The Group's principal
activities are developing, manufacturing, marketing, installing and
of paper management systems. The Group manufactures cutting and
systems for proper paper management, postal sorting equipment, scanners
and provides financing arrangements in the form of lease agreements.
customers of the Group include telecommunication firms, insurance
trading and mail order companies. The Group has operations in Europe,
America and Asia
30, 2010: Press Release
Group reports its figures for the 2009 fiscal year
April 30, 2010
continuing reluctance to invest was the characterizing feature of the
financial year in the BÖWE SYSTEC Group. The comprehensive
measures and a group-wide programme aimed at increasing efficiencies
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
of sales (after adjustment for provisions for restructuring in the sum
of EUR 10.7 million).
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
in financial liabilities in the USA. The targeted sale of the
BÖWE CARDTEC is included in the consolidated annual financial
by the company being shown as a discontinued area of business.
2009 financial year
financial year just past the companies of the BÖWE Group throughout
the world were faced with the continuing reticence on the part of the
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 BÖWE SYSTEC and one which was hit particularly hard by
the financial crisis.
sales of the BÖWE 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
financial year the North America Region accounted for more than 60% of
group sales. At EUR 224.7 million sales of the subsidiaries operating
the North American market were down by nearly 16% compared with the
again the service business, which is essentially immune to economic
showed itself to be an overall stabilizing element. Whilst product
of the BÖWE Group fell by approx. 20% compared with the previous year,
sales from the service business remained essentially constant,
a 52% share of the total group sales.
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
in the product business fell as a result of a reduced level of capacity
utilization. The margin in the services business remained constant at
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
expenses reported a rise of EUR 11.1 million to EUR 24.2 million
as a result of one-off costs in the form of provisions for
These expenses mainly relate to costs for a reduction in personnel
as well as consulting and banking fees incurred through the
Total sales, administration and research and development costs were
by approx. EUR 17.3 million, or 13.7%, to EUR 109.4 million (previous
EUR 126.7 million). This enabled the Group to adjust the development of
overheads in line with the reduction in sales.
a result of these changes the (adjusted) EBITDA return on sales
to 6.9% as against 6.2% in the previous year. Group earnings before
and taxes (EBIT) showed a loss of EUR 6.7 million compared with a
EBIT of EUR 23.2 million in the previous year.
result after taxes from going concerns totaled EUR -25.4 million
year EUR -54.3 million). After allowing for the result from the
areas of business this produced a net deficit for the year of EUR -38.8
million (previous year EUR -60.0 million).