EANS-News: ANDRITZ: results for the third quarter of 2013
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Subtitle: - Order intake and sales significantly increased due to Schuler
- Sharp drop in earnings due to financial provisions in the PULP & PAPER
business area
quarterly report
Graz (euro adhoc) - Graz, November 6, 2013. Due to consolidation of the Schuler
Group acquired in February of this year, international technology Group ANDRITZ
saw solid development in sales and order intake in a challenging economic
environment in the third quarter of 2013. However, the EBITA declined
substantially, mainly as a result of financial provisions in the PULP & PAPER
business area.
- In the third quarter of 2013, sales of the ANDRITZ GROUP amounted to 1,534.5
MEUR, which is an increase of 21.3% compared to last year's reference period
(Q3 2012: 1,265.5 MEUR); this increase is due to consolidation of the Schuler
Group. In the first three quarters of 2013, sales of the Group amounted to
4,144.6 MEUR, thus rising by 11.9% compared to the previous year's reference
period (Q1-Q3 2012: 3,703.3 MEUR).
- The order intake also saw satisfactory development. Due to an increase in the
PULP & PAPER business area (+11.1%) and consolidation of the Schuler Group,
the order intake of the Group in the third quarter of 2013, at 1,525.3 MEUR,
rose by 23.1% compared to last year's reference period (Q3 2012: 1,238.8
MEUR). In the first three quarters of 2013, the order intake reached 4,051.3
MEUR (+6.8% versus Q1-Q3 2012: 3,793.2 MEUR).
- As of September 30, 2013, the order backlog, at 7,464.5 MEUR, rose by 12.8%
compared to the end of last year (December 31, 2012: 6,614.8 MEUR); this
increase is due to the consolidation of Schuler.
- Earnings (EBITA) of the Group amounted to 70.1 MEUR in the third quarter of
2013, thus declining by 19.0% compared to last year's reference period
(Q3 2012: 86.5 MEUR). The profitability (EBITA margin) amounted to 4.6%
(Q3 2012: 6.8%). This significant decline is mainly due to decreasing earnings
in the PULP & PAPER business area (additional provisions due to cost overruns
in connection with supplies for a pulp mill in South America) and the
SEPARATION business area (additional costs related to the market launch of a
new product series in China). Earnings of the other business areas saw
satisfactory development. Thus, the Group's EBITA in the first three quarters
of 2013 amounted to 167.0 MEUR (-31.0% versus Q1-Q3 2012: 242.1 MEUR) and the
EBITA margin to 4.0% (Q1-Q3 2012: 6.5%).
- Net income amounted to 31.9 MEUR in the third quarter of 2013 (-45.5% versus
Q3 2012: 58.5 MEUR) and to 78.8 MEUR in the first three quarters of 2013
(-52.9% versus Q1-Q3 2012: 167.2 MEUR).
- The net worth position and capital structure as of September 30, 2013 remained
solid. Due to the acquisition of Schuler, the net liquidity, at 782.3 MEUR,
was substantially below the value as of December 31, 2012 (1,285.7 MEUR).
On the basis of these expectations, the order backlog, and consolidation of the
Schuler Group as of March 1, 2013, the ANDRITZ GROUP expects a rise in sales in
the 2013 business year compared to the previous year. However, due to the sharp
earnings decline in the PULP & PAPER and SEPARATION business areas, as well as
scheduled amortization of intangible assets related to the acquisition of
Schuler and provisions in connection with structural improvement measures
planned at Schuler, net income will be significantly lower than last year's
reference figure.
