Third Quarter-Report: ItN Nanovation AG improves revenue and capital structure
Saarbrücken (euro adhoc) -
Nanotechnology Company continues to grow after succesfull IPO
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ItN Nanovation increased its revenue line during the first nine months by 15,4% to EUR 4,3 million (compared to EUR 3.7 in 2005). Gross operating revenues during the reporting period rose even higher by 26,7% up to EUR 4,5 million (compared to EUR 3,6 million in 2005).
The overall cost base in Q3 is influenced by one-time items resulting from the IPO and costs from the payback of loans (dormant equity holdings). In addition, the build up of staff in particular in the sales force and R&D area reduced profitability; however this build up - as planned - will lead to a significant increase in revenues during 2007. As an overall result the company shows an EBIT for the first nine months of EUR -3,2 million (compared to EUR -1,7 million in 2005). This amounts to a net loss for the period of EUR -2,0 million (compared to EUR-1,2 million in 2005) which is in line with corporate planning.
ItN Nanovation´s CEO Dr. Tillmann Lauk clearly reinforces the overall planning perspective: "As communicated we do expect the break-even in Q4 2007. Our products continue to develop positive and face growing demand. We are delighted that our high-performance coating for foundries (i.e. release agent) Nanocomp Metcast is performing more encouragingly than expected. In particular from that productline we expect a very dynamic growth in 2007. With respect to our productline Nanocat for household ovens we are continuing our very promising testing cycles with additional and potentially large customers. Here we do expect for 2007 the successful signing of at least one contract."
ItN Nanovation´s capital structure was considerably improved by the IPO proceeds of EUR 27,6 million: its total assets grew by 181% year on year to EUR 40,4 million, and its equity ratio cam to 80.2%.
About ItN Nanovation:
ItN Nanovation AG is one of the leading international nanotechnology companies. It develops innovative ceramic products, such as coatings and filter systems for large industrial customers. The nanoscale powder needed for this purpose is manufactured by the Company itself. ItN Nanovation was established in 2000 and has more than 60 employees today. The Companys success is attributable to an extensive patent portfolio as well as to comprehensive development and application know-how. The company is listed in the Prime Standard at Frankfurt Stock Exchange.
end of announcement euro adhoc 14.11.2006 08:00:00
Further inquiry note:
Andreas Kuntz
Investor & Public Relations Manager
Tel.: +49 (0)681 5001 467
E-Mail: andreas.kuntz@itn-nanovation.com
Branche: Technology
ISIN: DE000A0JL461
WKN: A0JL46
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
standard
Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade