EANS-Adhoc: A-TEC Industries AG
Interim report on the first half of 2010
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.
6-month report/Interim report on the first half of 2010
10.08.2010
Highlights:
- Rising order intake in Q2 2010 at EUR 313.0 million (m) (Q2 2009: EUR 302.5m); the persistent decline in order bookings by the Plant Construction Division was more than offset by growth in Drive Technology and Minerals & Metals. - Order backlog was EUR 1.8 billion (bn) as at end-June 2010 - 14.3% down on year-end 2009 (EUR 2.1bn). - Group revenue edged down by 2.5% year on year to EUR 1,426.6m (H1 2009: 1,462.7m). - Earnings before interest, tax, depreciation and amortisation (EBITDA) were down by 39.0% to EUR 57.6m (H1 2009: EUR 94.4m). Cost overruns on a turnkey project led to weaker earnings from the Plant Construction Division, which were not fully offset by a 19.5% improvement in the contribution of the Minerals & Metals Division. - Group earnings before interest and tax (EBIT) were down by 54.0% to EUR 32.1m (H1 2009: EUR 69.8m); the EBIT margin was 2.3% (H1 2009: 4.8%). - Net finance costs rose to EUR 27.9m (H1 2009: EUR 26.9m); higher finance costs due the convertible bond and increased borrowing costs in Plant Construction outweighed the improvement in Drive Technology. Earnings before tax (EBT) fell to EUR 4.2m (H1 2009: EUR 42.9m). - Tax income of EUR 1.1m (H1 2009: tax expense 17.5m), reflecting the lower tax base and positive deferred tax effects, led to a profit for the period of EUR 5.8m (H1 2009: EUR 24.5m). - Chief financial officer Christian Schrötter is not extending his contract when it expires on 31 December 2010; a successor will be appointed at the next Supervisory Board meeting. - Management is maintaining the guidance given at the time of announcement of the results for 2009: revenue of EUR 2.7bn and an EBIT margin of about 3% for 2010 as a whole.
Group Highlights (unaudited) Q2 Q2 % H1 H1 % A-TEC Group (EUR m) 2010 2009* change 2010 2009* change
Revenue 728.8 771.1 -5.5 1,426.6 1,462.7 -2.5 EBITDA 7.0 43.7 -84.0 57.6 94.4 -39.0 EBIT -5.8 31.1 - 32.1 69.8 -54.0 EBIT margin -0.8% 4.0% 2.3% 4.8% EBT -19.5 21.1 - 4.2 42.9 -90.2 Profit for the period -6.9 10.2 - 5.8 24.5 -76.3
Order intake 313.0 302.5 3.5 673.2 729.1 -7.7 Order backlog (as at 30 June) 1,787.8 2,710.2 -34.0
Investment** 30.4 15.4 97.4 39.0 30,7 27.0 Employees*** (as at 30 June) 11,499 12,206 -5.8
30 June 2010 31 December 2009 % change Net debt 510.1 356.5 43.1
* Comparative period was adjusted. ** Investment comprises additions to intangible assets, and property, plant and equipment. *** Full-time employees including apprentices and staff at discontinued operations.
For more details please read our interim report on the first half of 2010 on our website under www.a-tecindustries.com
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Gerald Wechselauer
Phone: +43 1 22760 - 130
Email: ir@a-tecindustries.com
Press Office A-TEC Industries AG
Claudia Müller-Stralz
Pleon Publico Public Relations & Lobbying
Phone: +43-1-71786-107
E-Mail: claudia.mueller@pleon-publico.at
Branche: Holding companies
ISIN: AT00000ATEC9
WKN:
Index: ATX Prime
Börsen: Wien / Regulated free trade