Ausbau bestehender, eigener Ressourcen. RHI evaluiert bereits eine Reihe von Möglichkeiten durch Akquisitionen oder Beteiligungen. Weiters werden durch Investitionen im Geschäftsjahr 2011 in der Höhe von 20 Millionen Euro die Kapazitäten im türkischen Rohstoffwerk ab 2012 um 80.000 Tonnen jährlich gesteigert werden.

Recycling gewinnt immer mehr an Bedeutung Neben der Eigenversorgung mit Rohstoffen gewinnt die Nutzung sekundärer Rohstoffe immer mehr an Bedeutung. Die Wiederverwendung von Rücklaufmaterialien aus industriellen Prozessen ist sowohl aus ökonomischer als auch ökologischer Sicht sinnvoll. Im Bereich Recycling nimmt die RHI bereits jetzt eine Vorreiterrolle ein und verarbeitete 2010 rund 80.000 Tonnen Rücklaufmaterialien. Der Bereich Forschung und Entwicklung liefert neben der Entwicklung geeigneter Sekundärrohstoffkonzepte für die Verwendung von Rücklaufmaterialien einen weiteren wichtigen Beitrag zum Thema Rohstoffeffizienz. 150 Forscherinnen und Forscher arbeiten im weltgrößten Feuerfest-Forschungszentrum im steirischen Leoben an verschiedenen Projekten, unter anderem an der Erforschung von alternativen Rohstoffen zur Substitutierbarkeit sowie an der Verbesserung bestehender Rezepte, um Rohstoffe noch effizienter einzusetzen. Alle diese Maßnahmen haben das Ziel, die ausreichende Verfügbarkeit von Rohstoffen zu angemessenen Preisen zu sichern. Denn jede Rohstoffpreiserhöhung hat einen Einfluss auf die Profitabilität. Daher gilt für RHI heute und in Zukunft: Volle Konzentration auf strategische und operative Maßnahmen zur Erhöhung des Eigenversorgungsgrades.

STĂ&#x201E;RKER WIRD MAN NUR MIT VERBESSERTER EFFIZIENZ

Harald Lehner: Vertriegsmanager Nichteisenmetalle Asien/Pazifik

WACHSTUM DURCH KURZE WEGE

Mehr Effizienz und höhere Profitabilität stärken das Unternehmen Nur Wachstum auf Basis einer optimalen Kostenstruktur ist gesundes Wachstum. Ein wichtiger Schritt in diese Richtung ist für RHI der Ausbau von Produktionskapazitäten in den Regionen, in denen die RHI Kunden am stärksten wachsen. Durch die räumliche Nähe zu den Kunden kann RHI kosteneffizienter agieren. RHI produziert einen großen Teil ihrer Produkte in Europa und in China. Die damit verbundenen Transport- bzw. Frachtkosten stellen einen beträchtlichen Kostenfaktor dar. Energie und Personal bieten hingegen nur geringen Spielraum zur Optimierung, da in diesen Bereichen die Kosten in den Emerging Markets schneller steigen als in den bereits entwickelten Märkten. Ein kaum beeinflussbarer Faktor für RHI sind in einigen Märkten staatlich auferlegte Beschränkungen wie Importzölle, Antidumping-Zölle oder Steuernachteile. Diese führen zur Verteuerung der Produkte und beeinträchtigen die Wettbewerbsfähigkeit gegenüber lokalen Mitbewerbern. Liefersicherheit und kurze Lieferzeiten Global agierende Kunden erwarten Liefersicherheit und kurze Lieferzeiten. Um diese Ansprüche zu erfüllen, hat RHI in der Vergangenheit in jenen Regionen, in denen sie keine lokale Präsenz hat, entsprechende Lagerbestände gebildet. Im Jahr 2010 wurden mit der Expansion in Brasilien und mit der starken Erholung des nordamerikanischen Marktes in verstärktem Maße Lager aufgebaut. Diese Entwicklung hat zu einer Erhöhung des Working Capitals geführt. Sowohl die Kundenlager in den Vertriebsgesellschaften vor Ort als auch die Zeitdauer, in der das Feuerfestmaterial unterwegs ist,

bewirken einen zusätzlichen Finanzierungsaufwand. Im Jahr 2010 resultierte der negative Cashflow vor allem aus dem Aufbau der Lagerbestände. Dieser Entwicklung will RHI gezielt entgegensteuern. Daher hat der Abbau der Lagerbestände oberste Priorität.

mensioniert. Mit größeren, effizienteren Werken werden künftig Skaleneffekte erzielt. Weiters wird die kontinuierliche Verbesserung der Produktivität in bestehenden Werken vorangetrieben. Um die Kosten nachhaltig zu senken, gibt es eine Vielzahl von Investitionsprojekten in den einzelnen Werken – zum Teil noch in Planung, zum Teil bereits im Gange. Darüber hinaus werden die Organisationsstrukturen der Werkstandorte weiter optimiert.

