Ralos New Energies AG
Ralos New Energies AG (formerly BGI EcoTech AG) announces 2009 results and guidance
Ralos New Energies AG / Final Results 06.04.2010 12:20 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ralos New Energies AG (formerly BGI EcoTech AG) announces 2009 results and guidance - Consolidated sales 2009 Euro 82.2 million - Consolidated pre-tax loss of Euro 16.6 million - largely due to exceptional items - Adjusted EBIT 2009 minus Euro 1.6 million - Guidance 2010: Sales of approx. Euro 180 million and EBIT of more than Euro 10 million expected - Order book above Euro 40 million, Pipeline of large projects above 150 MWp Griesheim, April 6, 2010: Ralos - the provider of solar power plants - announces its 2009 results according to German GAAP (HGB). Sales amounted to Euro 82 million. Of that approx. Euro 63 million were sales to the German Small Systems ('GSS') market and approx. Euro 19 million sales into the Global Large Projects ('GLP') segment. 91 percent of sales went to Germany. Non-recurring expense relating to the integration of the Ralos Group (Euro 4.1 Million), revaluations of balance sheet items (Euro 3.1 Million), start-up expense for new subsidiaries (Euro 0.4 million) and the depreciation of goodwill in accordance with HGB (Euro 5.1 Million) caused a pre-tax loss of Euro 16.6 million. The EBIT adjusted by these items amounted to minus Euro 1.6 million. The financial result was minus Euro 2.3 million due to the high cost of financing the Ralos acquisition and working capital. Comparison with 2008 pro-forma numbers Prior year numbers according to HGB do not compare well as the Ralos Group was consolidated only on the 1st of October 2008. The Group has, however, published pro-forma HGB financial information. This showed consolidated sales in 2008 of Euro 129.7 Million and an EBIT of Euro 7.2 Million The decline in EBIT in 2009 was largely caused by the decline in sales by Euro 47.5 million. Sales were lower due to the near-disappearance of the Spanish market (Ralos sales in Spain declined by approx. Euro 24 million) and the weak demand in the GSS market in the first half of 2009. In this market, the strong decline of prices of PV systems caused uncertainty and purchase restraint in the first half of 2009. This could only partially be compensated in the second half of the year. Guidance Also influenced by the planned reduction of the German EEG-feed in tariff effective July 1, 2010, we are expecting strong demand in the GSS market for the first half of 2010. The order book in this segment was above Euro 30 million - far above the prior year value of below Euro 5 million. But also in the second half of 2010 returns on PV systems should remain attractive due to the continuing decline of module prices. Accordingly, the company expects strong and sustainable demand in the GSS market. In the GLP business, the company has established a very good market position in the Italian market. In the Northern Italian market for larger roof systems, sales of the first quarter 2010 amounted to more than Euro 7 million and were thus already higher than the sales of the whole prior year. The order book lies above Euro 8 million. We are therefore expecting sales and profits to be far higher than in 2008. In Southern Italy we are currently marketing approved projects with a capacity of more than 10 MWp and more than 80 MWp are in the development and approval process. The abolishment of feed-in-tariffs for some free standing systems in Germany effective October 1, 2010, should provide for favorable market conditions and the company is expecting several orders in Germany in 2010. Overall, the GLP pipeline amounts to more than 150 MWp. 'In the current year, we are no longer burdened by exceptional and integration expense. Our order book amounts to more than Euro 40 million, our German and international project pipeline is well filled. We are expecting sales of approx. Euro 180 million and an EBIT of more than Euro 10 million in 2009. Due to our strong international market position these values should increase again in 2011' said Albert Klein, CEO of Ralos New Energies AG. The Management Board The 2009 annual report of Ralos New Energies AG will be available shortly on http://bgi.ralos.de/de/investor-relations/finanzberichte/. About Ralos New Energies AG: Ralos New Energies AG (formerly BGI EcoTech AG) specialises in the growth market of regenerative energies, particularly photovoltaics. The company, which was founded in 1990, is a management holding company. With subsidiaries and distributors in Germany, Austria, Spain, Italy, Canada, Czech Republic and Dubai, Ralos is represented in the most important and potentially fastest growing international markets. Ralos Vertriebs GmbH, one of Europe's leading systems solutions providers in the field of photovoltaics, is the company's most important holding. The company develops, plans, builds and operates innovative photovoltaics plants, ranging from private solar electricity systems to large-scale high-output plants of all sizes for industrial clients. Company contacts: Registered address: Dieselstraße 12 64347 Griesheim Mailing address: Pfungstädter Str. 100a 64297 Darmstadt Tel.: +49 (0)6151 95165-0 Fax.: +49 (0)6151 95165-20 info@ralos-new-energies.com www.ralos-new-energies.com 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 06.04.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Ralos New Energies AG Kuhbergstr. 28 34131 Kassel Deutschland Phone: +49 (0)561-93 87 70 Fax: +49 (0)561-93 87 744 E-mail: info@ralos-new-energies.com Internet: www.ralos-new-energies.com ISIN: DE0005203004 WKN: 520300 Listed: Freiverkehr in Berlin, Stuttgart; Entry Standard in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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