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With its successful financial restructuring BÿWE SYSTEC is creating
the basis for profitable growth

ID: 1003595
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(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Executive Board plans a return to profit for 2009 * Financing secured up to April 2011 * Bialowons: "Excluding one-off effects, a virtually balanced result achieved in 2008" * Large agreement to all items on the agenda of the Annual General MeetingAugsburg, August 25, 2009 - The Annual General Meeting of BÿWE SYSTECapproved today all the resolutions proposed by the management with alarge majority.Following a loss-making year in 2008 the Management Board of theAugsburg based company BÿWE SYSTEC AG aims to return to profit beforethe end of this year. At the Annual General Meeting of the modernmailroom solutions provider on Tuesday in Augsburg, Oliver Bialowons,Chairman of the Management Board of BÿWE SYSTEC AG, stated: "Myoverriding objective is to achieve a further significant reduction inthe BÿWE SYSTEC Group's level of debt. The measures we haveintroduced are already improving the earnings situation and will helpus to achieve a massive increase in the corporate value over thecoming years."In June, continued Bialowons, the company succeeded in maintainingits existing lines of credit for the period up to April 2011 and asimultaneously deferment of the due capital payments and with thehelp of the Kreditanstalt für Wiederaufbau (Bank for Reconstruction)secured an additional EUR 24 million of new funding that will be usedto replace existing financial liabilities and finance therestructuring. "This will create a good basis for making us strongeras we move forward over the coming years and so we can achieveprofitable growth" said the Chairman of the Management Board at theAnnual General Meeting.Oliver Bialowons, who took over as Chairman of the Management Boardof BÿWE SYSTEC AG in February 2009, cast a critical eye over theprevious year. In 2008 the Group posted an annual loss of EUR 60million for the first time since its stock market flotation in 1992.However, earnings fell by just four percent to EUR 450 million. Themain reasons for this were the one-off factors associated with thefinancial crisis.As Bialowons emphasized "Excluding the abovementioned special one-offexpenses we would have been able to report a roughly balanced result.However, the impairment of the goodwill, the value adjustment toreceivables and loans due from affiliated companies, as well asincreased consulting costs are now simply an economic reality."Oliver Bialowons took a positive view of the business performance inthe first half-year 2009 which showed a number of very pleasingaspects despite the difficult global conditions. According to currentestimates the development of sales in the second half-year 2009 isexpected to be slightly up on the level for the first half-year saidBialowons."Overall the financial year 2009 will be a year of transition inwhich the program of restructuring and increased efficiency which themanagement had already begun at the start of the year as an earlyresponse to the period of weakness, is only now just starting to showresults. The positive impact of these measures will only be felt infull from 2010."The key objectives of the program of restructuring and increasedefficiency, which has been running since the fourth quarter 2008, area reduction in the working capital, a marked increase in the earningscapacity and regaining BÿWE SYSTEC AG's investment rating.The agenda of the Annual General Meeting also comprised supplementaryelections to the supervisory board. Dr.-Ing. Dieter Brammertz andKarl-J. Kraus have been newly elected shareholder representatives tothe supervisory board. They succeed the previous supervisory boardmembers Johannes Beelen and Prof. Dr. Dres. h.c. Adolf G. Coenenberg.At the following supervisory board meeting Dr. Brammertz has beenelected chairman of the board, Prof. Dr. Langenbucher has beenelected deputy chairman of the board. Furthermore the members of thestanding committees of the supervisory board, namely of the personnelcommittee, the audit committee and the nomination committee have beennominated.About the company:BÿWE SYSTEC AG is one of the world's leading total providers forhighly automated printing and dispatch centers - so-called mailrooms.The BÿWE SYSTEC Group currently has subsidiaries in 30 countries,with approx. 3,400 personnel employed worldwide in the BÿWE Group.The company was founded in Augsburg at the beginning of the Fifties.BÿWE SYSTEC AGBoard of Directors --- End of Message ---BÿWE SYSTEC AGInvestor Relations
Werner-von-Siemens-Str. 1 Augsburg WKN: 523970 ; ISIN: DE0005239701; Index: CDAX, CLASSIC All Share, Prime All Share;Listed: Freiverkehr in Börse Berlin, Freiverkehr in Börse Stuttgart, Freiverkehr in Börse Düsseldorf, Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Bayerische Börse München, Regulierter Markt in Frankfurter Wertpapierbörse;

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Date: 08/25/2009 - 19:33
Language: English
News-ID 1003595
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