Ad hoc announcements/Press releases

2011 trading figures: revenue up 12 %, non-recurring effects weigh on earnings, regular distribution of dividend the target

March 29, 2012

Brilon, March 29, 2012: as already announced in January, CENTROTEC Sustainable AG, Brilon, increased its consolidated revenue by 12.1 % in the 2011 financial year to EUR 537.8 million (previous year EUR 479.7 million). The mainstay of growth was the group’s largest segment, Climate Systems, which enjoyed a rise in revenue of 15.1 % to EUR 381.8 million (previous year EUR 331.8 million) thanks to the positive sales performance of energy-saving solutions. Even if almost all European markets were down in 2011, the revenue performance in most countries was stable and showed gains in major markets. The inclusion of Dreyer & Bosse Kraftwerke GmbH in consolidation from August 2011 moreover contributed EUR 21.5 million to revenue growth. The second core segment, Gas Flue Systems, fell well short of expectations specifically because of its peripheral activities; despite revenue growth of 3.1 % to EUR 116.3 million (previous year EUR 112.8 million), it experienced a temporary, mainly non-cash fall in earnings. The smallest, non-strategic segment of Medical Technology & Engineering Plastics generated revenue growth of 13.3 % to EUR 39.7 million through its operating activity (previous year EUR 35.0 million).

The operating result (EBIT) for the 2011 financial year was sharply diminished by predominantly non-cash, non-recurring effects amounting to some EUR 9.0 million from the adjustment of the portfolio in the Gas Flue Systems segment, and in particular the termination of business in the photovoltaic area along with other peripheral activities, plus the winding-up of a minor business area in the field of medical technology. Increased materials purchase prices also put pressure on the profit margins, with the result that EBIT reached only EUR 24.8 million (previous year EUR 36.2 million). The interest in CENTROSOLAR Group AG had a non-cash effect on earnings before tax as a result of special write-downs of EUR 15.0 million from impairment and accumulated operating losses, and a share in the investment result of EUR -4.4 million (previous year EUR +4.1 million). Earnings before tax (EBT) consequently slumped to EUR -0.4 million (previous year EUR +34.5 million). On this basis, CENTROTEC posted a pre-tax loss of EUR 9.4 million in the 2011 financial year (previous year EUR +25.6 million) and correspondingly EPS of EUR -0.55 (previous year EUR +1.54). Thanks to a positive operating cash flow, net borrowings were further reduced to EUR 60.1 million (previous year EUR 71.1 million) despite the acquisitions made.

Thanks to the further improvement in an already very sound financial position in 2011 and the positive progress of the core business operations, CENTROTEC intends to repeat the previous year’s practice in distributing a dividend of EUR 0.10 per dividend-bearing no par value share for the 2011 financial year, so that the shareholders continue to benefit directly from the group’s fundamentally positive development.

Whereas the earnings targets for 2011 were not achieved, the long-term positive development of the CENTROTEC Group, the profitable growth of the strategic core operations and the measures to streamline the portfolio, together with the fact that the non-recurring effects were absorbed in full in 2011, create a basis for continuing revenue growth and a substantially better operating and post-tax result for the current 2012 financial year.

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, biogas treatment plants, and climate control and ventilation systems with heat recovery for residential and commercial buildings; Ubbink and Centrotherm have focused on plastic gas flue and air ducting systems in the Gas Flue Systems segment. CENTROTEC is therefore Europe’s only listed full-service provider of energy-saving solutions for buildings, with a comprehensive range of heating, climate control and ventilation solutions, alongside solar thermal systems.

CENTROTEC Sustainable AG, Am Patbergschen Dorn 9, D-59929 Brilon, Germany
ISIN: DE0005407506, WKN: 540750, home stock exchange: Frankfurt am Main
Indices: SDAX, DAXplus Family, Prime All Share, Prime Industrial

For further information, 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

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
Carsten Vogt, Phone: +49 (0)2961 96631-103

or:

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

Current

14.08.2014 | Press release
Revenue growth in first half; outlook confirmed
14.05.2014 | Press release
CENTROTEC increases revenue and operating result
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