DGAP-News: SYSTAIC enjoys a successful first half of 2009
17.07.2009
systaic AG / Forecast/Half Year Results
17.07.2009
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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* Revenue increases by 73% according to provisional calculations
* Earnings before interest and taxes also improve
* Positive free cash flow totals EUR 27 million
* Working capital significantly reduced and equity bolstered
systaic AG, Düsseldorf, announces substantial improvements in the most
important key figures year-on-year during the first half of 2009, according
to preliminary calculations. Consolidated revenue was up 73% in the first
six months to EUR 121 million compared to the same period in the previous
year (H1 2008: EUR 70 million), while EBIT (earnings before interest and
taxes) increased to EUR 4 million (H1 2008: EUR 3 million).
The company was also able to considerably improve free cash flow (after
investing activities): From January to March 2009, this figure was still at
EUR -11 million, but the company was able to generate a free cash flow of
EUR 38 million in the second quarter. This corresponds to a positive figure
of EUR 27 million for the first half of the year.
Despite the significant growth in business, SYSTAIC was successful in
reducing the consolidated balance sheet total and working capital by a
third in the first half of the year. From 31 December 2008, total assets
decreased from EUR 226 million to EUR 150 million as of 30 June 2009. This
was attributable in part to the reduction in trade receivables of EUR 164
million since the last annual financial statements.
The successful capital increase in June 2009 was an important step towards
strengthening equity, which amounted to EUR 66 million as of 30 June 2009
(31 December 2008: EUR 51 million). The equity ratio doubled compared to 31
December 2008 from 22% to 44%. SYSTAIC therefore has a solid equity ratio
and a healthy balance sheet structure.
'There are several reasons why systaic AG is managing to set itself apart
from the competition in the solar sector even in these times of financial
market crisis. Among other things, we are benefitting from good value
module prices, which have halved since last summer. The construction of
roof-integrated solar systems for green houses is also allowing us to
accelerate our growth. Projects like this require no reallocation of
agricultural land, which makes approval periods shorter,' explains Michael
Pack, CEO of systaic AG, when asked about the advantages of the SYSTAIC
business model.
'The project developer of the plant currently being built by SYSTAIC in
Sardinia already has feed-in approvals for a volume of 150 megawatts peak.
This represents total revenue of around EUR 600 million. The low prices
mean that demand among investors for solar systems like these is increasing
in all European countries,' explains Pack. 'SYSTAIC has excellent and
well-established contacts with first-class investors.'
The SYSTAIC Automotive division once again recorded increasing releases for
orders in the second quarter. In June and July these were already at the
same level as the corresponding period in the previous year. Numerous
development contracts mean that SYSTAIC can also look forward to a positive
future in this business segment.
The SYSTAIC Energy Roof Systems division recorded increasing incoming
orders. As a result, revenue growth is anticipated in the second half of
the year compared to the first six months of 2009.
On the back of group development in the first half of the year, the
Executive Board has confirmed its goals for the full year 2009. These
include increasing SYSTAIC revenue to over EUR 300 million with earnings
before interest and taxes (EBIT) growing at a similar rate.
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. 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 MEPE, systaic
Ibérica S.L.U., Barcelona, systaic Italia S.r.L. 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
17.07.2009 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 / Forecast/Half Year Results
17.07.2009
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.
=--------------------------------------------------------------------------
* Revenue increases by 73% according to provisional calculations
* Earnings before interest and taxes also improve
* Positive free cash flow totals EUR 27 million
* Working capital significantly reduced and equity bolstered
systaic AG, Düsseldorf, announces substantial improvements in the most
important key figures year-on-year during the first half of 2009, according
to preliminary calculations. Consolidated revenue was up 73% in the first
six months to EUR 121 million compared to the same period in the previous
year (H1 2008: EUR 70 million), while EBIT (earnings before interest and
taxes) increased to EUR 4 million (H1 2008: EUR 3 million).
The company was also able to considerably improve free cash flow (after
investing activities): From January to March 2009, this figure was still at
EUR -11 million, but the company was able to generate a free cash flow of
EUR 38 million in the second quarter. This corresponds to a positive figure
of EUR 27 million for the first half of the year.
Despite the significant growth in business, SYSTAIC was successful in
reducing the consolidated balance sheet total and working capital by a
third in the first half of the year. From 31 December 2008, total assets
decreased from EUR 226 million to EUR 150 million as of 30 June 2009. This
was attributable in part to the reduction in trade receivables of EUR 164
million since the last annual financial statements.
The successful capital increase in June 2009 was an important step towards
strengthening equity, which amounted to EUR 66 million as of 30 June 2009
(31 December 2008: EUR 51 million). The equity ratio doubled compared to 31
December 2008 from 22% to 44%. SYSTAIC therefore has a solid equity ratio
and a healthy balance sheet structure.
'There are several reasons why systaic AG is managing to set itself apart
from the competition in the solar sector even in these times of financial
market crisis. Among other things, we are benefitting from good value
module prices, which have halved since last summer. The construction of
roof-integrated solar systems for green houses is also allowing us to
accelerate our growth. Projects like this require no reallocation of
agricultural land, which makes approval periods shorter,' explains Michael
Pack, CEO of systaic AG, when asked about the advantages of the SYSTAIC
business model.
'The project developer of the plant currently being built by SYSTAIC in
Sardinia already has feed-in approvals for a volume of 150 megawatts peak.
This represents total revenue of around EUR 600 million. The low prices
mean that demand among investors for solar systems like these is increasing
in all European countries,' explains Pack. 'SYSTAIC has excellent and
well-established contacts with first-class investors.'
The SYSTAIC Automotive division once again recorded increasing releases for
orders in the second quarter. In June and July these were already at the
same level as the corresponding period in the previous year. Numerous
development contracts mean that SYSTAIC can also look forward to a positive
future in this business segment.
The SYSTAIC Energy Roof Systems division recorded increasing incoming
orders. As a result, revenue growth is anticipated in the second half of
the year compared to the first six months of 2009.
On the back of group development in the first half of the year, the
Executive Board has confirmed its goals for the full year 2009. These
include increasing SYSTAIC revenue to over EUR 300 million with earnings
before interest and taxes (EBIT) growing at a similar rate.
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. 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 MEPE, systaic
Ibérica S.L.U., Barcelona, systaic Italia S.r.L. 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
17.07.2009 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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