AGO AG Energie + Anlagen: Six-Month-Figures 2009

(PresseBox) ( Kulmbach, )
- Sales increased by 23 percent to €18,284 thousand
- EBIT amounts to €60 thousand
- First half of 2009 impacted by seasonal effects and maintenance work
- Significant increase in sales and EBIT forecasted for financial year 2009

AGO AG Energie + Anlagen (WKN: A0LR41 / ISIN: DE000A0LR415) has today published its six-month-report 2009. In the first half of 2009, sales increased by 23 percent from €14,813 thousand to €18,284 thousand. Gross profit from sales amounted to €1,706 thousand (previous year: €1,986 thousand). Profit from ordinary activities (EBIT) dropped by €521 thousand to €60 thousand (previous year: €581 thousand). Consolidated net loss for the first six months of 2009 totalled €-193 (previous year: €146 thousand). Earnings per share for the first half of 2009 amounted to €-0.05 (previous year: €0.04) for 4,000,000 shares.

The seasonal effects on AGO AG's business model usually result in the first two quarters being weaker than the subsequent quarters of a financial year and also to a significant amount of sales being generated in the second half of the year. As a result, there were also fewer margin-enhancing construction projects in the second quarter of 2009, even if more engineering services were provided. Due to unscheduled downtime lasting seven weeks which had not been budgeted for, no electricity earnings were generated in this period and the increase in overall sales would have been higher in the first half of 2009 if that had not been the case.

As of the reporting date of 30 June 2009, AGO AG was able to report total assets amounting to €35,733 thousand (31 December 2008: €38,038 thousand). Equity totalled €12,809 thousand (31 December 2008: €13,043 thousand), while the equity ratio amounted to 35.9 percent (31 December 2008: 34.3 percent). On the reporting date for the six-month-report 2009, liquid assets amounted to €7,183 thousand (31 December 2008: €7,679 thousand) and current financial liabilities totalled €2,033 thousand (31 December 2008: €1,702 thousand).

In the currently difficult but promising environment, cogeneration - a core competency of AGO AG - is becoming increasingly relevant. This is particularly evident in the high demand of industrial customers and municipal utilities for biomass cogeneration modules in the power range from 1 MWe. "AGO AG's third place in the B.KWK 2008 ranking by the Institute for Applied Ecology and the German CHP association (Bundesverband Kraft-Wärme-Kopplung) as best placed plant construction company as well the numerous current enquiries for environmentally friendly cogeneration underline the ability of AGO AG to adapt its technologies to changing conditions," explains Hans Ulrich Gruber, Speaker of the Management Board of AGO AG Energie + Anlagen.

Order backlog amounted to €26,965 as of 30 June 2009. Compared to €21,290 thousand from the same period in the previous year, order backlog increased by 27 percent. On 31 December 2008, AGO AG was able to report record order backlog of €28,300 thousand.

"In addition to maintaining our sustainable earnings potential, we have also continued to steer AGO AG Energie + Anlagen through the ongoing global economic crisis with a solid financial position and followed the profitable growth track throughout the year. With our liquid assets, we have created sufficient financial scope and a significant basis for the future growth of AGO Corporate News Page 2 of 3 AG. Thanks to our strongly diversified customer base, we started 2009 in a position of relative independence from the general crisis. This enabled AGO AG to once again show its strength and robustness and record substantial order backlog. These positive developments strengthened our forecast of a strong financial year 2009 for the Group with significant growth in sales and EBIT compared to the previous year," explains Gruber

The six-month-report 2009 is now available for download:
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