quarterly or semiannual financial statement
CHRIST reports strong growth in the first three quarters 2007

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9-month report


•          Order intake +50% to EUR 270.1 million
•          Order backlog +45% to EUR 253.5 million
•          Sales +32% to EUR 199.2 million
•          EBIT +20% to EUR 5.8 million
•          Net income +17% EUR 2.9 million

"The strategic positioning of CHRIST in water technology for the growth markets of the 21st century has again led to record values in terms of both incoming orders and sales. Thanks to its growing global presence, CHRIST participates in the momentum in the regions of the world that are booming with regard to water technology", says DDr. Karl Michael Millauer, CEO of the Christ Water Technology Group about the first nine months 2007.

Order intake in the first three quarters of 2007 increased by 50% to EUR 270.1 million (previous year: EUR 179.6 million). At EUR 253.5 million and an increase of 45% against the previous year (EUR 175.0 million), the order books were also at an all-time high.

In the first three quarters, Group sales increased by 32% to EUR199.2 million (previous year: EUR 151 million). Service and spare part sales increased by 10% to EUR 26.4 million (previous year: EUR 24.0 million).

In the 3rd quarter, there was a below-average increase in EBIT bringing cumulative EBIT up to EUR 5.8 million, which is a 20% increase over the figure of EUR 4.8 million for the same period of the previous year. Even better income development was halted by operating and non-operating effects during the 3rd quarter. The unexpectedly massive increase in the cost of purchasing materials and third-party services led to higher project costs at narrowly calculated old projects, particularly in the power station business of the Ultrapure Water division. Another special burden resulted from a drop in earnings with regard to the 51% participation KF Engineering GmbH (formerly KF Service GmbH) which was acquired in 2006. The quickly implemented measures and the fact that CHRIST took over the operating management in the light of an extremely positive market environment are expected to ensure a clearly positive development in the coming quarters.

Earnings before tax increased by 38% to reach a figure of EUR 4.8 million (previous year: EUR 3.5 million) due to the improved financial result. The lower income tax rate resulting from the tax reform in Germany led to a non-recurring effect due to the adjustment of deferred tax assets. As a result, the cumulative tax rate increased to around 40%. Consequently, the net income for the period rose by only 17% to EUR 2.9 million (previous year: EUR 2.4 million). After minorities, this results in net income for the period of EUR 3.2 million (previous year: EUR 2.6 million) for the shareholders in the company, or EUR 0.18 per share compared to EUR 0.14 the previous year.

Compared to December 31, 2006, Group equity (including minorities) increased by 6% from EUR 43.2 million to EUR 45.7 million. The equity ratio diluted from 25.8% to 23.2% as a result of growth in total assets. At EUR -7.1 million (previous year: EUR -7.4 million), cash flow from operating activities was only slightly better than in the previous year despite improved cash flow from earnings due to the growth-related increase in demand for working capital. Compared to December 31, 2006, net debt rose from EUR 34.8 million to EUR 46.7 million.


"In terms of the result, the 3rd quarter fell short of expectations as a result of the special effects described at KF, in the power station business as well as tax effects. Effective correction and accompanying measures have already been initiated. We expect that the subsequent impacts on earnings in these areas will be compensated for by higher values from other business areas in the last quarter", says Karl Michael Millauer.

On the basis of a healthy order book and a continuing high level of incoming orders - with adjusted margins and priced-in risk precautions for procurement cost increases - the Management Board expects double-digit sales and net income growth for the full year 2007.

The agreement concluded after the balance sheet date with respect to the acquisition of the Zeta Group and the ongoing integration into the Pharma & Life Science division also contains great potential not only for CHRIST but also for Zeta to contribute to further increases in earnings as early as 2008.

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Im Internet recherchierbar:

Further inquiry note:
Christ Water Technology Group
Ralf Burchert, CEFA
Tel.: +43 (0)6232/5011-1113

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


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