SYSTAIC publishes preliminary key figures for 2009 and adjusts guidance for 2010 - Executive Board negotiates financing with banks - CFO Udo Zimmer holds general power of attorney

systaic AG / Preliminary Results/Change in Forecast

09.03.2010 19:50

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.

---------------------------------------------------------------------------

SYSTAIC publishes preliminary key figures for 2009 and adjusts guidance for
2010 - Executive Board negotiates financing with banks - CFO Udo Zimmer
holds general power of attorney

systaic AG announces preliminary key figures for financial year 2009.
According to these figures, the solar energy company's consolidated revenue
amounts to EUR 218 million, an increase of around 10% compared with the
previous year (EUR 198.7 million). The shortfall in the revenue target of
around EUR 300 million is primarily due to the change in the implementation
procedures for a major project in the SYSTAIC Industrial Solutions segment
(formerly SYSTAIC Solar Power Plants). This project primarily served to
secure the balance of receivables due to systaic AG from a Spanish
customer. After negotiations ongoing until recently, a short-term
settlement of receivables now seems possible. The Company refrained from
marketing the project as having an overall effect on revenue, as was
originally planned. Although this form of settlement has an adverse effect
on consolidated net income and earnings, it would lead to a significant
inflow of liquidity.

Consolidated net income before interest and taxes (EBIT) amounted to EUR
9.1 million in the year just ended (2008: EUR 9.5 million). The Group's
total assets totalled around EUR 178 million at the end of the year,
compared with EUR 226.4 million as of 31 December 2008. With consolidated
equity of around EUR 82 million (31 December 2008: EUR 50.8 million),
SYSTAIC reported an equity ratio of more than 46% at the end of 2009. In
order to secure the working capital requirement, as well as ongoing and
planned projects in the Industrial Solutions segment, the Executive Board
is currently engaged in intense negotiations with banks to extend its
financing limits in the short term.

General conditions for the photovoltaic industry have deteriorated over the
past few months. Structural changes, such as the reduction of government
feed-in tariffs in Europe, are leading to a perceptible reticence and a
feeling of uncertainty among investors in the solar power plant business.
This and the general caution that persists regarding the general
macroeconomic outlook have led the Executive Board to adjust its guidance
for the development of the SYSTAIC Group's business in 2010. According to a
prudent estimate and subject to a successful conclusion of financing
negotiations, consolidated revenue will increase by at least 20%
year-on-year. The sales target of at least EUR 400 million previously
communicated for 2010 included a number of major projects, which the
Executive Board now no longer considers to be sufficiently feasible.
Irrespective of the adjusted sales forecast, the Executive Board continues
to expect positive consolidated earnings after tax for 2010.

SYSTAIC has reacted to the disappointing developments of 2009 and the
current cloudiness of market prospects. The opportunities arising from the
changing power plant business are being consistently exploited and the
Energy Roof Systems business will be expanded with a strong focus on cost
efficiency after conclusion of the ongoing financing negotiations. In order
to achieve this, a project has been initiated with the objective of further
developing key functions such as distribution, process control and
financing. The Supervisory Board has appointed Mr. Udo Zimmer, the
Company's Chief Financial Officer (CFO) and Chief Restructuring Officer
(CRO), as project manager for this project. In order to allow him the
necessary scope to implement this project, Mr. Zimmer has stepped down
temporarily from the Executive Board. He has been appointed as the Group's
authorised representative with far-reaching powers of attorney, effective
immediately. It is agreed that Mr. Zimmer will return to his position on
the Executive Board in the course of the year upon completion of the above
projects.


Contact:
systaic AG 
Investor Relations 
Kasernenstraße 27 
40213 Düsseldorf 
Germany
Phone: 0049-211-828559-0 
Fax: 0049-211-828559-229 
ir@systaic.com 
www.systaic.com





09.03.2010 Ad hoc announcement, Financial News and Media Release
distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      systaic AG
              Kasernenstr. 27
              40213 Düsseldorf
              Deutschland
Phone:        +49 (0)211 828559-0
Fax:          +49 (0)211 828559-29
E-mail:       ir@systaic.com
Internet:     http://www.systaic.de
ISIN:         DE000A0JKYP6
WKN:          A0JKYP
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Stuttgart
 
End of News                                     DGAP News-Service
 
---------------------------------------------------------------------------