Ad hoc announcements

CENTROTEC again posts revenue and earnings record in first half – revenue growth across all segments, EBIT up 71% – EPS forecast revised upward

August 12, 2010

Brilon, August 12, 2010 – The CENTROTEC Group was able to build on the pattern of the first quarter in likewise bringing the first half of 2010 to a close with record revenue and earnings. Organic revenue growth reached 7.5 % in the first half, up from 6.5 % in the first quarter. This produced consolidated revenue of EUR 217.7 million (previous year EUR 202.5 million), which once again stemmed from growth in all three segments. The highest-revenue segment Climate Systems grew by 4.2 % and thus increased its rate of growth from the first quarter, which had been dominated by the long winter. Gas Flue Systems, which had already been the fastest-growing segment in recent quarters, again enjoyed the highest revenue growth of EUR 7.0 million in the first half of 2010. Revenue thus rose by 14.3 % to EUR 56.0 million (previous year EUR 49.0 million). The recovery of the previous two quarters continued in the Medical Technology & Engineering Plastics segment, producing a 16.0 % leap in revenue to EUR 17.1 million (previous year EUR 14.8 million).
These market-beating growth rates were again underpinned by increased market shares, particularly in the German heating market. But there were also above-average growth rates in important international markets such as France, Belgium, Poland and Italy. The proportion of revenue generated outside the core markets of Germany and the Netherlands in the first half of 2010 was consequently increased to around 37 % (previous year 34 %).
Alongside the revenue figures, all earnings figures for the first half of 2010 also beat the previous records from 2008. EBITDA climbed 36.6 % year on year, to EUR 19.1 million (previous year EUR 14.0 million). Thanks to only a slight rise in depreciation and amortisation, EBIT actually rose by 70.8 % to EUR 10.1 million (previous year EUR 5.9 million). The very modest increase in personnel expenses cushioned the rise in procurement prices observed in recent months and led to an above-average rise in earnings. The easily positive first-half investment result of EUR 3.5 million (previous year EUR -11.4 million) produced earnings before tax (EAT) of EUR 10.8 million, a huge turnaround from the negative figure of EUR 8.3 million in the previous year. With the effective tax rate nearly unchanged from the previous year, earnings after tax (EAT) reached EUR 7.7 million (previous year EUR -9.6 million) and earnings per share (EPS) EUR 0.46 (previous year EUR -0.58).

Overall forecast for 2010 resoundingly confirmed – EPS forecast revised upward
In light of the positive business performance of the CENTROTEC Group and its investments over recent quarters, and in view of the increasing stability of the economic recovery, the forecast for revenue and operating result for the financial year in progress can be resoundingly confirmed. Additional growth potential is afforded by the further rise in energy prices forecast for the short to medium term, with prices already having doubled since the lows of 2009, as well as by the newly launched range of heat pumps and the integrated energy roof system that is about to be brought onto the market. It is moreover hoped that the revival of the German market incentive scheme for renewables in the heating sector will serve to reassure market players.
For the current financial year of 2010 CENTROTEC expects revenue (EUR 480 to 500 million) and EBIT (EUR 30 to 32 million) to reach the upper limits of these forecast bandwidths. Thanks to the significant upward revision in forecasts by the investment subsidiary CENTROSOLAR and the positive development in CENTROTEC’s business, the forecast earnings per share (EPS) have been revised upward to EUR 1.30 to 1.40 (previously EUR 1.10 to 1.20).

CENTROTEC Sustainable AG

CENTROTEC Sustainable AG and its subsidiaries enjoy a presence in over 50 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, heat pumps, CHP units, climate control and ventilation systems with heat recovery for residential and commercial buildings, as well as Ubbink and Centrotherm, which have focused on plastic gas flue and air ducting systems and solar system components 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,
D-59929 Brilon
ISIN: DE0005407506, WKN: 540750
Indizes: SDAX, Prime All Share, Prime Industrial
Heimatbörse: Frankfurt/ Main

If you have further questions please contact:

CENTROTEC Sustainable AG
Dr. Frank Rose, Phone.: +49 (0) 2961 96631-104

or:

MetaCom GmbH
Georg Biekehör, Phone: +49 (0) 6181 982 80 30

Current

03.04.2014 | Ad hoc
Change on Management Board of CENTROTEC Sustainable AG
27.03.2014 | Press release
CENTROTEC increases net earnings by 7.5 %; slight growth in revenue and earnings expected for 2014
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