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2011 financial year brings 12 % increase in revenue – non-recurring effects have significant impact on earnings

January 26, 2012

Brilon, January 26, 2012: CENTROTEC Sustainable AG, Brilon, increased its consolidated revenue by 12 % in the 2011 financial year to around EUR 538 million (unaudited; previous year EUR 480 million; forecast EUR 520 to 535 million). Revenue growth was driven by the Climate Systems segment, where sales of energy-saving solutions maintained a positive trend. Even if almost all European markets were down in 2011, the revenue performance in most countries was stable and showed gains in major markets despite the fourth quarter being slightly weaker than expected. The inclusion of Dreyer & Bosse Kraftwerke GmbH in consolidation from August 2011 moreover contributed around EUR 21 million to the rise in revenue.

As already reported in November, the operating result (EBIT) has been sharply diminished by non-recurring write-downs of around EUR 9 million due to portfolio adjustments in the Gas Flue Systems segment, and in particular operations in the photovoltaic area along with other peripheral activities, plus the winding-up of a minor business area in the field of medical technology. Furthermore, following high growth in recent years, business operations in the Gas Flue Systems segment performed distinctly more weakly than expected due to a marked downturn in photovoltaic activities, which have now been halted. In all segments, substantial price rises for materials at the start of the year also weighed on the operating result. Applying the same accounting method, the overall operating result (EBIT) was therefore approximately one-third down on the previous year’s figure of EUR 36.2 million. Earnings per share (EPS) were additionally severely affected by the write-down on the CENTROSOLAR investment value and the share of the equity investment’s losses, which is much higher than originally expected due to the continuing fall in prices along with non-recurring effects in the fourth quarter (provisional unaudited figures for CENTROSOLAR: revenue approx. EUR 294 million (- 35 %), EBIT loss expected to be EUR 11 to 14 million). As at the end of 2011, based on the current market situation the CENTROSOLAR investment is thus valued at less than EUR 8 million, taking account of both the accumulated losses and the impairment of EUR 15 million applied in the third quarter. In a reversal from the previous year’s earnings per share of EUR 1.54, the figure for 2011 was a loss in the mid double-digit cents range.

For the 2012 financial year, there is considerable forecasting uncertainty due to the very challenging overall economic situation worldwide, the difficult business environment in the second half of 2011 and the recent highly mixed industry performance from region to region. The wider context and prospects for high-efficiency heating, climate control and ventilation systems remain fundamentally positive as a result of high energy prices that could yet rise even further, coupled with a persisting modernisation backlog. Based on its extended market position in core markets and for exports, CENTROTEC anticipates a renewed rise in revenue in 2012. Now that its portfolio has been adjusted, the Gas Flue Systems segment will focus on its core business of plastic gas flue and air ducting systems. Overall, the internationalisation of sales channels in the group companies will be further promoted and future growth markets for energy-efficient building technology will be brought increasingly into focus. As the non-recurring charges from the adjustment of the portfolio were realised in full in 2011, the foundations have now been laid for a significant improvement in earnings for the current 2012 financial year.

The audited 2011 financial statements and Annual Report will be published at the Annual Press Conference on March 29, 2012.

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 98280-30

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


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

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