BWT Interim report 3/2014
BWT announces results for the third quarter of 2014
Revenues: €384.4 million (-0.2%)
EBIT: €17.3 million (-10.7%)
Consolidated net earnings (before minority interests): €9.2 million (-16.0%)
In the first three quarters of 2014, the BWT Group’s consolidated revenues dipped by 0.2%, from €385.3 million to €384.4 million. With a comparable Group structure, consolidated revenues as at the end of September were up 5.9% on the previous year’s level. The Point of Use business posted cumulative growth in revenues of 16.4% and its share of the Group’s consolidated revenues came to 10.9% (previous year: 9.4%).
In the first three quarters of 2014, the earnings situation of the BWT Group was characterised by higher advertising expenditure and guarantees as well as increased asset depreciation. EBIT decreased by 10.7%, from €19.3 million to €17.3 million, and consolidated net earnings before minority interests declined by 16.0%, from €10.9 million to €9.2 million.
As at 30 September 2014, the BWT Group’s consolidated balance sheet showed an equity ratio of 46.2% compared with 45.7% in September of last year and 47.9% as at the end of 2013. Gearing (net financial liabilities to equity ratio) stood at 16.9% as at 30 September 2014 compared with 16.2% as at 31 December 2013.
With promissory note loans (Schuldschein loans) totalling €70 million at the start of the fourth quarter, the BWT Group reorganised its financing structure towards longer-term financing. The expansion of production and logistics facilities at the Mondsee site as well as the construction measures related to fuel cell membrane production and pharmaceutical water activities at the Bietigheim-Bissingen site were largely completed in the first three quarters of 2014. The BWT Group’s employee headcount based on full-time equivalents went down year on year from 2,739 employees to 2,587 employees.
For 2014 as a whole, the Management Board still anticipates that the Group will achieve consolidated revenues in the region of €500 million and consolidated net earnings of approximately €10 million, and is planning to propose a dividend of €0.10 per share to next year’s Annual General Meeting (previous year: €0.28). The interim report for the third quarter of 2014 is available on our homepage at "Quaterly reports".