- End -
Key figures of the ANDRITZ GROUP at a glance*
(in MEUR) Q1-Q3 2013 Q1-Q3 2012 +/- Q3 2013 Q3 2012 +/-
Sales 4,144.6 3,703.3 +11.9% 1,534.5 1,265.5 +21.3%
HYDRO 1,301.5 1,245.7 +4.5% 450.9 438.7 +2.8%
PULP & PAPER 1,456.7 1,724.8 -15.5% 524.5 561.1 -6.5%
METALS 962.9 294.4 +227.1% 413.7 117.7 +251.5%
SEPARATION 423.5 438.5 -3.4% 145.4 148.1 -1.8%
Order intake 4,051.3 3,793.2 +6.8% 1,525.3 1,238.8 +23.1%
HYDRO 1,221.6 1,504.6 -18.8% 367.3 391.4 -6.2%
PULP & PAPER 1,417.3 1,523.3 -7.0% 602.3 542.1 +11.1%
METALS 958.3 270.8 +253.9% 423.8 159.5 +165.7%
SEPARATION 454.1 494.5 -8.2% 131.9 145.8 -9.5%
Order backlog (as
of end of per.) 7,464.5 6,929.8 +7.7% 7,464.5 6,929.8 +7.7%
EBITDA 229.3 286.1 -19.9% 93.3 101.4 -8.0%
EBITDA margin 5.5% 7.7% - 6.1% 8.0% -
EBITA 167.0 242.1 -31.0% 70.1 86.5 -19.0%
EBITA margin 4.0% 6.5% - 4.6% 6.8% -
Earnings Before
Interest and Taxes
(EBIT) 116.2 224.0 -48.1% 50.3 80.9 -37.8%
Financial result -5.4 7.0 -177.1% -2.3 0.3 -866.7%
Earnings Before
Taxes (EBT) 110.8 231.0 -52.0% 48.0 81.2 -40.9%
Net income
(without non-
controlling
interests) 78.8 167.2 -52.9% 31.9 58.5 -45.5%
Cash flow
from operating
activities -81.1 221.8 -136.6% 5.4 106.7 -94.9%
Capital
expenditure 65.5 52.3 +25.2% 21.1 17.8 +18.5%
Employees
(as of end of
period without
apprentices) 23,939 17,686 +35.4% 23,939 17,686 +35.4%
* The Schuler Group was consolidated into the consolidated financial statements
of the ANDRITZ GROUP as of March 1, 2013; no pro forma figures are available for
the reference periods of last year.
All figures according to IFRS. Due to the utilization of automatic calculation
programs, differences can arise in the addition of rounded totals and
percentages. MEUR = million euros.
Press release for download
This press release is available for download at the ANDRITZ web site:
www.andritz.com/news
The ANDRITZ GROUP
The ANDRITZ GROUP is a globally leading supplier of plants, equipment, and
services for hydropower stations, the pulp and paper industry, the metalworking
and steel industries, and solid/liquid separation in the municipal and
industrial sectors. In addition, ANDRITZ offers technologies for certain other
sectors including automation, the
production of animal feed and biomass pellets, pumps, machinery for nonwovens
and plastic films, steam boiler plants, biomass boilers and gasification plants
for energy generation, flue gas cleaning plants, plants for the production of
panelboards (MDF), thermal sludge utilization, and biomass torrefaction plants.
The publicly listed, international technology Group is headquartered in Graz,
Austria, and has a staff of around 23,900 employees. ANDRITZ operates over 220
production sites as well as service and sales companies all around the world.
Annual and financial reports
The annual reports and financial reports of the ANDRITZ GROUP are available as
PDF for download at www.andritz.com. Printed copies can be requested by e-mail
to investors@andritz.com.
Disclaimer
Certain statements contained in this press release constitute "forward-looking
statements". These statements, which contain the words "believe", "intend",
"expect", and words of a similar meaning, reflect the Executive Board'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.
Further inquiry note:
Oliver Pokorny
Group Treasury, Corporate Communications & Investor Relations
Tel.: +43 316 6902 1332
Fax: +43 316 6902 465
mailto:oliver.pokorny@andritz.com
end of announcement euro adhoc
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company: Andritz AG
Stattegger Straße 18
A-8045 Graz
phone: +43 (0)316 6902-0
FAX: +43 (0)316 6902-415
mail: welcome@andritz.com
WWW: www.andritz.com
sector: Machine Manufacturing
ISIN: AT0000730007
indexes: WBI, ATX Prime, ATX, ATX five
stockmarkets: official market: Wien
language: English