Nanostart portfolio company ItN Nanovation AG published its figures for the 2010 fiscal year today. The company generated revenue of €2.7 million. After adjustment for a division that has since been sold, revenue of €2.4 million was generated in the previous fiscal year. A comparative assessment adjusted for the revenue of this product group, which is no longer manufactured for strategic reasons, shows an 8.5% year-on-year increase in revenue. Revenue of €4.5 million was attained in 2009. As a result of rigorous cost discipline, earnings from operating activities were improved from €-5.9 million to €-5.3 million in 2010. At €-5.8 million, the net loss for the year also proved to be slightly more positive than the prior-year figure of €-6.1 million.
In particular, ItN Nanovation achieved key strategic aims in the past fiscal year and made significant progress, especially in terms of market penetration of its ceramic flat membrane solutions, CFM systems. In the third quarter of 2010, a drinking water plant in Saudi Arabia was industrially fitted with CFM systems for the first time, replacing the conventional solution. On the basis of the superior product characteristics, ItN Nanovation soon received an additional follow-up order in the same plant complex. ItN Nanovation also carried out preparatory work in the region for a joint venture with a Saudi Arabian investor and a consortium of German industrial investors. This is set to be finalized in 2011, with a positive earnings effect of around USD 2.35 million.
Income of more than €6.3 million is likely to be generated in 2011, chiefly as a result of the income from CFM systems. A substantial increase in earnings is also planned. To ensure resources for further business development, the company is currently carrying out a cash capital increase, which ItN Nanovation expects to raise €11 million gross.
Nanostart:
Nanostart AG (OTCQX: NASRY), is the world’s leading nanotechnology investment company. Headquartered in Frankfurt am Main, it invests venture capital in nanotechnology companies in various development phases. Investments are focused on companies in the most innovation-driven segments: cleantech, life sciences and IT/electronics. Through its wholly-owned subsidiary in Singapore, Nanostart invests in nanotechnology companies in Asia in conjunction with the government of Singapore. For more information on the company, please visit http://www.nanostart.de.
ItN Nanovation:
ItN Nanovation AG (FSE: I7N) is one of the world’s top nanotechnology companies. It develops innovative ceramic products such as filter systems and coatings for major industrial customers. The company manufactures the necessary nanoscale powder in-house. ItN Nanovation’s filter products can be used for drinking water treatment and wastewater purification, as filters in the drinks industry and to separate oil and water. Nanotechnology-based ceramic coatings are used as protective and catalytic layers in a wide range of applications in various industries, from ovens through aluminum foundries to coal-fired power stations. ItN Nanovation was founded in 2000. The company’s success is based on an extensive patent portfolio combined with in-depth development and application expertise. For more information on the company, please visit http://www.itn-nanovation.de.
