Brilon, May 15, 2012. The revenue of the SDAX-listed company CENTROTEC Sustainable AG climbed 10.2 % in Q1 2012 to a first-quarter record of EUR 123.7 million (previous year EUR 112.3 million). The core segment Climate Systems again paved the way for this growth, with revenue increasing by 16.1 % to EUR 88.9 million (previous year EUR 76.5 million) thanks to business expansion in the German heating market and the European market for climate control and ventilation technology; it further strengthened its market position in the area of controlled home ventilation. Excluding the subsidiary Dreyer & Bosse GmbH, which has been consolidated since the third quarter of the previous year, organic growth for the segment was 6.4 %. Revenue for the second-largest segment, Gas Flue Systems, was down 1.6 % on the corresponding figure for the prior-year period, at EUR 24.6 million (previous year EUR 25.0 million) due to cyclical factors and as a result of the restructuring of the product portfolio in 2011. The smallest segment, Medical Technology & Engineering Plastics, posted a fall in revenue of 4.2 % to EUR 10.3 million compared with the very strong prior-year quarter (EUR 10.7 million) as a result of the restructuring of the portfolio.
The operating result continued to suffer from persistently high materials purchase prices, but thanks to initial positive effects from the portfolio’s restructuring and ongoing profitability improvement programmes both EBITDA of EUR 9.2 million (previous year EUR 8.6 million) and EBIT of EUR 4.1 million (previous year EUR 4.0 million) showed an improvement on the prior-year figures. The negative investment result of EUR -1.5 million (previous year EUR -0.1 million), mainly because at March 31, 2012 CENTROTEC still accounted for CENTROSOLAR Group AG using the equity method at a value of EUR 6.0 million, led to earnings before tax (EBT) of only EUR 1.3 million (previous year EUR 2.6 million). Because the traditionally high seasonal variation in CENTROTEC’s core business meant the effective tax rate was very high, earnings after tax (EAT) were negative at EUR -0.4 million (previous year EUR +1.3 million), producing earnings per share (EPS) of EUR -0.01 (previous year EUR +0.09). Without the burden of the CENTROSOLAR investment, the operating EPS for CENTROTEC was EUR +0.07 (previous year EUR +0.09).
Thanks to the revenue and earnings achieved to date in 2012 in the face of difficult overall economic conditions in various key countries for the group companies, CENTROTEC expects to make positive progress in the 2012 financial year as a whole, provided there is no fundamental deterioration in the economic conditions. On that basis, a year-on-year increase in revenue and EBIT approaching the record-breaking 2010 level are achievable.
CENTROTEC Sustainable AG
CENTROTEC Sustainable AG and its subsidiaries enjoy a presence in over 50 different countries. The principal group companies are Wolf, 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, CHP units and residential ventilation systems with heat recovery, as well as Ubbink and Centrotherm, which have focused on gas flue and air ducting systems in the Gas Flue Systems segment. CENTROTEC is consequently Europe's only listed full-service provider of heating and climate control technology, solar thermal systems and energy-saving solutions for buildings.