ATB Austria Antriebstechnik AG: Quarterly report Q3 2012

Vienna (pta019/09.11.2012/11:10 UTC+1) ATB Group - Sales and earnings first to third quarter of 2012

- Good sales level maintained: EUR 259.3 million
- EBITDA increased by 7.6 % to EUR 21.3 million
- Solid assets and capital structure
- Dynamic start into the fourth quarter with major order of EUR 24 million
- Sales increase expected for the full year 2012

Vienna, November 9, 2012. In the third quarter of the current financial year, the Vienna Stock Exchange listed ATB Austria Antriebstechnik, headquartered in Vienna, continued again its positive trend despite the on-going difficult economic environment in the international markets. The Austrian Motors Group could win numerous international projects in a highly competitive environment and thus sales of the first three quarters remained at the previous year's reference period level. In the same period, the Company significantly improved the EBITDA, whereas earnings, compared to the prior year, were impacted by higher depreciation and foreign currency losses. Despite the generally difficult economic environment, the ATB has started dynamically into the fourth quarter. Among others, the ATB Group has been awarded a major order from a Norwegian oil corporation with a total value of up to EUR 10 million and with a term of four years.

Sales and earnings
In the first nine months of the current reporting period, the ATB Group achieved total sales of EUR 259.3 million (Q1-Q3 2011: EUR 259.3 million) and thus maintained the previous year's level. This reflects the good market position as well as the wide diversification of the product portfolio. Whereas the Industrial Motors Division could benefit from the positive economic development in its markets and could significantly improve earnings in the first three quarters of the year 2011, now in the first three quarters of the current financial year, the Project Motors Division with a sales increase of 5.9 % made a considerably higher contribution to total sales.
The EBITDA, which in the first three quarters significantly improved by 7.6 % to EUR 21.3 million (Q1-Q2 2011: EUR 19.8 million), showed a very positive performance. Due to the upward revaluations made in the year 2011, amortisations increased by EUR 3.6 million in the first nine months of the current fiscal year in comparison with the reference period of the previous year. This increase is mainly resulting from the revaluation of assets in the financial statements of the year 2011, partly also from the increased investments in the period under review. In addition, exchange rate losses, mainly arising from non-cash conversions between the euro and foreign currencies, had a negative impact on earnings in the reporting period. Whereas in the first nine months of the prior year, foreign exchange gains in the amount of TEUR 1.289 were realised, foreign exchange losses in the amount of TEUR 1.440 had to be reported for the period from January to September 2012. In this context, after the first nine months, the EBIT dropped to EUR 14.0 million after EUR 16.0 million and the EBT to EUR 8.0 million after EUR 13.0 million compared to the previous year's reference period. At the same time, the result for the period significantly increased by 119 % to EUR 14.9 million (Q1-Q3 2011: EUR 6.8 million). This substantial improvement was mainly attributable to the result of the discontinued business units in the amount of EUR 8.4 million.

Solid order backlog - reliable ability to plan production
The global downturn of the economy, above all in Germany, one of the most important markets for the ATB Group, reflected also in a noticeable decline in the European investment activities. Numerous projects near to realisation have been postponed resp. delayed due to lack of funding. Against this background, the order intake of the ATB Group dropped by 6.3 % to EUR 249.5 million in the first nine months of the current year. Correspondingly, the order backlog as of September 30, 2012 amounted to EUR 118.9 million (September 30, 2011: EUR 131.1 million). It thus remained below the previous year's reference value, however further supports a satisfying capacity utilisation of the Project Motors Division as well as a reliable ability to plan production for the upcoming quarters.

Assets and capital structure
The balance sheet total of EUR 297.5 million as of the reference date September 30, 2012 was 5.0 % lower than the comparative figure at the end of the previous year (December 31, 2011: EUR 313.3 million). The equity ratio thus reached 33.9 % (December 31, 2011: 26.1 %).

Employees
On the reference date September 30, 2012, the ATB Group had 3,577 employees in total (September 30, 2011: 3,644).

Outlook
The global economy and the European debt crisis still represent a considerable risk potential for the future development of the ATB Group. Due to the uncertain economic development, presumably further major projects will be postponed because of lack of funding.
On the basis of its high innovative strength, its good niche positioning as well as the regained confidence of customers in the field of project motors, which let expect further order intakes, the Management of the ATB Group however looks cautiously positive into the future. Because of the weak sales in the fourth quarter of the year 2011, consolidated group sales for the full year 2012 should exceed sales of the year 2011. To face the dynamic and increasingly shorter-term global developments, the ATB Group is continuously improving the structures of the companies and is filling gaps in the product portfolio resp. is enhancing the product range in response to market and customer requirements. In this regard, the newly developed sales strategy should provide new impetus and stimulate the order intakes. In the product development, the ATB Group continuously is researching with highest intensity on the development of energy efficient drives and has for many years played a leading role in this field. In close cooperation with its customers, the ATB plans to develop solutions in the field of "high efficient drives", which should result in significant savings of operating costs for the customer. To be able to anticipate the economic development, the ATB Group plans further optimisations of personnel costs as well as measures to increase the flexibility in personnel costs.

Selected key figures of the ATB Austria Antriebstechnik

	01-09/2012 unaudited	01-09/2011 unaudited	Change in %
Revenue	259.3 million	259.3 million	0.0 %
EBITDA	21.3 million	19.8 million	+7.6 %
Operating result (EBIT)	14.0 million	16.0 million	-12.9 %
Earnings before tax (EBT)	8.0 million	13.0 million	-38.8 %
Result for the period	14.9 million	6.8 million	+119.3 %
Order intake	249.5 million	266.2 million	-6.3 %
Order backlog (as of Sept. 30)	118.9 million	131.1 million	-9.3 %
Investments	9.2 million	5.9 million	+55.4 %
Employees	3,577	3,644	-1.8 %

The report for the first three quarters of 2012 is available on the Internet under www.atb-motors.com.

Note
Among others, this report contains statements on potential future developments, which were made on the basis of currently available information. Such statements, which reflect the current assessment of future developments by the Management Board, cannot be construed as guarantees for future performance and bear unforeseeable risks and uncertainties. There may be a variety of reasons for actual results and conditions to diverge from the assumption, on which the statements were based.

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