euro adhoc: BWT Aktiengesellschaft
Financial Figures/Balance Sheet
Strong
Growth in First Three Quarters
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
17.11.2006
Sales +12.2% to EUR 262.8 million EBIT +20.2% to EUR 25.7 million
With sales growth of 19.0% and a 70.2% year-on-year improvement in EBIT, BWT - Best Water Technology Group - has also continued its growth course in the third quarter. Andreas Weissenbacher, CEO: "Thanks to our strategic re-positioning and healthy market conditions we managed to grow significantly and accelerate our expansion strategy in the Point-of-Use water treatment technology by taking over the "ANNA" water pitcher business."
In the first nine months of 2006, the BWT Group generated consolidated sales of EUR262.8 million and thus exceeded the comparable figure of last year (without the division AST spun-off in November 2005) by 12.2%.
Sales (EUR million) 1 - 9/2006 1 - 9/2005 + / - % Austria/Germany 109.810 97.323 +12.8% France/Benelux 66.535 63.888 +4.1% Scandinavia 31.232 26.994 +15.7% Italy/Spain 23.549 21.792 +8.1% Switzerland/Others 31.637 24.282 +30.3% BWT Group 262.763 234.279 +12.2% Aqua Systems Tech. (AST) *) - 127.621 - *) Spun-off on October 31, 2005 and listed on the Vienna Stock Exchange as an independent company group as "CHRIST WATER TECHNOLOGY" The growth of 12.8% cumulated or 22.6% in the third quarter in the Austria/Germany segment is characterized by a strong residential and services business as well as internationalization. Sales in the France/Benelux segment increased over the third quarter by 9.3%, cumulated 4.1%. With growth rates of 16.5% in the third quarter and 15.7% on a cumulative basis, the HOH Group, which is responsible for the Scandinavian market, continued to shine, with key contributions from HOH Water Technology in Denmark and HOH Birger Christensen in Norway. The Italian and Spanish subsidiaries of the BWT Group generated growth of 6.7% in the third quarter and 8.1% in the first nine months. BWTs activities in Switzerland, Eastern Europe and outside Europe included in the Switzerland/Others segment made an above-average contribution to growth, increasing their sales by 39.5% in the third quarter and 30.3% on a cumulative basis. Sales in Central and Eastern Europe increased in the first nine months by 53.7% reaching 7.0% of sales. Fumatech GmbH, included in the Austria/Germany business segment, is a worldwide leading supplier of special membranes, concentrating primarily on the development, manufacture and sale of proton exchange membranes for fuel cells, the energy converter of the 21st century. Sales more than tripled from EUR0.5 million to EUR1.6 million in the first nine months a result of demand for perfluorinated and hydrocarbon-based membranes for low-temperature fuel cells. The servicing and spare parts business in the first nine months totaled EUR53.5 million (20.4% of consolidated sales, PY: EUR48.0 million). In the first nine months of 2006, EBIT (earnings from operating activities) for the BWT Group increased by 20.2% from EUR21.4 million (without AST) to EUR25.7 million. The EBIT margin was 9.8% of sales. In the third quarter EBIT of EUR7.3 million was generated, a significant increase of 70.2% over the previous years figure of EUR4.3 million (without AST). This pleasing development was primarily due to Scandinavia where the HOH Group increased EBIT from EUR1.2 million to EUR4.4 million (14.1% of sales) after three quarters. This earnings improvement. is a result of the successful reorganization of the HOH Group. The continuing decline of EBIT in Austria/Germany and France/Benelux despite a good third quarter was attributable to rising raw material costs, and, in France/Benelux, moderate sales growth. Italy/Spain reported enduring positive earnings. As a result of the above-average sales increase, the earnings situation in Switzerland and Central and Eastern Europe has also improved significantly. EBIT (EUR million) 1 - 9/2006 1 - 9/2005 + / - % Austria/Germany 8.983 9.021 -0.4% France / Benelux 5.232 5.493 -4.8% Scandinavia 4.392 1.219 +260.3% Italy/Spain 3.989 3.450 +15.6% Switzerland/Others 3.084 2.176 +41.7% BWT Group 25.680 21.359 +20.2% Aqua Systems Tech. (AST) *) - 1.452 - *) Spun-off on October 31, 2005 and launched on the Vienna Stock Exchange as an independent company group as "CHRIST WATER TECHNOLOGY" Earnings before taxes increased by 17.5% to EUR25.1 million. The consolidated tax rate amounted to 27.5% (PY: 27.6%), the net profit increased to EUR18.2 million or 6.9% of sales (PY without AST: EUR15.5 million). At EUR1.01, earnings per share amounted to more than EUR1.0 for the first time after nine months, 14.5% higher than in the first nine months of the previous year (EUR0.88 incl. AST). Net debt fell significantly compared with year-end 2005 from EUR36.3 million to EUR22.0 million and thus the gearing to 20.8% (December 31, 2005: 38.9%). The Groups equity ratio improved to 40.4% compared to 37.7% at the end of the previous year. Outlook The spin-off of the customer-specific industrial and municipal water treatment technology business a year ago and BWT refocusing clearly on water treatment with serial-produced products at the Point-of-Entry and the Point-of-Use involves above average growth for BWT. The expansion of the Groups market-leading role in Europe and its international presence, particularly in Eastern Europe and Asia, are further objectives of BWT. Dynamically building and increasing the awareness of the "BWT" brand in the mass market is on the management agenda. In this connection, BWT recently announced the takeover of the water pitcher business of company "ANNA", which operates internationally. Thus one of the leading suppliers was obtained in an attractive growth market and the presence in the point-of-use-segment significantly increased. By reducing chlorine, organic impurities, heavy metals and nitrates, ANNA filters ensure optimal enjoyment of water, tea, coffee and cold drinks. Moreover, a new innovative "water+more" branded filter programme for use in coffee machines will soon be globally launched.
Based on the results obtained in the ongoing fiscal year to date, the Management Board expects to report consolidated Group sales of more than EUR340 million and an annual net profit of more than EUR20 million.
end of announcement euro adhoc 17.11.2006 07:30:00
Further inquiry note:
BWT Aktiengesellschaft
Ralf Burchert, CEFA
ralf.burchert@bwt.at
Tel.: +43 (0)6232/5010-1113
Branche: Water Supply
ISIN: AT0000737705
WKN: 884042
Index: ATX Prime
Börsen: Wiener Börse AG / official market