euro adhoc: CHRIST WATER TECHNOLOGY AG
Financial Figures/Balance Sheet /
Christ reports good start in first three months 2008
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3-month report
16.05.2008
Order intake +27% to EUR 69.0 million Order backlog +23% to EUR 213.5 million Sales +33% to EUR 84.0 million EBITDA +84% to EUR 5.7 million EBIT +81% to EUR 4.2 million Net income +79% to EUR 2.3 million
"The first quarter was characterized by a persistently good and stable state of the market, the first-time p&l effective inclusion and integration of the Zeta Group, by aftereffects of cost-increasing factors in the power station business, and positive special proceeds from a refocusing on core business in the Netherlands," says Karl Michael Millauer, CEO of the Christ Water Technology Group, about the first three months 2008.
The CHRIST Group´s order intake in the first three months of 2008 increased by 27% to EUR 69.0 million (previous year: EUR 54.5 million). After adjustment for the contract values of the 2007 acquired Zeta Group (EUR 18.8 million), the prior-year level was not reached in full. This is attributable to the stronger focus of project activities on high-margin project business segments. The order books are well filled in all divisions due to the order backlog of EUR 213.5 million (previous year: EUR 174.0 million) as at March 31, 2008 and the key customers´ continuing high investment activity.
The positive sales trend persisted also in the first quarter, rising by 33% to EUR 84.0 million (previous year: EUR 63.0 million). The comparable organic growth rate without new business was 20%.
EBIT recovered considerably after the setback in the 4th quarter of 2007. The operating result increased in spite of the continued impact of the strained raw material and currency markets and the lagging effects of the cost burdens of ongoing power station projects. The Group´s EBIT increased from EUR 2.3 million in the previous year to EUR 4.2 million (+81%), which includes a EUR 1.8 million one-time other income item.
Earnings before tax doubled compared to the previous year, amounting to EUR 3.9 million (previous year: EUR 1.8 million). Payment of taxes for prior years led to a cumulative tax rate of about 40%, and the level of the comparative quarter of the previous year (30%) was not reached due to these special effects.
At EUR 2.3 million the net income for the period under review exceeded the net income for the comparative quarter of the previous year by 79% (previous year: EUR 1.3 million EUR). The net earnings per share are EUR 0.12 compared to EUR 0.07 in the previous year.
Group equity (including minority participations) increased compared to December 31, 2007 by 4.3% to EUR 66.6 million (previous year: EUR 63.8 million). The equity ratio rose from 27.7% to 27.9%. At EUR -10.5 million, cash flow from operating activities did not reach last year´s level (EUR -3.6 million) in spite of improved cash flow from earnings. The demand for working capital grew faster and led to the further cash flow consumption. Gearing defined as ratio of net debt to equity increased from 66.1% to 85.2%.
Outlook
"On the basis of the present economic environment and of the results of the 1st quarter and the orders on hand, we expect an increase in Group sales to at least EUR 330 million in the business year 2008. Moreover, from today´s point of view the expectation for EBIT 2008 at least a doubling of EBIT 2007 and thus a minimum of EUR 12 million, can be confirmed," says Karl Michael Millauer.
end of announcement euro adhoc
Further inquiry note:
Christ Water Technology AG
Ralf Burchert, CEFA
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