AUGSBURG, Germany, Oct. 29, 2002 (PRIMEZONE) -- This is the first time in eight years that a nine-month report put out by BOEWE SYSTEC (Other OTC:BOEWF) (WKN 523 970) has shown a decline in sales and earnings compared to the previous business year. Against the backdrop of continuing global restraint with regard to investments the European market leader showed sales in high-performance enveloping systems for the first three quarters of business year 2002 amounting to EUR 137.7 million as opposed to EUR 148.2 million last year. There was a decline in operative earnings before interest and depreciation (EBITDA) parallel to the decline shown in sales, amounting to EUR 17.3 million as compared to EUR 18.5 million last year. Earnings on ordinary activities for the same period amounted to EUR 9.4 million as compared to EUR 11.1 million in the first nine months of business year 2001.
As one of the world's most innovative companies in the paper management sector BOEWE SYSTEC sees itself as a technology leader, something reflected not least of all in the consistent progress it has made in product development. In the current business year this includes an improvement in performance of the Turboplus - the group's fastest and most productive system - to a level of 22,000 insertions per hour. The acquisition of a majority stake in Protechno Card GmbH, Paderborn, a specialist in the personalization of plastic cards, was designed to help strengthen the group's leading position with regard to technology. In view of the current general economic situation and the continued lack of signs of economic recovery effective in 2002 group management expect that sales and earnings at the end of the business year will be below last year's figures.
9 months
Business year 2002 2001 2000
Order intake (million EUR) 137.4 152.0 158.3
Sales (million EUR) 137.7 148.2 145.2
EBITDA (million EUR) 17.3 18.5 16.7
EBIT (million EUR) 11.1 13.6 13.0
EBT (million EUR) 9.4 11.1 10.2
EPS (EUR) 0.98 1.22 1.14
Employees 1,871 1,839 1,82
Please find attached the detailed interim report: http://reports.huginonline.com/879020/109461.pdf
Other dates: November 14, 2002: Analysts' conference in Paris December 04, 2002: GMCC in Frankfurt am Main
BOEWE SYSTEC AG The Board