-- Sales at 225.6 million euros markedly up on the previous year's
level (+ 14 %)
-- First half-year net result improved to -2.4 million euros
-- 2nd quarter: positive net result of 0.6 million euros
-- Forecast result for the full year 2006 unchanged at more than 20
million euros
AUGSBURG, Germany, August 9, 2006 (PRIMEZONE) -- The BOWE SYSTEC Group continued its growth path in the second quarter 2006. With group sales recording double-figure growth rates and accumulated order intakes retained at the same high level, BOWE SYSTEC expects to reach the ambitious targets it has set itself.
2nd quarter
During the months April to June 2006 group sales and order intakes of the BWWE Group totaled 116.1 million euros respectively. As such, group sales rose by 12% compared with the second quarter in the previous year, whilst order intakes were down by 11%. The order backlog as of end June 2006 totaled 97.8 million euros and therefore remained virtually unchanged against the order backlog of 97.9 million euros as of the end of the first quarter this year. The order backlog as of end June was approx. 15% lower by comparison with the previous year. Changes in currency exchange rates reduced the order backlog as at the quarter end by 4.2 million euros.
During the same period the earnings before interest, tax, depreciation and amortization (EBITDA) showed a very pleasing trend, increasing from 4.7 million euros in the second quarter 2005 to 10.5 million euros in the quarter covered by the report. The BOWE Group group achieved a positive net result for the quarter, posting a figure of 0.6 million euros compared with a loss of 1.3 million euros for the corresponding period in the previous year.
1st half-year
Sales of the BOWE Group for the whole of the first half-year reached 225.6 million euros, consequently 27.1 million euros or approx. 14% above the figure for the first half-year 2005. Changes in currency exchange rates produced an increase of 6.9 million euros or around 4%. The order intakes generated by the BOWE SYSTEC Group in the first half-year 2006 totaled 227.8 million euros and were thus at the same level achieved in the first six months of the previous year (227.7 million euros). Currency exchange rates had a positive effect on the development of the order intakes in the sum of 2.6 million euros. BOWE SYSTEC posted an increase of 64% in the half-year result before interest, tax, depreciation and amortization (EBITDA), disproportionately above the growth in sales, to 16.4 million euros. The net loss recorded in the previous year was improved by 1.3 million euros to -2.4 million euros.
Based on the present order backlog which, by comparison with the previous year, contains a higher proportion of orders that will contribute to sales in the current year and based on the existing currency exchange rates, the Board continues to expect annual sales of approx. 490 million euros for the full year 2006. The forecast net result also remains unchanged at more than 20 million euros.
Quarterly financial statement Second Quarter First Half Year according to IFRS Financial Year 2006 2005 2006 2005 -------------- ---- ---- ---- ---- Order intake (Million EUR) 116.1 130.7 227.8 227.7 Order backlog (Million EUR) -- -- 97.8 114.8 Sales (Million EUR) 116.1 103.6 225.6 198.5 EBITDA (Million EUR) 10.5 4.7 16.4 10.0 EBIT (Million EUR) 5.6 0.9 7.0 2.0 EBT (Million EUR) 0.8 -0.7 -1.9 -1.9 Net results (Million EUR) 0.6 -1.3 -2.4 -3.7 EPS (EUR) 0.09 -0.19 -0.37 -0.56 Employees (June 30th) -- -- 3,638 3,567
The complete interim report can be downloaded via the link here below. It can also be found on http://www.boewe-systec.de or can be requested by calling Tel. +49(0)821 / 5702-365.
BOWE SYSTEC AG The Board
Financial Calendar 2006:
Aug 14 Road Show in Zurich Nov 14 Interim report as of September 30, 2006