Ralos New Energies AG
Half year sales and orders – outlook 2010 confirmed
Ralos New Energies AG / Miscellaneous 29.07.2010 14:01 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 reports a very good first half of 2010 and a major contract worth 20 million euro. Sales target of EUR 180 million and EBIT target of EUR 10 million confirmed - Sales in the first half of 2010 up 154% on those of the same period last year (EUR 61 million compared to EUR 24 million) - Orders on hand currently approx. EUR 42 million - Major order received for PV system in Sicily worth over EUR 20 million - Good prospects for second half of 2010 - sales and orders on hand already cover 56% of sales target of EUR 180 million - Prospects for 2011 equally positive - pipeline is over 80 MWp - Supervisory board enlarged and new members appointed - further votes proposed in the next general meeting - Annual general meeting called for 31 August 2010 - In-kind share capital increase of EUR 2,485,700 agreed, liabilities reduced against an issue of 266,700 shares (issue price EUR 9.32) Ralos New Energies AG announces: German Small Systems: Very good sales developments in the first half of 2010 - continuing strong demand in 2nd half is the basis of good prospects for 2011 In its German Small Systems division (GSS) Ralos markets rooftop PV-systems for private dwellings and agricultural and small commercial buildings in Germany. Compared to the first half of 2009, GSS sales grew by 100% to EUR 39 million. The increased demand was largely a result of the reduction of the feed-in tariff by 13% on 1 July 2010; customers wanted to have their systems operating before the reduction came into force. Prospects for the GSS market look set to remain good. We expect that further reductions in the feed-in tariff (by 3% on 1 October 2010 and by 11-13% on 1 January 2011) will again result in strong demand for PV roof systems before these dates. We therefore also expect high sales in this sector in the second half of the year. Orders on hand in this area were already worth EUR 3 million at the end of June. Global Large Systems division (GLS): Sales increased by 754% Major EUR 20 million order received Orders in hand approx. EUR 39 million. In this division the Ralos Group markets rooftop and ground mounted PV-systems with capacities in excess of 500 kWp in Germany and internationally. Subsidiary companies are present in Italy, the Czech Republic, Spain, Dubai and Canada. In the GLS division in Germany, Czech Republic and Italy, invoices worth EUR 21 million have already been issued, an increase of 754% over the previous year. Order intake has been even stronger, such that orders on hand for the GLS business were at EUR 19 million at the end of June. In addition to these orders, Ralos has received another major order in mid-July 2010. A German plant manufacturer with photovoltaics activities placed an order for a ground mounted PV-system with an output of 5.266 MWp near Troina, Sicily. This order is worth about EUR 20.07 million. The system should be ready before the end of 2010. All major components have been procured and construction has begun. For Ralos this order is a further decisive step in the development of the GLS business. Early on in the project Ralos secured land use rights and obtained approvals, and now has been awarded the contract to build the plant. Thus the customer obtains the entire system from a single supplier. With this complete service approach, Ralos faces considerably less competition and can realise the entire margin from project development and construction of the plant. This order is also another outstanding reference for attracting further new customers. Two more open-land systems in Sicily with a capacity of 4.6 MWp have also been given full approval and we expect them to be sold soon. Orders on hand in the GLS division are thus currently worth over EUR 39 million. We are also planning further incoming orders and sales for the second half of the year. Large systems must also be generating electricity by the end of this year in order to qualify for the current tariffs. This, customers are under pressure to firm up orders. 2010 sales and revenue targets confirmed Of our planned sales for 2010 of EUR 180 million, more than EUR 100 million (56%) is already covered by sales invoiced in the first half year and orders currently on hand. Because of the margins contained in these figures we also expect to achieve our declared revenue target of EUR 10 million EBIT. In August 2010 we plan to publish a full IFRS financial statement per the 30th of June 2010. Similarly favourable conditions expected in 2011 for the GSS and GLP business In Germany, owing to the reduced feed-in tariffs, we expect that competition will be far stiffer in the GSS sector than was the case up to now. Rooftop mounted PV-systems will have to be much lower in cost in order to remain commercially viable. We have prepared well for this situation. As a company operating in multiple regions Ralos has significant cost advantages over the numerous small-scale installation companies thanks to worldwide purchasing and its lean operational structure and efficient logistics. Next