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BÖWE SYSTEC AG (OJ:BSY) Corporate news announcement processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
- Order intake for the first nine months 2008 up on the previous year - Consolidated sales for the first nine months 1% below the previous year due to exchange rate effects - EBIT improved by 10% to EUR 14.4 million - Positive net earnings of EUR 3.2 million in the first nine months compared with a net loss in the previous year - Earnings forecast for the full year 2008 adjusted to meet the economic conditions Against the background of turbulent economic conditions BÖWE SYSTEC posted a satisfactory performance in the first three quarters of 2008. In view of the negative impact on the global economy caused by the US financial crisis on the one side and clear, negative influences resulting from changes in exchange rates on the other side, the BÖWE Group achieved pleasing increases in its order intake and earnings in the first nine months of the current fiscal year and a level of sales that remained virtually constant. The key factors which influenced the corporate figures in this context included the development of the US dollar exchange rate against the Euro as well as the full consolidation of the Lasermax Roll Systems sub-group throughout the current fiscal year.
9 months In the first nine months of the current fiscal year the BÖWE Group posted order intakes of EUR 337.5 million, thereby exceeding the volume in the corresponding period of the previous year by EUR 11.9 million or approx. 4%. In this context negative exchange rate effects in the sum of EUR 20.3 million were offset by additional order intakes in the sum of EUR 21.9 million arising from the full consolidation of the Lasermax Roll Systems sub-group. With the 4% rise in order intakes the BÖWE Group outperformed partner companies in the printing industry, some of whom reported sharp falls in orders over the same period.
In the first nine months of the current fiscal year the BÖWE Group posted sales of EUR 321.3 million compared with EUR 324.9 million for the same period in the previous year. The Group succeeded in almost entirely offsetting the negative exchange rate effects in the sum of EUR 25.3 million through the full inclusion of Lasermax Roll Systems in the consolidated financial statements for the current fiscal year (EUR 18.6 million). After adjustment for exchange rate and consolidation effects sales increased by EUR 10.3 million or approx. 3 % as against the previous year.
Lower overheads and lower depreciation led to an increase in earnings before interest and taxes (EBIT) as against the previous year. Compared with EUR 13.1 million in the first three quarters of 2007 the Group EBIT rose by 10% to EUR 14.4 million.
In the period under review the Group posted a net profit of EUR 3.2 million, compared with a loss of EUR -0.8 million in the period January to September 2007.
3rd quarter At EUR 112.2 million the order intakes for the third quarter 2008, were only just below the level of the previous year (EUR 113.7 million).
The BÖWE Group achieved sales of EUR 111.1 million in the third quarter, slightly up on the previous year's figure. In this context exchange rate effects reduced sales for the quarter by close to 7%.
The EBIT for the third quarter by contrast was down by EUR 2.6 million to EUR 4.3 million. Other operating income for the previous year included one-off earnings in the sum of EUR 1.5 million resulting from the change in the market value of the purchase options for Lasermax Roll Systems. In addition, other operating earnings in the previous year included exchange rate gains as against exchange rate expenses in the current fiscal year. Net earnings for the third quarter fell from EUR 1.7 million to EUR 1.0 million.
Outlook BÖWE SYSTEC expects to be particularly affected by the consequences of the heightening financial crisis and its impact on the real economy in the last quarter of the current fiscal year. Up to now the forecast for the current calendar year has been consolidated sales of EUR 480 million and anticipated operating earnings above the figure for the previous year. After taking account of the current conditions we no longer consider these targets to be achievable from the current viewpoint. According to the latest assessment by the Management Board the figures for consolidated sales and earnings of the BÖWE Group will be the same as or below those of the previous year.
BÖWE SYSTEC AG Investor Relations Werner-von-Siemens-Str. 1 Augsburg
WKN: 523970 ; ISIN: DE0005239701; Index: CDAX, CLASSIC All Share, Prime All Share; Listed: Amtlicher Markt in Bayerische Börse München, Freiverkehr in Börse Berlin, Freiverkehr in Börse Stuttgart, Freiverkehr in Börse Düsseldorf, Prime Standard in Frankfurter Wertpapierbörse, Amtlicher Markt in Frankfurter Wertpapierbörse;
