Ad-hoc-Announcement: SYSTAIC publishes preliminary key figures for 2009 and adjusts guidance for 2010

SYSTAIC publishes preliminary key figures for 2009 and adjusts guidance for 2010 – Executive Board negotiates financing with banks – CFO Udo Zimmer holds general power of attorney

Düsseldorf, 9 March 2010 – systaic AG announces preliminary key figures for financial year 2009. According to these figures, the solar energy company’s consolidated revenue amounts to € 218 million, an increase of around 10% compared with the previous year (€ 198.7 million). The shortfall in the revenue target of around € 300 million is primarily due to the change in the implementation procedures for a major project in the SYSTAIC Industrial Solutions segment (formerly SYSTAIC Solar Power Plants). This project primarily served to secure the balance of receivables due to systaic AG from a Spanish customer. After negotiations ongoing until recently, a short-term settlement of receivables now seems possible. The Company refrained from marketing the project as having an overall effect on revenue, as was originally planned. Although this form of settlement has an adverse effect on consolidated net income and earnings, it would lead to a significant inflow of liquidity.

Consolidated net income before interest and taxes (EBIT) amounted to € 9.1 million in the year just ended (2008: € 9.5 million). The Group’s total assets totalled around € 178 million at the end of the year, compared with € 226.4 million as of 31 December 2008. With consolidated equity of around € 82 million (31 December 2008: € 50.8 million), SYSTAIC reported an equity ratio of more than 46% at the end of 2009. In order to secure the working capital requirement, as well as ongoing and planned projects in the Industrial Solutions segment, the Executive Board is currently engaged in intense negotiations with banks to extend its financing limits in the short term.

General conditions for the photovoltaic industry have deteriorated over the past few months. Structural changes, such as the reduction of government feed-in tariffs in Europe, are leading to a perceptible reticence and a feeling of uncertainty among investors in the solar power plant business. This and the general caution that persists regarding the general macroeconomic outlook have led the Executive Board to adjust its guidance for the development of the SYSTAIC Group’s business in 2010. According to a prudent estimate and subject to a successful conclusion of financing negotiations, consolidated revenue will increase by at least 20% year-on-year. The sales target of at least € 400 million previously communicated for 2010 included a number of major projects, which the Executive Board now no longer considers to be sufficiently feasible. Irrespective of the adjusted sales forecast, the Executive Board continues to expect positive consolidated earnings after tax for 2010.

SYSTAIC has reacted to the disappointing developments of 2009 and the current cloudiness of market prospects. The opportunities arising from the changing power plant business are being consistently exploited and the Energy Roof Systems business will be expanded with a strong focus on cost efficiency after conclusion of the ongoing financing negotiations. In order to achieve this, a project has been initiated with the objective of further developing key functions such as distribution, process control and financing. The Supervisory Board has appointed Mr. Udo Zimmer, the Company’s Chief Financial Officer (CFO) and Chief Restructuring Officer (CRO), as project manager for this project. In order to allow him the necessary scope to implement this project, Mr. Zimmer has stepped down temporarily from the Executive Board. He has been appointed as the Group's authorised representative with far-reaching powers of attorney, effective immediately. It is agreed that Mr. Zimmer will return to his position on the Executive Board in the course of the year upon completion of the above projects.