CENTROTEC Sustainable AG / Quarter Results
06.11.2009
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.
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- Consolidated revenue less than 5 % down on previous year's record
figure
- Operating results almost match peak of previous year
- Net earnings in 3rd quarter already up on very strong prior-year
quarter
- Strategy and market position mean positive prospects for 2010
Brilon, November 6, 2009 - In the first three quarters of 2009 the
CENTROTEC Group generated revenue of EUR 329.9 million, thus falling short
of the previous year's record figures by just 4.9 % despite the difficult
global economic situation. Thanks to a very good third quarter, the
operating results almost matched the peak figures of 2008 with EBITDA
reaching EUR 31.3 million (previous year EUR 34.6 million) and EBIT
amounting to EUR 18.4 million (previous year EUR 22.9 million). The
nine-month earnings before taxes (EBT) of EUR 3.9 million (previous year
EUR 19.1 million) were severely eroded by the non-operating effect of the
equity investment CENTROSOLAR from the first half of the year. However,
earnings before tax (EBT) for the recent third quarter of EUR 12.2 million
exceeded the corresponding prior-year figure of EUR 11.5 million. The
factors at work here included the early implementation of measures to
adjust capacity and boost efficiency, an appreciable improvement in the
interest result and the substantially better CENTROSOLAR investment result
of EUR 1.2 million (previous year EUR 0.8 million). For the year to date,
CENTROTEC posts slightly negative earnings after tax of EUR -0.5 million
(previous year EUR +13.8 million) and virtually balanced earnings per share
(EPS) of EUR -0.02 (previous year EUR +0.84). Specifically for the third
quarter, however, both key figures were up on the previous year. Excluding
the effects of the CENTROSOLAR investment result, earnings per share would
have been EUR +0.60 (previous year EUR 0.74).
As in the first two quarters of 2009, CENTROTEC's business performance in
the third quarter was highly heterogeneous. The highest-revenue segment of
Climate Systems turned in a positive business performance, as indeed it has
done over the entire year so far, gaining market shares in its steadily
developing core markets. On the other hand individual areas such as project
business developed much more weakly. The revenue for the segment in the
first three quarters was EUR 224.7 million and therefore just 2.9 % down on
the previous year (previous year EUR 231.5 million). In the Gas Flue
Systems segment the positive in-year revenue performance continued, with
revenue for the quarter up on the previous year. Revenue for the segment
reached EUR 83.5 million, which was just 2.7 % down on the previous year's
figure (previous year EUR 85.8 million). In the smallest segment, Medical
Technology & Engineering Plastics, revenue fell by 26.5 % to a cumulative
total of EUR 21.7 million (previous year EUR 29.5 million). The main reason
for this reversal was a sharp fall in revenue in the Engineering Plastics
area as a result of the economic crisis.
The fundamentally good business performance in the core markets, with
increased market shares, continued in the third quarter. This positive
pattern was particularly prominent for innovative solutions for ventilation
systems with heat recovery, condensing boiler technology, biomass systems,
photovoltaic systems and combined heat and power units. The universally
positive framework conditions for CENTROTEC energy-saving solutions
improved in the third quarter of 2009 with the introduction of new
energy-saving legislation for buildings e.g. in Germany and France (EnEV
2009 and Grenelle de l'environnement), the doubling of the oil price since
February 2009 and growing acknowledgement of the economic and ecological
need to adopt ultra-efficient heating, climate control and ventilation
technology as well as renewable energies.
On this basis, the lower end of the operating targets for 2009 set at the
start of the year (revenue EUR 455 - 480 million, EBITDA EUR 43 - 48
million, EBIT EUR 27 - 32 million) remains attainable. The target corridor
of EUR 0.85 - 1.10 for earnings per share (EPS) can likewise still be
achieved with CENTROTEC's current level of business operations, i.e. before
taking account of the non-operating effects of the CENTROSOLAR investment.
With a strategy focused on integrated energy-saving solutions for
buildings, CENTROTEC currently expects to see a slight rise in revenue and
earnings in 2010 even though there will not yet be any substantial recovery
in the relevant markets.
CENTROTEC Sustainable AG
CENTROTEC Sustainable AG and its subsidiaries enjoy a presence in over 45
different countries. The principal group companies are Wolf Heiztechnik,
Brink Climate Systems and Ned Air in the Climate Systems segment, which
have specialised in heating, climate control and ventilation technology
e.g. in the form of solar thermal systems, CHP units and residential
ventilation systems with heat recovery, as well as Ubbink and Centrotherm,
which have focused on gas flue systems and solar system components in the
Gas Flue Systems segment. CENTROTEC is consequently Europe's only listed
full-service provider of solar thermal systems and energy-saving solutions
for buildings.
CENTROTEC Sustainable AG, Am Patbergschen Dorn 9, D-59929 Brilon, Germany
ISIN: DE0005407506, WKN: 540750, home stock exchange: Frankfurt am Main
Indices: SDAX, GEX, Prime All Share, Prime Industrial
For further information, contact:
CENTROTEC Sustainable AG, Dr. Frank Rose, Tel.: +49 (0)2961 96631-104 or
MetaCom Corporate Communications GmbH, Georg Biekehör, Tel.: +49 (0) 6181
982 80-30
06.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: CENTROTEC Sustainable AG
Am Patbergschen Dorn 9
59929 Brilon
Deutschland
Phone: +49 (0)2961 96631-0
Fax: +49 (0)2961 96631-100
E-mail: ir@centrotec.de
Internet: www.centrotec.de
ISIN: DE0005407506
WKN: 540750
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-Adhoc: CENTROTEC Sustainable AG: Business results for first nine months of 2009
| Source: EQS Group AG