A-TEC Industries AG

EANS-Adhoc: A-TEC Industries AG
Financial report Q1-Q3 2009

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9-month report


Highlights: - Order backlog down again at EUR 2.4 billion (bn) as of 30 September 2009 (30 June 2009: EUR 2.7bn), due to low order intake, particularly in the Plant Construction Division (the comparative period was marked by an unusually large number of major contracts in the division). - Revenue for the first nine months down by 10.4% year on year to EUR 2,138.1 million (m) due to lower copper prices and declining investment as a result of the economic crisis. - EBITDA up by 20.1% to EUR 134.3m (Q1-Q3 2008: EUR 111.8m), due to a strong performance from the Minerals & Metals Division and rapid execution of cost reduction programmes across all divisions. - Group EBIT up by 28.3% to EUR 97.4m in Q1-Q3 2009 (Q1-Q3 2008: EUR 75.9m). Q3 EBIT surged by 187.5% year on year to EUR 27.6m (Q3 2008: EUR 9.6m). EBIT margin for first three quarters 4.6% (Q1-Q3 2008: 3.2%). - Net finance costs down to EUR 11.7m in the third quarter due to lower borrowings and interest rates (Q3 2008: EUR 16.2m). Increase in Q1-Q3 reflects the positive one-off effects of the disposal of the interests in copper companies Cumerio SA and Norddeutsche Affinerie AG in 2008. - Earnings before tax (EBT) up by 4.3% in the first three quarters to EUR 58.8m (Q1-Q3 2008: EUR 56.4m). - Consolidated profit for Q1-Q3 2009 down by 3.8% to EUR 35.6m. Q3 profit of EUR 13.0m following a loss of EUR 9.1m in Q3 2008. - Cash flow from operating activities positive by EUR 60.5m in first three quarters of 2009 (Q1-Q3 2008: EUR 89.5m) due to profit for the period and improved management of working capital. - Net debt up from EUR 288.1m at year-end 2008 to EUR 326.5m at 30 September 2009. Net gearing 91.7% as at 30 September 2009 (31 Dec. 2008: 92.5%; 30 June 2008: 85.5%). - Use made of the favourable climate on the capital market despite the economic crisis to place a EUR 110m convertible bond issue in order to strengthen the Group´s capital and financial structure. - Guidance for 2009 revenue unchanged at about EUR 3bn, Group EBIT margin was revised during the investors day to around 3.5%.

@@start.t2@@Group Highlights (unaudited)         Q3         Q3         %        Q1-Q3      Q1-Q3          %
A-TEC Group (EUR m)                    2009    2008* change         2009      2008*  change

Revenue                                      675.4    766.2  -11.9    2,138.1  2,386.7    -10.4
EBITDA                                         39.9      21.2    88.2        134.3      111.8      20.1
EBIT                                            27.6        9.6  187.5         97.4        75.9      28.3
EBIT margin                                 4.1%      1.3%                    4.6%        3.2%
EBT                                              15.9      -6.6         -         58.8        56.4        4.3
Profit for the period                 13.0      -9.1         -         35.6        37.0      -3.8

Order intake                              247.5 1,437.6  -82.8        976.6  2,985.6    -67.3
Order backlog (as at 30 September)                                2,393.8  3,473.7    -31.1

Average Capital Employed          942.1 1,091.9  -13.7        926.7  1,165.5    -20.5
Return on Capital Employed         2.9%      0.9%                  10.9%        6.5%

Investment***                              25.5    18.9      34.9         56.2        55,7        0.9
Employees**** (as at 30 September)                                 12,114      12,881    -6.0

                                                30 September 2009      31 December 2008    % change
Net debt                                                      326.5                        288.1          13.3@@end@@

* The comparative period was adjusted for the changes arising from discontinued operations. ** ROCE = EBIT / average capital employed. *** Investment comprises additions to intangible assets, and property, plant and equipment. **** Full-time equivalent including staff at discontinued operations and apprentices.

Outlook: In the light of the trading conditions and expectations for the various divisions, the A-TEC Industries Group is looking for revenue of around EUR 3bn for the 2009 financial year. At the investors´ day our guidance on the EBIT margin was upgraded from about 3% to 3.5%.

If the financial and economic crisis deepens in 2009 and persists into 2010, in all probability additional restructuring will be necessary, and the resultant expenses will affect earnings.

Conference Call: A conference call will be held for analysts and institutional investors at 14.45pm CET respectively 13.45 (UK) to mark the announcement of the results for the third quarter. The dial-in numbers are available from the IR Department.

For more details please read our report Q1-Q3 2009 on our website under www.a-tecindustries.com

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ots Originaltext: A-TEC Industries AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Contact 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
Index:    ATX Prime
Börsen:  Wien / Regulated free trade

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