AGO AG Energie + Anlagen publishes preliminary figures for the 2008 financial year
- Group turnover totals EUR 36.6 million (previous year: EUR 41.3 million)
- EBIT up significantly to EUR 1.5 million (previous year: EUR -0.3 million)
- Liquid assets reported at EUR 7.7 million / Economic crisis successfully managed up to now
- Positive outlook for 2009: Record order intake as of 31 December 2008 of EUR 28.3 million (+ 105 percent)
AGO AG Energie + Anlagen: (cusip number: A0LR41;ISIN: DE000A0LR415), a leading operator of biomass cogeneration plants is today publishing its preliminary figures for the financial year 2008 according to IFRS accounting standards.
Preliminary group turnover amounted to EUR 36.6 million (previous year: EUR 41.3 million). Despite the decline in turnover by 11.3 percent on the back of projects being put off until 2009, earnings before interest and tax (EBIT) increased significantly from EUR -0.3 million in the financial year 2007 to EUR 1.5 million.
The improvement in EBIT by EUR 1.8 million in the financial year 2008 can mainly be attributed to focusing on proprietary designs in the project business. Less profitable, externally planned projects which led to a deterioration in margins in 2007, were only undertaken on a selective basis.
When it comes to order intake, AGO AG Energie + Anlagen can also present positive developments. As of 31 December 2008 it amounted to EUR 28.3 million. This represents a 105 percent increase compared to EUR 13.8 million reported in the previous year.
In general AGO AG Energie + Anlagen is confident that it is also well positioned for the financial year 2009. The Board of Directors continues to expect business to develop positively, despite the continuous economic crisis, which as yet has hardly impacted the operating business of AGO. The competitive edge the company has been able to carve out is to be expanded via project realisation in particular during 2009.
As of the reporting date 31 December 2008, the company held liquid assets of EUR 7.7 million for short-term and independent project financing. No short-term refinancing is planned for the 2009 financial year.
Aside from record order intake and the continuous expansion of international operations, projects carried over from 2008, which ensure and increase the workload for employees in the ongoing financial year, will also have a positive impact on earnings in 2009.
AGO AG Energie + Anlagen plans to publish its 2008 Annual Report at the end of April 2009.
"Despite the banking and financial crisis as well as the economic slowdown, the current downturn is hardly impacting our business model at present. The high order intake of EUR 28.3 million for 2009 underlines our good positioning in the market for providing industrial energy supply. It also shows that the issues of climate protection, renewable energies, contracting and energy efficiency are topics abstract from the current economic situation. The long-term EU research goals for regenerative energies as well as the large economic stimulus packages in various countries should also create additional demand for AGO technologies in the medium term. On top of that, our diverse customer base helps avoid dependency on specific industries. That's why we see ourselves as well positioned for further sustainable growth in the 2009 financial year and beyond," emphasises Hans-Ulrich Gruber, CFO of AGO AG Energie + Anlagen.