CENTROTEC Sustainable AG / Final Results/Forecast
20.03.2008
Release 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.
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Brilon, March 20, 2008 CENTROTEC Sustainable AG, Brilon, successfully
completed the 2007 financial year with record sales and earnings despite an
extremely difficult situation in the German heating market, and thus
broadly achieved the revenue and earnings forecasts that had already been
revised upwards in the course of the year. All three segments contributed
towards this achievement thanks to their profitable organic growth.
Consolidated revenue for 2007 rose organically by 6.2 % to EUR 406.4
million (reported, 2006: EUR 396.3 million; as-if, previous year: EUR 382.8
million excluding CENTROSOLAR, including Wolf Group). Meanwhile EBITDA grew
by 44 % to EUR 43.6 million and the operating result (EBIT) of EUR 27.6
million was more than double the prior-year figure of EUR 12.5 million
which, however, included various non-recurring effects. A year-on-year
comparison of the as-if operating result reveals an increase of around EUR
5.4 million, i.e. approx. 25%. Earnings after taxes (EAT) reached EUR 16.5
million, producing basic earnings per share (EPS) of EUR 1.01. The
prior-year figure was EUR 0.88. It should also be noted in this connection
that there was a 1:1 share split in July 2007. The rise in the operating
result is all the more notable because transactions with minorities
contributed EUR 0.61 towards the prior-year figure. CENTROTEC was likewise
able to compensate for the 60 % rise in interest expense from acquisitions
activities.
The CENTROTEC balance sheet, which had been extended appreciably by the
acquisitions of recent years, contracted in the 2007 financial year to EUR
361.8 million (previous year EUR 483.1 million) among other reasons because
the 33.6 % interest in CENTROSOLAR Group AG is now accounted for using the
equity method. The net financial liabilities were reduced in an initial
step by EUR 37.5 million to EUR 121.8 million, more than had been
originally planned. The equity ratio was just above 30 % and the ratio of
net financial liabilities to EBITDA in the first full year after the
takeover of Wolf was back below 3.0.
Operating cash flow rose to EUR 32.7 million (previous year EUR 5.6
million), thanks to stable cash flows and active working capital
management. Cash and cash equivalents for the company totalled EUR 17.0
million at year-end.
Outlook for 2008
CENTROTEC expects organic revenue growth to be in the upper single-digit
percentage range for the current financial year, reaching EUR 435 to 445
million. At earnings level, the targets envisage an operating result (EBIT)
of EUR 32 to 34 million and earnings per share (EPS) of EUR 1.10 to 1.15.
The Gas Flue Systems segment will contribute approx. EUR 110 million
towards revenue, with an EBIT margin of just under 10 %. Revenue of approx.
EUR 290 million is the target for the Climate Systems segment, with an EBIT
margin of 6 to 7 %. Revenue of just under EUR 40 million and an earnings
margin from operations of 8 to 9 % is expected in the Medical Technology &
Engineering Plastics segment. These expectations are confirmed by the
progress of the market and of business in the first two months of the
current financial year.
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, which have specialised in heating,
climate control and ventilation technology in the Climate Systems segment,
and Ubbink and Centrotherm, which have focused on gas flue systems and
components for solar systems in the Gas Flue Systems segment.
The continuing debate about how to protect the earth's climate has prompted
the introduction or stepping up of state subsidies and regulations in all
European countries as a result of the EU's ambitious climate protection
targets. This, coupled with further rises in energy prices, leads CENTROTEC
to expect the positive effect on its core business of energy-saving
concepts for buildings to continue into the medium and long term. Following
the successful completion of Wolf's integration in the past financial year,
CENTROTEC will continue to focus on integrated concepts for heating,
climate control and ventilation in buildings. By maintaining an innovative
approach to product development and expanding internationally, it will
progressively extend its position as Europe's only listed comprehensive
supplier of energy-saving products for buildings.
CENTROTEC Sustainable AG,
Am Patbergschen Dorn 9, 59929 Brilon, Germany
ISIN: DE0005407506, WKN: 540750
Indices: Prime All Share, Prime Industrial, GEX
Home stock exchange: Frankfurt am Main
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
DGAP 20.03.2008
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Language: English
Issuer: 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: Prime Standard; GEX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: CENTROTEC: all key figures reach record levels
| Source: EQS Group AG