iQ Power AG / Key word(s): Final Results
27.04.2012 20:10
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.
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iQ Power AG Releases its Annual Report 2011
- Sales revenues up 17% to EUR 10.8 million (prior year: EUR 9.3 million)
- Overall results severely impacted by one-time restructuring charges
stemming from the corporate realignment
- Operating result before special items improved approximately 10 percent
- Future focus on the core licensing business
- Aims to switch trading segments before end of 2012
- Positive outlook for 2012
Zug/Switzerland, 27 April 2012 - iQ Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles, has
published its operating figures for the 2011 fiscal year.
Sales revenues increased some 17 percent to approximately EUR 10.8 million
(prior year: EUR 9.3 million) during the reporting period of 1 January to
31 December 2011. Despite declining sales volumes across the entire
aftermarket and a fourth quarter that was weak due to the weather, iQ Power
AG still managed to expand its volume of sales during the 2011 fiscal year.
The company gained market share most notably within the core European
market in fourth quarter 2011.
As a result of liquidity-neutral one-time effects in the course of
realigning the company, the net result of approximately minus EUR 10.6
million was markedly lower than the prior-year figure of minus EUR 4.5
million. First, a write-down of EUR 4.1 million was made against the equity
interests due to the uncertain future of the European operations. Second,
an additional write-down of approximately EUR 2.5 million was made,
primarily for special tools. These tools were acquired at the time for
building electronically managed smart batteries. The market launch of the
electronically managed smart battery was postponed indefinitely as a result
of the company focusing on batteries with electrolyte mixing. When adjusted
for one-time special effects relating to the corporate realignment,
operating earnings improved some 10 percent from minus EUR 4.5 million in
the prior year to minus EUR 4.1 million.
The value adjustments in the amount of EUR 6.6 million also had an effect
on iQ Power AG's balance sheet ratios. Total assets as at the 31 December
2011 reporting date were EUR 9.7 million (prior year: EUR 14.8 million).
Equity totaled EUR 2.8 million and was approximately EUR 7.1 million less
than the prior year's figure of EUR 9.9 million. The equity ratio was
approximately 29 percent and cash and cash equivalents totaled EUR 0.4
million as at the reporting date.
As it moves ahead with its realignment, iQ Power AG will place the
manufacturing and sales operations in the hands of a strategic partner and
concentrate on the vastly more lucrative licensing business in the future.
This means that unlike in the past, the company's liquidity will no longer
be burdened by the capital needs of a manufacturing facility. The objective
is a significant streamlining of the group structure, which in turn will
reduce corporate costs appreciably. In addition to the actions being
undertaken to realign and refocus the company, a switch to the Entry
Standard segment on the Frankfurt Stock Exchange will also be sought during
the current 2012 fiscal year. Changing segments would result in additional
savings from having to comply with fewer trading and reporting
requirements. The realignment should result in the company having overall
expenses of about only EUR 1 million in the future, including patent and
development costs.
A major improvement in the earnings situation is expected for the current
2012 fiscal year in light of the commitment to streamlining the group and
cost structures, and a positive development in licensing revenues.
The CEO
The annual report is available for downloading now from the iQ Power
website www.iqpower.com.
About iQ Power
iQ Power AG is a developer and supplier of innovative starter batteries for
motor vehicles. The products are technologically advanced, deliver greater
efficiency, and are environmentally sound and lighter in weight. The
company's many achievements include the development of the world's first
software-controlled smart car battery. Industrial batteries and system
solutions for electrical energy management in vehicles help round out its
spectrum of activities.
The company's operational element is iQ Power GmbH in Chemnitz (Germany),
which is a wholly owned subsidiary of iQ Power AG. Headquartered in Zug
(Switzerland), iQ POWER AG is a publicly listed stock corporation whose
shares are traded on the regulated market (General Standard segment) of the
Frankfurt Stock Exchange, over the counter on the securities exchanges in
Berlin, Düsseldorf, Munich and Stuttgart, as well as on Xetra (ISIN:
CH0020609688, WKN: A0DQVL, IQPB).
Contact:
Company Contact:
iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Tel.: +41(0) 41 768 03 63
Fax: +41(0) 41 768 03 68
info@iqpower.com
www.iqpower.com
Investor Relations Contact:
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt am Main
Tel.: +49 (0)69 - 74 30 37 00
Fax: +49 (0)69 - 74 30 37 22
iQPower@gfei.de
www.gfei.de
27.04.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Switzerland
Phone: +41 41 7680360
Fax: +41 41 768 03 68
E-mail: investor-relations@iqpower.com
Internet: www.iqpower.com
ISIN: CH0020609688
WKN: A0DQVL
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: iQ Power AG Releases its Annual Report 2011
| Quelle: EQS Group AG