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CENTROTEC: prospects remain positive after record-breaking 2008
Brilon, March 26, 2009 – CENTROTEC Sustainable AG, Brilon, successfully completed the 2008 financial year with record revenue and earnings, in the process easily bettering the revenue forecasts that had already been upgraded in the course of the year. All three segments of the CENTROTEC Group contributed towards this rise in revenue though their profitable organic growth. The biggest driving forces behind growth were systems designed to use renewable energies, most particularly solar thermal and heat pumps, residential ventilation systems with heat recovery, energy-efficient condensing technology and gas flue systems for condensing boilers.
Consolidated revenue grew organically by 17.1 % to EUR 476.1 million (previous year EUR 406.4 million). Meanwhile EBITDA rose by 11.9 % to EUR 48.8 million (previous year EUR 43.6 million) and the operating result (EBIT) was 16.8 % up on the previous year (EUR 27.6 million) at EUR 32.2 million. Earnings before tax (EBT) benefited from the fall in interest payments and the much higher investment result, rising by an overproportional 39.7 % to EUR 25.8 million (previous year EUR 18.5 million). Earnings after tax (EAT) amounted to EUR 18.6 million (previous year EUR 16.5 million), producing basic earnings per share (EPS) of EUR 1.13 (previous year EUR 1.01); it should also be borne in mind here that the prior-year figure was boosted by a non-recurring positive tax effect.
The shareholders' equity of the CENTROTEC Group rose by 17.2 % to EUR 127.8 million, pushing up the equity ratio at December 31, 2008 to 33.8 % (previous year 30.1 %). The net financial liabilities were reduced to EUR 114.1 million. Cash and cash equivalents totalled EUR 22.9 million at the balance sheet date (+ 34.7 % on previous year).
Forecast for 2009
Based on the outstanding business performance in 2008 and the competitive position achieved in the market for energy conservation and climate protection – one of the key emerging markets worldwide – the Management Board holds fast to its positive expectations regarding the future development of the CENTROTEC Group, despite the unpredictable consequences of the global economic crisis. The underlying situation remains conducive to the company's positive progress. In December 2008, for example, the European Union passed binding requirements on the use of renewable energies, in particular for heating. The subsidies available for improving energy efficiency and the use of renewable energies in buildings were also substantially increased and made permanent, the refurbishment of buildings for energy efficiency plays an important role in the economic recovery programmes that have been launched internationally. The German heating market, which still accounts for an important portion of consolidated revenue, furthermore offers substantial market potential for the modernisation of systems because only 12 % of installed boilers are technically up to date.
Against this backdrop, and bearing in mind the present difficult economic situation, CENTROTEC expects revenue for the current 2009 financial year to reach EUR 455 to 480 million, with EBITDA of EUR 43 to 48 million. The group is aiming to keep the operating result (EBIT) stable at EUR 27 to 32 million. Earnings per share (EPS) are expected to reach a level of EUR 0.85 to 1.10. The 2009 target for the Gas Flue Systems segment is revenue of EUR 113 to 123 million, coupled with a year-on-year improvement in the EBIT margin. Revenue expectations in the Climate Systems segment cover a bandwidth of EUR 307 to 320 million, with the EBIT margin not significantly down on the level of 2008. The gross margin in both these segments should edge up again for the first time in several years, mainly as a result of the significant drop in raw material prices. The impact of the economic crisis on high-performance plastics business will be reflected in revenue of EUR 33 to 37 million and a temporary dip in the EBIT margin for the Medical Technology & Engineering Plastics segment. The start to the 2009 financial year has been in line with expected market and business performance.
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, combined heat and power units and residential ventilation systems with heat recovery, as well as Ubbink and Centrotherm, which have focused on gas flue systems and components for solar systems 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,
59929 Brilon
Germany
ISIN: DE0005407506, WKN: 540750
Indices: Prime All Share, Prime Industrial, GEX, SDAX
Home stock exchange: Frankfurt am Main
For further information, please contact:
CENTROTEC Sustainable AG, Dr. Frank Rose, tel.: +49 (0) 2961 96631-104
or
MetaCom Corporate Communications GmbH, Georg Biekehör, tel.: +49 (0) 6181 982 80 30
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