systaic AG
SYSTAIC agrees new payment schedule with major client for settlement of claims by December 2010 and publishes key data for Q1 2010
systaic AG / Miscellaneous/Quarter Results 20.05.2010 08:34 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- SYSTAIC agrees new payment schedule with major client for settlement of claims by December 2010 and publishes key data for Q1 2010 systaic AG agreed a new payment schedule with its major client today which proposes that the client pays the outstanding debts in several instalments by December 2010 at the latest. In March 2010 systaic AG agreed a payment schedule with project companies from the group of that SYSTAIC client. This provided for settlement of open claims with SYSTAIC between April and August 2010. This target cannot be held as a result of the delayed completion of photovoltaic projects in Italy. As revealed in the 2009 annual report, systaic AG has trade receivables totalling EUR 96.5 million from project companies in the client's group. As systaic AG was informed, the client has signed a memorandum of understanding with a renowned financial service provider. This provides for the take-over of a total of four partially completed photovoltaic projects in Italy. The agreement includes standard reservations, especially regarding due diligence, financing and conclusion of final contracts. The client will then settle the debts with SYSTAIC from the revenue generated from this sale to the financial service provider. The acquisition of the solar cell production of Solarwatt Cells GmbH, Heilbronn, by the SYSTAIC Group agreed last year will take effect as of 21 May 2010. The customer contracts taken over by SYSTAIC will ensure that the production can be integrated on a neutral cash flow basis from the outset. In addition, a significant reduction in the purchase price was agreed together with a reduction of the transferred inventories. Furthermore, SYSTAIC publishes first key figures for Q1 2010 which fall within the range of the last forecast. According to preliminary calculations, sales revenue totalled roughly EUR 5 million in the first quarter (Q1 2009: EUR 50.0 million). EBIT was at about EUR -8 million (Q1 2009: EUR 2.3 million). This translates to a consolidated net loss of EUR 7.2 million (Q1 2009: net income EUR 0.5 million). The full interim report on the first quarter of 2010 will be published on 28 May. The business situation will not improve significantly in the second quarter of 2010, as the start of a number of projects has been delayed for various reasons. Furthermore, the financing of SYSTAIC Group will not be adequately secured until the bank negotiations have been brought to a successful conclusion. SYSTAIC is continuing to hold talks with the banks and other main creditors on the deferment of payment of due receivables until funds start to flow from projects. As the Executive Board wishes to report on the outcome of these discussions on the annual general meeting, the AGM was rescheduled to 24 August 2010. Contact: systaic AG Investor Relations Kasernenstraße 27 40213 Düsseldorf Germany Phone: 0049-211-828559-0 Fax: 0049-211-828559-229 ir@systaic.com www.systaic.com 20.05.2010 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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