Kundennähe – ein RHI Fokus Ende 2010 hatte RHI eine durchschnittliche Lieferreichweite von 170 Tagen. Allein das Shipping von Feuerfestmaterialien dauert je nach Herkunft und Destination bis zu zehn Wochen. Eine für RHI ökonomisch vertretbare Zielgröße von ungefähr 130 Tagen wird mittelfristig angestrebt. Um dieses Ziel zu erreichen, plant RHI durch Verlagerung von Produktionskapazitäten näher zum Kunden zu rücken. Dies soll vor allem in jenen Märkten geschehen, in denen RHI über keine lokale Produktion verfügt. Im Fokus stehen unter anderem Brasilien, Russland, Indien und die USA. In einigen Ländern sollen neue Werke errichtet werden, in anderen stehen Akquisitionen auf der Agenda. Mit dem Schaffen neuer Produktionskapazitäten in Brasilien, Indien und den USA werden Kapazitäten in Europa redi-

HÖCHSTFORM DURCH GESUNDES WACHSTUM

Iulian Cristian Siteavu: Vertriebsingenieur GUS

WACHSTUM BEIM ERGEBNIS

Die künftige Wachstumsstrategie basiert auf drei Säulen Nach einer Phase der Konsolidierung hat RHI wieder einen Wachstumskurs eingeschlagen. Für das profitable Wachstum will RHI in den nächsten drei bis fünf Jahren 400 bis 600 Millionen Euro investieren. Das mittelfristige Umsatzziel beträgt 2,0 bis 2,5 Milliarden Euro, das EBIT soll deutlich über den Niveaus der Vergangenheit liegen. Die Strategie zum Ziel: Erhöhung der Rohstoff-Eigenversorgung, Ausweitung der Marktpräsenz und Verbesserung der Wettbewerbsfähigkeit durch eine bessere Kostenstruktur.

Daher will RHI vor allem in jenen Regionen wachsen, in denen sie derzeit noch unterrepräsentiert ist. Dies betrifft sowohl Vertrieb als auch Produktion. Den Vertrieb wird RHI vor allem dort ausbauen, wo die globalen Kunden der Stahl-, Glas-, Zement-, Nichteisenmetalle- und chemischen Industrie ihre Produktionsstätten haben bzw. errichten. Das sind unter anderem die Boom-Regionen Brasilien, Russland, Indien und China.

Steigende Rohstoffpreise und eine langfristig sichere Versorgung mit mineralischen Rohstoffen gehören heute und in Zukunft zu den wichtigsten Herausforderungen der RHI.

RHI hat das Jahr 2010 gut genutzt, um sich auf neues Wachstum vorzubereiten. Die Verbesserung der Kostenstruktur soll unter anderem mit einem optimierten und zukunftsgerichteten ProduktionsFußabdruck erzielt werden. Das wird neben der noch besseren Servicierung der Kunden zu einer massiven Reduktion der Transportkosten und Läger sowie der Vermeidung von lokalen Einfuhrzöllen führen. RHI ist also fit. Fit für ein gesundes Wachstum, das nicht um jeden Preis, sondern nur mit erhöhter Profitabilität stattfinden wird.

Eine weitere wichtige Maßnahme ist der nachhaltige, verstärkte Abbau eigener Ressourcen im Tag- und Untertagbau. Darüber hinaus soll auch der Anteil an verwendeten Sekundärrohstoffen erhöht werden.

In einer globalisierten Welt ist die Nähe zu Kunden und Märkten ein wesentlicher Faktor in der Wettbewerbsfähigkeit.

Höhere RohstoffEigenversorgung

Die zweite Säule: Verstärkung der Marktpräsenz

RHI Wachstumsstrategie

Verbesserte Kostenstruktur

RHI stellt sich den Herausforderungen einer langfristigen Rohstoffversorgung aktiv und hat eine Reihe von Maßnahmen ergriffen um die Eigenversorgungsquote zu erhöhen. Der Ausbau bestehender Rohstoffquellen ist neben Akquisitionen dabei ein wesentlicher Schwerpunkt. Hier konzentriert sich RHI auf den Erwerb potenzieller Magnesitminen außerhalb Chinas.

