ItN Nanovation announced interim management statement for the first quarter ended March 31, 2014. The company has generated a group turnover of EUR 980,000 in the first quarter of 2014. This is a significant improvement compared to the previous year's quarter of EUR 346,000 by EUR 635,000 increased 184%. A decisive share of the group's turnover is to be attributed to the deliveries to the project Buraydah North. The operating performance noticeably rose to EUR 1,304,000 versus first quarter 2013 operating performance of EUR 432,000. Overall, the group's gross profit of EUR 654,000 was 55% above the level of the same quarter of the previous year's EUR 421,000. The LBITDA improved to EUR 848,000 versus first quarter 2013 LBITDA of EUR 976,000, while being partly affected by advance costs for the further growth of the company. The group's quarterly loss correspondingly improved slightly to EUR 1,171,000 versus first quarter 2013's loss of EUR 1,241,000.

The Management Board expects a cumulated total turnover of EUR 15 to EUR 20 million in 2014 and 2015. The turnover of 2014 is expected to significantly surpass the level of the previous year. For the entire year of 2014 the EBITDA is expected to be in the low single-digit million range.