ItN Nanovation presenting figures for 2007

(PresseBox) ( Saarbrücken, )
In the financial year 2007 ItN Nanovation AG (ISIN DE000A0JL461) successfully established its strategic growth platform by cooperating with international market leaders. The development in turnover was not in line with expectations due to one-off effects. It reached € 4.8 million compared to € 5.8 million in 2006. One-time effects resulted from a price reduction for main customers B/S/H Bosch und Siemens Hausgeräte as well as a delay of turnover expected from Nanocomp Metcast (foundry segment) by one year. For 2008 the company is expecting a significant increase in turnover.

Subsequently operating performance in the financial year 2007 came in at € 5.9 million after € 6.3 million in the previous year. Earnings before tax reached € -6.5 million compared to € -4.6 year-on-year. The annual result was recorded at € -8.2 million after € -5.9 million in 2006. This can mainly be attributed to the delayed introduction of an optimized Nanocat product at B/S/H, establishing more resources in sales, R&D and production, as well as relocating ceramic tubular filter membrane to China. The equity ratio at the end of the financial year reached almost 73 percent compared to 77 percent one year earlier.

In 2007, a new and far-reaching cooperation and sales contract was signed with BASF SE on the introduction and expansion of Nanocomp AF (anti-fouling). This agreement complements the existing partnership on the Nanocat line with B/S/H Bosch und Siemens Hausgeräte. In addition to that the foundations for a cooperation and sales contract with RWE for the power plant product line Nanocomp PP (power plant) were laid. This contract was signed at the beginning of 2008.

In the segment of Ceramic Flat Membrane Systems CFM Systems (decentral sewage plants) the prerequisites for sales in a multi-billion euro market were fulfilled with a construction license being issued in mid 2007. On top of that Nanocomp Metcast was able to achieve the final step of marketability of its product line with strategic customers such as Norsk-Hydro Group.

In the current financial year 2008 ItN Nanovation is going to stick firmly to the track it has taken which is to complete and sell high-end nanotechnology products with respective market leaders in specific global demand segments. The company is expecting considerable increases in turnover which will also result in significant improvements in earnings. With substantial effort being made ItN is expecting break-even to be achievable by the end of the financial year.
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