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Mondsee/Austria (ots Ad hoc-Service) - 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
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
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
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
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
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: email@example.com
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