EANS-Adhoc: CHRIST WATER TECHNOLOGY AG / CHRIST new taking shape

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6-month report

14.08.2009

• Order intake +34.5% to EUR 146 million in continued activities
(+25.6% to EUR 156 million including discontinued activities)
• Sales -15.5% to EUR 116 million (incl. discontinued:
-20.4% to EUR 123 million)
• EBIT of EUR +0.4 million (incl. discontinued: EUR -2.1 million)
• Net result EUR -1.5 million (incl. discontinued: EUR -4.6 million)
• Operating cash flow +85% to EUR -1.7 million after
EUR -11.4 million in 1H08
• Net debt EUR 55.1 million almost unchanged to year-end 2008 (EUR 54.7
million)
• Equity ratio lifted to 16.3% after 15.9% at year-end 2008

"In the first half-year 2009, we have made significant progress in shaping the
new CHRIST. In a really adverse economic climate, we have advanced the
organisational and financial reorganisation of the Group refocusing our exciting
water technology capabilities in our Ultrapure Water and Municipal Water
divisions while reinstating our financial health with sale of the Pharma
business," says Malek Salamor, CEO of the Christ Water Technology Group about
the events so far in 2009.

The CHRIST Group sends out a positive signal with an order intake of
EUR 146.4 million, up 34.5% on the previous year, in continuing
operations and EUR 155.5 million (up 25.6%) including discontinued
operations (ie the Food & Beverage division). Orders on hand were
down only very slightly compared with the strong figures for the
first six months of 2008, with a drop of 1.8% in continuing
operations (-6.8% including discontinued operations).

Consolidated sales of EUR 116.4 million (previous year: EUR 137.7
million) reflect the fact that the volume of business was reduced,
owing to the worldwide economic slump, and were down 15.5% in
continuing operations and 20.4% including discontinued operations
compared with the same period of the previous year.

Over EUR 5 million was saved compared with the first six months of
2008, as the cost-cutting and process optimization program took
effect. The CHRIST Group held its ground despite further unscheduled
burdens of EUR 2.5 million in Swiss power plant projects and although
the market environment remained difficult, with EBITDA for continuing
operations of EUR 2.9 million (previous year: EUR 6.2 million).
Earnings before interest and tax (EBIT) were positive at EUR 0.4
million, following a significant drop in earnings in the second half
of the previous year. With adjustments for further burdens in
connection with the termination of the loss-making power plant
contracts of the Swiss Group company, EBIT amounted to EUR 2.9
million.

The net result from continuing operations became negative due to the
additional charges in the second quarter at EUR -1.5 million
(previous year: EUR 2.3 million), following a slight profit for the
first quarter. Excluding the power plant projects at the Swiss site
to be terminated, the net result would have been positive at EUR 1.0
million.

The result for the period from continuing and discontinued operations
thus amounts to EUR -4.6 million (previous year: EUR 1.5 million).
The earnings per share (undiluted = diluted) amount to EUR -0.24
(first half-year 2008: EUR 0.07) and the earnings per share from
continuing operations amount to EUR -0.09 (first half-year 2008: EUR
0.11).

Cash flow from operating activities improved significantly thanks to
successful working capital management in the second quarter and rose
to EUR -1.7 million compared with the previous year´s figure of EUR
-11.4 million. Net debt was reduced to EUR 55.1 million through
active cash management, which brought it close to the good year-end
figure of EUR 54.7 million for 2008. Group equity (including minority
interests) dipped by 12% from EUR 37 million to EUR 32.5 million
compared with December 31, 2008 due to the negative Group result. The
equity ratio climbed from 15.9% to 16.3% owing to the reduction in
the balance sheet total.

Outlook

Malek Salamor: "Our shareholders recently have unanimously given
green light for the Pharma business divestment at the General Meeting
encouraging us in our efforts to enable CHRIST to come out strong in
the next economic upturn. Once the transaction is concluded the
results of operations, financial position and equity of the CHRIST
Group will improve considerably and the reduced complexity of the
company structure will allow the group to focus on forward-looking
growth markets in 21st-century water technology."

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