Group structure - BWT Group

Investments
1999, a year of strong
investment activity
This meant that the equity ratio
was held at the high level of 37.6%
of the balance sheet total. Return
on equity was 20.5% in 1999
(1998: 24.5%)
Contingent liabilities were lowered
from € 37.9 million to € 34.5 million,
mainly as a result of lower
requirements for financial indemnifications
in the project engineering
business.
Total additions to fixed assets
without first-time consolidations
amounted to € 21.2 million at
BWT Group (previous year: € 12.1
million). Of this, € 2.7 million were
dedicated to the modernisation of
the electronic data processing
system and the purchase of
patents. Purchases of tangible
assets amounted to € 8.1 million,
with the completion of the new
Logistic and Research &
Development Centre at the
Mondsee headquarters accounting
for about one quarter of this.
Further substantial purchases
regarding tangible assets included
€ 2.5 million for new machinery
and technical equipment and €
0,6 million each were spent on
computer hardware and replacements
of the fleet. The largest part
of investments in financial assets
(a total of € 10.4 million) stems
from the increase in the participation
in the Swiss Christ AG, a 5%
purchase in the Japanese Nomura
Micro Science and the purchase of
a share in Wiener Börse AG.
– 39 –
BWT AG’s equity amounted to €
57.9 million in 1999 (56.8% of the
balance sheet total). The comparable
previous year’s figures were
€ 57.0 million (69.5%). In particular,
the balance sheet of the group
parent company was characterised
by strong investment activity,
with financing stemming largely
from the loan mentioned earlier.
Around three quarters of total
group investments were transacted
by the group parent company,
BWT AG. (€ 16 million, compared
with the previous year’s figure of €
6.6 million).
Cash flow/Investments
BWT Group
(in € million)
21,7
1999
21,2
Cash flow
Investments
20,9
1998
12,1