DGAP-News: SYSTAIC continues its growth curve in 2nd quarter 2009 - Massive expansion of automotive division
13.08.2009
systaic AG / Half Year Results/Alliance
13.08.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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* Preliminary figures confirmed
* Positive development in balance sheet and cash flow figures
* Cooperation with Saint-Gobain Sekurit
systaic AG today confirmed its figures for the first half of 2009, which it
had already announced in advance on 17 July, and published its interim
report to 30 June 2009. Revenue (EUR 121 million) and EBIT (EUR 4 million)
almost doubled compared with the first quarter of this year and also
significantly increased year-on-year. The growth in the balance sheet and
cash flow was also particularly positive. Cash flow from operating
activities amounted to EUR 29 million in the first six months of 2009 (H1
2008: EUR 390 thousand). The significant increase is particularly
attributable to cash receipts from the Spanish projects in 2008 and to the
reduction of working capital in the second quarter. Cash flow from
operating activities was still negative in the first three months of this
year, at EUR -11 million. Free cash flow was at EUR 27 million as of 30
June 2009.
The balance sheet total as of mid-2009 was EUR 151 million (31 December
2008: EUR 226 million) and thus fell by one third despite significant
business expansion. Trade receivables have decreased by a significant EUR
104 million to EUR 76 million since the end of the previous year, due to
payments received, particularly payments for the Spanish projects in 2008.
Net financial debt also fell by 68% to EUR 21 million.
'Since last summer, the prices of modules of a quality fundable by banks
have more than halved. Solar cell prices showed a similar trend. SYSTAIC is
reaping the maximum benefits from the falling prices and rising demand. We
are very much on the right track, as we have already proven on numerous
occasions, and plan to continue to grow sustainably and faster than the
market in the future,' explains Michael Pack, CEO of systaic AG.
SYSTAIC Automotive expands development and sales
Part of the company's forward-looking growth strategy is a heavier
engagement in the automobile sector: SYSTAIC is a pioneer - and the world's
only industrial producer - of solar generators for various car brands. From
September 2009 systaic AG will expand this expertise in order to develop
new markets. This applies both to research and development, which is being
expanded centrally, and to production capacities and sales. In the future,
the SYSTAIC Automotive division will cover the marketing of major
non-opening photovoltaic glass roofs for private cars, mobile homes, buses
and lorries. The SYSTAIC subsidiary Webasto Solar GmbH, as the supplier for
Webasto AG, will continue to take care of the established solar sunroof
area.
In 2008 alone, Webasto Solar produced solar applications for 37,000 cars of
various makes. The company has also received numerous research contracts in
the Automotive division. For example, Mercedes-Benz' innovative electro
concept vehicle Bluezero was fitted with an especially developed solar
roof. 'Electromobility is the future topic in the automotive industry. Our
solar applications meet the highest quality standards laid down by the
German automotive industry and can make a significant contribution here,
for instance by supporting the drive battery, supplying the on-board
electronics, and for battery management when the vehicle is parked up. As
from 2010, we will also be able to integrate a GPS antenna in the solar
generator, thereby supporting a broad range of applications,' explains
Michael Pack.
Germany alone has vehicles driving about with a total of more than 50
million square metres of usable surface area, which could generate
approximately 12.5 million kilowatt hours of power each day if fitted with
a photovoltaic roof - this output corresponds roughly to that of a brown
coal power plant in North Rhine-Westphalia. Solar car roofs can therefore
make a significant contribution to lower CO2 emissions and extend the range
of hybrid and electric vehicles. 'In close collaboration with our partners
from the automotive industry we will create intelligent solutions for
electromobility that will become the standard in the future, just like the
solar cell in a pocket calculator,' announces Michael Pack. Pack continues:
'This includes - just as for our energy roof for buildings - using the
waste heat to heat the vehicle and developing solar power filling
stations'.