Stärkere Präsenz in Wachstumsmärkten

Die erste Säule: Verstärkung der Eigenversorgung mit Rohstoffen

Die dritte Säule: Verbesserung der Kostenstruktur

VORSTAND DER RHI AG

Henning E. Jensen CEO (seit 04.02.2011) davor Sprecher des Vorstandes & CFO

Giorgio Cappelli COO Division Stahl

Mark J. Eckhout CFO (seit 14.02.2011)

Manfred Hรถdl COO Division Industrial und Division Rohstoffe

Weiters gehรถrten Rudolf Payer bis 12.03.2010 und Thomas Fahnemann bis 20.08.2010 dem RHI Vorstand an.

VORSTAND DER RHI AG

Vorwort des Vorstandsvorsitzenden Sehr geehrte Damen und Herren, werte Aktionärinnen und Aktionäre! „Fit für neues Wachstum“ ist nicht nur Thema des Geschäftsberichts 2010, sondern unsere Devise für die Umsetzung unserer Strategie, die aus folgenden drei Säulen besteht: UÊ , ÃÌ vwÊ Ìi}À>Ì \Ê6iÀÃÌBÀ Õ }Ê`iÀÊÊ Versorgung mit eigenen Rohstoffen UÊÊ7>V ÃÌÕ \Ê iÃÃiÀiÊ >À Ì«ÀBÃi âÊ in Regionen, in denen RHI unterrepräsentiert ist UÊÊ7iÌÌLiÜiÀLÃvB } i Ì\Ê6iÀLiÃÃiÀÕ }ÊÊ`iÀÊ Kostenstruktur und der Produktkosten Das Jahr 2010 stand daher – nach dem Krisenmanagement 2009 – im Zeichen der Ausrichtung und Positionierung auf diesen Wachstumskurs, während unsere Kundenmärkte ein durchaus unterschiedliches Bild zeigten. Nach dem Krisenjahr 2009 sahen wir eine deutliche Erholung der Stahlindustrie mit überdurchschnittlichem Anstieg der Stahlproduktion in Europa und Nordamerika, wovon RHI gut profitieren konnte. So ist es der Division Stahl gelungen, den Rekordumsatz des Jahres 2008 im Jahr 2010 zu übertreffen. Dieser positiven Entwicklung steht ein kontinuierlicher Anstieg der Rohstoffkosten aus China gegenüber, der deutliche Preisanpassungen bei den Kunden erforderlich machte, welche aber im Ergebnis des Jahres 2010 noch nicht ihren Niederschlag finden. Das sehr stark vom Investitionszyklus getriebene Geschäft der Division Industrial verzeichnete im Jahr 2010 nur eine leichte Erholung gegenüber 2009, da die Investitionszyklen in den IndustrialBereichen noch nicht von der generellen Wirtschaftserholung profitieren konnten.

Wir erwarten eine langsame Erholung im nächsten Jahr, da wir bereits im vierten Quartal 2010 verstärkte Nachfrage nach Neuprojekten erkennen konnten. Mit der Unterfertigung des Vertrages zur ganzheitlichen Übernahme des russischen Feuerfestherstellers ZAO Podolsk Refractories, dem Kauf eines Grundstückes in Brasilien, der Fertigstellung des dritten Tunnelofens im chinesischen Werk Dalian sowie mit der Genehmigung der Kapazitätserweiterung in unserem türkischen Rohstoffwerk haben wir erste Schritte für unsere Wachstumsstrategie sowie zur verbesserten Eigenversorgung mit magnesitischen Rohstoffen gesetzt. Kostenseitig haben wir mit der Schließung des Anfang 2010 von einem Erdbeben zerstörten Werkes in Chile sowie eines Werkes in Kanada weitere Strukturanpassungen vollzogen und im vierten Quartal mit den Vorsorgen für Restrukturierungsmaßnahmen die Schließung zwei weiterer Werke in EMEA vorbereitet. Wir sind daher „fit“ für ein weiteres Wachstum, den weiteren Ausbau unserer Präsenz nahe an unseren Kunden in Ländern wie China, Brasilien, Indien, Russland und den USA und „fit“ für gezielte Schritte zur Verbesserung unserer Rohstoffversorgung. 2011 birgt für RHI viele Chancen, die wir bestmöglich nutzen wollen. Ich bedanke mich daher schon vorab für den weiteren engagierten Einsatz aller Mitarbeiterinnen und Mitarbeiter und die ausgezeichnete Arbeit im Jahr 2010. Mein weiterer Dank gilt auch den Kunden und Aktionären der RHI für das Vertrauen, das sie uns im abgelaufenen Jahr entgegengebracht haben. Henning E. Jensen

