BWT AG

euro adhoc: BWT Aktiengesellschaft
Financial Figures/Balance Sheet
BWT reports 11% revenue growth and lower margins in the first quarter

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3-month report

09.05.2008

•       Revenues +11% to EUR 99 million
•       EBIT -9.1% to EUR 8.1 million
•       Net income -10.6% to EUR 5.6 million

"Again, we could achieve double-digit revenue growth. However, margin pressure,
an unfavorable product mix and the non-recurrence of a special income item in Q1
2007 have led to a decline in income when compared to the same quarter of the
previous year," comments Andreas Weissenbacher, CEO of the BWT Group, on the
first quarter results 2008. 

In the first three months of the year, BWT Group consolidated revenues grew by 11.0% from EUR 89.2 million to EUR 99.0 million. All business segments contributed to this growth in revenues. An unfavorable product mix along with higher raw material prices and the market launch of the Point-of-Use program had a negative impact on the BWT Group´s EBIT for the first quarter of 2008. Apart from this, operating profit in the previous year benefited from a special income item worth EUR 0.8 million, which was due to the successful recovery of a receivable which had been written down. In Q1 2008, the BWT Group´s EBIT, at EUR 8.1 million, was 9.1% lower than the previous year's EUR 9.0 million.

Net profit for the period of EUR 5.6 million meant a decline of 10.6% compared to the previous year (EUR 6.3 million). Net profit for the period excluding minority interests amounted to EUR 5.7 million compared to EUR 6.4 million in the previous year. With an unchanged number of shares, earnings per share were EUR 0.32 compared to EUR 0.36 in the previous year.

The continued establishment of stock in hand for the Point-of-Use business, increased customer demands due to the increase in revenues and declining trade payables all led to a significant increase in working capital in the first quarter of 2008. For this reason, cash flow from operating activities dropped from EUR -3.5 million to EUR -8.5 million.

Net debt rose by EUR 9.4 million to EUR 40.8 million compared to March 31 of the previous year and by EUR 14.3 million compared to year end 2007 (EUR 26.5 million). Thus, gearing amounted to 30% in comparison with 27.1% from the same time period of the previous year and 20.4% from December 31, 2007. The BWT Group´s equity ratio is still at a high level at 44.9% of total assets versus 45.2% as at December 31, 2007 and significantly better than March 31, 2007 (42.5%).

In Q1 2008, the BWT Group invested a total of EUR 6.8 million in noncurrent assets, EUR 4.3 million more than in the previous year. As before, the main investment projects relate to the establishment and expansion of the Point-of-Use business.

Outlook

"Our view of disproportional earnings development in relation to revenues was confirmed in the first quarter of 2008. In the short term, we do not expect a change in this trend for the rest of 2008 and therefore confirm the earnings expectations for the whole of fiscal year 2008 of EUR 425 million in consolidated revenue and EUR 27 million in net profit," says Andreas Weissenbacher.

end of announcement                               euro adhoc
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Further inquiry note:

BWT Aktiengesellschaft
Ralf Burchert, CEFA
ralf.burchert@christ-water.at
Tel.: 06232/5011-1113

Branche: Water Supply
ISIN: AT0000737705
WKN: 884042
Index: ATX Prime
Börsen: Wiener Börse AG / official market

Original-Content von: BWT AG, übermittelt durch news aktuell