quarterly or semiannual financial statement
Good start into 2007 for CHRIST

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3-month report


• Sales +23% to EUR 63.0mn • EBIT +123% to EUR 2.3mn • Net income +40% to EUR 1.2mn • Order intake +1% to EUR 54.5mn • Order backlog +17% to EUR 174mn • Outlook 2007: Double-digit growth in sales, disproportionately high   improvement of EBIT-margin

The strong economic and industry development ensures full order books in all segments of the CHRIST Group and is the driver for further growth in all divisions.

DDr. Karl Michael Millauer, CEO, comments: "CHRIST is well positioned globally following investments in new markets and new technologies as well as active acquisitions in 2006 and can use the market opportunities presented on a broad basis. Integration of new Group members is progressing as planned and these consistently represent a strengthening of resources both in terms of the market and the project, and are making a positive contribution to the Group result."

Customers´ high propensity to invest is reflected in the further growth of incoming orders. This was still rather restrained in the first quarter (increase of 1% from EUR 53.9 million to EUR 54.5 million), but is continuing with momentum at the start of the second quarter. Previously, the strongest impetuses came from the Power & Petrochem, Pharma & Life Science and Microelectronics branches of industry, while the high order book level is being processed in the municipalities business and some important project offers are shortly to be granted. The order book level is growing comfortably and is up 17% on the previous year´s quarter at EUR 174 million.

In the first quarter of 2007, Group sales reached the best quarterly value of recent years with EUR 63.0 million (previous year: EUR 51.1 million). On the earnings side, EBITDA increased by 80% from EUR 1.7 million to EUR 3.1 million and EBIT more than doubled (+123%) from EUR 1.0 million to EUR 2.3 million representing an improvement of the EBIT-margin from 3.3% to 4.9% of sales. The strengthening of income resulted from both the continuous good utilization of important Group companies and the improvement of margins in the project business. Furthermore, turnaround could be achieved with all loss contributing subsidiaries of last year.

Earnings before taxes increased to EUR 1.8 million (previous year: EUR 1.2 million). Net income for the period after taxes on earnings increased from EUR 0.8 million in the previous year to EUR 1.3 million. After adjustment for minorities, net income for the period for the shareholders of the company amounted to EUR 1.2 million (previous year: EUR 0.8 million) or EUR 0.07 per share as against EUR 0.05 in 2006.

The number of employees increased particularly due to the acquisition of the new participation UT&S (28 employees) from 1,032 as of December 31, 2006 to 1080 as of March 31, 2007. Furthermore, the increasing business volume was accommodated by increasing the number of technical and executive project personnel.

Group equity (including minority shares) increased in comparison to December 31, 2006 from EUR 43.2 million to EUR 44.5 million, while the equity ratio diluted as a result of the growth of total assets from 25.8% to 25.1%. Cash flow from operating activities is negative as a result of the increase in receivables from long-term orders, whilst at the same time a decrease in accounts receivable and an increase in trade payables at EUR -3.6 million. Cash flow from investment activities of EUR -4.1 million is attributable to acquisitions and other investment projects. Net debt rose as compared with December 31, 2006, from EUR 34.8 million to EUR 39.1 million.


The upward trend in terms of volumes and earnings growth seen in the first quarter of 2007 is supported by continuously good demand across the entire business portfolio of CHRIST with open project tenders reaching record figures.

Important impetuses were set in motion in the units formerly generating losses and new orders are showing improved margins. Moreover, management strives to actively turn around operating cash flow into positive territory over the next few quarters.

Management is expecting double-digit sales growth and above-average improvement in the EBIT margin for the 2007 financial year due to the excellent order situation in all segments as well as the continuing good economic climate and CHRIST´s good market positions.

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Im Internet recherchierbar:

Further inquiry note:
Christ Water Technology Group
Ralf Burchert
Tel.: +43 6232 5011 1113

Branche: Biotechnology
ISIN:      AT0000499157
WKN:        675399
Index:    WBI, ATX Prime
Börsen:  Wiener Börse AG / official market


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