farmatic biotech energy ag
farmatic biot. energy ag english
Farmatic: annual results 2001
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Nortorf, 27.3.2002.In its fiscal year 2001, farmatic biotech energy ag generated
revenues of 35.1 million euros, an increase of 93 % to the prior year. In
addition to its Sewage Treatment Technology division (6.1 million euros), the
companys Bio-Power Plant Technology division contributed 29.0 million euros to
total revenues. Revenues in this segment originated mainly from project
activities (21.4 million euros). In addition to project managing, developing and
constructing bio-power plants, the farmatic value chain now also includes the
sale of shares in bio-power plants as part of its operator concept. This new
business generated revenues of 7.6 million euros for the first time in fiscal
year 2001. This offset delays to several projects caused by the introduction of
new federal emission regulations (BImSchG) and revenues in 2001 were in line
with expectations. farmatic posted a positive EBIT of 1.89 million euros in
2001.
The company’s cash reserves of 4.3 million euros as of December 31, 2001 have
since risen to 17.1 million euros. The major part of this increase in the
companys cash position resulted from the full repayment of a loan extended to a
project development company, amounting to 11.346 million euros. farmatic’s
management have become concerned about the appropriateness of this loan, and
accordingly the companys founders, Peter Schrum and Willi Müller, have secured
the premature redemption of the loan by furnishing personal collateral,
including shares in farmatic biotech energy ag. The lending bank has entered
into all existing lock-up agreements of Peter Schrum and Willi Müller. The
Supervisory Board and CEO Peter Schrum are seeking actively to strengthen risk
management systems at the Company. In addition and in agreement with the
Supervisory Board, the CFO, Bernd Maczeyzik is to resign as of June 30, 2002.
Based on its high order backlog for 2002 and the fact that the company will be
launching its green gas technology earlier than expected, farmatic biotech
energy ag is optimistic about its future prospects. In the current year, it is
expected that revenues will rise to 60-80 million euros and that EBIT will
exceed 3.0 million euros.
end of ad-hoc-announcement (c)DGAP 27.03.2002
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WKN: 605192 ; ISIN: DE0006051923; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart;
270729 Mär 02
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