http://www.systaic.com/ en http://www.systaic.com/typo3conf/ext/tt_news/ext_icon.gif http://www.systaic.com/ 18 16 TYPO3 - get.content.right http://blogs.law.harvard.edu/tech/rss Mon, 26 Jul 2010 16:05:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/personnel-changes-at-systaic-ag.html Dr. Jörg Löffler, Webasto AG, has resigned from the Supervisory Board of systaic AG, Düsseldorf.... Aktuelle Meldungen Corporate News Pressemitteilungen Mon, 26 Jul 2010 15:39:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/ad-hoc-announcement-systaic-sells-its-64-percent-share-in-the-joint-venture-webasto-solar-gmbh-to-webasto-ag.html Today the solar technology company systaic AG has sold its 64 percent holding in the joint venture... Ad-hoc Meldungen Wed, 30 Jun 2010 10:26:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/systaic-ag-publishes-q1-report-2010.html The Düsseldorf-based systaic AG presented its interim report for the first quarter 2010 today....
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. ]]> Aktuelle Meldungen Corporate News Pressemitteilungen Fri, 28 May 2010 00:19:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/ad-hoc-announcement-systaic-agrees-new-payment-schedule-with-major-client-for-settlement-of-claims-by-december-2010-and-publishes-key-data-for-q1-2010.html systaic AG agreed a new payment schedule with its major client today which proposes that the client... Ad-hoc Meldungen Thu, 20 May 2010 07:28:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/systaic-publishes-annual-financial-statements-2009.html Consolidated revenue € 218.5 million; EBIT € 9.4 millionEquity ratio increases to 47%;...

Consolidated revenue € 218.5 million; EBIT € 9.4 million

Equity ratio increases to 47%; net debt decreases significantly

Q1 2010 results below previous year’s, but within planning

Changes on the Executive Board

Düsseldorf, 31 March 2010 – As announced, systaic AG today published its financial statements for financial year 2009 and confirmed the preliminary key figures announced on 9 March 2010.

Key performance indicators of SYSTAIC Group in 2009
Consolidated revenue reached € 218.5 million – an increase of 9.9% compared with the previous year (€ 198.7 million). Foreign markets accounted for € 196.6 million of this revenue (2008: € 179.4 million), particularly solar power plants in Italy and Spain, while Germany accounted for € 21.5 million (2008: € 19.3 million). Earnings before interest and tax (EBIT) amounted to € 9.4 million in 2009, which was almost on a par with the previous year (€ 9.5 million). A significant increase in gross profit was, however, offset by higher personnel expenses, depreciation and amortisation and other operating expenses. The EBIT margin fell from 4.8% to 4.3% of revenue.

Earnings after tax (EBT) amounted to € 2.0 million (2008: € 5.8 million). After tax, the SYSTAIC Group reports a negative result of € 1.0 million (2008: net income of € 3.0 million).

Net assets and financial position as of 31 December 2009
With a year-on-year increase in consolidated equity from € 50.8 million to € 83.0 million, SYSTAIC had a solid equity ratio at the end of financial year 2009, of 46.6% (31 December 2008: 22.4%). Net debt decreased from € 65.2 million to € 39.7 million.

Development in the divisions
The SYSTAIC Industrial Solutions division (formerly: Solar Power Plants) was again by far the largest operating segment of the Group in 2009, generating revenue of € 204.2 million (2008: € 181.9 million). EBIT in this division increased significantly to € 26.2 million (2008: € 15.1 million). The Executive Board shall continue its successful strategy of offering increasingly more roof-integrated solar systems, for example for greenhouses, rather than conventional, open-space photovoltaic systems.

The SYSTAIC Energy Roof Systems division, with its innovative roof-integrated energy units, which replace the roof tiles completely, reports revenue of € 7.9 million for 2009 (2008: € 6.7 million). The EBIT of € -15.2 million (2008: € -5.4 million) was influenced by expenses relating to the development of business. This division’s top priority in 2010 is to achieve greater market penetration by improving distribution, marketing and process management. Revenue in the SYSTAIC Automotive division, which produces solar generators for car roofs, declined from € 10.2 million to € 6.4 million in 2009, due to the fall in demand from car manufacturers. EBIT in this division amounted to € -1.6 million (2008: € -0.2 million). Since it is impossible to reliably predict the further development of demand for this product, the Executive Board is examining all strategic options for this division.

