FRANKFURT (Reuters) - Centrotec, a supplier of energy-saving technology, is currently not planning to sell its 26 percent stake it has in module maker Centrosolar but could do so in the future, its top executive said. “At the moment, we are very satisfied with the business performance at (Centrosolar) and therefore, it is not in our interest at the moment to sell or reduce our stake,” Gert-Jan Huisman told Reuters in an interview on Friday.
“In the mid- to long-term, however, this cannot be ruled out,” he added.
Thomson Reuters database Starmine puts Centrosolar’s current market capitalization at 84 million euros ($117.4 million), valuing Centrotec’s stake in the company at 21.84 million.
Huisman also said business in the first three months of 2010 was hampered by the cold weather in Germany, making it more difficult to do installation works on rooftops, which has also impacted solar companies such as Q-Cells, SolarWorld and Phoenix Solar.
“But overall, I‘m very satisfied with business in the first quarter,” he added.
Centrotec last month said it expected 2010 sales to increase by up to 7.2 percent to 480-500 million euros, while earnings before interest and tax (EBIT) are seen growing up to 10.3 percent to 30-32 million euros.
According to Thomson Reuters I/B/E/S, analysts expect 2010 revenues of 487 million euros and EBIT of 31.3 million. They also expect a dividend of 3 cents a share, but Huisman said that there were currently no plans to pay one.
Huisman said that Centrotec was considering making acquisitions this year, above all in the area of solar, biomass and ventilation and that it was looking for potential takeover targets in Spain, Switzerland and Turkey.
“Obviously, it is difficult to plan but I think it is likely that we will make an acquisition this year,” he said.