Bremer Woll-Kämmerei AG
Bremer Woll-Kämmerei AG english
Interim report on the business year 2002
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Interim report on the business year 2002
Dear Shareholder,
The Board of Management herewith informs you that in spite of the decline in the
economic environment compared to 2001, BWK this year achieved a positive result
. According to IAS, the BWK Group closes the year with a result of EUR + 2.2
million (2001: EUR + 2.4 million).
The overall unsatisfactory performance was brought about by the poor global
economic environment, high raw wool prices and weak demand for wool textiles in
conjunction with severe competition in the world-wide combing sector. Proceeds
from non recurring items came from the sale of excess land of the combing plant
in Bremen that is no longer required for our business operations.
The inadequate income from the combing plants had a negative impact on the
operating result, triggered by high wool prices, the resulting a lower demand
for wool top and by world-wide overcapacity. During this period BWK has focussed
on reducing the cost of production and increasing efficiencies across the
group.
Our world-wide trading arm BWK Elders achieved a very satisfactory result. The
wholly-owned subsidiary of BWK AG, the New Zealand wool trading company
J.S.Brooksbank & Co Ltd., Wellington, New Zealand, achieved one of the best
results ever. The man-made fibres division of the combing plant in Bremen
benefited from the high wool prices and the extensive product range produced by
the Group. Here it was possible to maintain the previous year’s positive result.
The contract with the city of Bremen concerning the sale of real estate that is
not required for our business operations was concluded at the end of 2002. This
was a decisive first step in restructuring the combing plant in Bremen and it is
planned that the first part of the restructure is to be completed towards the
end of the year 2003.
Bremen, February 2003, The Board of Management
Please address any queries to: Tel: 0421/60 91-304 Mr. Günther Beier, otherwise
0421/60 91-205 Mr. Thomas Bolte
end of ad-hoc-announcement (c)DGAP 12.02.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Interim report on the business year 2002
In order to deliver efficiency to the effluent treatment operations of BWK AG
the company decided to buy back with effect from the 1st of January 2003 the 50%
shareholding in BREWA Umwelt-Service GmbH, Bremen, that until now have been
held by Rethmann Wasserwirtschaft GmbH & Co. KG, Selm. BWK AG now owns 100% of
the operation and will enjoy immediate benefit in its cost of treating plant
effluent.
In view of the uncertain economic situation, the ongoing combing plant
overcapacity world-wide and a decline in Australian raw wool production, we
expect a very difficult year in 2003. However, through the co-operation with our
partner Elders, and the benefits of their substantial wool gathering network in
Australia and with the restructuring of the combing plant in Bremen, BWK Group
will have gone a long way towards achieving increased market share and value for
our shareholders.
The annual financial statements of the BWK Group and of BWK AG will be formally
adopted at the meeting of the Supervisory Board in mid-April 2003. The balance
sheet press conference is scheduled for the 7th of May 2003 in the Chamber of
Commerce in Bremen; the Annual General Meeting of the shareholders will be held
on the 4th of July 2003 in the congress hall of the hotel “Strandlust” in
Bremen-Vegesack.
Board of Management of Bremer Woll-Kämmerei AG: Günther Beier (Chairman), Les
Wozniczka, Leigh Schmitt
BREMER WOLL-KÄMMEREI AG, Landrat-Christians-Straße 95,D-28779 Bremen, Tel.:
+49(0)421/6091-0, Fax: +49(0)421/6091-600
e-mail: info@bwk-bremen.de, internet: http:// www.bwk-bremen.de
Key Data BWK Group
Profit and Loss Account prelimenary 12 months ended
TEuro 31.12.2002 TEuro 31.12.2001
Sales revenues* 127 871 188 241
Of which European Combing 48 837 102 284
Australian Combing and Logistics 16 936 24 826
Global Wool Trading 62 098 61 131
Inventory changes and
other other own work capitalised – 801 – 13 415
Total performance 127 070 174 826
Other operating income 17 038 12 351
Raw materials and consumables – 86 886 – 111 979
Personnel costs – 25 477 – 28 811
Depreciation – 7 809 – 16 372
Other operating expenses – 19 086 – 24 120
Financial result – 3 174 – 1 317
Extraordinary result 0 0
Taxes 550 120
Result before social plan 2 226 4 698
Extraordinary result (social plan) 0 – 2 295
Result 2 226 2 403
Balance sheet prelimenary
TEuro 31.12.2002 TEuro 31.12.2001
Fixed assets 96 874 102 567
Inventories 26 708 17 955
Other current assets 40 287 31 264
Balance sheet total 163 869 151 786
Liabilities 89 527 74 179
Reserves 20 298 23 787
Equity capital 54 044 53 820
Balance sheet total 163 869 151 786
Key data prelimenary
TEuro 31.12.2002 TEuro 31.12.2001
Cash flow prelimenary TEuro 3 462 12 151
Investments prelimenary TEuro 9 225 32 322
Employees 576 728
* Following the formation of BWK Elders Europe GmbH (50% owned by BWK AG) as of
1/7/01 European Sales Revenues are no longer included in the Sales Revenue
numbers of BWK Group.
BREMER WOLL-KÄMMEREI AG
Postfach 71 01 80 · D-28761 Bremen
Tel.: (49) 04 21/60 91-0 · Fax: (49) 04 21/60 91-600
Telex: 2 44 482 bwkd · e-mail: info@bwk-bremen.de · Internet : http://www.bwk-
bremen.de
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WKN: 527 200; ISIN: DE0005272009; Index:
Listed: Amtlicher Markt in Berlin, Bremen, Frankfurt (General Standard),
Hamburg, Hannover, München; Freiverkehr in Stuttgart
121742 Feb 03
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