Q1 2010 and outlook for financial year as a whole
The year 2010 will be marked by the adjustment of corporate strategy to the changes in general conditions in the solar energy industry and by the improvement of structures and workflows within the Group. SYSTAIC has already responded to the unsatisfactory development of business in 2009 and to the structural changes in the solar energy industry (e.g. reduction in government feed-in tariffs) by focusing on its core businesses of industrial solutions and energy roof systems. Much stronger emphasis will also be placed on generating positive cash flows and thus on improving the liquidity situation of the Group. Part of this refocusing also involves adapting structures and processes within the Group to rapid company growth.

Even after the inflow of funds of € 17.3 million from the settlement of an outstanding receivable from a Spanish customer, the SYSTAIC Group will have an ongoing financing requirement during 2010. The Executive Board is therefore engaged in negotiations with banks and other financing partners to obtain follow-on financing to secure ongoing and new projects.

The forecast for Q1 2010 is a significant decrease in consolidated revenue compared with the same period of the previous year, due particularly to a delayed project launch, and negative consolidated net income. This development has been taken into account in the planning for the year as a whole. The interim report as of 31 March 2010 will be published on 11 May.

With regard to financial year 2010 as a whole, the Executive Board currently anticipates an increase in consolidated revenue to between € 250 million and € 260 million and a distinctly positive consolidated net income after taxes, if projects and the strategic reorientation are implemented as planned.

Note concerning the annual financial statements for 2009
As per today’s ad hoc disclosure pursuant to Section 15 German Securities Trading Act (WpHG), auditing firm Deloitte & Touche GmbH conducted its audit of systaic AG’s consolidated financial statements for financial year 2009 in accordance with Section 317 German Commercial Code (HGB) and issued the annual financial statements with an unqualified audit report on 30 March 2010. The Supervisory Board of systaic AG discussed these findings conclusively this morning and resolved to adopt the audit report in this form.

The annual financial statements for 2009 can be inspected immediately at www.systaic.com.

End of Olaf Achilles’ Executive Board mandate
As contractually agreed, Olaf Achilles’ Executive Board mandate shall end today on 31 March 2010. The CNO (Chief Networking Officer) has been a member of systaic AG’s Executive Board since 2007 and was particularly concerned with the political positioning of the Company. The Supervisory Board and Executive Board would like to thank Mr. Achilles for all his work and wish him all the best in his future personal and professional endeavours.

]]> Pressemitteilungen Corporate News Aktuelle Meldungen Wed, 31 Mar 2010 11:08:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/ad-hoc-announcement-unqualified-audit-report-for-systaic-ags-annual-financial-statements-2009.html On 30 March 2010, auditing firm Deloitte & Touche GmbH conducted its audit of systaic AG’s... Ad-hoc Meldungen Wed, 31 Mar 2010 08:04:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/ad-hoc-announcement-systaic-reports-settling-of-claims-from-major-project.html The solar technology company systaic AG has registered the receipt of payment from a major... www.systaic.de

]]> Ad-hoc Meldungen Mon, 29 Mar 2010 16:17:00 +0200 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/systaic-postpones-publication-of-annual-financial-statements-by-one-week.html systaic AG is postponing the publication of its annual report for financial year 2009 by one week... Aktuelle Meldungen Corporate News Pressemitteilungen Fri, 19 Mar 2010 13:22:00 +0100 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/ad-hoc-announcement-systaic-publishes-preliminary-key-figures-for-2009-and-adjusts-guidance-for-2010.html SYSTAIC publishes preliminary key figures for 2009 and adjusts guidance for 2010 – Executive Board... 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.]]> Ad-hoc Meldungen Tue, 09 Mar 2010 09:13:00 +0100 http://www.systaic.com/investorrelations-eng/news/ad-hoc-releases-details/klimahouse-2010-systaic-italia-srl-was-awarded-the-first-prize-of-the-klimahouse-marketing-award.html SYSTAIC ITALIA S.r.l. was awarded the first prize of the “KLIMAHOUSE MARKETING AWARD“. BOLZANO... Aktuelle Meldungen Pressemitteilungen systaic News Tue, 26 Jan 2010 12:19:00 +0100