DGAP-News: AGO AG Energie + Anlagen / Key word(s): Final Results
AGO AG publishes 2011 figures
30.04.2012 / 12:00
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Corporate News of 30 April 2012
AGO AG publishes 2011 figures
- Sales revenue 2011: EUR thousand 69,452 (+46 percent)
- EBIT 2011: EUR thousand 264 (prior year: EUR thousand -7,760)
- Gross margin 2012: Strong improvement
- Q1 2012: Positive development on the basis of preliminary figures
- Outlook 2012: Positive results for core business anticipated
Kulmbach, 30 April 2012: AGO AG Energie + Anlagen (WKN: A0LR41, ISIN:
DE000A0LR415) is publishing the Consolidated Financial Statements 2011 in
accordance to IFRS accounting standards.
During the business year 2011, which was marked by the consistent
implementation of the new corporate strategy with the concentration on the
integrated project management of decentralized energy supply systems, from
design and engineering to construction and service, sales revenue increased
by 46 percent from EUR thousand 47,632(*) to EUR thousand 69,452. Sales
revenue was thus at its highest level ever in 32 years of company history.
Gross margins significantly augmented from 3.0 percent to 4.3 percent. EBIT
amounted to EUR thousand 264, an improvement over the prior year's
operative result of EUR thousand -7,760. Consolidated net income showed a
clearly positive development at EUR thousand -1,555 for the year 2011
(previous year: EUR thousand -8,309).
But despite the strong performance, the high utilization of capacities and
the execution of low-margin orders from 2010 influenced the year 2011 in
particular. Plant operations and the disposal of one Italian equity
participation also weighed negatively on the Consolidated Financial
Statements of 2011. The operative strategy concentrates on the core
strengths of AGO AG in its business activities and also envisages the
gradual withdrawal from plant operations as contracting model. Special
focus is laid on the engineering of complex combined heat and power plants
and related energy technologies, including absorption chillers and steam
generation systems. Depending on the timing of disposal of the equity
investment, the withdrawal from plant operations should be completed by end
of 2012.
Cash and cash equivalents equaled at EUR thousand 7,434 (previous year: EUR
thousand 9,877) on 31 December 2011 even with considerable investments into
property, plant and equipment during 2011. With total assets of EUR
thousand 31,800 (previous year: EUR thousand 36,908) on 31 December 2011,
equity ratio improved to 15.05 percent (previous year: 13.14 percent).
Incoming orders totaled approximately EUR 53.3 million on 31 December 2011
and order backlog amounted to about EUR 28.2 million.
'To achieve positive and economically balanced capacity utilization, we
determined that it was necessary to reduce our order backlog in the
transitional year 2011. Projects with sensibly better margins were and are
still in our focus. At year-end 2011 already, the lower volume of incoming
orders was reflected in the financial figures. The positive results are
becoming apparent to their full extent in the financial statements of
2012,' commented Hans Ulrich Gruber, CEO of AGO AG Energie + Anlagen.
According to the preliminary figures for the first quarter of 2012, sales
revenue of AGO AG Energie + Anlagen totaled EUR 11.2 million. With that
sales revenue was, about 36 percent below prior-year level (Q1 2011: EUR
17.4 million), but gross margins could increase to 7.5 percent (Q1 2011:
4.5 percent).
'The first quarter 2012 demonstrates that strategically, we are moving into
the right direction. Substantial growth with a consistent long-term trend
comes from sensibly better margins earned of the execution of our orders.
In line with the volume adjustment, combined incoming orders totaled EUR
thousand 6,731 on 31 March 2012 and order backlog was at EUR thousand
24,400. Along with our new strategy and the planned disposal of our equity
investments in Italy, we also expect positive results for our core business
in 2012. Also in the years to come, we are anticipating sustainable profit
growth,' said Hans Ulrich Gruber, CEO of AGO AG Energie + Anlagen.
The Annual Report 2011 of AGO AG Energie + Anlagen is now available for
download at www.ago.ag in the Investor Relations area.
*Remark: During the year 2011, AGO AG Energie + Anlagen has decided to sell
its Italian equity participations in 2011 and partly already implemented. .
As a result, these activities have been classified as discontinued
operations. According to IFRS 5.34, designed to ensure better
comparability, the profit and loss statement figures for 2011 must include
figures for 2010 as if the discontinued operations in 2011 were also
presented as discontinued operations in 2010. For this reason, the prior
year's figures in the 2011 profit and loss statement differ from the
disclosures in the 2010 Annual Report.
About AGO AG Energie + Anlagen:
AGO AG Energie + Anlagen, with its registered office in Kulmbach, was
founded in 1980 and is specialized in the area of innovative and efficient
energy supply facilities for industrial customers. Main focus is laid on
the three business divisions: design, engineering and construction of
plants and service and consultation. The core competencies of the company
mainly commit to biomass cogeneration plants and combined heat and power
stations for heating and cooling plant construction and tri-generation (the
simultaneous production of electricity, heat, and cooling). Site studies
and development, energy efficiency consulting, resource and fossil fuel
management as well as emission trade management - these areas round out the
AGO business model. The name AGO symbolizes the efficiency, security and
technological competence of its energy supply facilities.
Company contact:
AGO AG Energie + Anlagen
Am Goldenen Feld 23
D-95326 Kulmbach
www.ago.ag
T. +49 (0) 9221 602 0
F. +49 (0) 9221 602 149
ir-ago@ago.ag
Investor Relations contact:
GFEI Aktiengesellschaft
Marcus Kapust
Am Hauptbahnhof 6
60329 Frankfurt am Main
www.gfei.de
T. +49 (0) 69 743 037 00
F. +49 (0) 69 743 037 22
ir-ago@gfei.de
End of Corporate News
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Language: English
Company: AGO AG Energie + Anlagen
Am Goldenen Feld 23
95326 Kulmbach
Germany
Phone: +49 (0)9221 602-0
Fax: +49 (0)9221 602-149
E-mail: info@ago.ag
Internet: http://www.ago.ag
ISIN: DE000A0LR415
WKN: A0LR41
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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167402 30.04.2012
DGAP-News: AGO AG publishes 2011 figures
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