euro adhoc: BWT Aktiengesellschaft
Financial Figures/Balance Sheet
BWT 2005:
Strategic refocusing started with growth of EBIT (+9.8%) and net income (+12.6%)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
08.03.2006
CHRIST WATER TECHNOLOGY AG and its subsidiaries were deconsolidated on October 31, 2005 in accordance with international accounting regulations. This means that the "AST - Aqua Systems Technology" segment and its results are included in the consolidated profit and loss account as at October 31, 2005.
Consolidated BWT Group sales containing only ten months of AST totaled EUR463.5 million in the 2005 financial year, 5% below the previous years figure of EUR488.1 million.
Segment (figures excluding internal sales) 2005 2004 +/- % Aqua Ecolife Technologies (AET) 315.0 312.1 +0.9% Aqua Systems Technologies (AST) *) 147.3 173.2 -15.0% Fuel Cell Membrane Technologies (FCMT) 1.2 2.8 -57.1% Total 463.5 488.1 -5.0% *) Note: 2005 only January to October
The sales decline is attributed to the absence of sales in the "AST" - Aqua Systems Technologies segment for the final two months of the 2005 financial year following the spin-off of this segment. Consequently, sales in the AST segment declined by 15% year-on-year from EUR173.2 million to EUR147.3 million. The moderate growth in the AET segment is due primarily to the decline in sales in France where a reduction of 3.3% was posted in 2005 after several years of above-average growth. The servicing and spare parts business made an above-average contribution to the sales performance in 2005: with almost EUR65 million (+8.9% against 2004), 20.5% of AET sales were generated in this area, against 18.7% the previous year.
EBIT and consolidated earnings increased
In spite of the results of the AST segment, which was only consolidated for ten months, earnings from operating activity (EBIT) and consolidated earnings after minority interests both performed positively in the 2005 financial year as compared with 2004. EBIT increased by 9.8% from EUR24.6 million to EUR27.0 million and consolidated earnings improved by 12.6% from EUR16.8 million to EUR19.0 million despite the non-inclusion of the high-yielding months of November and December in the AST segment.
EBIT broke down by segment as follows:
Segment 2005 2004 +/- % Aqua Ecolife Technologies (AET) 26.3 30.8 -14.6% Aqua Systems Technologies (AST) 1.3 -5.5 X Fuel Cell Membrane Technologies (FCMT) -0.7 -0.7 +0.0% Aqua Finance (AFI) 0.1 0.0 X Total 27.0 24.6 +9.8%
The weaker earnings in the AET segment were the result of declining sales in France accompanied by capacity reduction in servicing and extra costs associated with the spin-off of the AST segment (approx. EUR1.0 million)
Healthy balance sheet structure - increased dividend
As a result of the positive cash flow and the spin-off of CHRIST, the net debt of the BWT Group has decreased from EUR74.7 million at year-end 2004 to EUR36.3 million on December 31, 2005. Consequently, gearing (net debt in relation to equity) improved from 53.9% to 37.9%.
The Management Board is planning to propose to the Annual General Meeting that the dividend be increased to EUR0.30 per share (PY: EUR0.27).
Outlook
Following the spin-off of the "AST - Aqua Systems Technologies" segment, the BWT - Best Water Technology - Group is to concentrate in future on developing, producing, marketing and servicing series products for water treatment under the slogan "Safety, hygiene and health - BWT water technologies for a better life". BWTs management has declared its goals to be geographical expansion with increased growth beyond the European Union (primarily in the growth markets of Eastern Europe and Asia) as well as the expansion of the product range.
The robust balance sheet situation and a strong cash flow form the basis for implementation of these goals. An above-average sales and earnings increase in the AET - Aqua Ecolife Technologies segment is expected to be achieved, particularly in the second half of 2006. For the 2006 financial year as a whole, the BWT Group can look forward to sales of EUR330 million and consolidated earnings in excess of EUR20 million following the spin-off of the AST - Aqua Systems Technologies segment.
end of announcement euro adhoc 08.03.2006 08:05:04
Further inquiry note:
BWT AG, A-5310 Mondsee, Walter-Simmer-Str. 4
Andreas Weißenbacher, CEO
Tel. +43 6232 5011 1111
Gerhard Speigner, CFO
Tel. +43 6232 5011 1112
Ralf Burchert, CEFA, Investor Relations & Corporate Communications
Tel. +43 6232 5011 1113, Fax +43 (0)6232 5011 1109,
E-Mail: ralf.burchert@bwt.at
Branche: Water Supply
ISIN: AT0000737705
WKN: 884042
Index: ATX Prime
Börsen: Wiener Börse AG / official market
Original content of: BWT AG, transmitted by news aktuell