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Boewe Systec AG 

The Group's principal activities are developing, manufacturing, marketing, installing and maintaining of paper management systems. The Group manufactures cutting and inserting systems for proper paper management, postal sorting equipment, scanners and provides financing arrangements in the form of lease agreements. The customers of the Group include telecommunication firms, insurance companies, trading and mail order companies. The Group has operations in Europe, North America and Asia

April 30, 2010: Press Release

BWE Group reports its figures for the 2009 fiscal year

Augsburg, April 30, 2010 

The continuing reluctance to invest was the characterizing feature of the 2009 financial year in the BWE SYSTEC Group. The comprehensive restructuring measures and a group-wide programme aimed at increasing efficiencies had a significant impact on the business key indicator for 2009. The group sales reached EUR 367.1 million with an EBITDA of EUR 25.2 million or 6.9% of sales (after adjustment for provisions for restructuring in the sum of EUR 10.7 million). 

Changes in the consolidated companies arose during the financial year just past as a result of the deconsolidation of the Scanner Division based in the USA. Proceeds from sales made a significant contribution towards the reduction in financial liabilities in the USA. The targeted sale of the subsidiary BWE CARDTEC is included in the consolidated annual financial statements by the company being shown as a discontinued area of business.

Difficult 2009 financial year

In the financial year just past the companies of the BWE Group throughout the world were faced with the continuing reticence on the part of the capital goods industry to invest. In this context the backlog in demand was not only concentrated on the insurances and banking customer segment, a key segment for BWE SYSTEC and one which was hit particularly hard by the financial crisis.

Group sales of the BWE Group fell by 13.5% compared with the previous year to EUR 367.1 million as a result of the economic situation. As in the previous financial year the North America Region accounted for more than 60% of group sales. At EUR 224.7 million sales of the subsidiaries operating on the North American market were down by nearly 16% compared with the previous yea.

Once again the service business, which is essentially immune to economic cycles, showed itself to be an overall stabilizing element. Whilst product sales of the BWE Group fell by approx. 20% compared with the previous year, sales from the service business remained essentially constant, representing a 52% share of the total group sales.

The EBITDA going concerns in the 2009 financial year, before provisions for restructuring in the sum of EUR 10.7 million, totaled EUR 25.2 million as against EUR 26.1 million in the previous year. The gross sales margin in the product business fell as a result of a reduced level of capacity utilization. The margin in the services business remained constant at the same level as the previous year. Other operating income came in at EUR 14.1 million (previous year EUR 6.3 million) and essentially comprises the income arising from the loan repayment below nominal value. Other operating expenses reported a rise of EUR 11.1 million to EUR 24.2 million primarily as a result of one-off costs in the form of provisions for restructuring. These expenses mainly relate to costs for a reduction in personnel numbers as well as consulting and banking fees incurred through the restructuring. Total sales, administration and research and development costs were reduced by approx. EUR 17.3 million, or 13.7%, to EUR 109.4 million (previous year EUR 126.7 million). This enabled the Group to adjust the development of overheads in line with the reduction in sales. 

As a result of these changes the (adjusted) EBITDA return on sales improved to 6.9% as against 6.2% in the previous year. Group earnings before interest and taxes (EBIT) showed a loss of EUR 6.7 million compared with a negative EBIT of EUR 23.2 million in the previous year.

The result after taxes from going concerns totaled EUR -25.4 million (previous year EUR -54.3 million). After allowing for the result from the discontinued areas of business this produced a net deficit for the year of EUR -38.8 million (previous year EUR -60.0 million). 

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