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AGO AG publishes 2009 business figures
- Sales: Up 37 percent to €50.3 million
- EBIT: Up 6.3 percent to €1.7 million
- Liquid assets: Up 33.7 percent to €10.3 million
- Order backlog: Up 18 percent to €68 million
- Plans to expand international operations
AGO AG Energie + Anlagen (WKN: A0LR41, ISIN: DE000A0LR415) has published its 2009 IFRS Group figures.
Sales went up 37 percent from €36.7 million to €50.3 million in financial year 2009. Around 87 percent of sales were generated in Germany. Gross profit increased by 24.4 percent from €4.2 million to €5.2 million, corresponding to a gross margin of 10.3 percent. Earnings before interest and taxes (EBIT) rose by 6.3 percent from €1.6 million to €1.7 million, despite a oneoff effect. The Group result dropped by 64.8 percent from €0.6 million to €0.3 million due to a oneoff effect. Earnings per share (number of shares: 4,000,000) therefore amounted to €0.06 (previous year: €0.15).
Earnings were impacted by maintenance costs incurred at the Alpersted biomass cogeneration plant and increased manufacturing costs due to a customer refusing to pay heat price increases.
"AGO AG once again did not just stand its ground but was able to generate significant growth, despite the economic crisis. Our strategic positioning in recent years, generally high demand for efficient energy supply systems and our international expansion strategy in countries where governments actively support a shift in the energy paradigm towards renewables helped us achieve this," explains Hans Ulrich Gruber, CEO of AGO AG Energie + Anlagen.
As of the balance sheet date on 31 December 2009, the balance sheet total of AGO AG Energie + Anlagen was up by 14 percent from €38.0 million to €43.4 million. Equity amounted to €13.1 million, roughly the same as in the previous year. The equity ratio therefore came to 30.2 percent. Liquid assets increased by 33.7 percent from €7.7 million to €10.3 million. Current financial liabilities went down to €2.0 million (previous year: €2.1 million).
"AGO AG's operations, especially its international expansion, need a sufficient supply of liquidity. We have covered these requirements with extensive credit lines and cash of €10.3 million. We have already invested around €0.5 million into foreign markets in the past year to ensure AGO Group's sustained growth. In 2010, our focus is going to remain on planning and building highefficiency power stations for energy suppliers, municipal utilities and SME industrial enterprises while taking into consideration all businessrelated and ecological issues. Incoming orders amounted to around €68 million as of 31 December 2009 (up 18 percent compared to the previous balance sheet date) while the order backlog came in at around €40 million (previous year: €28.3 million). We have created a solid base for the current financial year 2010 and continue to expect longterm and sustained growth," comments Hans Ulrich Gruber, CEO of AGO AG Energie + Anlagen.
The consolidated financial statements for 2009 are now available for download at: http://www.ago.ag/en/investor+relations/reports/reports+2009/.
The annual report 2009 will be published at the beginning of May on the Company website at http://www.ago.ag/en/investor+relations/reports/reports+2009/.
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