CHRIST WATER TECHNOLOGY AG

euro adhoc: CHRIST WATER TECHNOLOGY AG
Financial Figures/Balance Sheet / CHRIST reports weaker first half-year and lowers full year outlook

-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- 6-month report 14.08.2008 • Order intake: EUR 123.8 million (-7.2%) • Order book: EUR 197.6 million (+7.7%) • Net Sales: EUR 154.8 million (+16.8%) • EBITDA: EUR 6.4 million (+13.9%) • EBIT: EUR 3.5 million (-13.6%) • Full year outlook: Sales EUR >330 million, EBIT: EUR 7.0-9.0 million "We are looking back at a difficult second quarter which saw our efforts to improve profitability being undone by further cost increases at current long-term projects, integration measures at recently acquired group companies as well as delays of key project awards," comments Karl Michael Millauer, CEO of Christ Water Technology Group the results of the second quarter 2008. In the first six months of 2008, the CHRIST Group´s order intake decreased by 7.2% to EUR 123.8 million (previous year: EUR 133.4 million), or by 31% to EUR 54.8 million in the second quarter. This is chiefly attributable to the minimum margin policy involving the planned reduction of activities in the power plant business of the Ultrapure Water Division as well as delays in municipal contract awards. Orders on hand amount to EUR 197.6 million (previous year: EUR183.5 million) representing an increase of 7.7% over the last year. Consolidated sales for the first six months of the year climbed by 16.8% to EUR 154.8 million (previous year: EUR 132.5 million). However, at 2%, growth in Q2 to EUR 70.8 million did not meet expectations. Following a pleasing Q1, for the first six months, EBIT fell to EUR 3.5 million (previous year: EUR 4.1 million) due to the lower revenues, the sustained effects of cost increases in terms of long-term contracts as well as continued restructuring costs for recently acquired companies. Q2 EBIT amounted to EUR -0.7 million (previous year: EUR 1.7 million). Earnings before taxes (EBT) fell to EUR 2.8 million (previous year: EUR 4.0 million) in the first half and was EUR -1.1 million in the second quarter. Payment of taxes for prior years led to a cumulative tax rate of around 46% (previous year: around 40%). The net profit for the period decreased to EUR 1.5 million (last year: EUR 2.8 million) following a Q2 result of EUR 0.8 million (last year: EUR 1.5 million). Group equity (including minority interest) increased compared to December 31, 2007 by 3.5% from EUR 63.8 million to EUR 66.1 million. The equity ratio rose accordingly from 27.7% to 29.1%. Cash flow from operating activities of EUR -11.4 million indicate growth-oriented operating activities that are still underfunded on the project side, as was the case in the previous year (EUR -12.8 million). Outlook Based on the current economic situation and the existing orders on hand as well as the numerous positive opportunities for contracts due to the upcoming project awards in the second half of the year the Management Board expects growth in consolidated net sales for the 2008 fiscal year to EUR 330 million. Because of negative earnings in Q2, we now expect a double-digit increase of EBIT for 2008 to between EUR 7 million and EUR 9 million. The full Half-Year Financial Report is available on www.christwater.com end of announcement euro adhoc -------------------------------------------------------------------------------- ots Originaltext: CHRIST WATER TECHNOLOGY AG Im Internet recherchierbar: http://www.presseportal.ch Further inquiry note: Christ Water Technology Group Mag. Ralf Burchert ralf.burchert@christwater.com Tel.: +43 (0)6232/5011-1113 Branche: Biotechnology ISIN: AT0000499157 WKN: 675399 Index: WBI, ATX Prime Börsen: Wiener Börse AG / official market

Das könnte Sie auch interessieren: