CENTROTEC SUSTAINABLE AG (FRA:CEV) CENTROTEC Sustainable AG: record-breaking revenue and earnings

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12/05/2010 07:23
CENTROTEC Sustainable AG / Quarter Results 12.05.2010 07:23 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) CENTROTEC starts 2010 with record-breaking revenue and earnings for quarter - EBITDA up 72 % Brilon, May 12, 2010 - The CENTROTEC Group again achieved new record levels of revenue and earnings in the first quarter of 2010, maintaining the positive business progress of 2009. All three segments contributed towards organic revenue growth of 6.5 % to EUR 103.1 million (previous year EUR 96.7 million) in the first quarter, when business is typically slack in this industry. Revenue for the highest-revenue segment, Climate Systems, climbed by 1.8 % to EUR 67.2 million (previous year EUR 66.0 million) despite business being hampered by a long, hard winter. The Gas Flue Systems segment maintained the strong growth of the previous two quarters with revenue growth of 19.3 % to EUR 27.4 million (previous year EUR 22.9 million) and the Medical Technology & Engineering Plastics segment, too, posted its first revenue growth since 2008, with an 8.8 % increase taking it to EUR 8.5 million (previous year EUR 7.8 million). In the German heating market, CENTROTEC's companies again succeeded in increasing their revenue and adding to their market shares in the first quarter of 2010. Business particularly in France progressed very well, but there was also substantial revenue growth in Belgium and Italy, as well as in the Russian market, which had been very weak in the previous year. The operating result at EBITDA level rose 72 % to EUR 9.3 million (previous year EUR 5.4 million) and EBIT trebled to EUR 5.1 million (previous year EUR 1.4 million), both of these being record figures for a first quarter. The main factors behind this development were a further reduction in the purchased materials ratio and a below-average development in personnel expenses - reflecting the major advances achieved thanks to the group-wide efficiency and profitability programmes. The further reduced net interest expense and the positive investment result of EUR 1.3 million (previous year EUR -1.9 million), the outcome of the excellent business progress of the CENTROSOLAR investment, boosted earnings before tax (EBT) by EUR 7.2 million to EUR +5.1 million (previous year EUR -2.1 million). A temporarily elevated effective tax rate due to local and seasonal shifts produced earnings after tax (EAT) of EUR 3.2 million (previous year EUR -2.4 million). Earnings per share (EPS) were thus EUR 0.19 (previous year EUR -0.14). Forecast for 2010 confirmed in full Based on the positive development in business in the first few months of the current financial year, the forecast made for 2010 can be wholeheartedly confirmed despite all the uncertainties surrounding the continuing economic recovery. A major factor in these distinctly positive prospects for the full year is the market success of the CENTROTEC companies' innovative energy-saving solutions and their strong position in the market. Alongside the steadily evolving range of efficient, competitive condensing boiler systems, solar systems, combined heat and power units, and ventilation and climate control solutions, the company successfully brought its own complete range of heat pumps onto the market in the first quarter. Other innovative products such as an aesthetically appealing energy roof system that integrates solar thermal and photovoltaic modules will follow in the course of 2010. This range of solutions differentiates the CENTROTEC companies as suppliers of efficient overall systems for integrated technologies, a strategy which is rewarding them with increased shares of the future market for energy-saving solutions. Energy prices that have been rebounding strongly for roughly the past year, ambitious national climate protection targets and corresponding legislation coupled with the ongoing trend towards renewable energies continue to provide a favourable general environment. Bearing in mind the excellent strategic position of CENTROSOLAR compared with other solar businesses and its positive business performance, the investment result is moreover expected to continue moving in the right direction. For the 2010 financial year, CENTROTEC confirms the revenue forecast of EUR 480 to 500 million, with an operating result (EBIT) of EUR 30 to 32 million. On this basis, coupled with a resounding return to positive territory for the CENTROSOLAR investment result, earnings per share (EPS) for the full year are expected to reach EUR 1.10 to 1.20. CENTROTEC Sustainable AG CENTROTEC Sustainable AG and its subsidiaries enjoy a presence in over 50 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, DAXplus Family, 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 12.05.2010 07:23 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 ---------------------------------------------------------------------------