Q1 figures reflect the cyclical business

We maintain our positive forecast for 2008E

(PresseBox) ( Kulmbach, )
- For Q1 2008, AGO reported sales revenues of EUR 5.4m and a relatively high gross margin of 12.7%. EBIT was slightly negative, amounting to EUR -0.09m. This was mainly due to the selling costs which were rather high in proportion to sales (10.5%). This might be a result of AGO's increased selling efforts in the Plant Operation segment. Net income was EUR -0.2m. Since AGO has not published last year's Q1 figures, a year on year comparison is not possible.

- The reported Q1 figures meet our expectations. As in every first quarter, the results were affected by the completion of orders from 2007 and preparing for new orders. It is typical for AGO's cyclical project business that there is no positive effect from new orders before the second quarter onwards.

- As already included in our initial report from May 19, 2008, AGO had announced a record high of EUR 20.7m incoming orders, compared to EUR 12.1m in 1Q 2007 (+71%). In view of this high level of incoming orders and the traditionally stronger following quarters of the year, we maintain our positive forecast for 2008.

- We expect significant margin increases due to AGO's strategic shift towards self-planned projects with less down-side risk. In 2009, AGO's Plant Operation business will pick up speed, when further plants will go into service. The fulfilled entry into the Italian market will give AGO's growth an additional boost.

- We expect a significant revaluation of AGO's stock in the course of the successful strategy implementation. We maintain our previous price target of EUR 5.71 and still recommend to BUY the share.
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