DGAP-News: SYSTAIC publishes annual financial statements 2009
(firmenpresse) - systaic AG / Final Results
31.03.2010 13:54
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* Consolidated revenue EUR 218.5 million; EBIT EUR 9.4 million
* Equity ratio increases to 47%; net debt decreases significantly
* Q1 2010 results below previous year's, but within planning
* Changes on the Executive Board
Düsseldorf, 31 March 2010 - As announced, systaic AG today published its
financial statements for financial year 2009 and confirmed the preliminary
key figures announced on 9 March 2010.
Key performance indicators of SYSTAIC Group in 2009
Consolidated revenue reached EUR 218.5 million - an increaseof 9.9%
compared with the previous year (EUR 198.7 million). Foreign markets
accounted for EUR 196.6 million of this revenue (2008: EUR 179.4 million),
particularly solar power plants in Italy and Spain, while Germany accounted
for EUR 21.5 million (2008: EUR 19.3 million). Earnings before interestand
tax (EBIT) amounted to EUR 9.4 million in 2009, which was almost on a par
with the previous year (EUR 9.5 million). A significant increase in gross
profit was, however, offset by higher personnel expenses, depreciation and
amortisation and other operating expenses. The EBIT margin fell from 4.8%
to 4.3% of revenue.
Earnings after tax (EBT) amounted to EUR 2.0 million (2008: EUR 5.8
million). After tax, the SYSTAIC Group reports a negative result of EUR 1.0
million (2008: net income of EUR 3.0 million).
Net assets and financial position as of 31 December 2009
With a year-on-year increasein consolidated equity from EUR 50.8 million
to EUR 83.0 million, SYSTAIC had a solid equity ratio at the end of
financial year 2009, of 46.6% (31 December 2008: 22.4%). Net debt decreased
from EUR 65.2 million to EUR 39.7 million.
Development in the divisions
The SYSTAIC Industrial Solutions division (formerly: Solar Power Plants)
was again by far the largest operating segment of the Group in 2009,
generating revenue of EUR 204.2 million (2008: EUR 181.9 million). EBIT in
this division increased significantly to EUR 26.2 million (2008: EUR 15.1
million). The Executive Board shall continueits successful strategy of
offering increasingly more roof-integrated solar systems, for example for
greenhouses, rather than conventional, open-space photovoltaic systems.
The SYSTAIC Energy Roof Systems division, with its innovative
roof-integrated energy units, which replace the roof tiles completely,
reports revenue of EUR 7.9 million for 2009 (2008: EUR 6.7 million). The
EBIT of EUR -15.2 million (2008: EUR -5.4 million) was influenced by
expenses relating to the development of business. This division's top
priority in 2010 is to achieve greater market penetration by improving
distribution, marketing and process management. Revenue in the SYSTAIC
Automotive division, which produces solar generators for car roofs,
declined from EUR 10.2 million to EUR 6.4 million in 2009, due to the fall
in demand from car manufacturers. EBIT in this division amounted to EUR
-1.6 million (2008: EUR-0.2 million). Since it is impossible to reliably
predict the further development of demand for this product, the Executive
Board is examining all strategic options for this division.
Q1 2010 and outlook for financial year as a whole
The year 2010 will be marked by the adjustment of corporate strategy to the
changes in general conditions in the solar energy industry and by the
improvement of structures and workflows within the Group. SYSTAIC has
already responded to the unsatisfactory development of business in 2009 and
to the structural changes in the solar energy industry (e.g. reduction in
government feed-in tariffs) by focusing on its core businesses of
industrial solutions and energy roof systems. Much stronger emphasis will
also be placed on generating positive cash flows and thus on improving the
liquidity situation of the Group. Part of this refocusing also involves
adapting structures and processes within the Group to rapid company growth.
Even after the inflow of funds of EUR 17.3 million from the settlement of
an outstanding receivable from a Spanish customer, the SYSTAIC Group will
have an ongoing financing requirement during 2010. The Executive Board is
therefore engaged in negotiations with banks and other financing partners
to obtain follow-on financing to secure ongoing and new projects.
The forecast for Q1 2010 is a significant decrease in consolidated revenue
compared with the same period of the previous year, due particularly to a
delayed project launch, and negative consolidated net income. This
development has been taken into account in the planning for the year as a
whole. The interim report as of 31 March 2010 will be published on 11 May.
With regard to financial year 2010 as a whole, the Executive Board
currently anticipates an increase in consolidated revenue to between EUR
250 million and EUR 260 million and a distinctly positive consolidated net
income after taxes, if projects and the strategic reorientation are
implemented as planned.
Note concerning the annual financial statements for 2009
As per today's ad hoc disclosure pursuant to Section 15 German Securities
Trading Act (WpHG), auditing firm Deloitte&Touche GmbH conducted its
audit of systaic AG's consolidated financial statements for financial year
2009 in accordance with Section 317 German Commercial Code (HGB) and issued
the annual financial statements with an unqualified audit report on 30
March 2010. The Supervisory Board of systaic AG discussed these findings
conclusively this morning and resolved to adopt the audit report in this
form. The annual financial statements for 2009 can be inspected immediately
at www.systaic.com.
End of Olaf Achilles' Executive Board mandate
As contractually agreed, Olaf Achilles' Executive Board mandate shall end
today on 31 March 2010. The CNO (Chief Networking Officer) has been a
member of systaic AG's Executive Board since 2007 and was particularly
concerned with the political positioning of the Company. The Supervisory
Board and Executive Board would like to thank Mr. Achilles for all his work
and wish him all the best in his future personal and professional
endeavours.
About systaic AG:
systaic AG specialises in efficient and aesthetically pleasing solar power
solutions. The Company's portfolio focuses on the development and
installation of integrated photovoltaic industrial solutions. The main core
product for end consumers is the SYSTAIC energy roof for integration in
buildings, which generates electricity and heat from solar energy. The
SYSTAIC Automotive division is also the only series manufacturer worldwide
of solar solutions for car roofs in different car makes. systaic AG was
founded in November 2004 and has been listed on the Frankfurt Stock
Exchange since March 2007 and in the Prime Standard segment since September
2008. The Company currently has more than 200 employees.
Contact:
systaic AG
Achim Zolke
Head of Corporate Communications
Kasernenstraße 27
40213 Düsseldorf
Germany
Phone: 0049-211-828559-0
Fax: 0049-211-828559-258
a.zolke(at)systaic.com
www.systaic.com
31.03.2010 13:54 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: systaic AG
Kasernenstr. 27
40213 Düsseldorf
Deutschland
Phone: +49 (0)211 828559-0
Fax: +49 (0)211 828559-29
E-mail: ir(at)systaic.com
Internet: http://www.systaic.de
ISIN: DE000A0JKYP6
WKN: A0JKYP
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehrin Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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Datum: 31.03.2010 - 13:54 Uhr
Sprache: Deutsch
News-ID 18448
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