- Sales increased to 109.5 million Euro (+14.6 million Euro) - Order intake at 111.7 million Euro significantly up on previous year (+14.7 million Euro) - Net earnings negative as in prior year at -3.0 million Euro - Net result forecast for the year 2006 remains unchanged at more than 20 million Euro
AUGSBURG, Germany, May 16, 2006 (PRIMEZONE) -- The BOWE Group maintained its growth path in the first quarter 2006. Organic growth led to an increase in the group figures for sales, order intakes and order backlogs. In this context BOWE SYSTEC also benefited from an advantageous trend in exchange rates.
In the first quarter 2006 the BOWE Group posted consolidated sales of 109.5 million Euros. By comparison with the previous year BOWE SYSTEC achieved an increase of approx. 15% or 14.6 million Euros. Orders acquired in the same period amounted to EUR 111.7 million and were therefore up around 14.7 million Euros or 15% on the prior year. Exchange rate effects contributed 11.6 million Euros.
The order backlog of the BOWE SYSTEC Group as at March 31, 2006 totaled 97.9 million Euros and was therefore 10.1 million Euros above the order volume as at the end of the first quarter 2005 in the sum of 87.8 million Euros. Currency effects resulted in an increase of 5.1 million Euros.
As a result of the marked increase in consolidated sales the BOWE Group also succeeded in improving its operating earnings by comparison with the same quarter in the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA), at 5.9 million Euros, showed an increase of 11% compared with the consolidated EBITDA for the first three months of 2005 (5.3 million Euros). The Group reported a disproportionately higher increase in earnings before interest and taxes (EBIT) compared with the rise in sales. At 1.4 million Euros the figure exceeded the quarterly earnings in the previous year by around 27%.
The acquisition of the remaining shares in BOWE BELL + HOWELL in the last quarter of 2005 produced a sharp rise in interest costs. As a result of the higher interest charge earnings before taxes fell from -1.2 million Euros in the first quarter 2005 to -2.7 million Euros in the period covered by this report. As a result of reduced tax costs that fell from -1.2 million Euros to -0.3 million Euros, the net result by contrast only decreased by 0.6 million Euros to -3.0 million Euros.
Earnings per share weakened from -0.37 Euro in the first three months 2005 to -0.46 Euro in the first quarter 2006.
On the basis of the existing order backlog, the current trend in orders and consistent exchange rates the Management Board anticipates annual sales of approx. 490 million Euros for the full year 2006. Net earnings are forecast to rise above the result for the previous year to more than 20 million Euros.
Quarterly financial statement according IFRS First Quarter Financial Year 2006 2005 -------------- ---- ---- Order intake (Million EUR) 111.7 97.0 Order backlog (Million EUR) 97.9 87.8 Sales (Million EUR) 109.5 94.9 EBITDA (Million EUR) 5.9 5.3 EBIT (Million EUR) 1.4 1.1 EBT (Million EUR) -2.7 -1.2 Net results (Million EUR) -3.0 -2.4 EPS (EUR) -0.46 -0.37 Employees (March 31st) 3,614 3,574
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.
BOWE SYSTEC PR Q1/2006:
http://hugin.info/130395/R/1051336/174220.pdf
BOWE SYSTEC AG The Board
Financial Calendar 2006:
May 23 Munich Investment Forum Jun 1 Annual Shareholders' Meeting, Augsburg Jun 2 Dividend payment Aug 10 Interim report as of June 30, 2006 Nov 14 Interim report as of September 30, 2006