Saarbrücken / Frankfurt am Main – 1 September 2009 – The Nanostart-holding ItN Nanovation AG (ISIN DE000A0JL461) in Saarbrücken implemented important stages in the current restructuring process and consequently achieved a significant improvement in earnings in the first half of 2009.
The profits of ordinary business activities could be improved to -2.8 million Euros compared with -6.3 million Euros in the same period last year. The profit after tax for the period was -2.9 million Euros compared with -6.3 million Euros a year before.
Comprehensive cost savings were an important contribution to the improvement in earnings. The expenditures in the first half of 2009 were 3.3 million Euros below the previous year's value. In this way, ItN Nanovation has been able to implement almost half of the reductions in costs forecast for the whole year amounting to around 7 million Euros despite subsequent strains from the restructuring.
The sales in the 1st half of 2009 amounted to 2.5 million Euros. This is around the level of the same period last year of almost 2.6 million Euros. The considerably lower sales figures for the self-cleaning coating for household ovens (Nanocat) could be compensated by a significant rise in revenues from other products due to a large supply order from a major customer at the end of 2008. In the 2nd quarter of 2009, the revenues were around 20 percent above the figure for the same period of the previous year.
The board of management is optimistic with regard to the figures for 2009 because of the performance in the 1st half of the year and the current project pipeline and expects a further improvement in earnings. Further measures are planned for improving liquidity and shareholders' equity in the interest of the company.
The complete half year report is available for download at www.itn-nanovation.com.
About Nanostart:
Nanostart AG is the world’s leading nanotechnology investment company. The Frankfurt-based company provides venture capital financing for nanotechnology companies in various growth phases. It also provides the benefits of its experience and expertise to developers of financial instruments and to investors in the nanotechnology sector. For further information about the company, please visit www.nanostart.de.
About ItN Nanovation:
ItN Nanovation AG is one of the leading nanotechnology companies in the world, developing innovative ceramic products, such as filtration systems and coatings, for large industrial customers. The nanoscale powder needed for those products is manufactured by the company itself. ItN Nanovation was formed in 2000 and currently has over 100 employees. The company's success is founded on an extensive patent portfolio, combined with comprehensive development and application know-how. For further information about the company, please visit www.itn-nanovation.com
Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within the United States of America, Canada, Australia or Japan.
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