BWT With Record Results in 2004

This represents a new record in the fifteen years of BWT's corporate existence. All segments contributed to this gratifying development, which has further strengthened BWT’s market leadership in Europe.

The Aqua Ecolife Technologies segment increased its sales by 14.2% from € 273.3 million to € 312.1 million. The Aqua Systems Technologies segment achieved sales growth of 22% to € 173.2 million and thus clearly maintained its leading market position in Europe in a market characterized by industry consolidation. Only recently, this leading position also received international recognition with the Frost & Sullivan 2004 Market Penetration Leadership Award. In the Fuel Cell Membrane Technologies segment, sales increased almost fourfold from € 719,000 to € 2.8 million.

In the core European market, the BWT Group generated 89.4% of consolidated sales (2003: 89.8%), in Asia 7.8% (previous year: 7.1%) and in the rest of the world 2.8% (previous year: 3.1%).

Order book level as at December 31: € 123.7 million, +18.0% y.o.y., Incoming orders for 2004: € 507 million, +26.1% y.o.y.

For the first time in the history of the BWT Group, the company received new orders in a financial year of more than € 0.5 billion. With € 507 million, the previous year’s figure of € 402.1 million was exceeded by 26.1%. The outstanding level of incoming orders enabled the order book level as at December 31 to increase to € 123.7 million. Compared with € 104.8 million at the end of 2003, this represents an increase of 18%.

Considerably improved earnings position

The substantial sales increase in all segments, combined with the streamlined cost management, resulted in a leap in earnings in 2004. The consolidated income after minorities improved by 119.2% to € 16.8 million. Earnings per share rose from € 0.43 in 2003 to € 0.94.

Based on the gratifying development of the net income for the year and as a result of the long-term dividend policy, the Management Board will propose a 12.5% dividend payment increase, compared with last year, of € 0.27 per share at the coming Annual General Meeting.