„The first half-year was generally marked by a weakening economy in Europa whereas we grew revenues by almost 5% and proceeded with our large investment programme“, says Andreas Weissenbacher, CEO of the BWT Group, about the results after the first six months 2012.
Consolidated revenues rose from €243.5 million by 3.4% to €251.7 million. On a like-for-like basis (excluding Zeta sold last year), revenues increased by 4.9%. Point of Use products posted revenue growth of 20.1%, increasing their share in consolidated revenues to 8.2% (previous year: 7.0%). The higher advertising expenses for the establishment of the “BWT” brand as the leading international “water brand” and increased personnel expenses, primarily in connection with the expansion of Point of Use business, compensated the higher gross margin from the revenues growth. In the first half of the year, EBIT declined by 0.5% from €17.0 million to €16.9 million. The EBIT margin was 6.7% of revenues.
Consolidated net earnings after minority interests were €7.1 million in the second quarter, only slightly less than the previous year’s figure of €7.2 million. Cumulated after six months, €11.5 million was achieved as against €10.8 million in the previous year. As of 30 June 2012, earnings per share were €0.68, 7.1% higher than in the previous year, when €0.64 per share was generated.
As at 30 June 2012, the BWT Group’s balance sheet shows equity of €169.3 million, i.e. 48.2% of the balance sheet total. Despite the high level of investing activities, the BWT Group’s net debt increased only slightly from €26.1 million in June of the previous year to €27.5 million, while gearing (net financial liabilities to equity ratio) has remained the same at 16.2%.
On the basis of the current economic environment and the results in the first half of the year, the BWT Group’s target remains to increase consolidated revenues to €500 million in 2012 and to achieve the previous year's consolidated earnings of approximately €14 million again.
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