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Andritz AG

euro adhoc: Andritz AG
Quarterly or Semiannual Financial Statements / Andritz: Results for the first three Quarters of 2004 - Significant increase in Sales and Net Income - Record Order Intake for full year 2004 expected - Increased Earnings expected

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Graz, November 8, 2004.  Technology Group Andritz reports favorable
business developments for the first three Quarters of 2004.  Sales of
the Group increased to 1,070.3 MEUR, up 23.1% compared to the
reference period for last year (Q1﷓Q3 2003: 869.3 MEUR).  Net
Income excluding minority interests, at 37.7 MEUR, was more than
double the amount of last year’s reference period (Q1﷓Q3 2003:
16.5 MEUR).  Although the Order Intake for the first three Quarters
of 2004 was somewhat lower than last year’s reference period (1,068.5
vs. 1,090.4 MEUR for Q1﷓Q3 2003), Andritz expects to reach a
new record Order Intake for the full year 2004.  Due to favorable
business development during the first three Quarters of 2004 and the
high Order Backlog, the Managing Board of Andritz has again increased
its Earnings forecast for the full year 2004 and expects Net Income
after minority interests to grow by approx. 50% compared to 2003.
Favorable development of Sales
During the first three Quarters of 2004, Sales of the Andritz Group
amounted to 1,070.3 MEUR, an increase of 23.1% compared to the
reference period for last year (Q1﷓Q3 2003: 869.3 MEUR). 
Sales in the third Quarter of 2004 were 384.5 MEUR, up 31.5% compared
to Q3 2003 (292.3 MEUR) and up 8.6% compared to the previous Quarter
(Q2 2004: 354.0 MEUR).  This was mainly due to higher
work-in-progress for many projects, the growth of the services
business as well as Sales contribution from the newly acquired
companies. Bird Machine and NETZSCH, which were not included in last
year’s consolidated financial statements, added approx. 54.4 MEUR to
Group Sales in the first three Quarters of 2004.
Order Intake below high level of last year’s reference period; but
record Order Intake for the full year 2004 is expected
During the first three Quarters of 2004, Group Order Intake reached
1,068.5 MEUR, a slight decline of 2.0% compared to the reference
period for last year (Q1﷓Q3 2003: 1,090.4 MEUR).  Order Intake
in the Third Quarter of 2004 was 292.9 MEUR, which is 130.4 MEUR
lower than the reference value of the Third Quarter of last year (Q3
2003: 423.2 MEUR).  The main reason for this is that last year’s
largest order (the Veracel greenfield pulping project in Brazil at
approx. 180 MEUR) was booked in the Third Quarter. This year’s
largest order (CMPC fiberline and recovery equipment at approx. 320
MEUR) will be booked in the Fourth Quarter.  As a result of this
large order, Andritz expects Group Order Intake for the full year of
2004 to reach a new record level.
Order Backlog as of 30.9.2004 amounted to 1,080.9 MEUR, a slight
decline of 3.5% compared to the reference date in 2003 (30.9.2003:
1,120.5 MEUR).
Strong increase in Earnings
Earnings of the Andritz Group developed favorably during the first
three Quarters of 2004.  As a result of Sales growth, continued cost
optimization measures and positive Earnings contributions from newly
acquired companies Earnings Before Interest, Tax, and Amortization of
goodwill (EBITA) for the first three Quarters of 2004 increased to
64.4 MEUR, +62.6% compared to the reference period of last year
(Q1–Q3 2003: 39.6 MEUR). EBITA margin improved from 4.6% in the first
three Quarters of 2003 to 6.0% in the first three Quarters of 2004.
Earnings Before Interest and Taxes (EBIT) increased to 52.4 MEUR
(Q1–Q3 2003: 29.2 MEUR).  Net Income excl. Minority Interests
amounted to 37.7 MEUR, almost double the amount of last year’s
reference period (Q1–Q3 2003: 16.5 MEUR).
Solid financial structure
The balance sheet as of 30.9.2004 shows no major changes in
comparison with 31.12.2003 other than the sharp increase in net
liquidity (cash and cash equivalents minus interest-bearing financial
