systaic AG publishes Q1 report 2010
The Düsseldorf-based systaic AG presented its interim report for the first quarter 2010 today. Consolidated revenue in the first three months of the current financial year was considerably lower than in the equivalent period last year (€ 50,041 thousand). This was due to seasonal reasons and the ongoing negotiations of the future financing of the Group which are delaying completion of some projects and the commencement of others in the SYSTAIC Industrial Solutions division. The Automotive division contributed the lion's share of revenue in the first quarter of this year.
Earnings before interest, depreciation and amortisation (EBITDA) amounted to € -7,201 thousand (Q1 2009: € 3,058 thousand), and the operating result (EBIT) to € -8,001 thousand (Q1 2009: € 2,333 thousand). Earnings before taxes (EBT) amounted to € -9,261 thousand (Q1 2009: € 823 thousand). After taxes, the Group posted a net quarterly loss of € -7,250 thousand (Q1 2009: net surplus of € 470 thousand).
In Q1 2010 the cash flow from operating activities was € 13,827 thousand (Q1 2009: € -10,920 thousand). This significant improvement is attributable primarily to the receipt of outstanding debts totalling € 17.3 million from a large photovoltaic project in Spain.
Total assets on 31 March 2010 were € 180,122 thousand (31 December 2009: € 178,299 thousand). Inventories increased by € 1,439 thousand to € 25,481 thousand. Trade receivables decreased by € 16,925 thousand to € 80,034 thousand. Cash and cash equivalents amounted to € 25,252 thousand (31 December 2009: € 8,501 thousand) due to the cash inflow from the large photovoltaic project in Spain.
Development of business divisions
Revenue in the SYSTAIC Energy Roof Systems division is seasonal and is often low in the first quarter, however, it amounted to € 2,429 thousand and was thus above the previous year's level of € 260 thousand. EBIT decreased to € -2,145 thousand (Q1 2009: € -1,941 thousand).
The SYSTAIC subsidiary Webasto Solar GmbH worked to full production capacity in Q1 2010. In the SYSTAIC Automotive division, revenue in Q1 2010 rose considerably to € 2,499 thousand (Q1 2009: € 1,404 thousand). EBIT was € 145 thousand, compared with € -460 thousand in Q1 2009.
In the SYSTAIC Industrial Solutions division revenue decreased from € 48,377 in Q1 2009 to € 156 thousand in Q1 2010 due to delays in completing some projects and in commencing others. EBIT amounted to € -6,002 thousand (Q1 2009: € 4,734 thousand).
Further figures and details for the first three months of this financial year will be published in the interim report as of 31 March 2010 on the company's website www.systaic.com.
SYSTAIC at a Glance
systaic AG specialises in efficient and aesthetically pleasing solar power solutions: The strategic core product for consumers is the future-oriented SYSTAIC Energy Roof for buildings, a multi-awardwinning energy system for electricity and heat generation. The portfolio also includes the development and installation of integrated photovoltaic industrial solutions.
In its SYSTAIC Energy Roof Systems business unit, SYSTAIC is developing, manufacturing, marketing and installing a new generation of complete solar systems all over Europe, which stand out significantly in terms of their technology and appearance from the other systems currently available on the market. The SYSTAIC Energy Roof offers comprehensive and homogenous total solutions for every style of roof.
The SYSTAIC Industrial Solutions business unit builds turnkey solar power plants in Germany and abroad for partners in the financial and property sector. Within this segment, systaic AG is also implementing its strategy of concentrating on integral solar systems.
Subsidiaries of systaic AG are systaic Portugal (Sistemas Energéticos de Portugal Lda), Lisbon, systaic Americas Inc., Carlsbad, systaic France S.A.R.L., Paris, systaic Hellas M.EPE, Athens, systaic Ibérica S.L.U., Barcelona, systaic Italia S.r.L., Milan and systaic sourcing AG & Co., Düsseldorf, systaic Technologies GmbH, Düsseldorf.
