Printer Friendly

RHONE-POULENC REPORTS SECOND QUARTER RESULTS 1992

 RHONE-POULENC REPORTS SECOND QUARTER RESULTS 1992
 -- Net sales: FF42.6 billion (+1.3 percent)
 -- Operating income: FF4 billion (+ 22.1 percent)
 -- Income before preferred remuneration: FF1.5 billion (+38 percent)
 -- Net income per share: FF21.34 (+67.6 percent)
 PARIS, Aug. 25 /PRNewswire/ -- The Rhone-Poulenc Group (NYSE: RPPrC, RP PrA, RPU RPWS) generated consolidated half year sales of FF42.56 billion compared to FF 42.04 billion in the first half of 1991, an increase of 1.3 percent. Essentially this growth is due to the health sector. On a comparable reporting basis, the progression is 1.5 percent.
 The operating income increased by 22.1 percent to reach FF4 billion compared to 3.28 billion in the same period in 1991. Besides the health sector whose operating income (FF2.15 billion) grew by 34 percent, the Specialty Chemicals and Fibres and Polymers, thanks to their restructuring efforts, saw a net increase.
 The net income before preferred remuneration stood at FF1.55 billion as against FF1.12 billion in 1991, an increase of 38 percent due to the improvement in operating income and a decrease in financial costs.
 The net income per share amounted to FF21.34 against FF12.22 in 1991, an increase of 67.6 percent.
 For the second quarter the consolidated sales stood at FF21.03 billion, operating income at 1.84 billion and the net income per share was FF10.81.
 In spite of a poor global economic climate which is unlikely to improve between now and the end of 1992, the group estimates that its 1992 operating income should increase by approximately 20 percent.
 RHONE-POULENC GROUP
 Financial Highlights - First Half 1992 (A)
 Summary Consolidated Statements of Income
 (FF millions)
 First half Percent
 1992 1991 (B) change
 Net sales 42,562 42,036 1.3
 Depreciation of property,
 plant and equipment (2,840) (2,789)
 Amortization of intangible assets (466) (437)
 Provision for restructuration (47) (98)
 Operating income 4,002 3,277 22.1
 Interest expense - net (1,521) (1,954)
 Gains on sales of assets - net 191 201
 Other income (expenses) - net 205 727
 Equity in net earnings
 of affiliated companies 27 (11)
 Income before taxes and
 minority interests 2,904 2,240 29.6
 Provision for income taxes (749) (643)
 Minority interests (607) (475)
 Net income before preferred
 remuneration 1,548 1,122 38.0
 Preferred remuneration (305) (368)
 Net income available for distribution
 to common shareholders 1,243 754 64.9
 Net income per share 21.34 12.74 67.6
 Net income per P.I.C. 23.84 15.24 56.4
 Average number of shares
 outstanding 45,183,250 45,183,250
 Average number of P.I.C.
 outstanding 11,720,675 11,720,675
 (A) -- Non audited
 (B) -- This presentation includes accounting reclassifications as of Dec. 31, 1991.
 Note: Beginning with the year ended Dec. 31, 1991, the Group decided to apply the new rule concerning the calculation of differed income taxes (SFAS 109). This change in accounting principle resulted in an increase of FRF 369 million in income for the cumulative effect of the change. If this change was applied beginning Jan. 1, 1991, the cumulative effect of the change would appear in total in the interim financial accounts making the net income for the first half of 1991 FRF 1123 million.
 Summary Consolidated Balance Sheets
 (FF millions)
 6/30/92 6/30/91
 Assets
 Receivables and other current assets 26,139 27,800
 Inventories 16,032 17,244
 Investments and other assets 12,871 11,639
 Fixed assets 57,595 63,608
 Total assets 112,637 120,291
 Liabilities and stockholders' equity
 Payables and other current liabilities 45,595 48,724
 Long-term debt 15,605 18,661
 Provisions and other long-term liabilities 9,437 9,887
 Stockholders' equity plus other funds 42,000 43,019
 Total liabilities and stockholders'
 equity 112,637 120,291
 Debt to equity ratio 0.80 0.86
 Results By Business Segment
 Business Organic Specialty Fibers Health Agro Others Total
 segment and chemicals and (A)
 inorganic polymers
 Intermediates
 Turnover
 First half
 1992 8,481 7,750 6,836 14,352 6,023 (880) 45,562
 First half
 1991 8,544 7,573 6,918 13,510 6,237 (746) 42,036
 Operating inc.
 First half
 1992 478 407 418 2,149 854 (304) 4,002
 First half
 1991 538 156 311 1,609 981 (318) 3,277
 (A) -- Intersegment eliminations included
 Financial Highlights -- Second Quarter 1992 (A)
 Summary Consolidated Statement of Income
 (FF millions)
 Second quarter 1992 1991(A) Percent
 change
 Net sales 21,032 21,168 (0.6)
 Depreciation of property,
 plant and equipment (1,425) (1,476)
 Amortization of intangible
 assets (228) (228)
 Provision for restructuration (37) (22)
 Operating income 1,840 1,547 18.9
 Interest expense - net (650) (838)
 Gains on sales of assets - net 155 76
 Other income (expenses) - net 124 453
 Equity in net earnings of
 affiliated companies (3) 20
 Income before taxes and
 minority interests 1,466 1,258 16.5
 Provision for income taxes (390) (395)
 Minority interests (297) (287)
 Net income before preferred
 remuneration 779 576 35.2
 Preferred remuneration (150) (185)
 Net income available for distribution
 to common shareholders 629 391 60.9
 Net income per share 10.80 6.61 63.4
 Net income per P.I.C 12.05 7.86 53.3
 Average number of share
 outstanding 45,182,250 45,182,250
 Average number of P.I.C
 outstanding 11,720,675 11,720,675
 (A) -- Non audited
 (B) -- This presentation includes accounting reclassifications as of Dec. 12, 1991.
 -0- 8/25/92
 /CONTACT: Arvind K. Sood, director, investor relations of Rhone- Poulenc, Inc. 908-821-3487, or Brigitte Roeser, investor relations, of Rhone-Poulenc S.A., in Paris: 33-1-47-68-29-36/
 (RP) CO: Rhone-Poulenc Group ST: IN: MTC SU: ERN


TS-OR -- NY039 -- 3027 08/25/92 12:18 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1992
Words:975
Previous Article:WEIGHT WATCHERS FEEDS THE HUNGRY
Next Article:ADA COMPLIANCE TRAINING AT THE TOUCH OF A FINGERTIP
Topics:


Related Articles
RHONE-POULENC RORER REPORTS SECOND QUARTER WORLDWIDE SALES AND EARNINGS GROWTH
RHONE-POULENC RORER REPORTS THIRD QUARTER SALES AND EARNINGS GROWTH
RHONE-POULENC RORER 1992 EARNINGS INCREASE BY 31 PERCENT
RHONE-POULENC RORER REPORTS STRONG FIRST QUARTER GROWTH
RHONE-POULENC RORER REPORTS GOOD SECOND QUARTER EARNINGS GROWTH
RHONE-POULENC RORER INCREASES DIVIDEND FOR NINTH CONSECUTIVE QUARTER; DIVIDEND UP 166 PERCENT IN 3 YEARS
RHONE-POULENC ANNOUNCES RESULTS FOR FIRST HALF 1994
RHONE-POULENC RORER REPORTS STRONG GROWTH IN EARNINGS FOR SECOND QUARTER OF 1995
RHONE-POULENC ANNOUNCES 1ST QUARTER 1996 FINANCIAL RESULTS
RHONE-POULENC ANNOUNCES 2ND QUARTER 1996 FINANCIAL RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters