Umweltkontor Renewable Energy AG
Umweltkont. Renew. Energy english
H1 2003 at Umweltkontor Renewable Energy AG
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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H1 2003 at Umweltkontor Renewable Energy AG
Revenue reaches new high
At the reporting date of June 30, 2003, the Umweltkontor Group recorded revenue
of Eur 84 million, the highest figure ever in the history of the Company. At
Eur 1.8 million, EBITDA for the first six months of the current fiscal year was
up Eur 5.4 million year-on-year. With over Eur 10 million in placed equity,
Umweltkontor Finance, the company’s financial services marketing division,
generated the highest half-yearly result since the company was formed.
Earnings up year-on-year
In the Sun, Wind, Hydro and Biodiesel Business Units, business was clearly
impacted by the debate surrounding the amendment of the Erneuerbare Energien
Gesetz(EEG – German Renewable Energies Act). Umweltkontor was unable to exploit
numerous promising business opportunities due to the banks’ reluctance to
provide financing.
Despite the difficult economic environment and the start-up losses at the
biodiesel refinery in Schwarzheide, EBIT in the Group rose from Eur -6.4
million in the previous year to Eur -2.0 million.
Planned company growth postponed until next year
Umweltkontor has an excellent project pipeline in the Wind Business Unit
totaling around 100 MW for the year 2004 alone. However, a substantial
proportion of this project pipeline will be postponed until the next fiscal
year for the reasons set out above. This means that Umweltkontor no longer
expects to meet its original revenue and earnings targets for 2003 in spite of
the increase in its business volume.
In light of the Wind Business Unit’s well-stocked project pipeline, as well as
the good prospects offered by the biodiesel refinery in Schwarzheide (once this
is operating at full capacity) and the 100% expansion of its production
capacity for solar cells to 22 MWp, Umweltkontor expects to achieve its 2003
revenue and earnings targets in 2004.
Contact:
Tel.: +492431 9452-304
E-mail: ir@umweltkontor.com
http://www.umweltkontor.com
end of ad-hoc-announcement (c)DGAP 28.08.2003
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WKN: 760810; ISIN: DE0007608101; Index: NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
280742 Aug 03
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