Umweltkontor Renewable Energy AG
Umweltkont. Renew. Energy english
High level of Investment lays the foundation for solid growth
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Erkelenz, March 28, 2003
High level of investment lays the foundation for solid growth
Umweltkontor Renewable Energy AG, Erkelenz, was able to increase its profit from
operations by focusing consistently on high-margin projects in its core
competency of engineering and financial services in the Wind Energy segment
(the original Umweltkontor Group). With revenue of EUR 126 million (prior year:
EUR 164 million), the Company recorded EBIT of EUR 12.5 million (prior year:
EUR 10.1 million). This means that the EBIT margin improved significantly to
almost 10 percent (prior year: 6 percent).
2002 saw substantial investments in the future of the Umweltkontor technology
group (the new Umweltkontor Group): under the common control method selected to
account for the takeover of New Mine, the revenue and earnings contributions
made by the new subsidiaries had to be consolidated for the whole of 2002 under
IAS, even though these companies only joined the Umweltkontor Group on November
15, 2002. This also meant that a revised version of the financial statements
for 2001 had to be prepared.
On the basis of this, the new Umweltkontor Group generated revenue of EUR 143
million (prior year: EUR 159 million) and EBIT of EUR 4.6 million (prior year:
EUR 4.8 million). The earnings of the new Group were impacted by start-up losses
from the New Mine Group, one-off expenses relating to the integration of the
New Mine companies, and minority interests, resulting in a consolidated net loss
of EUR 5.2 million (prior year: consolidated net profit of EUR 1.7 million).
Financing remains sound
The equity ratio (including minority interests and special items) amounted to
41.7 percent for the old Umweltkontor Group at the balance sheet date, and 30.4
percent for the new Umweltkontor Group. In the single-entity financial
statements prepared in accordance with HGB, it totaled 50 percent.
Noncurrent assets, which total EUR 68 million, are more than covered by equity
and long-term debt in the amount of EUR 115 million.
Growth set to continue in 2003
Umweltkontor expects to achieve sustained expansion of its business in 2003. The
pipeline for fund marketing alone for H1 is already full, with a total volume of
around 60 megawatts. To these must be added direct investments in wind farm
projects totaling around 70 megawatts.
The Company’s goal for 2003 is to achieve a profit from operations of EUR 15
million.
Contact:
Tel.: +49(0)2431-9452-304
Fax: +49(0)2431-9452-216
E-mail: ir@umweltkontor.com – http://www.umweltkontor.com
end of ad-hoc-announcement (c)DGAP 28.03.2003
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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
280801 Mär 03
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