Manufacturing of the new automotive products, which will be sold not only
for new vehicles but also as an add-on kit, will be carried out at the
SYSTAIC plant in Landsberg. Saint-Gobain Sekurit France SAS was brought on
board as a sales partner for this area, and an extensive exclusive
distribution arrangement was contractually agreed with this company. The
internationally leading developer and producer of high-quality glass
products will transfer its expertise for the worldwide marketing and sale
of SYSTAIC's newly-developed automotive solar roofs. The SYSTAIC Executive
Board believes that in the medium-term, the market for automotive solar
roofs will comprise about two million vehicles.
About SYSTAIC:
systaic AG specialises in efficient and aesthetically pleasing solar power
solutions: the core product is the SYSTAIC energy roof for buildings, a
multi-awardwinning energy system for electricity and heat generation. With
its subsidiary Webasto Solar GmbH, SYSTAIC is the world's only series
manufacturer of photovoltaic generators for car roofs of various brands.
The development and installation of large-scale photovoltaic power plants,
also implemented by its subsidiary Enerparc, is a further focal point in
its portfolio.
Subsidiaries of systaic AG are Enerparc AG, Düsseldorf, systaic Portugal
(Sistemas Energéticos de Portugal Lda), Lisbon, systaic Americas Inc.,
Carlsbad, systaic France S.A.R.L., Paris, systaic Hellas M.EPE, Athens,
systaic Ibérica S.L.U., Barcelona, systaic Italia S.r.L., Milan and systaic
sourcing AG & Co., Düsseldorf, systaic Technologies GmbH, Düsseldorf and
Webasto Solar GmbH, Landsberg.
Contact:
systaic AG
Achim Zolke (Head of PR)
Kasernenstraße 27
40213 Düsseldorf
Germany
Phone: 0049-211-828559-0
Fax: 0049-211-828559-258
a.zolke@systaic.com
www.systaic.com
13.08.2009 Financial News transmitted by DGAP
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Language: English
Issuer: systaic AG
Kasernenstr. 27
40213 Düsseldorf
Deutschland
Phone: +49 (0)211 828559-0
Fax: +49 (0)211 828559-29
E-mail: ir@systaic.com
Internet: http://www.systaic.de
ISIN: DE000A0JKYP6
WKN: A0JKYP
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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systaic AG / Half Year Results/Alliance
13.08.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
=--------------------------------------------------------------------------
* Preliminary figures confirmed
* Positive development in balance sheet and cash flow figures
* Cooperation with Saint-Gobain Sekurit
systaic AG today confirmed its figures for the first half of 2009, which it
had already announced in advance on 17 July, and published its interim
report to 30 June 2009. Revenue (EUR 121 million) and EBIT (EUR 4 million)
almost doubled compared with the first quarter of this year and also
significantly increased year-on-year. The growth in the balance sheet and
cash flow was also particularly positive. Cash flow from operating
activities amounted to EUR 29 million in the first six months of 2009 (H1
2008: EUR 390 thousand). The significant increase is particularly
attributable to cash receipts from the Spanish projects in 2008 and to the
reduction of working capital in the second quarter. Cash flow from
operating activities was still negative in the first three months of this
year, at EUR -11 million. Free cash flow was at EUR 27 million as of 30
June 2009.
The balance sheet total as of mid-2009 was EUR 151 million (31 December
2008: EUR 226 million) and thus fell by one third despite significant
business expansion. Trade receivables have decreased by a significant EUR
104 million to EUR 76 million since the end of the previous year, due to
payments received, particularly payments for the Spanish projects in 2008.
Net financial debt also fell by 68% to EUR 21 million.
'Since last summer, the prices of modules of a quality fundable by banks
have more than halved. Solar cell prices showed a similar trend. SYSTAIC is
reaping the maximum benefits from the falling prices and rising demand. We
are very much on the right track, as we have already proven on numerous
occasions, and plan to continue to grow sustainably and faster than the
market in the future,' explains Michael Pack, CEO of systaic AG.
