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AGO AG makes a successful start into 2011
- Q1 sales revenue: 33% increase of sales to EUR million 17.4 (prior year's period: EUR million 13.0/+33%)
- Balanced EBIT (prior year's period: EUR million -1.1)
- AGO AG sells its participation in AGO energia S.r.l.
- Majority shareholder YIT group: strategic sale of AGO equity stake to investor Perseus L.L.C. announced
- Outlook for 2011: increase of sales revenue, significant rise of gross margin and clearly positive result
AGO AG Energie + Anlagen (WKN: A0LR41, ISIN: DE000A0LR415) closed the first quarter of 2011 with a substantial increase of sales revenue and an improved EBIT.
Consolidated sales revenue rose by EUR million 4.3 (+33.0%) to EUR million 17.4. Gross result improved although during the first quarter 2011, various projects ended at lower margins in comparison to the order backlog 2011 -from EUR million -0.3 by EUR million 1.1 to EUR million 0.8. This corresponds to a gross margin of 4.6%.
During the reporting period, the company augmented EBIT by EUR million 1.1 and achieved a balanced result before income and taxes (prior year's period: EUR million -1.1). Consolidated result for the period rose significantly from EUR -0.9 million also to a balanced result.
With a balance sheet total of EUR million 36.7 (31.12.2011: EUR million 36.9), the equity ratio amounted to 12.94% on 31 March 2011 (13.14% on 31.12.2010). Cash funds totaled EUR million 5.4 on reporting date.
Sale of participation in AGO energia S.r.l.
AGO AG parts from its subsidiary of 55% AGO energia S.r.l. on 7 June 2011. The sale of the participation was made to the managing director of AGO energia S.r.l. The parties have agreed to not disclose the purchase price.
Change of shareholder structure
With the takeover of Caverion GmbH as main shareholder of AGO AG Energie + Anlagen in December 2010 by YIT Group, the latter obtained majority of AGO AG Energie + Anlagen with a stake of 59.25%. End of May, YIT informed to sell its equity in AGO AG to Perseus L.L.C. for strategic reasons.
"The operative figures of the first quarter of 2011 meet our expectations and underline our objectives for the year. We anticipate further considerable growth of sales for the total year 2011. With incoming orders of EUR million 21.0 and an order backlog of EUR million 47.1 on 31 March 2011 -which will be completely processed within the business year 2011- we assume a significant rise of the gross margin and a positive result for the ongoing business year," noted Mr. Hans Ulrich Gruber, Speaker of the Management Board of AGO AG Energie + Anlagen.
The Q1 2011 Report is now available on the following internet page for download: http://www.ago.ag/en/investor+relations/reports/reports+2011/
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