Group structure - BWT Group

Management Report 1999
The financial result worsened from
€ –1.6 million during 1998 to €
–4.1 million. The main part of the
worsening is due to the negative
result of Christ AG which is an
associate consolidated at equity.
The increase in interest payments
of around € 0.6 million is largely
due to the first-time consolidation
of the Van der Molen Group.
The result from ordinary operating
activities amounted to € 15.1
million and is lower than last year,
chiefly due to the decrease in
financial earnings by 18.8% compared
with the previous year
(€ 18.6 million). Due to a slight
increase in the tax burden to 24%,
profit for the year decreased from
€ 14.4 million to € 11.6 million, a
decrease of 18.9%. Without the
negative impact of the extraordinary
depreciation and the result of
the Christ participation, profit for
the year would have increased by
7.8% compared with the business
year 1998.
At group parent company level,
BWT AG reduced operating profits
from € 4.9 million to € 4.6 million,
with financial earnings lowered
from € 3.1 million to 0.1 million, as
a result of a decrease in subsidiaries’
dividend payouts. As a
result, earnings from ordinary operating
activities were reduced from
€ 8.0 million to € 4.5 million and
profit for the year fell from € 7.6
million to € 4.3 million.
– 36 –
Operating earnings
(in € million)
19,2
20,2
1999 1998
Earnings from ordinary activities
(EGT) (in € million)
15,1
1999
Profit for the year
(in € million)
11,6
1999
18,6
1998
14,4
1998