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RHI Konzern Mehrjahresübersicht in € Mio Umsatz Stahl Industrial Rohstoffe Konsolidierung EBITDA EBIT Stahl Industrial Rohstoffe Gewinn fortgeführte Geschäftsbereiche Gewinn/Verlust aufgegebene Geschäftsbereiche Gewinn Gewinn zurechenbar den Aktionären der RHI AG Cashflow aus der betrieblichen Tätigkeit Cashflow aus der Investitionstätigkeit Cashflow aus der Finanzierungstätigkeit Langfristige Vermögenswerte Finanzverbindlichkeiten netto 2) Mitarbeiter (Durchschnitt) Quote Eigenkapital (in %) 3) Return on Invested Capital (in %) 4) Return on Average Fixed Assets 5) Unverwässertes Ergebnis je Aktie (in €) 6) Verwässertes Ergebnis je Aktie (in €) 7) Fortgeführte Geschäftsbereiche Unverwässertes Ergebnis je Aktie (in €) 6) Verwässertes Ergebnis je Aktie (in €) 7) Dividende pro Aktie (in €) 1

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Finanzverbindlichkeiten netto = Finanzverbindlichkeiten - Liquide Mittel

Quote Eigenkapital = Eigenkapital lt. Bilanz / Bilanzsumme

Return on Capital Invested = EBIT / Durchschnitt (Sachanlagen + Firmenwerte + sonstige immaterielle Vermögenswerte + Working Capital)

Return on Average Fixed Assets = EBIT / Durchschnitt (Sachanlagen + Firmenwerte + sonstige immaterielle Vermögenswerte)

Unverwässertes Ergebnis je Aktie = anteiliger Gewinn zurechenbar den Aktionären der RHI AG / Anzahl der Aktien (gewichteter Durchschnitt)

Verwässertes Ergebnis je Aktie = anteiliger Gewinn zurechenbar den Aktionären der RHI AG zuzüglich Zinsaufwand Wandelschuldverschreibung abzüglich laufende Steuern / Anzahl der Aktien (gewichteter Durchschnitt) zuzüglich potenzielle Aktien aus Wandelschuldverschreibung

2010 1.522,9 977,3 517,8 165,2 -137,4 172,0 126,0 61,7 60,6 3,7 104,6 1,1 105,7 105,9 -12,3 -54,3 -18,3 647,1 341,0 7.260 22,2 14,2 26,2 2,66 2,66

20091) 1.236,9 703,6 513,6 135,1 -115,4 114,5 54,8 -6,7 54,2 7,3 21,4 0,0 21,4 20,9 202,0 -36,2 -72,7 592,4 255,9 7.272 16,2 5,9 11,5 0,55 0,52

20081) 1.596,7 957,6 605,6 167,5 -134,0 216,1 148,4 58,8 70,9 18,6 101,8 -1,2 100,6 98,1 123,5 -73,2 -34,9 607,4 397,7 7.692 12,1 15,1 31,0 2,61 2,48

20071) 1.467,6 891,8 536,6 142,0 -102,8 217,0 165,8 87,6 64,0 14,2 113,1 -2,1 111,0 109,4 155,1 -102,4 -81,9 598,4 421,4 7.207 6,0 18,0 37,2 3,06 2,77

2,63 2,63 0,50

0,55 0,52 0,00

2,64 2,51 0,00

3,12 2,82 0,00

in € Mio Umsatz Stahl Industrial Rohstoffe Konsolidierung EBITDA EBIT Stahl Industrial Rohstoffe Gewinn fortgeführte Geschäftsbereiche Gewinn/Verlust aufgegebene Geschäftsbereiche Gewinn Gewinn zurechenbar den Aktionären der RHI AG Cashflow aus der betrieblichen Tätigkeit Cashflow aus der Investitionstätigkeit Cashflow aus der Finanzierungstätigkeit Langfristige Vermögenswerte Finanzverbindlichkeiten netto 2) Mitarbeiter (Durchschnitt) Quote Eigenkapital (in %) 3) Return on Invested Capital (in %) 4) Return on Average Fixed Assets 5) Unverwässertes Ergebnis je Aktie (in €) 6) Verwässertes Ergebnis je Aktie (in €) 7) Fortgeführte Geschäftsbereiche Unverwässertes Ergebnis je Aktie (in €) 6) Verwässertes Ergebnis je Aktie (in €) 7) Dividende pro Aktie (in €)