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Andritz: Favorable Business Development in Second Quarter 2011

Published: August 9, 2011; 11:51 · (Vindobona)

The Austrian technology group showed a good business development in the second quarter of 2011 and increased all relevant key figures compared to last year’s reference period.

Andritz: Favorable Business Development in Second Quarter 2011 / Picture: © Andritz

Sales of the Andritz Group amounted to € 1,087.4m in the second quarter of 2011 and were thus 31.0% higher than the reference figure for the previous year (Q2 2010: € 829.9m). While sales of Feed & Biofuel were unchanged, all other business areas noted a substantial increase in sales. In the first half of 2011, sales of the Group amounted to € 2,011.1m, thus rising by 28.7% compared to last year’s reference figure (H1 2010: € 1,562.2m).

The order intake in the second quarter of 2011, at € 1,978.5m, reached the highest quarterly figure in the company’s history and rose by 41.8% compared to the high level of the previous year (Q2 2010: € 1,395.3m). The Pulp & Paper and the Environment & Process business areas saw a substantial increase in order intake. In the first half of 2011, Group order intake amounted to € 3,644.5m (+58.2% vs. H1 2010: € 2,303.7m). The order backlog as of June 30, 2011, at € 7,249.0m, also reached a new record level and increased by 37.0% compared to the figure at the end of 2010 (December 31, 2010: € 5,290.9m).

The EBITA amounted to € 75.5m in the second quarter of 2011 (+39.3% vs. Q2 2010: € 54.2m) and rose considerably more than sales. Thus, profitability (EBITA margin) increased to 6.9% (Q2 2010: 6.5%). The EBITA in the first half of 2011 rose to € 131.6m (€ 97.9m in H1 2010: +34.4%), while the EBITA margin reached 6.5% (H1 2010. 6.3%). The net income (excluding non-controlling interests) reached € 51.5m in the second quarter of 2011 (Q2 2010: € 38.4m) and € 88.5m in the first half of 2011 (H1 2010: € 67.3m).

The balance sheet structure as of June 30, 2011 remained solid. The equity ratio amounted to 18.6% (December 31, 2010: 19.7%). Liquid funds (cash and cash equivalents plus marketable securities plus fair value of interest rate swaps and loans against borrowers’ notes) amounted to € 1,697.4m (December 31, 2010: € 1,617.6m). Net liquidity (liquid funds minus financial liabilities) increased to € 1,264.2m and thus was higher than at the end of last year (December 31, 2010: € 1,177.0m).

Commenting on the outlook for the 2011 business year, President and CEO Wolfgang Leitner said: “At present, we see a good market environment and solid project activity. Only in the metals business area, the moderate project and investment activity is expected to continue.”

Based on these expectations and the business results for the first six months of this year, Andritz continues to expect a substantial increase in sales and a rise in net income in the 2011 business year compared to the previous year. If however, the global economy suffers a setback due to the Euro and US debt crises in the coming months, this could have a negative impact on the business development of the company.

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