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ANDRITZ: results for the first half of 2009
Only slight decline in sales
The ANDRITZ GROUP's sales during the first half of 2009 amounted to 1,574.1 MEUR, a slight decline of 4.6% compared to the reference period of last year (H1 2008: 1,650.0 MEUR). While the HYDRO business areas' sales increased, sales of the other business areas, particularly those heavily impacted by the difficult overall economic situation, PULP & PAPER and METALS, declined substantially.
Good order intake, although below the over-proportionally high reference figure for the previous year
Order intake of the ANDRITZ GROUP amounted to 1,712.7 MEUR during the first half of 2009, thus significantly below the over-proportionally high level of last year's reference period (H1 2008: 2,128.7 MEUR). While the PULP & PAPER and METALS business areas recorded a substantial decline in order intake, the HYDRO business area was able to continue its positive development and achieved an overproportionally high order intake compared to the previous year.
Order backlog as of June 30, 2009, at 4,426.9 MEUR, declined slightly compared to the value on the reference date of last year (June 30, 2008: 4,619.5 MEUR); however, it was significantly up compared the figure as of end of December 2008 (4,277.4 MEUR).
Earnings below reference figure for the previous year, mainly due to restructuring expenses of approximately 24 MEUR in the second quarter of 2009
The earnings development of the ANDRITZ GROUP in the first half of 2009 was mainly impacted by restructuring expenses of approximately 24 MEUR, relating primarily to capacity adjustments and structural optimization - particularly in the PULP & PAPER business area - necessary due to the prevailing global economic situation. Excluding these restructuring expenses, the EBITA for the first half of 2009 was 80.8 MEUR (H1 2008: 104.5 MEUR), equivalent to an EBITA margin of 5.1% (H1 2008: 6.3%). The EBITA of the ANDRITZ GROUP after deduction of these restructuring expenses amounted to 56.5 MEUR in the first half of 2009.
Net income excluding minority interests of the ANDRITZ GROUP amounted to 32.5 MEUR in the first half of 2009 (-53.4% vs. H1 2008: 69.8 MEUR).
Continuing solid balance sheet structure and high net liquidity
The ANDRITZ GROUP continued to show a solid balance sheet structure as of June 30, 2009: total assets increased slightly, to 3,099.7 MEUR (December 31, 2008: 3,086.3 MEUR); the equity ratio as of June 30, 2009 amounted to 18.4% (December 31, 2008: 18.7%).
Liquid funds (Cash and cash equivalents plus Marketable securities) amounted to 845.8 MEUR as of June 30, 2009 (December 31, 2008: 821.8 MEUR). Net liquidity (Liquid funds plus Fair value of interest rate swaps minus Financial liabilities) increased to 443.7 MEUR and was thus higher than at the end of last year (December 31, 2008: 408.9 MEUR).
Outlook for full year 2009
ANDRITZ confirms its sales and earnings guidance for the financial year 2009 published with the financial figures for 2008 and expects sales to decline by approximately 15% and the net income to decrease in comparison to 2008. Wolfgang Leitner, President & CEO of ANDRITZ AG, says: "The difficult overall economic environment, particularly in our PULP & PAPER and METALS business areas, is continuing. Due to the lack of visibility with regard to the further development of the financial and economic crisis, we have continued with the necessary restructuring measures initiated in 2008 and thus, from today's perspective, are well prepared to cope with this difficult economic environment."
The interim financial report for the first half of 2009 as well as the annual and financial reports of the ANDRITZ GROUP are available on the ANDRITZ website at www.andritz.com as an online and pdf version. Printed copies can be requested by telephone (+43 (316) 6902-2722), fax (+43 (316) 6902-465), or e-mail (firstname.lastname@example.org).
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