BWT AG
Ad hoc-Service: BWT AG english
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Consolidated group turnover of BWT Group increased from EUR 90.2 million by
11.1% to EUR 100.2 million. In order to make previous-year figures more
comparable, they were converted into IAS figures, and additionally, they have
been restated to include full consolidation of the Swiss Christ Group, following
its majority takeover by BWT during the previous year.
As of 31. 3, orders on hand rose to EUR 111,3 million, up by 18% compared with
the previous year (94,3 million EUR).
EBIT (earnings from operating activities) increased from EUR 4.1 million by
+53.1% to EUR 6.2 million. The improvement in the EBIT margin from 4.5% to 6.2%
of turnover is largely due to lower personnel costs. The financial result
decreased from EUR -0.9 million to EUR -1.4 million, the tax rate increased
slightly and earnings after tax grew by 46.6% from EUR 2.2 million to EUR 3.2
million. Earnings after minorities interests increased from EUR 2.5 million to
EUR 3.1 million, or by 24.5%.
Cash flow from result amounted to EUR 6.1 million during the first three months,
the seasonal increase in working capital (in particular, trade receivables)
meant that cash flow from operations amounted to EUR -4.5 million. Equity at
BWT Group increased from EUR 97.9 million as of 31.12. in the previous year, to
EUR 100.9 million in the current year, which represents 28.9% of the balance
sheet total.
Investments in fixed assets within BWT Group amounted to EUR 1.5 million during
the first quarter (previous year: EUR 2.3 million).
The number of employees at BWT Group decreased from 2,510 to 2,486 when compared
with 31 December 2000, the large majority of this reduction stems from cutbacks
at Christ Group. At the end of March 2000, there were 2,332 employees within
the group.
Concentrating on the strengths within the three business areas AQUA ECOLIFE
TECHNOLOGIES, AQUA SYSTEMS TECHNOLOGIES and FUEL CELL MEMBRANE TECHNOLOGIES, the
management board expects an increase in consolidated group turnover of 11.5% to
EUR 445 million for the business year 2001. Earnings after taxes are planned
to increase by 40% to EUR 21 million.
end of ad hoc announcement (c) DGAP 18.05.2001
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
The individual business divisions developed as follows (in Euro million, net):
Business Divison Q 1 2001 Q 1 2000 +%
Aqua Ecolife Technologies (AET) 55.4 49.7 +11.4%
Aqua Systems Technologies (AST) 44.6 40.5 +10.3%
Fuel Cell Membrane Technologies (FCMT) 0.2 0.0 x
Total 100.2 90.2 +11.1%
Growth in the business areas AET justified our strategy of investing in the
growth markets of Hygiene and Wellness. The markets in France and Germany were
more difficult, where BWT only managed to achieve turnover of the same magnitude
as the previous quarter, despite weaker market conditions. Turnover of AQA
total, at EUR 4.3 million, was below the previous year’s (EUR 5.6 million), but
it is important to take into account the strong promotional activity at the end
of 1999 beginning 2000 when comparing these figures. Commercial business
achieved an increase of 6.7%, while the Service and Spares business achieved an
increase of more than 25%.
The business division AST increased turnover by 10.3% to EUR 44.6 million during
the first quarter, mainly due to the significantly improved order intake at
Goema GmbH (Germany), at Christ Group, and at Kennicott Water Systems Ltd. (UK).
FCMT activities at the German FuMA-Tech GmbH achieved turnover of EUR 0.2
million, no turnover was recorded in this division during the previous year.
Divisional results (EBIT – in EUR million):
Division Q1 2001 Q1 2000 +%
Aqua Ecolife Technologies (AET) 6.509 5.157 +26.2%
Aqua Systems Technologies (AST) 0.286 -0.427 x
Fuel Cell Membrane Technologies (FCMT) -0.645 -0.660 x
Aqua Finance (AFI) 0.080 0.000 x
Total 6.230 4.070 +53.1%
Outlook
Following presentation at the end of March of the ‘New ABC of Water Treatment’
at the largest international sanitary trade fair, the ISH in Frankfurt, BWT
particularly concentrates on safety issues in water treatment using perfect
hygiene protection within its division ‘Aqua Ecolife Technologies’.
-ANTIBAK, the hygiene filter for households which have their own water source
and holiday homes
-B-SAFE,the health filter for shower heads guaranteeing legionella protection
-CALFI, the limescale protection filter for every house
These will become obligatory in every household, for every health conscious
family. The price positioning of the three new products allow the vision of the
mass market to become a reality.
Information regarding the BWT convertible bond 1994
1) The convertible bond entitles the owner on 30 September 2001 to exchange one
bond for ten ordinary shares, 1,335,000 shares in total.
2) The convertible bond has existed since 1994 and was created at the General
Meeting 1994, when participation rights in accordance with para. 174 (3) joint
stock corporation law were converted. The subscription to these participation
rights which were issued in connection with the original MBO, resulted in an
increase in BWT shareholder equity of EUR 16 million.
3) The owners of the convertible bonds are entitled to annual interest amounting
to EUR 1.6 million. This amount, less revenue taxes levied thereon, will be
accounted for as additional earnings for BWT from the point in time at which the
conversion option is exercised. Therefore, the dilution effect is small and
amounts to EUR 0.01 of a total of EUR 0.93 (1.1%) for the business year 2000.
4) Negotiations between BWT management and owners of the convertible bonds have
shown that the investors are planning to exercise their conversion rights and
are showing very great interest in long term association with the BWT Group.
They are convinced by the sustainability of the BWT Value Strategy and expect
significant value increases over the next few years. They are not planning to
sell the newly created shares in the market following conversion.
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WKN: 073770; Index: ATX
Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Düsseldorf, Frankfurt,
Hamburg, München, Stuttgart
180831 Mai 01
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