BWT AG
Ad hoc-Service: BWT AG BWT result 1999
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BWT 1999: Group turnover rises by nearly 16 per cent
Christ participation prevents earnings increase despite
the turnover record
BWT more than achieved the goal set for the business year 1999,
recording consolidated group turnover of EUR 265.5 million (+15.9%
compared with EUR 229.1 million in the previous year). At group
parent company level turnover, at EUR 48.8 million, remained at the
previous year’s level. Already, 77% of total group turnover (EUR
204.9 million) is generated outside Austria.
All the business areas, with the exception of the Commercial/
Industrial Technology, recorded two-digit growth rates. The increase
in the division “Domestic Technology” amounted to +14.5%, in Project
Engineering +15.2%, and in the area of “Service, Swimming Pool,
Fittings”, +33.2%. The Swimming Pool and Service business developed
at an above-average rate with +42.8% and +37.4%, respectively.
Fittings, too, were able to record a trend reverse with an increase
of +6.3%, compared with stagnating sales of previous years.
“Commercial and Industrial Technology” remained behind expectations
at only +0.8%. An overview of the results follows (in EUR million):
Business Area 1999 1998 +%
Domestic Technology 72.0 62.9 + 14.5%
Commercial/Industrial Technology 41.4 41.1 + 0.8%
Project Engineering 93.6 81.3 + 15.2%
Service, Fittings, Swimming Pool 58.5 43.9 + 33.2%
TOTAL 265.5 229.1 + 15.9%
Of total turnover growth, 8.9 per cent originated from acquisitions,
7 per cent are due to organic growth.
AQA total Turnover rose by 24%
Although the start of the limescale protection device “AQA total” was
not realised in the USA and in Great Britain during the business year
1999, as was originally planned, turnover of AQA total was increased
by 24.1%, to EUR 17.5 million.
World-wide, AQA total is the first drinking water technology
guaranteeing DVGW, ÖVGW, and SVGW-certified limescale protection
without the use of salt on electrophysical basis. AQA total is the
basis for further internationalisation steps of the Best Water
Technology Group during the year 2000.
Order book: EUR 72 million, +24.7% compared with the previous year
BWT Group as well as the parent company BWT AG enter the year 2000
with significantly improved order backlogs. At the balance sheet date,
the value of the order book was EUR 72 million, which represents an
increase of +27.4% compared with the previous year. The main drivers
behind this favourable development was the Mondsee-based Aqua
Engineering GmbH, which, amongst others, holds a leading market
position in the planning and execution of communal drinking and waste
water treatment plant in China.
Earnings position: Losses from Christ participation depress the result
Operating profit: -5.0%, Earnings from ordinary operating activities:
-18.8% compared with the previous year
Following the significant increase in earnings during the year 1998,
during which operating profit rose by +45.3%, earnings development at
BWT Group was depressed during the business year concluded; this was
mainly due to losses arising from the participation in the Swiss Christ
AG.
The operating result was reduced from EUR 20.2 million during the year
1998 to EUR 19.2 million (-5.0%). While material and personnel costs
only rose marginally in relation to turnover, the once again increased
research and development costs (from EUR 5.9 million to EUR 7.1 million)
are mirrored in the “other operating expenses”. Depreciation increased
from EUR 6.9 million to EUR 9.5 million, of which EUR 1.6 million were
extraordinary write-offs.
The financial result amounted to -EUR 4.1 million, with most of the
negative participation result stemming from the equity-consolidated
participation of Christ AG.
Earnings from ordinary operating activities (EGT) amounted to
EUR 15.1 million and were reduced by -18.8% compared with the previous
year (EUR 18.6 million) largely due to the lower financial earnings.
Earnings for the year decreased from EUR 14.4 million, by -18.9% to EUR
11.6 million. Without the extraordinary write-off and the negative result
from the Christ participation, income for the year would have increase by
+7.8% compared with the business year 1998.
Dividend increased from EUR 2.03 to EUR 2.11
As planned, during the forthcoming Annual General Meeting, the Executive
Board will propose an increase in the dividend payable, from EUR 2.03
per share in the previous year to EUR 2.11 (EUR 1.82 dividend plus a EUR
0.29 bonus).
Cash flow grows to EUR 21.7 million (+3.7%)
The Group cash flow from result increased from EUR 20.9 million to +3.7%
to EUR 21.7 million.
Group equity rises to EUR 92.2 million (+9%)
The equity of BWT Group, at EUR 92.2 million, reached a new high in the
company’s history and now amounts to 37.6% of the balance sheet total.
Return on equity amounts to 20.5%.
EUR 21.2 million for tangible and financial assets
At BWT Group during 1999, increases to fixed assets excluding first-
time consolidations amounted to EUR 21.2 million (previous year:
EUR 12 million). EUR 2.7 million were spent on the acquisition of
software and the purchase of patents. Investments in fixed assets
amounted to EUR 8.1 million, financial assets amounted to EUR 10.4
million (increase in the participation in the Swiss Christ AG, 5%
participation in the Japanese Nomura Micro Sciences, participation
in Wiener Börse AG).
Around 3/4 of total Group investments were effected by the parent
company, BWT AG (EUR 16 million, compared with EUR 6.6 million in
the previous year).
Number of employees increased by 185
At BWT Group, the number of employees increased by 185 at the balance
sheet date; from 1,654 to 1,839 employees. The increase is largely due
to new companies (Van der Molen Group) and an extension of production
capacity.
EUR 7.1 million for research and development
During the year 1999, the newly constructed R&D Centre at Mondsee was
completed. With this, the R&D Team have the most modern infrastructure
at hand for the realisation of BWT’s strategy “Growth through
Innovation”.
The Research and Development activities of BWT Group are concentrated
at Mondsee (Austria), Schriesheim and St. Ingbert (Germany) and Paris
(France). The express purpose of R&D at BWT is to continue to optimise
the use of chemicals in water treatment, respectively to avoid it
altogether, the reduction of energy consumption and the management of
the escalating water costs through the use of innovative cyclical
solutions. It is the express aim of the Best Water Technology Group
to develop economical and ecological product and process concepts for
the entire water cycle, “from source to earth”.
FuMA-Tech-Membrane revolutionises fuel cell technology
After the invention of the unique AQA total limescale protection
technology, the intense BWT fundamental research activities lead to
further decisive successes in the early part of the year 2000:
BWT/FuMA-Tech introduced a completely new type of membrane to
professionals, affording entirely new possibilities to the fuel
cell, an environmentally friendly – as emission-free – energy
source of the future. The BWT membrane is exceptional due to its
unique water management, extremely high resistance to oxidisation
and therefore the resulting extremely high efficiency.
Outlook for 2000: dynamic growth with an increase of 33% in
AQA total turnover
BWT’s aim of building AQA total into an international brand
results in an advertising budget which is increased to EUR 7.7 million.
During the year 2000, turnover is budgeted to increase by 33.3%, to
EUR 23.3 million.
For the year 2000, BWT Group is planning consolidated turnover of
EUR 295 million and an ÖVFA result of EUR 17 million.
For further information, please contact
BWT Aktiengesellschaft
Walter-Simmer-Straße 4
A-5310 Mondsee
Telephone: ++43 6232 5011 1110
Fax: ++43 6232 5011 1191
E-mail: office@bwt.at
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