euro adhoc: BWT Aktiengesellschaft
Financial Figures/Balance Sheet
Very
positive cash flow and sound financial position despite decline in earnings in
the first three quarters
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
9-month report
14.11.2008
Sales +7.7% to EUR 311.6 million EBIT -9.5% to EUR 25.8 million Net result -7.5% to EUR 18.6 million Operating cash flow +56.9% to EUR 16.0 million Equity ratio 46.2% Full year net result 2008 seen at EUR 20 million
The Best Water Technology Group (BWT), Europe´s market leader in water treatment, recorded a decrease in earnings in the third quarter, while revenue increased only slightly. Strong cash flow from operating activities led to a significant reduction in net debt.
"The third quarter has led us into rough waters; balance sheet and cash flow demonstrate that BWT is a solid ship. We can introduce a couple of unique innovations to our customers and will emerge much stronger out of this environment. In the group as well as in our market, water technology for households and businesses, opportunities arise for long term sustainable success," says Andreas Weissenbacher, CEO of the BWT Group.
In the first three quarters of 2008, the BWT Group grew its consolidated revenue by 7.7% from EUR 289.3 million to EUR 311.6 million. The growth rate fell in the third quarter while revenue grew by 1.9%.
BWT lifted its revenue in the Point-of-Entry business by 6.4%, while the Point-of-Use products generated an increase in revenue of 42% compared with the same period of the previous year chiefly as a result of the good performance of the BWT-water & more coffee machine filters.
Lower revenue growth, an unfavorable product mix, the absence of extraordinary income as well as start-up costs for the launch of the Point-of-Use program negatively impacted the BWT Group´s earnings, particularly in Q3 2008. At EUR 5.0 million, EBIT for Q3 was down 36.5% year-on-year (EUR 7.8 million); total EBIT was EUR 25.8 million, representing a dip of 9.5% as against the previous year´s figure of EUR 28.6 million.
After nine months, EBT amounted to EUR 25.2 million; compared with the previous year´s figure of EUR 28.7 million, this represents a drop of 12.4%. After the first three quarters the BWT Group generated net profit for the period after minority interests of EUR 18.6 million compared with EUR 20.1 million in the previous year. Earnings per share were EUR 1.04 against EUR 1.13 in the comparable period of the previous year.
Outlook
The performance in Q3, the difficult economic climate in major markets and continued consistent implementation of growth initiatives in the Point-of-Use business give the BWT Management Board cause to lower its revenue and earnings forecast for 2008. In line with the most recent assessment for the 2008 fiscal year, we anticipate consolidated revenue growth of 3% (previous year: EUR 397 million) and consolidated net profit for the period of over EUR 20 million (previous year: EUR 26 million).
During the current share buyback program a total of close to 300,000 own shares were bought back with a value of roughly EUR 5 million. Effective today, the price range is increased to EUR1 to EUR99 according to the resolution of the Annual General Meeting due to the persistent market volatility. Further information can be obtained from the BWT homepage www.bwt-group.com.
end of announcement euro adhoc
Further inquiry note:
BWT Aktiengesellschaft
Mag. Ralf Burchert
ralf.burchert@bwt.at
Tel.: 06232/5011-1113
Branche: Water Supply
ISIN: AT0000737705
WKN: 884042
Index: ATX Prime
Börsen: Wiener Börse AG / official market