systaic AG / Quarter Results 10.11.2008 Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. =-------------------------------------------------------------------------- * Group sales increase by more than seven times to EUR 128.7m * EBIT up proportionately to EUR 6.2m * Further growth forecasted for next year The Düsseldorf-based solar energy company systaic AG (SYSTAIC) recorded positive business development in the first nine months of 2008. Group sales increased more than seven times compared to the same period in the previous year, with operating group earnings before interest and tax developing about proportionately. Highlights since the end of the second quarter * All large-scale solar power plants built by SYSTAIC in Spain were completed on time in the third quarter and are now feeding power into the public grid. The project has however not yet been handed over to the investor as it has incurred a delay in refinancing the purchase price. After being entered into the register all plants are receiving higher feed-in tariffs in line with existing Spanish law. SYSTAIC has been able to further cement its position as a leading company in the international project business and turn-key construction of solar power plants. * Since September 30, 2008, the systaic AG stock has been trading on the regulated market, the Prime Standard segment of Deutsche Börse. The company meets the highest, international requirements in reporting and transparency standards. * At the end of October, SYSTAIC issued a convertible bond maturing in 2012 with a total nominal par value of EUR 2.5m to fund further growth. The issue price includes a surcharge of 35 percent which means that the cash inflow will amount to about EUR 3.4m. * Far-reaching cooperation in distribution and research for SYSTAIC group's core products was agreed with Saint-Gobain Glass France S.A. on October 23, 2008. The details of implementation will be determined in the fourth quarter of 2008. Group key figures for the third quarter 2008 * Group sales in the first nine months of 2008 amounted to EUR 128.7m after EUR 17.4m in the same period of the previous year. The significant increase is mainly attributable to production progress in the now completed solar power plant in Spain. Consequently, the Barcelona-based Spanish subsidiary systaic Ibérica S.L.U. alone contributed sales of EUR 75.6m. * EBIT increased to EUR 6.2m (nine months 2007: EUR 0.8m) and increased by about seven times proportionally to sales. * Group profit after tax and before minority interests was up six times in the nine month period to EUR 3.0m (previous year's period: EUR 0.5m). Group key figures for the third quarter 2008 * Group sales in the period July to September 2008 reached EUR 59.0m (third quarter 2007: EUR 6.1m), mainly driven by the completion of solar power plants in Spain. * At EUR 3.2m, about half of the EBIT generated in the first nine months is attributable to the third quarter (third quarter 2007: EUR 0.2m). * Profits after tax before minority interests reached EUR 1.6m (third quarter 2007: EUR -0.1m). Balance sheet figures * As a result of the considerable increase in business in the first nine months total assets increased from EUR 46.1m to EUR 176.8m from the reporting date December 31, 2007, to September 30, 2008. * In the first nine months of 2008, SYSTAIC group's equity doubled from EUR 23.1m to EUR 44.5m, mainly on the back of capital increases undertaken in the first half-year as well as conversions of convertible bonds. The equity ratio (excluding shares held by other shareholders) reached 25.1 percent on September 30, 2008 (December 31, 2007: 46.4 percent.) Outlook 2009 Despite possible negative impacts from a marked economic slowdown, SYSTAIC plans further growth in all divisions for 2009. Available studies on the market agree on the assumption of further strong growth in the global photovoltaic market. Growth in group sales and group EBIT of at least 25 percent each seems possible given the increasing demand in the group's strategic core activities, tighter strategic cooperation with Saint-Gobain as well as retained orders for solar power plants for 2009. This forecast is based on the condition that no unforeseeable events with a substantial negative dimension for the group materialize. Michael Pack, Chairman of systaic AG: 'We are delighted about the dynamic development of business at SYSTAIC in the first three quarters. Especially in the current crisis in capital and financial markets, solar power plants have qualities investors are looking for, as they guarantee stable long-term cash flows based on sunlight and state feed-in tariffs. Even if the economic slowdown is likely to negatively impact the market volume and market growth of our customers in the sectors Energy Roof Systems and Automotive, we are convinced that the group has a balanced business model.' About SYSTAIC: SYSTAIC is one of the fastest growing companies in renewable energies in Europe thanks to its stringent implementation of its strategy. SYSTAIC's strength lies in developing and producing unique and highly aesthetic solar energy products for mobile and stationary use. The patent-pending integrated system solutions for buildings developed by SYSTAIC are highly flexible regarding their visual design and are offered with a yield guarantee in KWH for more than 24 years. The innovative SYSTAIC Energy Roof won the 'Innovation Award for Architecture and Construction' at the German construction fair Deubau 2008. This was the third award after the 'Golden Innovation Award for Sustainable Development' and the public prize 'Trophée de l'Innovation'. SYSTAIC group produces, markets and assembles a new generation of solar systems on a European basis that differ significantly from systems currently available on the market. The product portfolio is enhanced with a broad service offering. SYSTAIC also operates in the areas of planning and building solar power plants and solar solutions for the automotive industry. SYSTAIC comprises the subsidiaries Webasto Solar GmbH, Landsberg, systaic Ibérica S.L.U., Barcelona, systaic France S.A.R.L., Paris, systaic Italia S.r.l. as well as systaic Americas Inc., Carlsbad. Additional information: ISIN: DE000A0JKYP6 Prime Standard; Frankfurt Stock Exchange This release is purely for information purposes and is neither an offer nor a request to buy securities. When it comes to the offering of company securities, there has not been and will not be a public offering of systaic AG convertible bonds or securities. systaic AG Achim Zolke (Head of PR) Kasernenstraße 27 40213 Düsseldorf Germany Tel. 0049-(0)211-828559-0 Fax . 0049-(0)211-828559-29 firstname.lastname@example.org www.systaic.com 10.11.2008 Financial News transmitted by DGAP =-------------------------------------------------------------------------- Language: English Issuer: systaic AG Kasernenstr. 27 40213 Düsseldorf Deutschland Phone: +49 (0)211 828559-0 Fax: +49 (0)211 828559-29 E-mail: email@example.com Internet: http://www.systaic.com ISIN: DE000A0JKYP6 WKN: A0JKYP Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Stuttgart End of News DGAP News-Service =--------------------------------------------------------------------------
Copyright (c) 2007 Dow Jones & Company, Inc.