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CHRIST WATER TECHNOLOGY AG

EANS-Adhoc: CHRIST WATER TECHNOLOGY AG
CHRIST reports positive EBIT in the first quarter

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
quarterly report
15.05.2009
•       Order intake EUR 89.5 million after EUR 61.8 million (+45%)
•       Order backog EUR 168.5 million after 186.7 million (-10%)
•       Sales EUR 59.6 million after EUR 75.6 million (-21%)
•       EBIT EUR 1.1 million after EUR 4.2 million (-74%)
•       Profit for the period continuing activities EUR 0.1 million
         after EUR 2.6 million (-96%)
•       Result for the period from discontinued activities EUR -0.9 million
         after EUR -0.3 million
•       Result for the period EUR -0.8 million after EUR 2.3 million
•       Equity EUR 35.5 million, net debt EUR 63.5 million
Order and result figures refer to the continued activities (excluding
Food & Beverage) unless stated otherwise
"The first quarter 2009 was characterized by a tense economic 
environment resulting from the global financial and economic crisis. 
As an internationally leading engineering and technology provider, 
this had a negative impact on the CHRIST Group and led to project 
decisions being postponed and/or projects being put on hold. Initial 
positive results from the saving and reorganization measures carried 
out to improve the cost structure and profitability can be seen," 
says Malek Salamor, CEO of the Christ Water Technology Group.
In the first three months of 2009, the CHRIST Group order intake rose
by 45% to EUR 89.6 million (Q1 2008: EUR 61.8 million), largely as a 
result of the major contract valued at around EUR 60 million with the
Aqua Engineering group company in South Africa. Orders on hand fell 
10% from EUR 186.7 million in the previous year to EUR 168.5 million.
However, this is an increase compared with year-end 2008 (31 December
2008: EUR 138.6 million). Other projects due to be commissioned 
support this trend.
In the first quarter of the year, CHRIST Group consolidated sales 
dropped by 21% from EUR 75.6 million to EUR 59.6 million. Delays in 
decisions and/or projects being put on hold was reported from almost 
all industry-oriented divisions.
Group EBIT also managed to recover following the collapse in earnings
in the second six months of 2008 amounting to EUR 1.1 million (first 
quarter 2008: EUR 4.2 million). EBIT including the Food & Beverage 
division was EUR 0.6 million.
Following repayment in April 2008, output-oriented interest income 
from receivables was not included in the financial result of EUR -663
thousand (first quarter 2008: EUR -24 thousand). Earnings before 
taxes amounted to EUR 427 thousand (first quarter 2008: EUR 4.1 
million).
Net result of EUR 102 thousand for the quarter under review from the 
continuing divisions was marginally positive (first quarter 2008: EUR
2.6 million). Including the results of the Food & Beverage division 
due to be sold (EUR -874 thousand (first quarter 2008: EUR -336 
thousand)) results in net loss for the period of EUR -772 thousand 
(first quarter 2008: EUR 2,302 thousand). Result per share from 
continuing and discontinued divisions amounts to EUR -0.04 (first 
quarter 2008: EUR 0.12) and earnings per share from continuing 
divisions amounts to EUR 0.01 (first quarter 2008: EUR 0.13).
Operating cash flow in the first quarter of 2009 totaled EUR -9.4 
million (first quarter of 2008: EUR -10.5 million) and reflects a 
certain recoup effect following the unanticipated positive operating 
cash flow of the fourth quarter of 2008. The cash requirement was 
funded by way of reducing cash and cash equivalents (EUR -5.4 
million) and increasing interest-bearing financial liabilities (EUR 
-4.2 million). Net debt amounted to EUR 63.5 million as at March 31, 
2009, confirming the stabilizing effect of cash management measures 
despite the rise compared to December 31, 2008 (EUR 54.7 million).
Group equity (including minority interests) dipped by 4% from EUR 37 
million to EUR 35.5 million compared to December 31, 2008 due to the 
negative Group result and currency effects. The equity ratio climbed 
from 15.9% to 16.5% owing to the reduction in the balance sheet total
and gearing, the ratio of net debt to equity, rose from 148% to 179%.
Outlook
Given the enduring uncertainty in the global economic environment, it
is very difficult to make reliable forecasts regarding the effects on
the future development of the CHRIST Group. The segments within the 
CHRIST Group are affected to varying degrees. The satisfactory 
overall status of orders on hand and the future business 
opportunities arising provide a firm basis for successfully 
concluding the measures initiated for restructuring the CHRIST 
Group´s operating and accounting activities. Maintaining risk and 
cost-aware corporate management and preserving liquidity are vital 
factors for future success in this climate. The Management Board 
expects to close the transaction of the Food & Beverage segment by 
the end of the year.
The full First Quarter Report 2009 is available on 
www.christwater.com.
end of announcement                               euro adhoc

Further inquiry note:

Christ Water Technology AG
Mag. Ralf Burchert
ralf.burchert@christwater.com
Tel.: 06232/5011-1113

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

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