systaic AG
systaic AG publishes report as of 30 June 2010
systaic AG / Half Year Results 31.08.2010 09:47 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. --------------------------------------------------------------------------- systaic AG publishes report as of 30 June 2010 Today systaic AG, Düsseldorf, published its interim report for the first six months of 2010. At EUR 14,719 thousand, revenue in the first six months of the current financial year remained significantly below the level of the equivalent period the previous year (EUR 120,954 thousand). The sharp decline in sales revenue is attributable to the ongoing financing negotiations on future group financing which almost brought business operations of systaic AG to a standstill. There was no improvement in net assets of the SYSTAIC group compared to the first three months of this financial year: Earnings before interest, taxes, depreciation and amortisation (EBITDA) were at EUR -27,193 thousand (H1 2009: EUR 5,219 thousand), the operting result (EBIT) stood at EUR -28,949 thousand (H1 2009: EUR 3,799 thousand). Earnings before taxes (EBT) decreased to EUR -31,041 thousand (H1 2009: EUR -776 thousand). The net loss after taxes as of 30 June 2010 amounted to EUR -24,193 thousand (H1 2009: net income of EUR 340 thousand). Cash flow from operating activities amounted to EUR -6,185 thousand in the first six months of 2010 (H1 2009: EUR 28,575 thousand). This decrease is mainly caused by the negative consolidated income. The incoming payment of an overdue claim to a Spanish client in March 2010 had a reverse effect. Total assets amounted to EUR 151,846 thousand after the first six months of 2010 (31 December 2009: EUR 178,299 thousand). The inventories slightly changed in the first six months by EUR 726 thousand to EUR 23,316 thousand. Trade receivables decreased by EUR 22,045 thousand to EUR 74,296 thousand. Cash and cash equivalents amounted to EUR 4,791 thousand, whereof EUR 3,554 thousand are restricted cash. They have decreased by EUR 3,710 thousand since 31 December 2009. Equity stood at EUR 57,230 thousand as of 30 June 2010 and thus has decreased by EUR 25,784 thousand since 31 December 2009. As a result, the interim report of SYSTAIC shows an equity ratio of 37.7% at the end of the first six months. Development of divisions In the SYSTAIC Automotive division revenue rose in the first six months of 2010 from EUR 2,865 thousand in the previous year (H1 2009) to EUR 4,274 thousand. EBIT was EUR 309 thousand, compared with EUR -981 thousand in H1 2009. As systaic AG sold its 64% share in the joint venture Webasto Solar GmbH, Landsberg am Lech, to automotive supplier Webasto AG, Stockdorf, on 30 June 2010, the interest has been deconsolidated as of 30 June 2010. In the SYSTAIC Industrial Solutions division there was no improvement in the business situation in the second quarter of 2010. Accordingly, sales stood at only EUR 364 thousand on 30 June 2010 (H1 2009: EUR 116,250 thousand). In the reporting period EBIT amounted to EUR -20,133 thousand (H1 2009: EUR 9,295 thousand). As from today's perspective, the major problems of systaic AG not least were caused by the intensively pursued power plant business. The company will cease its operations in this segment in the future. Revenue in the SYSTAIC Energy Roof Systems segment amounted to EUR 10,081 thousand in the first six months of 2010 and were thus higher than in the previous year (H1 2009: EUR 1,838 thousand). EBIT amounted to EUR -9,125 thousand (H1 2009: EUR -4,515 thousand). Michael Viktor Kamp, the new Chairman of the Executive Board of systaic AG, firmly believes: 'Despite of the losses recorded as of 30 June 2010 the SYSTAIC Energy Roof, which is the core product of the company, will be the major factor in future success.' 'Air conditioning in single and two-family dwellings will play an increasing role. Our SYSTAIC Energy Roofs and heat pumps already supply adequate electricity and heat for the entire home. A major building block in our strategy is the expansion of our range of products. With the SYSTAIC Energy Terminal from 2011 onwards we will be offering a compact unit which generates and manages enough energy to cover all domestic requirements. It will be equipped with intelligent control software, all heating, ventilation, electricity, data distribution systems and energy storage on the basis of lithium-polymer cells. With this technology the majority of the electricity generated on the roof can be consumed in the household itself. The domestic electrical system is no longer limited to the supply of light and power from the sockets: it can control the ventilation and air conditioning, reacts to sensors, relays images and audio signals, monitors the house when the residents are away and much more besides. These functions are at the top of the developer's agenda for new buildings and renovation projects. Maximum efficiency and comfort can only be achieved with optimum interaction of all systems,' explains Kamp the core product of the company. 'With our products we have opted for the 'royal route' in electricity generation and occupy a leading position in a fast-growing market. This we intend to quickly consolidate in the coming year by means of appropriate marketing activities,' concludes Kamp. Further figures and details for the first six months and the second quarter of 2010 will be published with the interim report as of 30 June 2010 on the company's website www.systaic.com. Contact: systaic AG Achim Zolke Head of Corporate Communications Benrather Straße 18-20 40213 Düsseldorf Germany Phone: 0049-211-828559-12 Fax: 0049-211-828559-229 a.zolke@systaic.com www.systaic.com 31.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: systaic AG Benrather Straße 18-20 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 Düsseldorf, Berlin, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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