Eco Supplies Europe AB / 2010 Earnings Update - Better than expected Processed and transmitted by Thomson Reuters. The issuer is solely responsible for the content of this announcement.
Eco Supplies Europe AB ('Eco Supplies' or the 'Company') today announced its preliminary financial results for the full year of 2010, beating its previously published projections.
The full year result was EUR -0.05m, (2009: EUR -8.89m), most of the loss incurred from the takeover of Gällivare Solar in July 2010. Thanks to a deep restructuring, streamlining of processes, new management and a change of client structure, the Company was able to manage a turnaround already in the third quarter. Earnings before Tax for Q3 2010 were -0.50m EUR and a pleasant +1.13m EUR for Q4. The turnover for Q3 was 5.4m EUR, 9.8m EUR in Q4 and full year was 20.8m EUR (2009: 56.51m EUR) with a Gross Margin of 31.5% (2009: 10.3%). Capacity at the production plant in Gällivare, Lapland was running at 90% of a total capacity of 50 MW at year end. The Company has confirmed that it fully expects to meet its previously published 2011 projections.
Eco Supplies' solar division - Eco Supplies Solar - announced its plans to increase its capacity to 100 MW per annum, effective from Q3 2011. The order backlog for year 2011 is developing as expected, receiving orders from all over the world. Due to a steady inflow of orders, the Company has decided to increase its capacity further. The already announced increase of capacity to 70 MW from last year will be raised again. The Company also announced that it has signed 2011 orders for almost 20 MW and is near signing orders for another 20 MW of solar modules, some of which are delivered as part of turnkey solar systems.
Mr. Svante Kumlin, Chairman of Eco Supplies Europe AB, comments:
'In line with the company's future strategy Eco Supplies is currently working on several deals where the Company will deliver full turn-key solar systems. The Company will also gradually move from large scale bulk supplies to production of special building integrated and design products which will allow us to increase the gross margin on our products and also differentiate ourselves in the industry as a niche top quality player.'
About Eco Supplies Europe AB: visit www.ecosupplies.eu
Eco Supplies Europe AB is a Swedish holding company that is listed on Deutsche Börse (www.boerse-frankfurt.de). The company's shares are trading on Xetra under the ticker 7C0. It is a fast growing company with activities in Renewable Energy Supplies and Ecological Office Supplies. Solar division established in 1992 and formerly known under the brand name Gällivare PhotoVoltaic AB, Eco Supplies Solar was the first company of its kind in northern Europe and it is the largest Scandinavian producers of high quality Solar Power Modules.
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Source: Eco Supplies Europe AB via Thomson Reuters ONE