- Sales € 296.9 million (-4.7%)
- EBIT € 24.6 million (-4.7%)
- Net result € 22.2 million (+19.0%)
- Gearing 3.0% (23.8% as of Sept. 30, 2008)
- Equity ratio 52.9% (46.2% as of Sept. 30, 2008)
- New share buyback program
„We bring to account an encouraging third quarter that in some markets brought about stabilisation. However, there is no real sign of relief; but in these times of sustained uncertainty we can give evidence of our reliability and stability as a provider of sustainable water technologies for safety, hygiene and health“, says Andreas Weißenbacher, CEO of the BWT Group about the third quarter results 2009.
From January to September 2009 the BWT Group generated consolidated revenue of € 296.9 million, short of the result of the previous year by 4.7%. However, in the third quarter, a slight increase in revenue was achieved that amounted to € 96.9 million and was higher by 1.1% than in the previous year. The profit situation has improved in the 3rd quarter. The EBIT amounted to € 6.2 million, 24.9% higher than the results of the previous year (€ 5.0 million). Accumulated EBIT of the BWT Group after nine months amounted to € 24.6 million, 4.7% lower than the previous year’s value of € 25.8 million.
The sale of a shareholding in the second quarter of 2009 with a gain of € 4.5 million is the main cause for a better financial result as compared to the previous year. After 9 months, the net result for the period before minority interests amounted to € 22.2 million compared to € 18.6 million in the previous year (+19.0%). In the third quarter the Group’s net result of € 5.4 million has improved even by 55.4% compared to the previous year (€ 3.5 million). Earnings per share came to € 1.27 compared to € 1.04 in the previous year.
Thanks to the lower working capital requirement (primarily inventories and trade receivables), the cash flow from operating activities has risen from € +17.5 million to € +29.0 million. Net debt of the BWT Group is at all-time low, the balance of cash at bank and interest-bearing financial liabilities decreased as compared to 30 September of the previous year from € -33.2 million to € -4.6 million; at the end of the year 2008 it had still amounted to € -25.9 million. Gearing amounted only to 3.0% compared to 23.8% as at the reference date of the previous year and 18.8% as at 31 December 2008.
The equity in the consolidated balance sheet of the BWT Group increased to 52.9% of the balance sheet total and it amounted to 49.0% as at 31 December of the previous year and 46.2% as at 30 September 2008. The number of employees of the BWT Group decreased as compared to the previous year by 58 persons (-2.4%). Compared to 30 September 2008, the number of employees dropped from 2,427 persons to 2,369 persons.
Andreas Weißenbacher: „With net debt reduced close to Zero and solid cash flow as well as good balance sheet after the first three quarters, we are fit for starting the pharma business that is included as of October 1st in the BWT Group – and we welcome 200 new BWT employees.” The takeover of the pharmaceutical business will bring in the 4th quarter of 2009 about € 10 million and from 2010 annually at least € 35 million additional annual revenues. On the basis of the business trend that has developed so far, the Management Board expects for 2009 consolidated revenue of the Group to be roughly € 390 million; due to better income from investments, the consolidated results will slightly exceed the previous year’s value of € 21 million. Further, the Management Board plans another share buyback program.
Overview Quarterly reports