Andritz sees strong 9-month hydro results

14 November 2008

andritz added that hydro power sales revenues had increased strongly and orders were up for the period compared to last time.

No figures were disclosed to quantify the performance of the business areas.

At group level, the margin for earnings before interest, taxes and amortisation (Ebita) increased to 6.2% for the nine months from 6% in the comparable period last year. In cash terms, group Ebita was 13.7% up to Euro158M (US$198M).

Group revenues in the three quarters were up 10.4% to almost Euro2.54B (US$3.18B).

Looking ahead, for the full year Andritz confirmed group revenue and earnings expectations. Sales are expected to reach approximately Euro3.5B (US$4.4B) and Ebita is forecast to be up on last time.

Last month, it said performance was not expected to be negatively affected by fallout from global financial market problems.

Over the last few years the hydro power business unit has grown significantly in size through acquisitions - va-tech Hydro (2006), Tigep (2007) and this year the GEHI joint venture, which held the bulk of GE's hydro business, and also the remnant activities of GE. It plans to use the GE experience to broaden its market coverage, principally for Francis turbines.

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