BBAG Österreichische Brau-Beteiligungs AG
BBAG Österr. Brau-Bet. AG correction
BBAG AG: Correction
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Corrected announcement on behalf of the issuer:
In todays’ Ad-hoc-announcement the first paragraph, third line, instead
of: “Total turnover..” it must read: “Half-year figures: Total turnover..”
The complete corrected announcement is:
Following the moderate course of business in the first three months of this
year, the BBAG Group achieved a complete turnaround as of April: EBIT climbed to
EUR 37.0m, the best quarterly figure in the history of BBAG. Half-year figures:
Total turnover is at EUR 544.1m, i.e. 3.1% below last year’s result. The EBITDA
margin (based on net revenues) amounts to 20.4%, remaining at a high level.
After the clear difference in the first quarter, EBIT is now at EUR 40.4m,
which is de facto the same level as last year. This was attributed to several
non-recurrent factors: Reserves for the closure of the Innsbruck brewery in
Austria, extraordinary expenditure for the partnership project, expenditure for
the new “Datawarehouse” electronic reporting system, as well as considerable
less real estate sales as compared to 2002. After adjusting the EBIT to
consider these factors, the figure proves to be approximately 11% higher than
last year. The financial result improves by 41.5% to EUR -5.4m. As a result,
profit before tax rose by 11.5% to EUR 35.0m. All in all, earnings per share
amount to EUR 1.47 (+12.4%). As of June 30, the working capital was reduced by
nearly 25% to EUR 54.0m. Compared to the previous year, net debt decreased by
approx. EUR 93m to EUR 179.5m.
Results according to division in EUR mio. (including change in %)
Beer Non-alcoholic beverages Real estate
Total turnover 474.8 (-2.7%) 62.3 (-5.8%) 7.0 (-1.4%)
EBIT 32.6 (+16.5%) 4.8 (+12.5%) 5.3 (-24.9%)
Investments 48.2 (+7.4%) 2.3 (-9.3%) 3.4 (+108.7%)
In all three divisions BBAG has launched a variety of initiatives aiming to
improve the position and the results of the company: In the beer division, price
adjustments were carried out in several countries to reflect the rise in
personnel and material expenses. In the non-alcoholic beverage division, the
restructuring measures introduced for Pago are beginning to have an effect. The
Gasteiner mineral water was better positioned by addressing new customers and
introducing new designer light bottles.In the real estate division, the company
once again launched development projects and continued comprehensive
governmental procedures. The operative result from rent and leasing (EBIT minus
earnings from asset sales) was EUR 4.6m, an increase of 1.6% compared to last
year.
end of ad-hoc-announcement (c)DGAP 29.08.2003
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WKN: 091099; ISIN: AT0000910997; Index:
Listed: Amtlicher Handel in Wien
290856 Aug 03
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