AGO AG: Preliminary Figures for the 1st Quarter of 2011

Increase of sales revenue by 33% to EUR 17.4 million / Increase of EBIT by EUR 1.1 million / Outlook for 2011: rise in gross margin and clearly positive result is expected

(PresseBox) ( Kulmbach, )
AGO AG (WKN code: A0LR41, ISIN code: DE000A0LR415) augmented its sales revenue from EUR 13.0 million in the prior year's quarter by 33% to EUR 17.4 million according to preliminary IFRS accounting standards. Despite the fact that various projects ended at lower margins in the first quarter of 2011 compared to order backlog 2011, gross results increased by EUR 1.0 million to EUR 0.8 million. EBIT also improved significantly by EUR 1.1 million. After EUR -1.1 million at the same period last year, break-even was achieved on 31 March 2011 in the weakest quarter of the business cycle.

"After a difficult year 2010, we succeeded reversing the decline in the first quarter of 2011. Even though we are heading only for a balanced EBIT at the end of the quarter, we are very optimistic for the further course of the year. At present, cogeneration units with combined heat and power systems are in demand. With incoming orders amounting to EUR 21.0 million and order backlogs of EUR 47.1 million on 31 March 2011, our capacity utilization for the full year is correspondingly high.

The turnaround of AGO AG Energie + Anlagen results from the ongoing strong demand for natural gas driven thermal power stations with megawatt output which is requested not only by municipalities but also by industrial companies, increasingly backed by AGO's typical feature of trigeneration. Looking forward, we anticipate an improvement of the gross margin as well as a strongly positive group result for 2011," noted Mr. Hans Ulrich Gruber, Speaker of the Management Board of AGO AG Energie + Anlagen.

The release of the detailed Q1 Report 2011 is expected for end of May 2011.
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