Ralos New Energies AG
Annual Report 2008 published

BGI EcoTech AG / Final Results

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Corporate News from 19 August 2009

BGI EcoTech AG: 2008 annual figures calculated according to the German
Commercial Code (HGB) and IFRS pro-forma / Annual Report 2008 published

  -  Strategic realignment reflected in positive results

  -  Group turnover (HGB) at EUR 56.6 million  

  -  Group EBIT (HGB) totalling EUR 3.4 million 

  -  IFRS pro-forma turnover amounting to EUR 129.5 million 

  -  IFRS pro-forma Group EBIT of EUR 8.9 million  

  -  Well positioned for future growth with global network of subsidiaries

  -  Medium-term turnover target of EUR 500 million confirmed

Kassel/Griesheim, 19 August, 2009: BGI EcoTech AG, which operates in the
market for renewable energy with a focus on photovoltaic power plants
(PV-Systems), is today publishing its annual figures together with its
annual report for the financial year 2008. The past financial year was
dominated by the strategic realignment of the Group as well as the
operating expansion of its business activities. The core business of
PV-Systems was considerably boosted by the acquisition of Ralos Vertriebs
GmbH, one of Europe's leading providers of PV-Systems. The takeover took
effect on 1 October 2008, and the company was fully consolidated for the
first time as of that date. The BGI Engineering division, which operated at
a loss, was sold in an effort to focus on developing, planning,
implementing and operating innovative photovoltaic plants.

Consolidated financial statements according to German GAAP (HGB)
The Group generated a turnover of EUR 56.6 million in the past financial
year based on German GAAP accounting standards (Ralos Vertriebs GmbH
consolidated as of 1 October 2008). In the reporting period earnings
figures were distinctly positive, and were so despite the challenging
economic environment, the strategic realignment of the Group and the
dynamic expansion of business activities along the value chain in the
photovoltaic industry. Earnings before interest and taxes (EBIT) came in at
EUR 3.4 million, while Group annual net income after minority interests was
recorded at around EUR 1 million in the reporting period. Earnings per
share amounted to EUR 0.23 as of the reporting date of 31 December 2008.
Total year end assets were EUR 65 million. Fixed assets were reported at 
EUR 21 million while current assets totalled EUR 44 million. This included
liquid funds of EUR 6 million.
On the liabilities side, the balance sheet total as of the reporting date
was made up of equity totalling EUR 9 million, liabilities amounting to EUR
52 million, provisions of EUR 2.4 million and deposits of EUR 1.5 million
for an agreed capital increase.

As this is the first time the Group has compiled consolidated financial
statements, no previous year figures are provided.

IFRS pro-forma Group key figures
As Group accounting and capital market communications will be based on
international IFRS accounting standards in the future, the 2008 figures
have also been compiled on an IFRS pro-forma basis. These are provided to
allow a better comparison of figures in the future. Both the consolidation
of Ralos Vertriebs GmbH and the elimination of the BGI Engineering
division, which was disposed in 2008, were taken into account for the full
year's period. Based on the IFRS pro-forma income statement, turnover
amounting to EUR 129.5 million was generated in the past financial year,
while EBIT totalled EUR 8.9 as of the reporting date of 31 December 2008.
Group annual net income was also well in the black, coming in at EUR 2.1
million. Earnings per share amounted to EUR 0.50.

'The success of the strategic realignment is reflected in the record
turnover and earnings figures for the past financial year. By focusing on
the Photovoltaic division and taking over ralos Vertriebs GmbH, we are now
well positioned as one of the know-how leaders spanning the entire the
value chain, especially when it comes to the quality, durability and
profitability of the plants we build. We have also achieved a new sales
record this year by building more than 600 new photovoltaic plants with a
total installed capacity of 26 megawatts. These figures mark our ascent
into a new league in the field of small and large-scale plant construction
both domestically and internationally. With our five German and seven
foreign branches, we aim to benefit more than most from the extremely
positive market prospects and to leverage new turnover and earnings
potential. Our international footprint - particularly in the Arabic world,
in Italy, in the Czech Republic and in Canada - promises to provide us with
good business in the future in markets, which in some cases have a great
deal of catching up to do. We are committed to playing a leading role in
the international photovoltaic industry,' says Albert Klein, CEO of BGI
EcoTech AG.

BGI intends to continue its long-term growth strategy despite the currently
difficult economic environment. Our plans for 2009 and 2010 are fuelled by
cautious optimism. One basic prerequisite is securing funding for projects
and for the required working capital from existing and new banking
partners. The issued medium-term turnover target of EUR 500 million is
still considered achievable despite the ongoing financial and economic
crisis. However, we would like to refrain from issuing a concrete forecast
for the current financial year due to the uncertainties mentioned.

The Board of Directors

The Annual Report is now available at
http://bgi.ralos.de/de/investor-relations/finanzberichte/

 

About BGI EcoTech AG: 

BGI EcoTech AG is a company specialising in the renewable energies growth
market, with a particular focus on photovoltaic systems. BGI EcoTech AG,
which was founded in 1990, operates as a holding company. With subsidiaries
and distribution companies in Germany, Austria, Spain, Italy, Canada, Czech
Republic and Dubai, BGI is represented in the most important and
potentially fastest growing markets worldwide. The company's largest
holding is Ralos Group, one of Europe's leading premium system solutions
providers in the photovoltaic field.

The company develops, plans, constructs and operates innovative
photovoltaic plants, the capacity of which ranges from private solar power
systems to powerful large-scale power plants of all sizes.



Company contact:

BGI EcoTech AG
Kuhbergstraße 28
34131 Kassel      

Tel.: +49 (0) 561 93 87 70 
Fax: +49 (0) 561 31 24 51 
info@bgi-ecotech.de
www.bgi.ralos.de



Investor relations contact:

GFEI Aktiengesellschaft
Hamburger Allee 26-28 
60486 Frankfurt am Main

Tel.: +49 (0) 69 74 30 37 00
Fax: +49 (0) 69 74 30 37 22
bgi-ecotech@gfei.de
www.gfei.de


19.08.2009  Financial News transmitted by DGAP
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