CHRIST WATER TECHNOLOGY AG

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

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quarterly report

15.05.2009

@@start.t2@@•          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@@end@@

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.

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ots Originaltext: CHRIST WATER TECHNOLOGY AG
Im Internet recherchierbar: http://www.presseportal.ch

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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