systaic AG
New start of SYSTAIC: Founder assumes control of the company
systaic AG / Change of Personnel/Half Year Results 09.08.2010 15:06 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. --------------------------------------------------------------------------- * Michael Viktor Kamp appointed to Chief Executive Officer of systaic AG * Hawkpoint charged with restructuring * Focus on SYSTAIC Energy Roof * Half-year report to be published later, preliminary data are available * Year's forecast was adjusted Michael Viktor Kamp was appointed to be a further Member of the Board of Düsseldorf-based systaic AG with immediate effect. The Supervisory Board of the technology company nominated him to be Chief Executive Officer late in the evening of 6 August 2010. The 62 year-old Kamp founded SYSTAIC in 2004 and, as Managing Director of systaic Deutschland GmbH, led the SYSTAIC Energy Roof, a roof-integrated energy system, to market maturity. Even before the company's IPO in 2007, he had retired from the operating business, but remained closely linked to systaic AG as a consultant and as its biggest shareholder. Former CEO Michael Pack will take over the area Marketing and Sales on the board. The founder's entry to the board coincides with a challenging phase for the company. 'From a present-day perspective, systaic AG is experiencing a marked imbalance especially because of the intensive engagement in the power generation sector,' Kamp states. 'As early as at the start of 2009, it became evident that the company had grown extremely quickly and was about to skyrocket - a development which I as the main shareholder allowed to infect me, as well. With the construction and sale of big projects on greenfield-sites, huge sales volumes could be quickly achieved, but simultaneously, financing needs grew as well which, as a consequence from the financial crisis, were hard to cover then. It is now crucial to remember the company's roots and to restore solidity and full transparency in the interest of all stakeholders of the company in the coming months. I will devote myself to this challenge and responsibility to the best of my ability.' In support of the planned re-alignment, the new CEO appointed Hawkpoint as restructuring and finance partner with immediate effect. Hawkpoint is a leading independent Corporate Finance adviser, specialising in restructurings, funding advisory and Mergers & Acquisitions with offices in Frankfurt, London and Paris. Frank Jung, Managing Director of Hawkpoint Germany: 'Our team consists of experienced international restructuring, recapitalising and market experts. Numerous mandates, for example the restructuring of the Icelandic banking system on behalf of the Icelandic finance ministry, are examples of our successful work. We appreciate Mister Kamp's entry to the Board of Management of systaic AG, a company hard hit by the effects of the financial crisis. We will soon present an integrative restructuring concept we compiled together with the board'. Crucial for the future success is the SYSTAIC Energy Roof which was defined to be the core product of the company. The firm thus is going back to its roots: 'With our roof which has won numerous awards, we have a complete energy system for the production of electricity and heat. Together with complementary products like intelligent BUS systems, storage systems and building materials, it is already possible to fully cover the energy needs of a single-family home with it even today,' the new CEO explains. On top of that, the SYSTAIC Energy Roof has good prospects for success not least because of the political parameters: In May 2010, the EU parliament adopted the new building directive and thus significantly increased the energetic requirements of new buildings and renovations; in future, all new buildings all over Europe are to produce at least the same amount of energy as they use. Residential buildings, whether new or existing, which have an energy roof instead of a tile roof, already fulfill these tightened regulations. Due to the board changes, the report on the first six months of 2010 will be published on 31 August. The preliminary half-year data are available, though. They reflect the already consistently adopted restructuring course and the re-alignment of the company which will, among other things, lead to sales and revaluations of subsidiaries. On sales of about 14 million euros (30 June 2009: 120.9 million euros), the group's earnings before interest and taxes (EBIT) according to preliminary numbers is at about minus 28 million euros (30 June 2009: 3.8 million euros). As of 30 June 2010, total assets of the group were at about 146 million euros versus 150.7 million euros in the comparable period of the previous year. With consolidated equity of about 58 million euros (30 June 2009: 65.3 million euros), SYSTAIC reported an equity ratio of about 40 per cent as of 30 June 2010 compared to 43.4 per cent as of 30 June 2009. Due to the business performance of the SYSTAIC Group up to now, the full year forecast for the current fiscal year has to be adjusted. The previously communicated sales target for 2010 of 250 million to 260 million euros included several big projects whose realisation is no longer feasible. Sales expectations now reach from 25 to 35 million euros. A positive group result after taxes can now no longer be expected. A detailed forecast can only be given in the further course of the year. However, the management expects to successfully close the first restructuring phase until the end of the current fiscal year and to be able to announce a positive development for 2011. For additional information on Michael Viktor Kamp: * 'Desertec oder Citi-Net?' podium discussion with Michael Viktor Kamp on Center TV (in German language): http://www.systaic.de/podiumsdiskussion.html * IR site 'Corporate Bodies' with details on vita: http://www.systaic.de/investorrelations-de/corporate-governance/systaic-or gane.html www.systaic.com About systaic AG: systaic AG specialises on efficient and at the same time aesthetic solar solutions: The most important core product for consumers is the SYSTAIC Energy Roof for buildings which generates electricity and heat from solar energy. Building-integrated industrial solutions are a focus of the portfolio in the large-scale segment. systaic AG was founded in November 2004 and has been listed on the Frankfurt stock exchange since March 2007, since September 2008 in the Prime Standard. The company currently employs about 150 people. 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 09.08.2010 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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