-- Rise in sales in the first nine months: 44% to EUR 304.0 million
-- EBITDA rises by 82% to EUR 30.2 million in the first nine months
-- Order backlog at record level of EUR 124.8 million
-- Overall forecast for 2005 remains unchanged: Group sales
between EUR 460 and 480 million and results up to over
EUR 17.5 million
AUGSBURG, Germany, Nov. 10, 2005 (PRIMEZONE) -- BOWE SYSTEC continues along the growth path. With new record levels in sales and order intake in the third quarter of the current financial year, the company has succeeded in building on the successful trend of the first half year. As was already the case in the financial statement for the first half year of 2005, the full consolidation of the U.S. company BOWE Bell + Howell at the beginning of the year has led to a further welcome rise in the group value vis-a-vis the previous year. A comparison with the figures for the same period of the previous year is therefore only possible to a limited extent.
3rd quarter
The BOWE SYSTEC Group displayed a clear increase, in particular relating to order intake. At EUR 114.5 million, it was up 51% on the figures for the third quarter of the previous year. A similarly positive development can be reported in the Group's sales and order backlog which rose in the third quarter of 2005 to EUR 104.6 million and EUR 124.8 million respectively. Therefore the relevant prior year figures have been surpassed by around 43% and 91%. The result before interest, taxes and depreciation (EBITDA) for the quarter increased by EUR 5.9 million or 71% to EUR 14.2 million, disproportionately high compared to the increase in sales. As a result of the purchase of further shares in BOWE Bell + Howell, USA, BOWE SYSTEC is currently reporting a high level of interest charges. As a consequence the result after minority interests lay at EUR 2.5 million (previous year EUR 6.0 million).
9 months
Over the entire first nine months of 2005, the order intake of the BOWE SYSTEC Group amounted to EUR 343.1 million (previous year EUR 235.9 million). Among the factors contributing to this increase were initial project successes with postal organizations in Europe. Sales increased by 44% to EUR 304.0 million (previous year EUR 210.8 million). The result before interest, taxes and depreciation (EBITDA) increased by 82% to EUR 30.2 million, disproportionately high compared to the increase in sales. The net result after minority interests which reflects the current burden of interest and taxes, was still negative at EUR -0.2 million.
Outlook
Through the takeover of the majority share, BOWE SYSTEC will fully consolidate the business of the U.S. company from the current financial year onward. The worldwide sales of the BOWE SYSTEC Group will consequently display a clearly double-digit growth rate vis-a-vis 2004. The opening up of the European postal markets to competition permits further the expansion of sales of sorting system products in the European markets too, availing of the BOWE SYSTEC sales and service companies. At the current exchange rates, the forecast for the Group's sales in 2005 remains unchanged at between EUR 460 and EUR 480 million (previous year EUR 309.1 million). In terms of the net income for the year an increase vis-a-vis the 2004 financial year continues to be anticipated.
Quarterly financial statement Third Quarter 9 Months
according German GAAP (HGB)
Financial Year 2005 2004 2005 2004
Order intake (Million EUR) 114.5 76.0 343.1 235.9
Order backlog (Million EUR) -- -- 124.8 65.3
Sales (Million EUR) 104.6 73.2 304.0 210.8
EBITDA (Million EUR) 14.2 8.3 30.2 16.6
EBIT (Million EUR) 7.6 4.1 11.4 4.0
EBT (Million EUR) 4.7 7.5 2.9 4.8
Net results after minority
interests (Million EUR) 2.5 6.0 -0.2 1.9
EPS (EUR) 0.38 0.91 -0.03 0.29
Employees (September 30th) -- -- 3,651 2,618
The complete interim report can be found on http://www.boewe-systec.de or can be requested by calling Tel. +49(0)821 / 5702-365.