Bremer Woll-Kämmerei AG
Bremer Woll-Kämmerei AG: Interim Report on the financial year 2005
Ad hoc announcement transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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In the past year 2005, further strategic measures were implemented to
enable the Group to better face up to the ongoing difficult market
conditions and position itself for the future as a low cost processor and
marketer of wool. In implementing these measures the management
concentrated above all on the core business of wool trading and wool
processing. Some of these measures had a negative impact on the result for
the year, but they increase the long-term competitiveness of the Group.
On the basis of the IFRS accounting principles, the BWK Group shows a loss
in the amount of EUR 3.1 million (prior year: EUR -22.9 million.) for the
business year 2005. The IFRS contribution of BWK AG in Bremen to the Group
result for the year 2005 is negative at EUR -3.4 million. (prior year: EUR
-11.8 million). According to the HGB accounting principles, BWK AG shows a
profit of EUR 0.4 million.
As before, ordinary operating activities in the field of wool processing
were not profitable and had a negative impact on the result. Apart from the
previously announced expenditure for the social plan, results were impacted
by the short-time work introduced in Bremen in the second half of the year
and the temporary shutdown of the Turkish plant as well as the inadequate
combing tariffs resulting from strong Asian competition.
The wool trading company BWK Elders Europe GmbH (BWK EE) in Bremen was able
to achieve a positive result. The newly commenced activities within the
scoured wool business also developed positively. The company was fully
consolidated for the first time in the year 2005. The 50% owned Australian
subsidiary company BWK Elders Australia Pty. Ltd., Adelaide, failed to
achieve a profit due to the high Australian dollar and lower
Australian wool production. In the past year, the result of the New
Zealand trading company J.S. Brooksbank & Co. (AustralAsia) Ltd.,
Wellington, was also negatively influenced by the
unfavourable exchange rate relationships between the New Zealand Dollar and
the US Dollar. To focus on the core business and to finance the
social plan, this trading company was sold and de-consolidated with effect
from the end of 2005.
The man-made fibres department again managed to make a positive
contribution to earnings.
The company BREWA Umwelt-Service GmbH achieved a positive result. At the
beginning of the year, the company HKW Blumenthal GmbH was able to take
over the power plant that had been converted to secondary fuels after this
had successfully completed its operating trials. The emission levels are
significantly below the permitted limit. Due to the start-up cost, the
result is still negative and is included in the Group result for the year
“at equity”.
For the current financial year, management expects the measures taken to
strengthen the Group structure and increase cost competitiveness, which
will have a positive effect on the Group result for the year 2006.
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 2006.
The Annual General Meeting of the shareholders is scheduled for mid-2006 in
Bremen.
Bremen, February 2006
The Board of Management: Günther Beier, Trevor Thiele
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Informationen und Erläuterungen des Emittenten zu dieser Ad-Hoc-Mitteilung:
BWK Group Key Data
Income Statement preliminary T€ 2005 T€ 2004
Sales Revenues 152 137 100 918
Of which European Combing 27 531 40 389
Australian Combing plants and Logistics – 8 997
Global Wooltrade 120 344 50 466
Other Business 4 262 1 066
Inventory changes and other
own workcapitalised – 4 517 – 498
Total Performance 147 620 100 420
Other Operating Income 14 789 6 717
Raw Material and Consumables – 120 787 – 73 360
Personell Costs – 19 720 – 20 130
Depreciation – 11 351 – 11 555
Other Operating Expenses – 11 412 – 16 665
Financial Result – 2 665 – 8 073
Taxes on Income and Revenue 396 – 235
Share of Minority Shareholder in the Result 49 15
Net Result – 3 081 – 22 866
Balance Sheet preliminary T€ 31.12.2005 T€ 31.12.2004
Fixed Assets 25 294 67 347
Inventories 27 442 19 792
Other Current Assets 30 200 21 718
Net Loss not covered by Shareholders’ Equity – 2 797
Balance Sheet Total 82 936 111 654
Liabilities 55 845 99 135
Provisions 14 874 12 504
Shareholders’ Equity 12 251 0
Stock held by other Shareholder – 34 15
Balance Sheet Total 82 936 111 654
Key Ratios preliminary 31.12.2005 31.12.2004
Cash-Flow T€ 9 461 – 10 884
Investments T€ 6 483 5 036
Personell (as of 31.12.) 318 421
For further information please contact Mr Günther Beier 0421 / 60 91-304 or
Mr Thomas Bolte Tel: 0421/60 91-205.
The Board of Management of Bremer Wollkämmerei AG:
Günther Beier, Chairman
Trevor Thiele
BREMER WOLLKÄMMEREI AG
P. O. Box 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
(c)DGAP 07.02.2006
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language: English
emitter: Bremer Woll-Kämmerei AG
Landrat-Christians-Straße 95
28779 Bremen Deutschland
phone: 04 21-60 91-324
fax: 04 21-60 91-6 11
email: info@bwk-bremen.de
WWW: www.bwk-bremen.de
ISIN: DE000A0BVXQ0
WKN: A0BVXQ
indexes:
stockmarkets: Geregelter Markt in Berlin-Bremen; Freiverkehr in Frankfurt,
München
End of News DGAP News-Service
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