2010 Results and increase of consolidated sales of 250% from 2009
(Thomson Reuters ONE) -
Eco Supplies Europe AB /
2010 Results and increase of consolidated sales of 250% from 2009
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The issuer is solely responsible for the content of this announcement.
For the year ended December 31, 2010, the Company reported net sales of ? 20.43
million, an increase of 250% over net sales of ? 5.84 million for 2009. Gross
profit was ? 6.69 million, or 33% of sales compared to gross profit of ? 4.32
million, or 74% of sales in 2009.
For the year ended December 31, 2010, the Company reported operating expenses,
which were ? 6.48 million or 32% of sales, compared to ? 3.77 million or 65% of
sales for 2009.
Consolidated EBITDA for 2010 was ? 0.21 million, compared to ? 0.54 million for
2009.
Net loss for 2010 was ? 0.69 million compared to net loss of ? 0.33 million for
2009.
The significant change in revenue and cost structure is due to that the company
has opened a new business area, by acquiring Gällivare Photovoltaic AB, a
Swedish manufacturer of solar power modules, in July 2010 (further renamed to
Eco Supplies Solar AB). Throughout 2010, Eco Supplies incurred extraordinary
costs due to this acquisition and restructuring of the acquired company.
Full 2010 yearly report is available here.
Progress and Outlook for 2011
The solar module market has been slow in the first half of the year, mainly due
to political and regulatory changes in the largest markets in Europe.
Additionally, Eco Supplies' solar module sales have also been affected by a
shortfall of a non-performing client, Helios Technology. Due to both factors,
the company's cash flow has been affected adversely in 2011 H1.
Eco Supplies has accumulated a significant order book and new clients within
2011 H1 for product deliveries in 2011 H2. The relevant regulatory frameworks
have become more favourable to European manufacturers, such as Eco Supplies,
which is expected to further increase demand. Consequently, Eco Supplies
production is expected to increase significantly in the remaining half of 2011.
Eco Supplies is not exposed to long-term supply contracts for raw material and
has an advantage in the current market of decreasing raw material prices.
Falling prices of modules have not affected the gross margins negatively: on the
contrary the company has been able to increase margins compared with 2010.
The board of directors has resolved to focus operations on solar energy, and to
subsequently divest from other business areas by selling off the subsidiaries in
the office supplies division.
The company will give further notices regarding the outlook for 2011 as well as
progress of selling office supplies business division and increase of capital
and funding in September 2011.
Askim 2011.06.30
The Board of Directors
For more information about the Eco Supplies Group, please visit
www.ecosupplies.eu or contact us via email: info(at)ecosupplies.eu or by telephone
+46 (0)10-207 99 90.
About Eco Supplies Europe AB: visit www.ecosupplies.eu
Eco Supplies Europe AB is a Swedish holding company that is listed on Deutsche
Börse (www.boerse-frankfurt.de). The company's shares are trading on Xetra under
the ticker 7C0. It is a fast growing company with activities in Renewable Energy
Supplies and Ecological Office Supplies. Solar division established in 1992 and
formerly known under the brand name Gällivare PhotoVoltaic AB, Eco Supplies
Solar was the first company of its kind in northern Europe and it is the largest
Scandinavian producers of high quality Solar Power Modules.
--- End of Message ---
Eco Supplies Europe AB
Stora Åvägen 21 Askim Sweden
WKN: A0X9L7;ISIN: SE0001717885;
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
Press release (PDF):
http://hugin.info/142396/R/1528169/463890.pdf
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Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eco Supplies Europe AB via Thomson Reuters ONE
[HUG#1528169]
Unternehmensinformation / Kurzprofil:
Datum: 04.07.2011 - 13:28 Uhr
Sprache: Deutsch
News-ID 56107
Anzahl Zeichen: 4945
contact information:
Town:
Askim
Kategorie:
Business News
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