EANS-Adhoc: CHRIST WATER TECHNOLOGY AG
CHRIST reports preliminary figures as
per 30.09.2009 prior to the expiry of the Acceptance Period of the GLV takeover
offer
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.
Company Information
16.11.2009
With respect to the expiry date Nov 17th, 2009 (4:00 pm) of the voluntary public takeover offer bid of GLV Inc (via Eimco Water Technology GmbH) to the shareholders of Christ Water Technology AG, the executive board of CHRIST decided to report preliminary key figures for the quarter ended Sept 30th, 2009 (Q1 - Q3 results).
"The third quarter was dominated by the ongoing reshaping of CHRIST in a still challenging economic environment and ended with the Closing of the sale of the Pharma & Life Science business as per Sept 30th, 2009. The proceeds of this transaction were a vital contribution to re-arrange and finance the streamlining and focusing of CHRIST to the future core businesses in Ultrapure Water, Process Water & Reuse and Municipal Water Treatment / Desalination (the continuing operations)", says Malek Salamor, CEO of CHRIST
Besides the Food & Beverage activities, where CHRIST further evaluates the possibility of entering into a strategic alliance, also the Pharma & Life Science business will be reported in Q3 as discontinued operations.
Preliminary Key Figures Q1-Q3 2009 (YTD compared to prior period):
Net Sales EUR 107 million (-23% continuing operat.) EUR 171 million (-24%, contin.+discont.) Order intake EUR 150 million (+56%; continuing operat.) EUR 203 million (+8%; contin.+discont.) Orders on hand EUR 147 million (+13%; continuing operat.) EUR 160 million (-14%; contin.+discont.) EBIT EUR -2.1 million (EUR -4.5 million); continuing operations Net Result EUR -1.2 million (EUR -14 million as per 30.09.08); continuing.+discontinued operation including the special effect from sale of pharma business
Equity EUR 35.8 million as per 30.09.09 (EUR 37 million as per 31.12.08) Net Debt EUR 45 million as per 30.09.09 (EUR 55 million as per 31.12.08) EUR 30 million as per 02.10.09 after receipt remaining cash of pharma transaction
Preliminary Key Figures Q3 2009 (compared to Q3 2008)
EBIT EUR -3.0 million (EUR -4,5 million); continuing operations
Net Result EUR -3.8 million (EUR -6.2 million); continuing operations; EUR 3.4 million (EUR -15.5 million); continuing.+discontinued operations including the special effect from sale of pharma business
Operating result in continuing operations was hit by weak markets in the industrial sector, including the microelectronics and general industries where some expected order intakes have been further delayed, thus resulting in an under-utilisation in CHRIST Ultrapure and Process Water entities. Good market conditions and healthy business activities can be reported from Municipal Water Treatment Division. The cleaning and phasing out of loss-making projects in power as well as in MWT also contributed to the negative result in Q3.
The realised profit out of the sale of Pharma & Life Science business was negatively impacted by a slowdown in several pharma markets in Q3 and the cost of settlement of P&LS activities and projects in the course of the selling process.
Outlook
Malek Salamor: "It is a disappointing quarterly result for us, especially if we look back on the positive restructuring jobs we have done so far. But weak market conditions in important areas resulted in further delays of project awards with immediate loss implication in some key companies. Although the timing for placement of orders always leaves room for uncertainty, we are confident to receive new important double-digit million orders in the continuing business in Q4 2009. The solid backlog at end of 2009 will be a strong base for recovery and return to profitability."
In the light of still volatile markets, lagging impacts of restructuring steps and the requirement of a sound financial basis the executive board of CHRIST still supports the takeover offer of GLV Group which would combine two technologically and regionally mostly complementary groups of companies into a globally leading water technology provider.
The full Quarterly Report will be published on November 27th, 2009.
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