systaic AG
systaic AG publishes Q1 report 2010
systaic AG / Quarter Results 28.05.2010 08:29 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. --------------------------------------------------------------------------- The Düsseldorf-based systaic AG presented its interim report for the first quarter 2010 today. Consolidated revenue in the first three months of the current financial year was considerably lower than in the equivalent period last year (EUR 50,041 thousand). This was due to seasonal reasons and the ongoing negotiations of the future financing of the Group which are delaying completion of some projects and the commencement of others in the SYSTAIC Industrial Solutions division. The Automotive division contributed the lion's share of revenue in the first quarter of this year. Earnings before interest, depreciation and amortisation (EBITDA) amounted to EUR -7,201 thousand (Q1 2009: EUR 3,058 thousand), and the operating result (EBIT) to EUR -8,001 thousand (Q1 2009: EUR 2,333 thousand). Earnings before taxes (EBT) amounted to EUR -9,261 thousand (Q1 2009: EUR 823 thousand). After taxes, the Group posted a net quarterly loss of EUR -7,250 thousand (Q1 2009: net surplus of EUR 470 thousand). In Q1 2010 the cash flow from operating activities was EUR 13,827 thousand (Q1 2009: EUR -10,920 thousand). This significant improvement is attributable primarily to the receipt of outstanding debts totalling EUR 17.3 million from a large photovoltaic project in Spain. Total assets on 31 March 2010 were EUR 180,122 thousand (31 December 2009: EUR 178,299 thousand). Inventories increased by EUR 1,439 thousand to EUR 25,481 thousand. Trade receivables decreased by EUR 16,925 thousand to EUR 80,034 thousand. Cash and cash equivalents amounted to EUR 25,252 thousand (31 December 2009: EUR 8,501 thousand) due to the cash inflow from the large photovoltaic project in Spain. Development of business divisions Revenue in the SYSTAIC Energy Roof Systems division is seasonal and is often low in the first quarter, however, it amounted to EUR 2,429 thousand and was thus above the previous year's level of EUR 260 thousand. EBIT decreased to EUR -2,145 thousand (Q1 2009: EUR -1,941 thousand). The SYSTAIC subsidiary Webasto Solar GmbH worked to full production capacity in Q1 2010. In the SYSTAIC Automotive division, revenue in Q1 2010 rose considerably to EUR 2,499 thousand (Q1 2009: EUR 1,404 thousand). EBIT was EUR 145 thousand, compared with EUR -460 thousand in Q1 2009. In the SYSTAIC Industrial Solutions division revenue decreased from EUR 48,377 in Q1 2009 to EUR 156 thousand in Q1 2010 due to delays in completing some projects and in commencing others. EBIT amounted to EUR -6,002 thousand (Q1 2009: EUR 4,734 thousand). Further figures and details for the first three months of this financial year will be published in the interim report as of 31 March 2010 on the company's website www.systaic.com. About systaic AG: systaic AG specialises in efficient and aesthetically pleasing solar power solutions: the portfolio focuses on the development and installation of integrated photovoltaic industrial solutions. The core product is the SYSTAIC Energy Roof for generating electricity and heat from solar energy on building rooftops. The SYSTAIC Automotive division is worldwide the only series manufacturer of solar solutions for the roofs of different makes of car. systaic AG was founded in November 2004 and it has been listed on the Frankfurt Stock Exchange since March 2007. The company was admitted to the Prime Standard segment in September 2008. systaic AG currently employs a workforce of around 200. Contact: systaic AG Achim Zolke Head of Corporate Communications Kasernenstraße 27 40213 Düsseldorf Germany Phone: 0049-211-828559-0 Fax: 0049-211-828559-229 a.zolke@systaic.com www.systaic.com 28.05.2010 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: systaic AG Kasernenstr. 27 40213 Düsseldorf Deutschland Phone: +49 (0)211 828559-0 Fax: +49 (0)211 828559-29 E-mail: ir@systaic.com Internet: http://www.systaic.de ISIN: DE000A0JKYP6 WKN: A0JKYP Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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