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CHRIST WATER TECHNOLOGY AG

euro adhoc: CHRIST WATER TECHNOLOGY AG
Financial Figures/Balance Sheet / CHRIST pays EUR 16.6 million for power losses and clean-up

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
quaterly report
21.11.2008
•       Sales: +13% to EUR 225.2 million
•       EBIT: EUR -9.9 million (previous year: EUR +5.8 million)
•       Clean EBIT: EUR +6.7 million (+16%)
•       Net income: EUR -14.0 million (previous year: EUR +2.9 million)
"Proceeding with our clean-up, in the third quarter, the assessment 
of bad old projects in power in particular leads us to take another 
hit in earnings to finish unprofitable business, make the company fit
in structure and create profitability potentials also in a tough 
environment. We have seen delays in order decisions in some areas but
still note robust business for the time being," Malek Salamor, CEO of
the Christ Water Technology Group comments on the Q3 figures.
At EUR 65.1 million for the quarter, CHRIST registered average order 
intake bringing new orders for the first nine months to EUR 188.9 
million. Compared to last year this figure was down by 30% due to the
retreat from unprofitable Power Business and a big desalination order
received in August last year. As a consequence also order backlog was
down 24% to a sound level of EUR 192.3 million and a number of good 
order chances to fill the pipeline again.
Sales advanced by 13% to EUR 225.2 million mainly driven by the 
Pharma & Life Science division with the inclusion of the Zeta Group. 
For the third quarter, sales of EUR 70.4 million were registered. 
Nine-month EBITDA fell to EUR -3.3 million and EBIT to EUR -9.9 
million. Thereof, negative impacts of power business and clean-up 
cost effected the EBIT with EUR -16.6 million in total, losses in 
power business accounted for EUR -9.8 million, the cost for 
restructuring and terminating business activities and inactive 
projects mainly in Food & Beverage accounted  for EUR 6.8 million out
of that. Consequently, the healthy business operations in Pharma & 
Life Science, Microelectronics, Process Water & Reuse and Municipal 
Water Treatment reached a clean EBIT of EUR +6.7 million for the 
first three quarters. In including the full amount of negative 
effects in Power and mainly Food & Beverage the isolated Q3 EBIT was 
-13.4 million (previous year: +1.8 million).
The net financial result grew to EUR -2.1 million bringing earnings 
before taxes to EUR -12.0 million. Due to a positive tax bill out of 
profitable businesses as well as movements in deferred taxes, the net
result reached EUR -14.0 million for the period ended Sept. 30, 2008.
Operating cash flow was EUR -14.4 million (previous year: EUR -7.1 
million) as a result of the losses incurred as well as the existing 
working capital requirements mainly in municipal contracts. Net debt 
grew to EUR 71.1 million (versus EUR 42.2 million at 31.12.2007. With
the majority to be long term financed via the EUR 50 million 
corporate bond (due 2013, 5.25% coupon) and existing short term 
credit lines to back up the working capital requirements. Group 
equity declined to EUR 50.8 million or 21.9% of balance sheet total.
Outlook
Malek Salamor: "For the full year, based on the order backlog and our
assessment of markets, we expect CHRIST to generate sales of roughly 
EUR 300 million. For the current fourth quarter, stabilising the 
results and risk situation is the key management focus and lays the 
foundation for a positive development in 2009. We have taken a 
rigorous cost cutting and structural optimization course effective 
for the entire Group. With the disciplined order and sales approach 
accompanied by professional project execution and further potential 
major strategic decisions soon to be taken we work to re-establish 
profitability."
end of announcement                               euro adhoc

Further inquiry note:

Christ Water Technology AG
Mag. Ralf Burchert
ralf.burchert@christ-water.at
Tel.: 06232/5011-1113

Branche: Biotechnology
ISIN: AT0000499157
WKN: 675399
Index: WBI, ATX Prime
Börsen: Wiener Börse AG / official market

Weitere Storys: CHRIST WATER TECHNOLOGY AG
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