systaic AG publishes report as of 30 June 2010

systaic AG / Half Year Results

31.08.2010 09:47

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systaic AG publishes report as of 30 June 2010

Today systaic AG, Düsseldorf, published its interim report for the first
six months of 2010. At EUR 14,719 thousand, revenue in the first six months
of the current financial year remained significantly below the level of the
equivalent period the previous year (EUR 120,954 thousand). The sharp
decline in sales revenue is attributable to the ongoing financing
negotiations on future group financing which almost brought business
operations of systaic AG to a standstill.

There was no improvement in net assets of the SYSTAIC group compared to the
first three months of this financial year: Earnings before interest, taxes,
depreciation and amortisation (EBITDA) were at EUR -27,193 thousand (H1
2009: EUR 5,219 thousand), the operting result (EBIT) stood at EUR -28,949
thousand (H1 2009: EUR 3,799 thousand). Earnings before taxes (EBT)
decreased to EUR -31,041 thousand (H1 2009: EUR -776 thousand). The net
loss after taxes as of 30 June 2010 amounted to EUR -24,193 thousand (H1
2009: net income of EUR 340 thousand).

Cash flow from operating activities amounted to EUR -6,185 thousand in the
first six months of 2010 (H1 2009: EUR 28,575 thousand). This decrease is
mainly caused by the negative consolidated income. The incoming payment of
an overdue claim to a Spanish client in March 2010 had a reverse effect.

Total assets amounted to EUR 151,846 thousand after the first six months of
2010 (31 December 2009: EUR 178,299 thousand). The inventories slightly
changed in the first six months by EUR 726 thousand to EUR 23,316 thousand.
Trade receivables decreased by EUR 22,045 thousand to EUR 74,296 thousand.
Cash and cash equivalents amounted to EUR 4,791 thousand, whereof EUR 3,554
thousand are restricted cash. They have decreased by EUR 3,710 thousand
since 31 December 2009. Equity stood at EUR 57,230 thousand as of 30 June
2010 and thus has decreased by EUR 25,784 thousand since 31 December 2009.
As a result, the interim report of SYSTAIC shows an equity ratio of 37.7%
at the end of the first six months.


Development of divisions

In the SYSTAIC Automotive division revenue rose in the first six months of
2010 from EUR 2,865 thousand in the previous year (H1 2009) to EUR 4,274
thousand. EBIT was EUR 309 thousand, compared with EUR -981 thousand in H1
2009. As systaic AG sold its 64% share in the joint venture Webasto Solar
GmbH, Landsberg am Lech, to automotive supplier Webasto AG, Stockdorf, on
30 June 2010, the interest has been deconsolidated as of 30 June 2010.

In the SYSTAIC Industrial Solutions division there was no improvement in
the business situation in the second quarter of 2010. Accordingly, sales
stood at only EUR 364 thousand on 30 June 2010 (H1 2009: EUR 116,250
thousand). In the reporting period EBIT amounted to EUR -20,133 thousand
(H1 2009: EUR 9,295 thousand). As from today's perspective, the major
problems of systaic AG not least were caused by the intensively pursued
power plant business. The company will cease its operations in this segment
in the future.

Revenue in the SYSTAIC Energy Roof Systems segment amounted to EUR 10,081
thousand in the first six months of 2010 and were thus higher than in the
previous year (H1 2009: EUR 1,838 thousand). EBIT amounted to EUR -9,125
thousand (H1 2009: EUR -4,515 thousand).

Michael Viktor Kamp, the new Chairman of the Executive Board of systaic AG,
firmly believes: 'Despite of the losses recorded as of 30 June 2010 the
SYSTAIC Energy Roof, which is the core product of the company, will be the
major factor in future success.'

'Air conditioning in single and two-family dwellings will play an
increasing role. Our SYSTAIC Energy Roofs and heat pumps already supply
adequate electricity and heat for the entire home. A major building block
in our strategy is the expansion of our range of products. With the SYSTAIC
Energy Terminal from 2011 onwards we will be offering a compact unit which
generates and manages enough energy to cover all domestic requirements. It
will be equipped with intelligent control software, all heating,
ventilation, electricity, data distribution systems and energy storage on
the basis of lithium-polymer cells. With this technology the majority of
the electricity generated on the roof can be consumed in the household
itself. The domestic electrical system is no longer limited to the supply
of light and power from the sockets: it can control the ventilation and air
conditioning, reacts to sensors, relays images and audio signals, monitors
the house when the residents are away and much more besides. These
functions are at the top of the developer's agenda for new buildings and
renovation projects. Maximum efficiency and comfort can only be achieved
with optimum interaction of all systems,' explains Kamp the core product of
the company.

'With our products we have opted for the 'royal route' in electricity
generation and occupy a leading position in a fast-growing market. This we
intend to quickly consolidate in the coming year by means of appropriate
marketing activities,' concludes Kamp.

Further figures and details for the first six months and the second quarter
of 2010 will be published with the interim report as of 30 June 2010 on the
company's website www.systaic.com.


Contact:
systaic AG 
Achim Zolke
Head of Corporate Communications
Benrather Straße 18-20 
40213 Düsseldorf 
Germany
Phone: 0049-211-828559-12 
Fax: 0049-211-828559-229 
a.zolke@systaic.com 
www.systaic.com




31.08.2010 Ad hoc announcement, Financial News and Press Release
distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      systaic AG
              Benrather Straße 18-20
              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 Düsseldorf, Berlin, Stuttgart
 
End of News                                     DGAP News-Service
 
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