AGO AG closes 2012 with significant losses

(PresseBox) ( Kulmbach, )
In financial year 2012, AGO AG Energie + Anlagen (WKN: A0LR41, ISIN: DE000A0LR415 and WKN: A1TNSD, ISIN: DE000A1TNSD5) generated consolidated sales of EUR 48.7 million (previous year: EUR 65.2 million) and a consolidated result of EUR ‑2.6 million (previous year: EUR -1.6 million). The majority of the losses suffered relate to the power stations in Alperstedt and Santa Luce, both of which have now been sold, as well as the subsidiaries Fittings GmbH Formstücke + Anlagen and Ringdalskogen Fjernvarme AS, both of which are currently being wound up.

As at 31 December 2012, the Group held equity of EUR 2.2 million (previous year: EUR 4.8 million) and had a balance sheet total of EUR 24.3 million (previous year: EUR 31.8 million).

AGO AG's equity in its separate financial statements according to HGB amounted to EUR ‑0.8 million as at 31 December 2012, with a net loss for the year of EUR ‑0.6 million. The separate financial statements for 2010 and 2011 were restated in parallel to the preparation of the separate financial statements for 2012 so as to charge the losses suffered by the biomass cogeneration plant in Alperstedt to the correct periods. The annual financial statements for 2010 now report a net loss for the period of EUR ‑8.2 million (previously: a loss of EUR ‑2.9 million); the net loss for 2011 remains almost unchanged at EUR ‑2.9 million.

The Management Board and Supervisory Board of AGO AG Energie + Anlagen intend to propose a capital reduction to the Annual General Meeting on 4 June 2013.

All of the reports for financial year 2012 and the restated annual financial statements for 2010 and 2011 are expected to be available on AGO AG's website www.ago.ag in the Investor Relations section from 24 April 2013.
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