News Details

systaic AG with significantly increased revenues and higher margin

• Market leader for solar integration solutions in buildings and vehicles presents preliminary interim results for first nine months 2009
• Revenue of € 193.1 million after first three quarters 50 % higher than previous year
• EBIT at € 9.2 million, EBIT margin at 4.8 %, in 3rd quarter at 7.5 %
• Growth target for the 2009 financial year confirmed

According to preliminary calculations systaic AG, Düsseldorf, achieved a 50 % increase in consolidated revenue in the first nine months of 2009 from € 128.7 million (9M 2008) to € 193.1 million. In the third quarter SYSTAIC posted revenue of € 72.2 million (+ 22 % compared to Q3 2008: € 59.0m). This is the highest quarterly sales figure achieved since the company was founded.

Consolidated earnings before interest and taxes (EBIT) in the first nine months of 2009 stood at € 9.2 million (9M 2008: € 6.2 million). At € 5.4 million, operating result generated in the third quarter of 2009 was thus higher than in the total first half of the year (H1 2009: € 3.8 million). For the third quarter of 2009 this resulted in a very satisfactory EBIT margin of 7.5 % (Q3 2008: 5.4 %). In the first nine months the EBIT margin stood at 4.8 % (9M 2008: 4.8 %).

Consolidated total assets as of 30 September 2009 were in line with forecasts at € 177 million, representing a reduction of about 22 % since the end of 2008 (€ 226 million). Equity as of 30 September 2009 stood at € 69.6 million. This compared with a figure of € 50.8 million on 31 December 2008, thus resulting in a sound equity ratio of 39 %. Since the end of 2008 net debt was reduced by a third to € 43.8 million.

"Our group is continuing to grow strongly," explains Heiko Piossek, Chief Financial Officer of systaic AG. “In the third quarter of this year we have succeeded in strengthening the operative margin compared to the previous year, because as a company positioned close to the customer we are benefiting from the decline in component prices and the general market development. And we will continue to demonstrate this in the next quarters,” states Piossek. “In addition, systaic AG generates about 90 % of its revenue outside Germany. Even in the event of an adjustment of the German Renewable Energies Law this means we will be optimally equipped for the future."

On the strength of the existing project pipeline in the solar power plant sector the Executive Board of systaic AG confirms its growth targets for 2009. Consolidated revenue is expected to increase to more than € 300 million (previous year: € 199 million). The EBIT margin for full financial year 2009 is still seen at 7 %.

Further figures and details for the first nine months and the third quarter of 2009, together with the guidance for the financial year 2010 will be published with the interim report as of 30 September 2009 on 9 November 2009 on the company's website www.systaic.com.