Ad hoc: Constantia Packaging AG: Preliminary Results I/2009

In a market environment characterized by the existing financial
crisis Constantia Packaging AG continues to show solid earnings and
margins. After the boom in the first quarter 2008, sales and earnings
were lower in line with the economic environment in the last quarter,
as expected.
The results in detail:

+-------------------------------------------------------------------+
| | QI/09 in ¤ | Change | QI/08 in ¤ | 2008 in ¤ |
| | million | | million | million |
|-------------------+-------------+--------+------------+-----------|
| Sales | 432.6 | -19% | 534.8 | 2,080.8 |
|-------------------+-------------+--------+------------+-----------|
| EBITDA | 67.2 | -25% | 89.7 | 290.0 |
|-------------------+-------------+--------+------------+-----------|
| | | | | |
| EBITDA margin | 15.5% | - | 16.8% | 13.9% |
|-------------------+-------------+--------+------------+-----------|
| EBIT | 38.6 | -38% | 61.8 | 176.8 |
|-------------------+-------------+--------+------------+-----------|
| EBIT margin | 8.9% | - | 11.6% | 8.5% |
|-------------------+-------------+--------+------------+-----------|
| Equity* | 834.7 | 3% | - | 811.1 |
|-------------------+-------------+--------+------------+-----------|
| Equity ratio* | 40.4% | - | - | 39.2% |
|-------------------+-------------+--------+------------+-----------|
| Net debt* | 391.1 | - 15% | - | 457.6 |
|-------------------+-------------+--------+------------+-----------|
| Gearing* | 46.9% | - | - | 56.4% |
|-------------------+-------------+--------+------------+-----------|
| Employees | 7,978* | - 5% | 8,427* | 8,241** |
+-------------------------------------------------------------------+

*at period end, **average for the year

Group sales declined in the quarterly comparison by 19% to ¤432.6
million from 534.8 million in the first quarter 2009. EBITDA stood at
¤67.2 million after ¤89.7 million in the previous year. The EBITDA
margin amounted to stable 15.5% after 16.8% in the comparable period.
EBIT was down at ¤38.6 million compared to ¤61.8 million the year
before, EBIT margin stood at 8.9% after 11.6%. Equity increased to
¤834.7 million after issuing a Profit Participation Bond in the
amount of ¤250 million last year and due to stringent working capital
management and reduction of net financial liabilities by ¤66,5
million. This results in an equity ratio of 40.4% by end of March
2009. The consistent reduction of bank loans yielded a lower net debt
of ¤391.1 million as per first quarter end 2009. As a result gearing
improved from 56.4% as of year end 2008 to 46.9% at end of first
quarter. Number of employees as per period end went down by 5% from
8,427 to 7,978 by end of March 2009.

As a quick response to existing difficult market conditions all areas
implemented forceful programs for cost reduction and productivity
increases, investments primarily focus on efficiency improving
projects according to current demand.

Constantia Packaging AG has a portfolio of companies (sales mix
QI/09: AMAG 30%, Duropack 15%, Constantia Flexibles 59%,
Consolidation -4% ), with products showing relatively stable demand
even in times of a recession. The company is a supplier of among
others the pharmaceutical, beverage and food industries. A number of
products can be found in consumer goods with daily consumption
patterns, thereby being significantly less dependent on economic
cycles than other branches. Of the three segments the aluminum
business of AMAG is most strongly affected by the recession, impacts
are compensated by a broad range of premium products for various
industrial branches. In the Corrugated Board segment Duropack with
its business primarily in Central and Eastern Europe is facing
quantity and price reductions with widely differing developments in
the various countries. The segment Flexible Packaging is quite
resilient even in the current difficult business environment mainly
due to its long term excellent cooperation and reputation with
international key customers and high quality standards.

The Constantia Packaging Group operates in 20 countries in Europe,
Asia and the Americas with approx. 8,000 employees.

- End of release -

For further information:

Constantia Packaging AG

Veronika Zügel
Head of Communications

Wolfgang Schwaiger
Head of Investor Relations

Hanno M. Bästlein
Chief Executive Officer

Opernring 17, A-1010 Vienna
Tel.: +43 (01) 588 55-0
Fax: +43 (01) 588 55-106
E-mail: ir@constantia-packaging.com
Web site: www.constantia-packaging.com

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