year we plan to increase our area coverage, and thanks to our structures this can be done with few extra overheads. It is our aim in the GSS division to increase volume such that sales and revenue remain constant in the years 2010 and 2011. Major expansion of the GLS business planned for 2011 At the same time, we are also planning for strong growth in sales and revenue in our GLS activities. We expect the market volume in Italy to grow strongly next year. The government there is planning a gradual reduction of the feed-in tariff, in steps over the course of the year. Our project pipeline for open-space systems in southern Italy includes plant with a capacity of 55 MWp and a sales potential of over EUR 150 million. We are also best positioned as regards large roof-based systems owing to our large number of first-class references. In Italy we are well positioned to profit from the good market conditions. In the coming year we are also expecting significant sales and revenue components from our companies in the Middle East. We expect our first orders from these markets shortly. The international expansion of the Ralos Group will continue next year. Subsidiaries will open shortly in the UK and France. This year we have already offered PV systems in new markets such as Saudi Arabia, Libya, India, Cyprus and Syria and are awaiting the initial results. In our view, large markets for photovoltaic systems will develop in these countries, as in all countries with high levels of solar radiation and a growing demand for electricity. Ralos further plans to raise total sales to EUR 500 million in the medium term through the enlargement of the GLS business. Supervisory board expanded and with new personnel In April 2010 a number of the Articles of Association relating to the Supervisory Board were amended in the commercial register. The Supervisory Board was increased from three members to six. The election of Mr Friedrich von Diest onto the Supervisory Board was also effected. The partners Sirius Start I GmbH &Co.KG and Mr Joachim Altpeter were granted the rights to appoint one member each of the Supervisory Board. At this point the Supervisory Board consisted of Mr Joachim Altpeter (chairman), Mr Lars Wittenberg (vice chairman), Dr Rüdiger von Eisenhart-Rothe and Mr Friedrich von Diest. In the past weeks the following amendments took place on the Supervisory Board: Mr Altpeter stepped down from the Supervisory Board and Dr. von Eisenhart-Rothe became the new chairman. Mr Altpeter appointed Mr Jean-Pierre Sweerts, residing in Bussum, Netherlands, to the Supervisory Board. Mr Sweerts is the founder of Linius Capital B.V., Bussum, a consultancy company that specialises in the financing of clean-tech businesses and projects. Sirius Start I GmbH & Co. KG appointed Mr Pierre Suhrcke, residing in Engelberg, Switzerland, to the Supervisory Board. Mr Suhrcke is the managing partner of Pascal Capital LLP. Mr Wittenberg will step down from the Supervisory Board with effect from the forthcoming annual general meeting. The partners Sirius Start I GmbH & Co. KG and Mr Altpeter have declared their agreement to the removal of their rights to appoint a member. The corresponding amendments to the Articles of Association have been proposed by the Board of Directors and the Supervisory Board for the forthcoming annual general meeting. The newly appointed Supervisory Board members are to be confirmed in position by votes at this general meeting. The Board of Directors and Supervisory Board also propose that Prof.Dr.Dr.hc. Werner Ebke, residing in Bottighofen, Switzerland, and Prof.Dr.-Ing. Lothar Petry, residing in Darmstadt, be elected to the Supervisory Board. Professor Ebke is Director of the Institute for German and European Corporate and Business Law at the University of Heidelberg. Professor Petry is a lecturer in the department of electrical engineering and information technology at the Hochschule Darmstadt. Annual General Meeting called for 31 August 2010 The Board of Directors and Supervisory Board have called an annual general meeting for 31 August 2010 to be held at the Maritim Hotel, Frankfurt am Main commencing at 11 am. The agenda can be viewed at the Ralos website, www.ralos.de. In-kind share capital increase On 29 June the Board of Directors resolved, with the agreement of the Supervisory Board on 30 June 2010, to increase the nominal capital of Ralos New Energies AG by an amount of EUR 533,400 against assets in kind. 266,700 no-par shares were issued at an average price of EUR 9.32 per share against demands for receivables amounting to EUR 2,485,700 arising from the acquisition of the Ralos Group. Once this capital increase is recorded in the Commercial Register, the number of shares will be 5,650,854 (currently 5,384,154), corresponding to a nominal capital of EUR 11,301,708.00. The Management Board 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 contact: 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 ralos-new-energies@gfei.de www.gfei.de 29.07.2010 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: 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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