CENTROTEC maintains positive business performance in a difficult market environment - substantial improvement in full year earnings expected
"This quarterly result was achieved amid very difficult market conditions in most export markets," remarked Gert-Jan Huisman, Management Board Chairman of CENTROTEC Sustainable AG. "We are currently seeing construction activity at an all-time low in Europe, a reluctance among consumers to invest and falling budgets for state stimulus packages. Against this backdrop, our performance confirms the strong market position of the group companies and our focus on energy efficiency in buildings."
Growth has been driven mainly by the 6.4 % rise in the revenue of the biggest corporate segment, Climate Systems, to EUR 283.1 million (previous year EUR 266.1 million). The second core segment Gas Flue Systems experienced a 6.8 % fall in revenue to EUR 75.7 million (previous year EUR 81.3 million) following on from the restructuring of its portfolio in 2011, but the performance in its core product areas was positive.
The operating result improved at a faster rate than revenue thanks to substantially higher earnings in all segments. EBITDA was increased by 34.5 % to EUR 39.0 million (previous year EUR 29.0 million). EBIT improved to EUR 23.9 million (previous year EUR 12.4 million incl. special write downs from the restructuring of the portfolio). The improvements in the operating result that take it back up to the level of the previous record-breaking year of 2010 are attributable to the successful restructuring of the Gas Flue Systems segment, the ongoing optimisation of products, processes and costs, and lower commodity prices. Earnings per share (EPS) at operating level climbed to EUR 0.74 (previous year EUR 0.24) thanks to the positive earnings performance; when the positive net effects of the disposals of the equity investments are taken into account, the adjusted EPS figure is EUR 0.87 (previous year EUR -0.73).
In a demanding overall economic environment, the revenue and earnings achieved over the year to date show that full-year revenue for 2012 on a par with the previous year and an operating result (EBIT) at the lower end of the forecast bandwidth of EUR 35 to 40 million are attainable, thus coming close to the previous record-breaking year of 2010
Centrotec Sustainable AG
CENTROTEC Sustainable AG and its subsidiaries enjoy a presence in over 50 different countries. The principal group companies are Wolf, Brink Climate Systems and Ned Air in the Climate Systems segment, which have specialised in heating, climate control and ventilation technology e.g. in the form of solar thermal systems, CHP units and residential ventilation systems with heat recovery, as well as Ubbink and Centrotherm, which have focused on gas flue and air ducting systems in the Gas Flue Systems segment. CENTROTEC is consequently Europe's only listed full-service provider of heating and climate control technology, solar thermal systems and energy-saving solutions for buildings.