ItN Nanovation AG

EANS-Adhoc: ItN Nanovation AG
ItN Nanovation presents its annual figures for 2008

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annual report


ItN Nanovation presents its annual figures for 2008: Despite sales increasing by 31 percent in a difficult financial year 2008, earnings deteriorated significantly compared to the previous year due in part to negative one-time effects

* EBIT fell to EUR -11.1 million due to one-off costs * Focus in 2009 on earnings-driven marketing offensive and cutting costs * Package of measures dedicated to improving liquidity resources

Saarbrücken - April 27, 2009. ItN Nanovation AG (ISIN DE000A0JL461) closed the financial year 2008 with sales of EUR 6.3 million. This represents an increase of more than 31 percent compared to the EUR 4.8 million mark set in the previous year. This is largely attributable to a significant rise in sales in the fourth quarter triggered by important customers deciding to purchase products in advance. In contrast, earnings before interest and taxes, EBIT, decreased substantially in the financial year 2008 to EUR -11.1 million, compared to EUR -8.1 million in the previous year. EBIT for 2008 was impacted by one-time effects to the tune of EUR 2.6 million. These included settlement expenses for former Management Board members but also consulting costs connected to the market launch of new products and company restructuring.

The available cash and cash equivalents fell to EUR 0.5 million as of December 31, 2008 compared to EUR 9.8 million on the previous year´s reporting date. In an effort to bridge the liquidity bottleneck, a consortium consisting of former shareholders and new investors made a loan available to the Company at the end of 2008. In the current financial year, further measures intended to bolster the financial foundation of the Company have already been initiated and implemented to some extent. This included an increase in the Company´s registered share capital amounting to EUR 530,000 carried out in April. Nevertheless, the Company´s liquidity situation remains tense and further capital measures will be required during the course of the year. In an effort to improve the liquidity of the Company, an increase in the Company´s registered share capital by almost EUR 1.5 million at a subscription price of minimum EUR 1.00 pr. share, will be proposed at the Annual General Meeting on June 5, 2009. Existing shareholders will have subscription rights and after constructive discussions with shareholders, the Company has reason to believe that the capital increase of almost EUR 1.5 million will be subscribed for.

In 2009, ItN Nanovation is focusing on stepping up the marketing of its developed product range and substantially reducing costs. On the product side, sustained growth in ceramic flat filter membrane systems, CFM systems for treating water, is anticipated. This is where the Company sees potential for sales development in the current year after already billing part of a larger scale order. ItN Nanovation also aims to reduce costs by around EUR 7 million in the current year by virtue of a comprehensive cost cutting programme. All in all, further moderate sales growth is expected for 2009 despite the difficult situation the Company is continuing to face.

The Annual Report with the audited annual financial statements is from today available for download online at

end of announcement                               euro adhoc

Further inquiry note:

ItN Nanovation AG
Untertürkheimer Straße 25
66117 Saarbrücken
Tel.: +49 (0) 681/50 01-460
Fax: +49 (0) 681/50 01-499

edicto GmbH
Herr Axel Mühlhaus
Zeißelstr. 19
60318 Frankfurt am Main
Tel.: 069-90 55 05-52
Fax.: 069-90 55 05-77

Branche: Technology
ISIN: DE000A0JL461
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

Original-Content von: ItN Nanovation AG, übermittelt durch news aktuell

Weitere Meldungen: ItN Nanovation AG

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