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

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quarterly report

15.05.2009

• 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

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.

end of announcement euro adhoc
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ots Originaltext: CHRIST WATER TECHNOLOGY AG
Im Internet recherchierbar: http://www.presseportal.de

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