Start of the Point of Use investment programme
Disposal of the zeta Group
Results of the first three months 2011: Sales +3.2 % to € 115.6 million, EBIT -20.2 % to € 6.2 million, net income -33.8 % to € 3.6 million
In the first quarter 2011, consolidated Group sales of BWT grew by 3.2 % from
€ 112.0 million to € 115.6 million. The recent consolidation of the zeta Group in particular had a dampening effect on growth, organic revenues growth for the BWT Group was 6.1 % in Q1.
Effects arising out of zeta, additional marketing expenses and declining earnings in Italy / Spain had their mark on the results in the first quarter of 2011. In the first three months, the BWT Group achieved an EBITDA of € 10.1 million, € 1.2 million (10.9 %) less than last year. EBIT reached € 6.2 million after € 7.8 million in the same quarter of last year, net earnings after minorities were € 3.6 million (-33.8 %) due to a lower financial result and higher tax ratio.
Elevated capital expenditure, the build-up of working capital and the share buyback led to gearing increasing to 18.4 % (last year: 16.5 %), the equity ratio amounted to 46.8 % as at March 31st. Due to the disposal of the zeta Group, the number of employees declined to 2,692 (after 2,820 as at December 31st, 2010).
Andreas Weissenbacher, CEO of the BWT Group, says: “In the first three months, organic growth is in line, the previous revenues target of € 500 million for 2011 is to be revised in light of the disposal of the zeta Group to around € 470 million. Our target for earnings remains at € 1 per share. Since the first quarter, the € 75 million investment programme, the largest in the history of BWT, expanding production, logistics and development capacities in Mondsee is underway. The patented Magnesium Mg2+ technology is the foundation representing a revolutionary milestone in water technology. Advertising activities for the launch of the brand “BWT” with end consumers supporting the promotion of Point of Use devices like coffee machine and table water filters will commence shortly.”
Overview The BWT-Share
Andreas Weißenbacher, (CEO)
Phone: +43 (0)6232 5011 1111
Gerhard Speigner, (CFO)
Phone: +43 (0)6232 5011 1112
Josef Nußdorfer, CEFA, Investor Relations & Communications
Phone: +43 (0)6232 5011 1113, Fax +43 (0)6232 5011 1109,
BWT-AG, A-5310 Mondsee, Walter-Simmer-Str. 4