Press release

SYSTAIC continues its growth curve in 2nd quarter 2009 – Massive expansion of automotive division

• Preliminary figures confirmed
• Positive development in balance sheet and cash flow figures
• Cooperation with Saint-Gobain Sekurit

systaic AG today confirmed its figures for the first half of 2009, which it had already announced in advance on 17 July, and published its interim report to 30 June 2009. Revenue (EUR 121 million) and EBIT (EUR 4 million) almost doubled compared with the first quarter of this year and also significantly increased year-on-year. The growth in the balance sheet and cash flow was also particularly positive. Cash flow from operating activities amounted to EUR 29 million in the first six months of 2009 (H1 2008: EUR 390 thousand). The significant increase is particularly attributable to cash receipts from the Spanish projects in 2008 and to the reduction of working capital in the second quarter. Cash flow from operating activities was still negative in the first three months of this year, at EUR -11 million. Free cash flow was at EUR 27 million as of 30 June 2009.

The balance sheet total as of mid-2009 was EUR 151 million (31 December 2008: EUR 226 million) and thus fell by one third despite significant business expansion. Trade receivables have decreased by a significant EUR 104 million to EUR 76 million since the end of the previous year, due to payments received, particularly payments for the Spanish projects in 2008. Net financial debt also fell by 68% to EUR 21 million.

"Since last summer, the prices of modules of a quality fundable by banks have more than halved. Solar cell prices showed a similar trend. SYSTAIC is reaping the maximum benefits from the falling prices and rising demand. We are very much on the right track, as we have already proven on numerous occasions, and plan to continue to grow sustainably and faster than the market in the future," explains Michael Pack, CEO of systaic AG.

SYSTAIC Automotive expands development and sales

Part of the company's forward-looking growth strategy is a heavier engagement in the automobile sector: SYSTAIC is a pioneer – and the world's only industrial producer – of solar generators for various car brands. From September 2009 systaic AG will expand this expertise in order to develop new markets. This applies both to research and development, which is being expanded centrally, and to production capacities and sales. In the future, the SYSTAIC Automotive division will cover the marketing of major non-opening photovoltaic glass roofs for private cars, mobile homes, buses and lorries. The SYSTAIC subsidiary Webasto Solar GmbH, as the supplier for Webasto AG, will continue to take care of the established solar sunroof area.
 
In 2008 alone, Webasto Solar produced solar applications for 37,000 cars of various makes. The company has also received numerous research contracts in the Automotive division. For example, Mercedes-Benz' innovative electro concept vehicle Bluezero was fitted with an especially developed solar roof. "Electromobility is the future topic in the automotive industry. Our solar applications meet the highest quality standards laid down by the German automotive industry and can make a significant contribution here, for instance by supporting the drive battery, supplying the on-board electronics, and for battery management when the vehicle is parked up. As from 2010, we will also be able to integrate a GPS antenna in the solar generator, thereby supporting a broad range of applications," explains Michael Pack.

Germany alone has vehicles driving about with a total of more than 50 million square metres of usable surface area, which could generate approximately 12.5 million kilowatt hours of power each day if fitted with a photovoltaic roof – this output corresponds roughly to that of a brown coal power plant in North Rhine-Westphalia. Solar car roofs can therefore make a significant contribution to lower CO2 emissions and extend the range of hybrid and electric vehicles. "In close collaboration with our partners from the automotive industry we will create intelligent solutions for electromobility that will become the standard in the future, just like the solar cell in a pocket calculator," announces Michael Pack. Pack continues: "This includes – just as for our energy roof for buildings – using the waste heat to heat the vehicle and developing solar power filling stations".