liabilities), which increased to 149.0 MEUR. This is 32.4% higher
than at the end of the previous Quarter (30.6.2004: 112.5 MEUR), and
significantly up compared to the end of 2003 (31.12.2003: 55.0 MEUR).
The equity ratio as of 30.9.2004 was 23.0% (31.12.2003: 24.0%).
Outlook
According to the forecasts of leading economic researchers, the
global economy is expected to continue its growth during the coming
months.  As a consequence, a continuation of the favorable project
activity in the relevant Andritz markets – pulp, paper, and steel –
can be expected for the next Quarters.
For the full year 2004, Andritz expects favorable business
development.  The growth rate in Sales achieved during the first
three Quarters of 2004 should also apply for the full year of 2004. 
Profitability for the full year 2004 is also expected to increase
compared to 2003, with Group EBITA margin to reach approx. the level
achieved for the first three Quarters of 2004.  As a consequence,
Andritz expects Net Income after minorities to improve by approx. 50%
compared to 2003.
Disclaimer
Certain statements contained in this press release constitute
“forward-looking statements”. These statements, which contain the
words “believe”, “intend”, “expect” and words of similar meaning,
reflect management’s beliefs and expectations and are subject to
risks and uncertainties that may cause actual results to differ
materially. As a result, readers are cautioned not to place undue
reliance on such forward-looking statements. The Company disclaims
any obligation to publicly announce the result of any revisions to
the forward-looking statements made herein, except where it would be
required to do so under applicable law.
Key Figures for the first three Quarters of 2004
~
(in MEUR)       Q1-Q3/03   Q1-Q3/04   Change   Q3/03    Q3/04  Change
Sales            869.3     1,070.3    +23.1%   292.3    384.5  +31.5%
Order Intake   1,090.4     1,068.5     -2.0%   423.3    292.9  -30.8%
Order Backlog 
(end of period)1,120.5     1,080.9     -3.5% 1,120.5  1,080.9   -3.5%
EBITDA 1)         55.0        80.8    +46.9%    20.1     28.8  +43.3%
EBITDA margin     6.3%        7.5%       -      6.9%     7.5%     – 
EBITA 2)          39.6        64.4    +62.6%    15.3     23.1  +51.0%
EBITA margin      4.6%        6.0%       -      5.2%     6.0%     -
EBIT              29.2        52.4    +79.5%    11.8     19.4  +64.4%
Earnings before 
taxes             30.1        52.6    +74.8%    12.0     19.9  +65.8%
Net Income 
after minorities  16.5        37.7   +128.5%     6.7     12.2  +82.1%
Cash flow from
operating 
activities        16.2       130.6   +706.2%   -25.0     40.1 +260.4%
CAPEX 3)          12.4         9.0    -27.4%     6.7      3.3  -50.7%
Employees 
(end of period)  4,508       5,137    +14.0%   4,508    5,137  +14.0%
~
1) EBITDA: Earnings before interest, tax, depreciation, and
   amortization of goodwill 
2) EBITA: Earnings before amortization of goodwill 
3) Additions to tangible and intangible assets
The Letter to Shareholders for the first three Quarters of 2004 is
available on the Andritz web site (www.andritz.com) both as an online
and a PDF version.  Printed versions can be requested by telephone
(+43 316 6902 2722), fax (+43 316 6902 465) or e-mail
(petra.wolf@andritz.com).
The Andritz Group
The Andritz Group- listed on the Vienna Stock Exchange - is a global
market leader for advanced production systems for pulp and paper,
steel and other specialized industries.  As of September 30, 2004,
Andritz had a staff of 5,137 employees worldwide.  It develops and
makes its high-tech systems at 16 production sites (Austria, Germany,
Finland, Denmark, France, Netherlands, USA, Canada and China).
end of announcement                    euro adhoc 08.11.2004 07:28:00 

Further inquiry note:

Michael Buchbauer
Head of Investor Relations
Tel.: +43 316 6902 2979
Fax: +43 316 6902 465
mailto:michael.buchbauer@andritz.com

Branche: Machine Manufacturing
ISIN: AT0000730007
WKN:
Index: WBI, ATX Prime, ATX
Börsen: Wiener Börse AG / official dealing

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