Heliocentris Energy Solutions AG reported group earnings results for the first quarter ended March 31, 2016. From January to March 2016, the Heliocentris Group generated revenue of EUR 1,050,000 compared to EUR 2,941,000 reported in the same period last year. Reasons for the decline in revenue in the Industry segment included the change of government in Myanmar, which temporarily delayed decision-making processes in this significant market for Heliocentris and reduced the roll-out to a minimum. EBITDA was minus EUR 4,310,000 in the first quarter of 2016 against minus EBITDA of EUR 3,785,000 reported last year. The loss for the period changed from EUR 4,749,000 in the first quarter of 2015 to EUR 5,321,000 in the quarter under review. Earnings per share amounted to minus EUR 0.37 compared to minus EUR 0.45 in the first quarter of 2015.

In light of the shortfall in incoming orders in the first half of the year compared to planning, the Management Board expects sales of around EUR 20 to 25 million for the current financial year (2015: EUR 22.1 million). In connection with the expected revenue increases in the second half of 2016, earnings in the 2016 financial year should be better than in the previous year.

For the 2017 financial year, the Management Board expects to achieve a break-even operating result.