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CENTROTEC SUSTAINABLE AG (FRA:CEV) CENTROTEC Sustainable AG: 2009 revenue and earnings targets comprehensively met

Directive transparence : information réglementée

25/03/2010 07:38
CENTROTEC Sustainable AG / Final Results/Forecast 25.03.2010 07:38 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. --------------------------------------------------------------------------- Ad hoc announcement acc. to Section 15 of German Securities Trading Law (WpHG) 2009 revenue and earnings targets comprehensively met - profitable growth to continue in 2010 Brilon, March 25, 2010 - CENTROTEC Sustainable AG succeeded in bringing the 2009 financial year to an end with the highest quarterly revenue in the history of the company (EUR 136.7 million). Despite a difficult wider economic environment, it was therefore able to post similarly high revenue and earnings figures to the record-breaking 2008, comprehensively meeting the revenue and operating result forecasts made over a year ago. This stable performance was underpinned in particular by the strong market position of the two core segments Climate Systems and Gas Flue Systems. Meanwhile net financial liabilities were reduced by 24 % to EUR 86.5 million (previous year EUR 114.1 million), well below the target of EUR 100 million set one year ago. For 2010, CENTROTEC is making plans based on a rise in revenue and the operating result and expects to return to double-digit growth rates in the medium term. 2009 accounts CENTROTEC's consolidated revenue of EUR 466.6 million was only 2.0 % down on the previous year's record total of EUR 476.1 million and therefore squarely within the forecast bandwidth of EUR 455 to 480 million. Revenue for the Climate Systems segment reached EUR 309.5 million, just 3.1 % down on the previous year; the Gas Flue Systems segment improved on the record total from 2008 by 7.8 %, with revenue rising to EUR 128.1 million. Overall, therefore, CENTROTEC's core business maintained the record level of the previous year even in a crisis-ridden 2009. In the Medical Technology & Engineering Plastics segment, the cyclically-driven downturn in sales of engineering plastics led to a fall in revenue to EUR 29.0 million. The EBITDA operating result of EUR 46.6 million (-4.4 %) likewise came very close to the record figure of the previous year, falling within the forecast bandwidth of EUR 43 to 48 million. EBIT of EUR 29.0 million (-9.7 %) was also fully in line with the forecast of EUR 27 to 32 million. Non-recurring effects at CENTROSOLAR in the first half of 2009 produced a deeply negative investment result, which reduced earnings before tax (EBT) to EUR 12.7 million (-50.6 %) despite the substantially improved interest result. This, together with a temporarily slightly elevated effective tax rate, brought earnings after tax (EAT) well down to EUR 5.2 million and reduced earnings per share (EPS) to EUR 0.33. At operating level, i.e. excluding the effects of the CENTROSOLAR investment, the EPS figure of EUR 0.93 likewise comfortably reached the forecast bandwidth of EUR 0.85 to 1.10. The balance sheet structure was further improved in 2009, with the equity ratio rising to 34.9 %. Cash and cash equivalents rose to EUR 35.4 million (previous year EUR 22.9 million), thanks in particular to active working capital management. Net working capital fell from EUR 65.1 million to EUR 53.6 million. 2010 forecast by segment The companies of the CENTROTEC Group have steadily improved their market position over recent years with the help of innovative energy-saving solutions. As well as supplying efficient, competitive condensing boiler systems, solar systems, heat pumps, combined heat and power units and ventilation and climate control solutions, CENTROTEC has most notably distinguished itself by integrating these technologies into efficient overall systems and steadily increased its market shares. Escalating energy prices, ambitious national climate protection targets and corresponding legislation coupled with the clear trend towards renewable energies continue to provide a favourable general environment. The large number of innovative new products due for launch in 2010 therefore provides additional growth potential over the longer term. For the 2010 financial year, CENTROTEC expects growth in revenue to EUR 480 to 500 million with an operating result (EBIT) of EUR 30 to 32 million. This increase in earnings, along with a comfortably positive investment result from CENTROSOLAR since the second half of 2009, leads the company to expect earnings per share (EPS) of EUR 1.10 to 1.20. In the Climate Systems segment a moderate rise in revenue to EUR 320 to 330 million is expected, with a slightly higher EBIT margin than in 2009. The medium-term target remains organic growth of 8 to 10 % with an EBIT margin of 8 to 9 %. The Gas Flue Systems segment is expected to increase its revenue to EUR 130 to 140 million, with the EBIT margin remaining constant. In the medium term, organic revenue growth of 10 to 12 % with double-digit EBIT margins is expected for Gas Flue Systems. For the smallest segment, Medical Technology & Engineering Plastics, moderate organic revenue growth to EUR 30 to 32 million is likely, with an EBIT margin in the low single-digit range. Over the medium term, the organic growth target is in excess of 10 % with an EBIT margin in the high single-digit or low double-digit range. 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, heat pumps, CHP units, climate control and ventilation systems with heat recovery for residential and commercial buildings, as well as Ubbink and Centrotherm, which have focused on plastic gas flue and air ducting 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 98280-30 25.03.2010 07:38 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------