Bremer Woll-Kämmerei AG
Bremer Woll-Kämmerei AG english
Bremer Woll-Kämmerei AG: Interim Report 1st half-year 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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BWK’s financial result for the 1st half-year 2003 fell short of expectations.
World-wide economic uncertainty caused by the war in Iraq and the SARS epidemic
exacerbated the sluggish overall economic activity levels, resulting in lower
consumption along with a weak US Dollar. These conditions had a negative impact
on the company’s financial result in spite of the successful restructuring
measures carried out by BWK.
Sales increased by 9.4 % to Euro 63.9 mill. in comparison with the reporting
period of the previous year, as a result of higher wool prices that were
experienced by the Global Wool Trading companies. The Group shows a loss of Euro
– 6.3 mill. according to IFRS, as a direct result of the weak demand for wool
tops and the overcapacity in the global combing plant industry. This resulted in
low combing tariffs.
Last year’s strategic readjustment and restructuring of the Group resulted in a
significant reduction of costs and increased efficiency. However, due to
continuing weakness in the market the Group has not been able to achieve similar
gains in the 1st half-year 2003. However, we are confident that we will have a
competitive position when the market recovers.
The restructuring of the combing plant in Bremen is proceeding and the
Management expects that production will be resumed during the 1st quarter 2004.
As is customary, sales for the 3rd quarter 2003 are expected to slow down
modestly due to the vacation period throughout Europe. However improvement is
expected in the 4th quarter 2003, although this is not anticipated to be
sufficient to offset the result for the first half-year. Therefore, the
Management is expecting to record a loss for the business year 2003.
Bremen, August 2003, the Board of Management
Please address any queries to: Tel: 0421/60 91-304 Mr. Günther Beier, otherwise
0421/60 91-205 Mr. Thomas Bolte
Board of Management of the Bremer Woll-Kämmerei AG: Günther Beier (Vors.), Les
Wozniczka, Leigh Schmitt, BREMER WOLL-KÄMMEREI AG, Postfach 71 01 80, D-28761
Bremen, Tel.: 0421/60 91-0, Fax.: 0421/60 91-600, e-mail: info@bwk-bremen.de
Internet: http://www.bwk-bremen.de
end of ad-hoc-announcement (c)DGAP 13.08.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
The performance of the Wool Trading Companies of BWK Group varied during the
period. The 100% owned New Zealand subsidiary JSB generated another satisfactory
result. However the 50% owned Trading Companies BWK Elders were affected by the
sharp fall in prices for Australian greasy wool and consequently contributed
negatively to the Group result.
The man-made fibres division of the combing plant in Bremen made a positive
contribution to the Group result despite also being affected by unfavourable
market conditions in the textile industry and the strong Euro. Considering the
circumstances, the man made fibres division performed satisfactorily.
Key Data BWK Group
Profit and Loss Account Jan.-June Jan.-Dec Jan-June
2003 inTEur 2002 in TEur 2002in TEur
Sales revenues 65 133 127 871 59 533
of which
European Combing 25 401 48 837 26 822
Australian Combing and Logistics 5 808 16 936 8 756
Global Wool Trading 33 105 62 098 23 955
Other Business Operations* 819 – –
Inventory changes and
other own work capitalised – 1 171 – 781 – 603
Total performance 63 962 127 090 58 930
Other operating income 1 797 17 714 3 562
Raw material and consumables – 45 586 – 86 906 – 36 737
Personnel costs – 12 971 – 26 152 – 14 584
Depreciation – 3 614 – 7 809 – 3 411
Other operating expenses – 7 176 – 19 554 – 11 241
Financial result – 3 808 – 3 174 – 4 249
Extraordinary result – – –
Taxes on income and revenue 1 122 1 017 1 515
Share of the result accounted
for by minority shareholders – 24 22 –
Result – 6 298 2 248 – 2 215
Balance sheet in TEur 30.06.2003 31.12.2002 30.06.2002
Fixed assets 97 103 96 874 101 435
Inventories 24 105 26 708 26 199
Other current assets 27 561 40 287 34 078
Balance sheet total 148 769 163 869 161 712
Liabilities 75 811 89 527 87 213
Reserves 22 445 20 298 23 804
Equity capital 50 458 54 013 50 695
Stocks held by other shareholders 55 31 –
Balance sheet total 148 769 163 869 161 712
Financial ratios 30.06.2203 31.12.2002 30.06.2002
Cash Flow (TEur) – 304 118 1 812
Investments (TEur) 1 430 11 199 2 070
Employees 612 576 609
*incl. BREWA Umweltservice GmbH which has been fully included in the
consolidated financial statement for the first time.
BREMER WOLL-KÄMMEREI AG PO box 71 01 80 · D-28761 Bremen · Tel.: (49) 04 21/60
91-0 · Fax: (49) 04 21/60 91-600 Telex: 2 44 482 bwkd · e-mail: info@bwk-
bremen.de · Internet: http://www.bwk-bremen.de
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WKN: 527 200; ISIN: DE0005272009; Index:
Listed: Amtlicher Markt in Berlin-Bremen, Frankfurt (General Standard), Hamburg,
Hannover und München; Freiverkehr in Stuttgart
131938 Aug 03
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