11.08.2006 – 08:04
euro adhoc: BWT Aktiengesellschaft
Financial Figures/Balance Sheet
Continues to Grow Sales and Income
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
BWT - Best Water Technology Group - has continued its growth course in the second quarter of 2006. In the first half of the year, sales grew by a total of 9.0% and EBIT by 7.8%, taking into account an adjustment to the previous years figures for comparison purposes for the spun-off business segment "AST - Aqua Systems Technologies".
In the first half of 2006, the BWT Group generated consolidated sales of EUR174.2 million and thus exceeded the comparable figure of last year (without AST) by 9.0%. Total sales including the AST segment amounted to EUR245.9 million in the previous year. In the second quarter, the Group achieved total sales of EUR91.6 million, a year-on-year increase of 9.7% (EUR83.5 million without AST).
Segmental sales in EUR million 1 - 6 / 2006 1 - 6 / 2005 + / - % Austria / Germany 71.276 65.897 +8.2% France / Benelux 46.389 45.457 +2.1% Scandinavia 20.320 17.630 +15.3% Italy / Spain 16.166 14.874 +8.7% Switzerland / Others 20.073 15.991 +25.5% Subtotal BWT excl. AST 174.224 159.849 +9.0% Aqua Systems Technologies (AST) *) - 86.088 -100.0% BWT Group 174.224 245.937 -29.2% *) Spun-off on October 31, 2005 and launched on the Vienna Stock Exchange as an independent company group under the name of "CHRIST WATER TECHNOLOGY" After a slow first quarter as had been expected, the Austria / Germany segment improved by 15.7% in the second quarter, or 8.7% in the first half-year, mainly due to a good residential installation and services business. The France / Benelux segment in the second quarter fell by 4.7% year-on-year, with cumulative growth at 2.1%. Pleasing growth rates of over 15% both in the second quarter and on a cumulative basis in the first six months were achieved by the HOH Group, which is responsible for the Scandinavian market, with key contributions from HOH Denmark and HOH Birger Christensen in Norway. The Italian and Spanish subsidiaries of the BWT Group generated growth of 6.8% in the first quarter and 8.7% in the first six months. BWTs activities in Switzerland, Eastern Europe and outside Europe in the "Switzerland / Others" segment produced an increase in sales of 23.6% in the quarter or 25.5% on a cumulative basis. The servicing and spare parts business in the first six months totaled EUR36.3 million (20.8% of consolidated sales - PY: EUR32.5 million or 20.3%). Growth in this service area, which is of special strategic importance to BWT, was 11.8%, once again considerably higher than the overall sales growth. In the first six months of 2006, EBIT (earnings from operating activities) for the BWT Group increased to EUR18.4 million, the EBIT margin amounting to 10.6% of sales. The increase was thus 7.8% year-on-year (without AST). Particularly impressive was the performance in Scandinavia, where the HOH Group increased EBIT from EUR0.6 million to EUR2.6 million. This excellent improvement was the result of a margin increase accompanied by falling personnel and other operational costs. The decline of EBIT in Austria / Germany mainly attributable to considerably rising raw material costs and in France / Benelux due to below-average sales growth was partly offset by the positive earnings development in Italy / Spain and Eastern Europe. Segmental EBIT in EUR million 1 - 6 / 2006 1 - 6 / 2005 + / - % Austria / Germany 6.948 7.708 -9.9% France / Benelux 4.276 4.928 -13.2% Scandinavia 2.551 0.560 +355.5% Italy / Spain 2.679 2.183 +22.7% Others 1.972 1.718 +14.8% Subtotal BWT excl. AST 18.426 17.097 +7.8% Aqua Systems Technologies (AST) *) - 0.622 - BWT Group 18.426 17.719 +4.0% *) Spun-off on October 31, 2005 and launched on the Vienna Stock Exchange as an independent company group under the name of "CHRIST WATER TECHNOLOGY" Financial earnings did not change greatly compared to the previous year, earnings before taxes increased year-on-year by 7.8% to EUR18.3 million. Earnings after taxes increased to EUR13.3 million or 7.6% of sales (previous year without AST: EUR12.2 million, incl. AST: EUR12.4 million). Earnings per share amounted to EUR0.74, 8.9% higher than in the first half of the previous year (EUR0.68).
The improvement in consolidated earnings has resulted in the cash flow from the result increasing to EUR17.3 million. The cash flow from the operating activity in the first half of 2006 was EUR1.3 million compared to EUR-1.0 million a year earlier. Although dividends distributed for the past fiscal year increased by 11%, the Groups equity base improved to 38.7% compared to 37.7% at the end of the previous year.
In the first six months of the current fiscal year, the BWT Group invested a total of EUR4.5 million in fixed assets. By the end of the first six months, the total number of employees in the BWT Group had risen to 2,179, an increase of 163 year-on-year.
Outlook After the CHRIST spin-off and the refocusing of the BWT Group on water treatment for households and commercial facilities, expanding its market-leading role in Europe and beyond, especially in Eastern Europe and Asia, are the main goals of BWT. In the process, it is particularly important to further increase awareness of the "BWT" brand among the majority of end consumers, which can be achieved mainly by expanding the "point-of-use" program (i.e. devices which are used at the point the water is drawn off).
Based on this strategy, an unchanged positive economic climate and the gratifying results in the fiscal year to date, the Management Board expects consolidated Group sales for the current fiscal year of more than EUR340 million and an annual net profit of more than EUR20 million.
end of announcement euro adhoc 11.08.2006 07:30:00
Further inquiry note:
Tel.: +43 (0)6232/5010-1113
Branche: Water Supply
Index: ATX Prime
Börsen: Wiener Börse AG / official market
Original content of: BWT AG, transmitted by news aktuell