SYSTAIC Automotive expands development and sales
Part of the company's forward-looking growth strategy is a heavier
engagement in the automobile sector: SYSTAIC is a pioneer - and the world's
only industrial producer - of solar generators for various car brands. From
September 2009 systaic AG will expand this expertise in order to develop
new markets. This applies both to research and development, which is being
expanded centrally, and to production capacities and sales. In the future,
the SYSTAIC Automotive division will cover the marketing of major
non-opening photovoltaic glass roofs for private cars, mobile homes, buses
and lorries. The SYSTAIC subsidiary Webasto Solar GmbH, as the supplier for
Webasto AG, will continue to take care of the established solar sunroof
area.
In 2008 alone, Webasto Solar produced solar applications for 37,000 cars of
various makes. The company has also received numerous research contracts in
the Automotive division. For example, Mercedes-Benz' innovative electro
concept vehicle Bluezero was fitted with an especially developed solar
roof. 'Electromobility is the future topic in the automotive industry. Our
solar applications meet the highest quality standards laid down by the
German automotive industry and can make a significant contribution here,
for instance by supporting the drive battery, supplying the on-board
electronics, and for battery management when the vehicle is parked up. As
from 2010, we will also be able to integrate a GPS antenna in the solar
generator, thereby supporting a broad range of applications,' explains
Michael Pack.
Germany alone has vehicles driving about with a total of more than 50
million square metres of usable surface area, which could generate
approximately 12.5 million kilowatt hours of power each day if fitted with
a photovoltaic roof - this output corresponds roughly to that of a brown
coal power plant in North Rhine-Westphalia. Solar car roofs can therefore
make a significant contribution to lower CO2 emissions and extend the range
of hybrid and electric vehicles. 'In close collaboration with our partners
from the automotive industry we will create intelligent solutions for
electromobility that will become the standard in the future, just like the
solar cell in a pocket calculator,' announces Michael Pack. Pack continues:
'This includes - just as for our energy roof for buildings - using the
waste heat to heat the vehicle and developing solar power filling
stations'.
Manufacturing of the new automotive products, which will be sold not only
for new vehicles but also as an add-on kit, will be carried out at the
SYSTAIC plant in Landsberg. Saint-Gobain Sekurit France SAS was brought on
board as a sales partner for this area, and an extensive exclusive
distribution arrangement was contractually agreed with this company. The
internationally leading developer and producer of high-quality glass
products will transfer its expertise for the worldwide marketing and sale
of SYSTAIC's newly-developed automotive solar roofs. The SYSTAIC Executive
Board believes that in the medium-term, the market for automotive solar
roofs will comprise about two million vehicles.
About SYSTAIC:
systaic AG specialises in efficient and aesthetically pleasing solar power
solutions: the core product is the SYSTAIC energy roof for buildings, a
multi-awardwinning energy system for electricity and heat generation. With
its subsidiary Webasto Solar GmbH, SYSTAIC is the world's only series
manufacturer of photovoltaic generators for car roofs of various brands.
The development and installation of large-scale photovoltaic power plants,
also implemented by its subsidiary Enerparc, is a further focal point in
its portfolio.
Subsidiaries of systaic AG are Enerparc AG, Düsseldorf, systaic Portugal
(Sistemas Energéticos de Portugal Lda), Lisbon, systaic Americas Inc.,
Carlsbad, systaic France S.A.R.L., Paris, systaic Hellas M.EPE, Athens,
systaic Ibérica S.L.U., Barcelona, systaic Italia S.r.L., Milan and systaic
sourcing AG & Co., Düsseldorf, systaic Technologies GmbH, Düsseldorf and
Webasto Solar GmbH, Landsberg.
Contact:
systaic AG
Achim Zolke (Head of PR)
Kasernenstraße 27
40213 Düsseldorf
Germany
Phone: 0049-211-828559-0
Fax: 0049-211-828559-258
a.zolke@systaic.com
www.systaic.com
13.08.2009 Financial News transmitted by DGAP
=--------------------------------------------------------------------------
Language: English
Issuer: systaic AG
Kasernenstr. 27
40213 Düsseldorf
Deutschland
Phone: +49 (0)211 828559-0
Fax: +49 (0)211 828559-29
E-mail: ir@systaic.com
Internet: http://www.systaic.de
ISIN: DE000A0JKYP6
WKN: A0JKYP
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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