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Company update: Andritz Q3 to expectations

International technology Group Andritz showed a solid business development in the first three quarters of 2009 in a continuing difficult overall economic environment.

Sales amounted to €2,330.2 million (-8.2%vs. Q1-Q3 2008), order intake, at €2,554.9 million, achieved a good level, although it was below the over-proportionally high level of the previous year’s reference period (-11.9% vs. Q1-Q3 2008).
 
Order backlog as of September 30, 2009, at approximately €4.5 billion, increased compared to the value as of December 31, 2008.
 
Net income excluding minority interests amounted to €59.6 million in the first three quarters of 2009 (Q1-Q3 2008: €105.4m).
 
The Andritz Group continues to expect its sales to decline by about 15% in the full year 2009 and its net income also to decrease versus the financial year 2008.
 
No specific data were released on the results of the Feed & Biofuel business.
 
Hydro business area remains strong
Sales of the Andritz Group in the third quarter of 2009 amounted to €756.1m (-14.9 % vs. Q3 2008).
 
While the Hydro business area achieved a significant increase in sales compared to the previous year’s reference value, sales in the other business areas declined – particularly in Pulp & Paper.
 
Group sales for the first three quarters of 2009 amounted to €2,330.2m, thus declining by 8.2% compared to the reference period of 2008.
 
Order intake for the third quarter of 2009 almost 10% up compared to the previous year’s reference figure, solid order backlog.
 
Satisfactory profitability in Q3 2009
The EBITA of the Andritz Group was €45.5m for the third quarter of 2009, thus below the previous year’s reference value (Q3 2008: €57.6m). Profitability (EBITA margin), at 6.0%, remained at a solid level despite the decline in sales (Q3 2008: 6.5%).
 
The EBITA margin saw a particularly favourable development in the Hydro business area, but was also above the previous year’s reference value in the Metals and the Environment & Process business areas.
 
Andritz confirms the sales and earnings expectations for the full year of 2009, as published in the financial report for 2008. The Andritz Group continues to expect its sales to decline by about 15% in the full year 2009 and its net income to decrease versus the financial year 2008.
 
Wolfgang Leitner, President and CEO of Andritz AG, comments: “The results for the first three quarters of 2009 are in line with our expectations. In the Hydro business area we expect the good investment activity to continue, in the other business areas we see stabilized project activity at current levels.”

Dick Ziggers

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