Bremer Woll-Kämmerei AG
Bremer Woll-Kämmerei AG: Interim report on the 1st half-year 2005
Ad hoc announcement §15 WpHG
Interim report
Bremer Woll-Kämmerei AG: Interim report on the 1st half-year 2005
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
The result of the first half-year 2005 reflects the results of the capital
reconstruction from the year 2004, which did not become eligible for inclusion
in the balance sheet until the capital increase was registered on 12th
January 2005. According to IFRS, a profit of Euro 7.5 million was reported for
the first half-year 2005. Including the benefit of the restructure of the
banks.
The operating result is negative, because the combing plants in Bremen and
Turkey were unable to achieve higher combing tariffs. The pressure on prices
for tops in Europe has intensified as a result of Asian competitors in such a
way that the combing plants are continuing to work at a loss. The loss was
reduced by the measures derived from the modifications to the combing plant in
Bremen.
The strategic measures initiated in the wool trading companies at the
beginning of the year 2004 have achieved a lasting positive effect. The Bremer
trading company BWK Elders Europe GmbH (BWK EE) worked profitably and
achieved a positive result for the period. Since 1st January 2005, BWK EE has
been fully consolidated for the first time after the 50% share of Elders
Global Wool Holdings Pty Ltd. was acquired as a contribution in kind in the
capital raising. This is the main reason, group sales grew from Euro 53.5
million to Euro 76,3 million in comparison with the first six months of the
year 2004.
BWK EE undertook new activities during the period. The first being the scoured
wool business division that resulted in positive synergies. And second was
the acquisition of the wool trading company HB-Wollhandel. This latter
acquisition is a positive supplement to our existing business, as both the
combing plant in Bremen and the trading company BWK EE benefit from this
business.
Similarly the New Zealand trading company, J.S. Brooksbank Ltd., Wellington,
was profitable.
For the second half of the year the management expects to see a similar sales
volume of wool tops in Europe to that achieved in the first six months. The
present weak demand for wool textiles from Europe is leading to more cautious
ordering of wool tops on the part of the spinners. However, a stabilisation of
the order situation is not expected in the industry until the beginning of
the year 2006. For this reason, short-time work was introduced for the plant
in Bremen.
The still profitable man-made fibres department is not affected by the short-
time work.
Bremen, August 2005
The Board of Management
Bremer Woll-Kämmerei AG
Landrat-Christians-Straße 95
28779 Bremen
Deutschland
ISIN: DE000A0BVXQ0
WKN: A0BVXQ
Listed: Geregelter Markt in Berlin-Bremen; Freiverkehr in Frankfurt und
München
End of ad hoc announcement (c)DGAP 02.08.2005
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
Key Data BWK Group
Profit and Loss Account
Jan.-June 2005 Jan.-Dec. 2004 Jan.-June 2004
in TEUR in TEUR in TEUR
Sales revenues 76 344 100 918 53 499
of which
European combing plants 15 848 40 389 21 525
Australian combing
plants and logistics – 8 997 4 946
Global wool trade 57 979 50 466 26 408
Other business 2 517 1 066 620
Inventory changes
and other own
work capitalised 2 878 – 498 – 716
Total performance 79 222 100 420 52 783
Other operating income 12 271 6 717 1 020
Raw materials and
consumables – 65 295 – 73 360 – 38 026
Personnel costs – 8 067 – 20 130 – 11 489
Depreciation – 1 556 – 11 555 – 9 144
Other operating
expenses – 6 130 – 16 665 – 8 961
Financial result – 2 413 – 8 073 – 2 148
Taxes on income
and revenue – 524 – 235 – 359
Share of minority
shareholders in the result – 7 15 13
Net result 7 501 – 22 866 – 16 311
Balance sheet
30.06.2005 30.12.2004 30.06.2004
in TEUR in TEUR in TEUR
Fixed assets 30 441 67 347 80 876
Inventories 47 189 19 792 18 910
Other current assets 29 308 24 515 16 638
Balance sheet total 106 938 111 654 116 424
Liabilities 68 349 96 814 90 106
Provisions for
liabilities and charges 14 989 14 825 22 917
Shareholders’ equity 23 578 0 3 384
Stock held by other
shareholders 22 15 17
Balance sheet total 106 938 111 654 116 424
Key ratios
30.06.2005 31.12.2004 30.06.2004
Cash Flow (TEUR) 10 629 – 8 449 – 2 467
Investments (TEUR) 1 104 4 980 3 429
Personnel 339 445 453
Please address any queries to Mr Thomas Bolte Tel.: 0421/6091-205.
Boar of Management of the Bremer Woll-Kämmerei AG:
Günther Beier, CEO, Trevor Thiele
BREMER WOLL-KÄMMEREI AG, Postfach 71 01 80, D-28761 Bremen
Tel.: 0421/60 91-0, Fax.: 0421/60 91-600, e-mail: info@bwk-bremen.de,
Internet: http://www.bwk-bremen.de
End of message (c)DGAP
021929 Aug 05
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found